Joseph Orabona's (vectortax) Blog

 Filing for bankruptcy is a difficult and draining process. People often feel ashamed, scared, or confused. If you find yourself with no other options, bankruptcy can be a good way to clear out old debts, change financial patterns, and most importantly get a fresh start. Here is everything you ne...

 Until recently, cryptocurrency investors have mostly flown under the radar as far as taxes are concerned. Now those days are coming to an end, and many holders of virtual currency are scrambling to understand what they owe and how their investments may impact their finances.  The IRS has already...

 COVID-19 has caused many tax problems, but some taxpayers received a reprieve from the IRS when they released their “People’s First Initiative” back in March. Basically, the IRS realized businesses were shutting down and millions of people were losing their jobs. If people are not working, they ...

 Falling behind on your debts is never a fun place to be. It’s less fun when a levy is placed on your assets. In this article, we look at what an IRS levy is, why it happens, and what you can do about it. Note: If you have any tax trouble or owe more than $10k to the IRS or state but can’t pay in...

  Whether you file the simple 1040EZ or a complex 1040 and a raft of schedules, making a mistake on your tax form could lead to big tax trouble. Something as simple as a math error or unsigned form could invite extra attention from the IRS.   The tax agency sees those mistakes every year, and IR...

The Treasury Department announced that the tax-filing deadline for 2019 will not be extended beyond July 15, 2020. If you have questions about what this means for you, keep reading!   What if I won’t be ready to file in less than two weeks? You will still have the option of filing for an extensio...

It’s the Final Countdown! Earlier this week the Treasury Department announced that the tax-filing deadline for 2019 will not be extended beyond July 15, 2020. If you have questions about what this means for you, keep reading! What if I won’t be ready to file in less than two weeks?You will still ...

Each year a few of our bookkeeping clients will have grown to a size where it makes sense for me to recommend that they file as an S Corp. Filing an election to have your LLC or Corporation taxed as an S Corp is a move that can have a lot of benefits, but you may cause problems for yourself by ma...

Nothing. Many people just assume that I must be some sort of mathematical wizard.  It kind of just goes with the job.  In many ways though that's a misunderstanding of what the tax world is like.  My primary focus is on representing taxpayers in front of the IRS or state taxing authority and reso...

The IRS just released Notice 2020-32 and it contained some disappointing but not surprising news.  Turns out you still can't have your cake and eat it too.  There's been some debate surrounding the deductibility of the covered expenses under the Paycheck Protection Program once the loan has been ...