Offer in Compromise: Pay the IRS Less Than What You Owe

An offer in compromise allows you to pay less than the full amount that you owe in satisfaction of a tax debt. OICs are often marketed as settlements for “pennies on the dollar,” but there is actually a rigid set of rules that determine if you’re eligible and how much you need to pay.

Should I Become a Business?

“I’m doing X as a 1099 side job or Y freelance work, should I become a business?” The answer is that you already are a business. The real question is what formal steps you should take to save taxes and avoid liability.