Owais Shamsi

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Vehicle Deductions for Business Owners: Actual Expense vs. Mileage Rate

Small Business Accounting22 hours ago188Views 27Likes 0Comments

Tale of the Tape When it comes to business vehicle tax deduction rules, every business owner eventually hits a fork in the road. You can take the easy route by tracking miles, or you can track every gas receipt, insurance bill, repair invoice, and depreciation schedule. The right answer depends on the vehicle, how you…

Qualified Business Income (Section 199A) Deduction Explained Simply

Tax Advisory & Planning2 days ago189Views 26Likes 0Comments

The IRS's 20% Coupon So, what is the qualified business income deduction? In plain English, the Qualified Business Income deduction, also called the Section 199A deduction, allows eligible business owners to potentially deduct up to 20% of qualified business profit before calculating federal income tax. That is the Section 199A deduction explained simply: if you…

What Happens If You Don’t File Your Tax Returns for Multiple Years?

Tax Resolution3 days ago189Views 25Likes 0Comments

The Snowball of Avoidance Most people do not stop filing taxes because they are trying to cheat the system. It usually starts with one hard year: a divorce, illness, failed business, lost records, bad bookkeeping, or a tax bill they could not afford. Then one missed return turns into two, then five, and suddenly the…

S-Corp Tax Return Checklist: What to Gather Before Filing Form 1120-S

Tax PreparationMay 14, 2026197Views 25Likes 0Comments

The S-Corp Domino Effect Your S-Corp return is the first domino of tax season. If Form 1120-S is late, incomplete, or wrong, your personal tax return may also be late, incomplete, or wrong because your Schedule K-1 flows into your individual return. And yes, the late filing penalty 1120-S can be painful because it is…

IRS Penalty Abatement: How to Get Penalties Reduced or Removed

Tax ResolutionMay 13, 2026202Views 24Likes 0Comments

The IRS Punishment Machine IRS penalties are designed to crush you financially. But the IRS also has a “delete” button they do not exactly advertise, and it is called IRS penalty abatement. If you qualify, you may be able to get penalties reduced or removed for late filing, late payment, or other tax compliance failures.…

Back Taxes: How Far Back Can the IRS Go?

Tax ResolutionMay 12, 2026206Views 24Likes 0Comments

The IRS Has a Stopwatch The IRS absolutely operates on a clock. For audits and collections, there are real deadlines, and when those deadlines expire, the IRS can lose its power to act. But here is the catch: if you never file, the clock usually never starts. The Audit Clock (The Rules of 3 and…

Author page: Owais Shamsi

Owais Shamsi

Vehicle Deductions for Business Owners: Actual Expense vs. Mileage Rate

Qualified Business Income (Section 199A) Deduction Explained Simply

What Happens If You Don’t File Your Tax Returns for Multiple Years?

S-Corp Tax Return Checklist: What to Gather Before Filing Form 1120-S

IRS Penalty Abatement: How to Get Penalties Reduced or Removed

Back Taxes: How Far Back Can the IRS Go?

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