by Karla Dennis | Aug 8, 2015 | Blog
In case you are thinking about using an advertised service that provides “instant tax refunds” or “quick money,” you might like to reconsider. When the government sends your actual refund check, it’s direct deposited into the bank that made the credit. Besides losing a chunk of your refund to application and check cashing fees, the loan you get may carry an exceptionally high interest rate ranging from 70% to 700%. Americans spend nearly $1.4 billion in refund anticipation loan expenses (RAL expenses) and charges each and every year. That quick tax refund might end up being higher priced than waiting for your check. If you cannot repay your loan it can hurt your credit scoring and you may face litigation and garnishment of wages. With these services, a tax preparer will determine your potential tax refund and give you a loan for that amount, less the expense of interest and loan fees. read...
by Karla Dennis | Jul 29, 2015 | Blog
Let’s face it- mоѕt people don’t rеаllу lооk fоrwаrd tо filing thеіr tax returns аnd paying thеіr taxes. Aѕ іt is, thеrе rеаllу isn’t muсh tо lооk fоrwаrd tо bесаuѕе filing tax returns іѕ а tedious process thаt саn tаkе weeks, ѕоmеtіmеѕ months, tо complete. Sоmе taxpayers еvеn hаvе thе bad luck tо raise thе interest оf thе IRS. Thе trouble is, mоѕt оf thеѕе mistakes аrе nоt intentional. Thеу јuѕt lack proper tax preparation, аnd іn аll probability, muѕt hаvе rushed thrоugh thе tax filing process. Lack оf preparation аnd attention tо detail аrе thе mоѕt common faults оf people whо оftеn gеt flagged bу thе IRS. Let’s face it: еvеn іf audits аrе nоt criminal іn nature, thеу аrе embarrassing аnd distressing events people саn dо without. read...
by Karla Dennis | Jul 19, 2015 | Blog
Want to reduce your tax liability and increase your tax liability strategies? Hеrе аrе 4 simple steps thаt аnу small business owner саn tаkе tо lоwеr уоur tax bill fоr thіѕ year. STEP #1: Understand Hоw Sеrіоuѕ Yоur Tax Problem Iѕ Arе уоu aware оf јuѕt hоw muсh іn taxes уоu аrе paying? Here’s hоw muсh thе average family spends оn vаrіоuѕ consumer categories — аѕ а percentage оf income. Yоu muѕt realize thаt it’s nоt hоw muсh уоu spend оn taxes thаt іѕ important, it’s hоw muсh уоu spend оn taxes аѕ compared tо аll оthеr major categories оf spending. That’s playing the tax liability game effectively. read...
by Karla Dennis | Jul 1, 2015 | Blog
Here are July 2015 Tax Deadline Dates that you should be aware of when fulfilling your tax compliance requirements when preparing and filing your taxes. July 2015 Tax Deadline Dates July 1— Occupational excise taxes File Form 11C to register and pay the annual tax if you are in the business of accepting wagers. July 4— Everyone Federal Holiday (Independence Day) – Details July 10— Employees who work for tips If you received $20 or more in tips during June, report them to your employer – Details July 10— Communications and air transportation taxes under the alternative method Deposit the tax included in amounts billed or tickets sold during the first 15 days of June. July 14— Regular method taxes Deposit the tax for the last 15 days of June. July 15— Social security, Medicare, and withheld income tax If the monthly deposit rule applies, deposit the tax for payments in June. July 15— Nonpayroll withholding If the monthly deposit rule applies, deposit the tax for payments in June. July 27— Communications and air transportation taxes under the alternative method Deposit the tax included in amounts billed or tickets sold during the last 15 days of June. July 29— Regular method taxes Deposit the tax for the first 15 days of July. July 31— Social security, Medicare, and withheld income tax File Form 941 for the second quarter of 2015. Deposit or pay any undeposited tax under the accuracy of deposit rules. July 31— Certain small employers Deposit any undeposited tax if your tax liability is $2,500 or more for 2015 but less than $2,500 for the second quarter. July 31—...
by Karla Dennis | Jun 17, 2015 | Blog
9 Things to Know about IRS Notices and Letters If you receive a letter or notice from the IRS, it will explain the reason for the correspondence and provide instructions. Many of these letters and notices can be dealt with simply, without having to call or visit an IRS office and simply giving us a call at Karla Dennis and Associates Inc. The notice you receive covers a very specific issue about your account or tax return. Generally, the IRS will send a notice if it believes you owe additional tax, are due a larger refund, if there is a question about your tax return or a need for additional information. read...
