by Karla Dennis | Jun 10, 2014 | Blog
Most people like to think about tax strategy in April. Beyond that, it is business as usual. The problem with this mindset is that you can miss out of the many advantages future thinking can provide. Here are three reasons that you should consider putting together a lifetime tax strategy. First, when you think about your tax strategy as a lifetime effort, you can adopt a strategy that will lower your taxes. For example, if you own a home, the interest you pay on your mortgage is tax deductible. Because mortgages can affect the amount of taxes that you pay, you can consider a strategy that will give you the most return from your mortgage and that can save you money. Another reason to adopt a lifetime tax strategy is so that you can take advantage of the tax code. Millionaires seem to find all kinds of ways to work around a tax code because they are constantly thinking in advance. If you know what you want to accomplish in the future, your tax strategy can help make those dreams a reality. It just requires forethought. Finally, a lifetime tax strategy can ensure that you won’t have to pay more taxes than you have to. Tax provisions can be difficult to understand for anyone. The ability to take advantage of the tax exemptions and provisions available can save you thousands of dollars that will affect your 20-plus years of retirement. You don’t have time to not think about your future financial goals. One of the best ways to truly examine your tax strategy is to talk with a financial...
by Karla Dennis | Jun 6, 2014 | Blog
There are special roles that a tax resolution expert plays in the tax industry. In fact, there are times when a tax resolution expert is a vital advocate to keep on your side. The big question is how do you know if you should get a tax resolution expert or not? First, you should have a tax resolution expert if you owe back taxes to the federal government. Back taxes can often be much more than a person can handle. Your tax resolution expert can help you find as many deductions as possible that can work to reduce the debt. They can also work with the IRS to help you to reduce your debt or arrange a payment schedule to make the payoff more manageable. Second, a tax resolution expert can be helpful if the taxes are more expensive than you can handle. In any instance involving your tax debt it is better to get help as soon as possible. Waiting can only make your situation worse. Negotiating early can leave you with more options than waiting until you are threatened with an IRS lien. Finally, if there are questions on your taxes that you cannot answer, a tax resolution expert can help. They can help you wade through the complicated terminology of tax documents so that you can provide accurate information to the IRS. You don’t have to be in trouble with your taxes to work with a tax resolution expert. You don’t have to owe back taxes either. Sometimes it is better to work proactively on your taxes so that you can avoid any issue that could...
by Karla Dennis | Jun 5, 2014 | Blog
Did you know that it is time to get your mid-year tax review done? Often times people only look at their taxes from January through April and it’s for the previous year. If you do a mid-year tax review for the current year’s taxes you can create strategies and different ways to reduce your tax bill for the upcoming year. Don’t be surprised next April when its tax season again. Start looking at your current year taxes...
by Karla Dennis | Jun 2, 2014 | Blog
As you work with a tax resolution expert, you understand that he or she will work as an exclusive advocate in your behalf. You assume that a tax resolution expert will be honest and accurate when working with your taxes. You go into a relationship with them with a fair assumption that they will fulfill their role in your behalf, but have you ever considered your obligation as a taxpayer? There are four traits that every taxpayer should adopt to ensure that their tax needs will be met. First, you should be honest. You assume that your tax resolution expert should be honest when dealing with your taxes, and you should hold yourself to the same standard. Even if it means admitting fault on your part, you will be represented more thoroughly when you are honest and straightforward with your finances. Second, taxpayers have the obligation to be cooperative. It is important to try your best to find times when you can work with your tax resolution expert. You should be willing to answer the questions that come your way. Third, you have the obligation to turn in documents on time and in an accurate fashion. Whether you are working with your tax resolution expert to make sure you turn in your tax information by the April 15 deadline or replying to an IRS tax lien, you want to make sure that you turn in the necessary information on time. It will save you a lot of heartache if you show that you are willing to comply with this taxpayer obligation. Finally, you have the obligation to keep viable...
by Karla Dennis | Jun 1, 2014 | Blog
One of Karla’s main concerns for business owners is that they often forget about the main reason they’re in business: to make a profit. Be aware of things you should look out for as a business owner to ensure you are making a profit. Listen today to learn about eight great ways to make your business profitable and get your business out of the red and into the black. Karla wants to give you the tools you need to get your business back on...
