by Karla Dennis | Nov 22, 2013 | Blog
If you have more tax debt than you have money in your pay check, you are not alone. Your tax resolution specialist has seen more and more claims from people who find themselves in the exact same situation. The good news is that, with your tax resolution specialist’s help, you have more options than your think. Here are some ways that you can lower some of the debt so that you can find your way to financial freedom. First, it is important that you talk with a tax resolution expert. The first thing that a tax resolution expert will do is go over all of your back taxes with a microscope. He or she will check for mistakes that will credit taxes back to you. There may also be deductions that you did not claim that will lower your tax debt as well. Second, if you have a lot of tax debt, the IRS may work with you. Your tax resolution specialist can help you fill out an Offer in Compromise with the IRS. That essentially means that you can prove that there is no way you could ever pay the amount of taxes that you owe, and so you are providing the IRS with a settlement amount of what you can pay. Your tax resolution specialist can help you decide the appropriate amount of money to settle on based on your current income and the incurring tax debt. There are some cases where you do not qualify for the Offer in Compromise offered by the IRS. In that case, your tax resolution specialist can help you devise a...
by Karla Dennis | Nov 20, 2013 | Blog
There are five things that you should pay specific attention to when you are taking a closer look at the bookkeeping practices in your business. Make Sure your bookkeeper has an accounting background Review the work that your bookkeeper is doing Make sure you are putting your records together with the proper documents Make sure the money you put into your business is categorized correctly, as a debt or additional equity Make sure that you are getting bookkeeping done every...
by Karla Dennis | Nov 18, 2013 | Blog
Getting audited can be a long, nerve-wracking, and difficult process for anyone. A tax resolution specialist is always on your side to help you get through the process, but did you know that there are ways that you can keep yourself from being flagged by the IRS? Here are some simple tips a tax resolution specialist will offer to keep you out of the sights of the IRS audit list. First, make sure that you don’t leave any blanks in your tax forms. Missing signatures, social security numbers, and important documents will all put up red flags. Some people think that if they leave out information on their taxes it will delay the amount of time that they will have to pay the taxes owed. It is way better to deal with a tax resolution specialist to get extensions and tax breaks rather than succumb to an audit. Second, your tax resolution specialist will tell you that income discrepancies can flag your taxes. If the income your report on your taxes is different than the income that your employers report for you, the chances will greatly increase that you will be audited. Your tax resolution specialist will always counsel everyone to check and recheck their information so that a small error won’t land a long, painful IRS audit. Finally, when you claim the Earned Income Tax Credit (EITC) you may potentially be flagged. Any tax resolution specialist will tell you that the EITC can save you all kinds of money on your taxes, but it has to be figured correctly. For example, if you decide to file separately from...
by Karla Dennis | Nov 14, 2013 | Blog
With all of the tax preparation computer software out there it can be hard to know if you should try to do your taxes on your own or if you would be smarter to hire a specialist. There are benefits to both forms of tax preparation, but here are some ways that you can know what way would work best for you. You can begin by asking yourself how many sources of income you have. If you have one job, the chances are your taxes would be pretty easy to fill out on your own, especially with tax preparation software. On the other hand, if you have other forms of income such as stocks, bonds, employment investments, or other forms of income, it would profit you to have a tax preparation specialist because each form of income will have to be accounted for separately. Also, consider how many people will be included on your taxes. If you are including a spouse on your taxes, it may mean that you have to offer more comprehensive information. If, as a couple, you still have only one form of income, you can still use tax preparation software, but if you get stuck, don’t be afraid to call for help. Finally, ask yourself if you have deductions that can be taken from your taxes. Deductions can include a tax credit for each child, energy-saving appliance deductions, health care deductions, charitable contributions, and other forms of tax-deductible income. If you have a lot of different deductions that you can claim, it may be easier to hire a tax preparation specialist. The best way you...
by Karla Dennis | Nov 13, 2013 | Blog
Many believe that you need bookkeeping just to prepare your tax return. However, that isn’t the most important reason for hiring bookkeeping services. There are many decisions that are easier to make when you have excellent books and records. Helps determine which profit center is making you the most money Helps determine where you are spending the most money and how you can decrease expenditures Allows a review of when your business typically sees surges of income read...
