by Karla Dennis | May 19, 2015 | Blog
Karla Dennis And Associates, Inc.™ main focus is to ensure your rights are properly protected and invoked when dealing with IRS or any other taxing authority. Do you know your rights as a taxpayer? As a US Tax payer you should always know your rights to make sure everything that you do or the IRS does is in compliance. See below a list of rights you have as a taxpayer below: The Right to Be Informed Taxpayers have the right to know what they need to do to comply with the tax laws. They are entitled to clear explanations of the laws and IRS procedures in all tax forms, instructions, publications, notices, and correspondence. They have the right to be informed of IRS decisions about their tax accounts and to receive clear explanations of the outcomes. read...
by Karla Dennis | Mar 30, 2015 | Blog
Eight Facts on Late Filing and Late Payment Penalties April 15 is the annual deadline for most people to file their federal income tax return and pay any taxes they owe. By law, the IRS may assess penalties to taxpayers for both failing to file a tax return and for failing to pay taxes they owe by the deadline. If you need me to file an extension for you, YOU MUST COMPLETE THE ATTACHED FORM AND SEND BACK TO PROCESSOR@KARLADENNIS.COM. Here are eight important points about penalties for filing or paying late. read...
by Karla Dennis | Mar 24, 2015 | Blog
How to Write Off Practically Anything When it comes to tax deductions, there are a few schools of thoughts. There are the people who want to write off everything, whether it’s legal or not, and figure the cost of an IRS audit won’t be that bad. Or they think they can’t ever get caught and their invisible, or so they think… That’s group #1. Group #2 is the group who doesn’t want to write anything off. In fact, I’ve had some clients who tell me at the beginning of a consultation that they want to purposely overpay their taxes. If the tax due is $10,000, they’ll write a check for $11,000. They figure that will keep the IRS away. The IRS doesn’t take bribes. This plan doesn’t work. read...
by Karla Dennis | Mar 9, 2015 | Blog
Tax season opened with a bang and April 15th will be here before you know it. The Internal Revenue Service expects to process nearly 150 million individual 2015 tax returns by the time tax season comes to a close . Are you still wondering if you be filing one of those returns? And more important, do you need to? For the 2015 tax season tax return, you should report the income that you received in 2014. That includes pay received in 2014 but not pay you receive in 2015 for services performed in 2014 (you’ll report that income next year). Not every body who received income in 2014 has to file a federal income tax return. There are a number of factors that affect whether you have to file including how much you earned – and the source of that income – as well as your filing status and your age. For most folks, this is pretty straightforward. Using the chart below, choose your filing status, your age and your gross income for the year. If your gross income is above the threshold for your age and filing status, you should file a federal income tax return. These rules apply if no other person claims you on their federal 2015 tax return. read...
by Karla Dennis | Mar 3, 2015 | Blog
ARE YOU SMARTER THAN A 5TH GRADER? Every year, the Internal Revenue Service puts out a list of tax scams. These are scams that taxpayers try to pull on the IRS or scams other people try to pull on taxpayers. Either way, it is important that you don’t fall victim to these scams. I provide this information for two reasons: 1) I still receive calls from taxpayers regarding these scams and 2) I still get taxpayers wanting to try to pull these scams on IRS. The IRS is smarter than a 5th grader! Taxpayers pay attention. These things are actually happening. For the first time, here is a recap of actual scams that have occurred since January 1, 2015: read...
