by Karla Dennis | May 14, 2014 | Blog
When you get a letter from the IRS, what should you do? Don’t worry! Most people start to panic and think they should call the IRS right away. Please, please, please don’t respond right away, contact your tax professional and let them respond. Why? Because almost every letter allots 30 days for you to respond. Just don’t panic. Contact...
by Karla Dennis | May 13, 2014 | Blog
Being out of work is stressful enough without having to worry about tax resolution. The good news is that there are actually quite a few secrets to make that job hunt work for you. Did you know that all the expenses from your job search can be deducted from you taxes during tax resolution? That means all the travel and entertainment can be deducted. Even the business cards you print up to help you find work can be deducted from your taxes. There is one catch to all those deductions. You can only deduct up to 2% of your income. Some people choose to work at home while looking for other employment and this strategy can benefit your tax resolution. If you can claim sole proprietorship of your business and are making a profit in this line of work, there is no limit to the business-related deductions that you can take from your income. Another tax resolution strategy for those who find themselves dealing with the financial strain that comes with job loss is to deduct all of your medical expenses. Unless you can claim sole proprietorship status (which allows you limitless deductions) you can only deduct up to 7.5% of your total gross income. There are a lot of people that try to deduct their home office off of their taxes, but this often doesn’t work because you would have to prove that your office is used exclusively for work. Most people don’t have a space in their home that would be used exclusively for work so it isn’t normally a tax resolution strategy you can apply. Finally,...
by Karla Dennis | May 11, 2014 | Blog
If you are a business owner one of the most important things to keep focused on is why you are in business. At the end of the day, it is always about making money and turning over that profit. In this video Karla will go over five tips to look at as business owners or investors to help you stay focused on making a profit. If you visit http://ReverseProfit.com, you can find out what you should be doing to get your business up and...
by Karla Dennis | May 9, 2014 | Blog
With a rise in the number of taxing scams and phishing schemes, it can make many people leery when trusting their private information to a tax resolution expert. The good news is that many times these companies offer telltale signs that they are up to no good. Here are three ways that you can find a tax resolution expert you know you can trust. First, the tax resolution expert will not pressure you to pay for their services before they have completed any work. A scammer will often ask you to pay for the work before the work is completed so they can leave with your money and information. Second, transparency is very important for a tax resolution company. They should be eager to provide you with information about the owners, practices, and contact information. Third, the tax resolution company should never pressure you to accept their services. If they are a reputable company, they will respect you enough to allow you to pass if their services won’t work for you. Fourth, a tax resolution company will not be able to guarantee specific results. There are some tax resolution companies that promise to give you specific breaks in your taxes without even looking at your records, or talking to you. This company is simply trying to draw you in by telling you what you want to hear. A reputable tax resolution company will take the time to completely understand your financial situation so they can meet your specific needs. There is no tax solution that works for everyone. Finally, if you conduct your own research on the company, you...
by Karla Dennis | May 8, 2014 | Blog
Do you know where you stand with the IRS and what your liability is going to be? Many people don’t want to know this, but in this video you’ll see why Karla encourages you to use the Withholding Calculator at www.IRS.gov as well as get a free tax consultation at http://FreeTaxReviewNow.com. Find out what you should be withholding and where you stand with the IRS; if you’re not where you should be, Karla can help you get...
