by Karla Dennis | May 7, 2014 | Blog
When you get a letter from the IRS, what should you do? First, don’t panic! You usually have plenty of time to respond. But, you can be proactive by checking the box on your tax returns to have notifications sent to your tax professional as...
by Karla Dennis | May 5, 2014 | Blog
When it comes to financial planning, many people tend to turn off. If you’ve ever seen the show Peanuts with Charlie Brown, talking about tax preparation is very similar to what Charlie Brown experienced when talking to his teacher, “wa, wa, wa, wa, wa.” The good news is that tax preparation and other financial planning doesn’t have to be scary. All it takes is a little bit of advanced preparation and the right people at your disposal. First, many people get nervous when they hear the term budgeting. It can be a huge task to try to keep track of all of your spending, but you tax preparation expert can tell you that it will actually save you money in the long run. There are volumes written on budgeting, but one of the best pieces of advice you can have is to base your budget on what you actually spend. To do that, you tax preparation expert suggests that you keep a ledger of every cent that leaves your account for six months. At that time, add up what you are really spending, find places where you could realistically cut, and make your budget from there. Tax preparation is also a sore spot for many Americans. It can be daunting to figure out how to wade through the complicated documents. The good news is that a tax preparation expert can usually save you more money than you would actually gain if you took time to do your taxes on your own. Finally, estate planning is a huge concern for many people as well, but it doesn’t have to be....
by Karla Dennis | May 4, 2014 | Blog
Did you know that filing a tax extension doesn’t actually allow you more time to pay your taxes? This is a common myth among taxpayers, however if you file an extension it actually only gives you extra time to file your taxes; if you owe money on your tax bill, it must be paid by April 15th. If you can’t pay your entire bill, it’s highly recommended you pay installments against your amount owed. If you are going to file an extension also be sure that you file it correctly so that it is not invalidated by the IRS. This can cause more headaches than actually taking the time to ensure you’ve filled out the extension form correctly. read...
by Karla Dennis | May 1, 2014 | Blog
If you are a business owner do you know why you should reassess your business entity type annually? It could potentially save you money on your tax bill. Listen as Karla explains why, by simply meeting with your tax professional on an annual basis to review your tax situation, business entity type and whether or not you should switch to a different business entity, you could potentially save yourself thousands of dollars off of your tax...
by Karla Dennis | May 1, 2014 | Blog
Have you ever tried to hire the wrong person for a job? It could be very frustrating if you tried to hire an electrician to fix a leaking sink, and it is the same with tax preparation. There is a right person, computer program, for the job. It is just a matter of figuring out whether a tax preparation specialist or a computer software program would be right for your needs. Using tax preparation software has many advantages. It is quick to use. Most taxpayers find that they can file their taxes and send them electronically in about an hour. A tax specialist will oftentimes take up to a week to get your taxes ready. It should be no surprise that tax preparation software is going to be cheaper than a specialist. You will usually pay $20-$140 for tax software. There are even websites that offer the software for free. For taxpayers that have few deductions and only have a one or two sources of income, tax preparation software could be a perfect option for you. It’s when you get into wading through the taxes for multiple investments that things could get a little bit dicey. As mentioned above, a tax preparation specialist is generally more expensive, but you do get what you pay for. Your tax preparation specialist is there for you after your taxes are filed. They can help you with financial planning so that you can begin a tax strategy that will save you money in the future. If there is a complicated issue with you taxes, you will be able to work with tax preparation...
