by Karla Dennis | Apr 20, 2014 | Blog
If you haven’t looked at your taxes recently, it is really important that you take a look at them because there are some last minute things that you can do to get yourself in a better tax position. Karla goes over different investment changes you can make as well as certain credits to take advantage of before they are no longer available. If your money matters to you, it is time that it mattered to your tax professional. Have a conversation with them today about what you can do to put yourself in a better tax position. read...
by Karla Dennis | Apr 19, 2014 | Blog
The IRS is one of the most feared government agencies in the United States. Maybe it’s because their auditors look like secret agents in suits, or maybe it’s because they are responsible for something that affects every one of us-taxes. Yes, we all pay taxes, but what do you do if your tax preparation expert tells you that you owe more taxes than you have the money to pay? The first piece of advice from your tax preparation expert is to file your taxes even if you can’t pay what you owe. The IRS seems to frown more upon people who simply dodge the mention of taxes than people who genuinely want to pay what they owe. On top of that, you have to consider the fines that come with not paying taxes. Your tax preparation expert will have to include a tax for not being able to pay the amount owed, but the fine for not filing at all is ten times more expensive. To avoid putting yourself in a bigger hole, your tax preparation expert encourages you to file your taxes on time. As soon as you realized that you can’t pay the taxes you owe, communicate that information to the IRS. You will not be put behind bars. In fact, the IRS is more likely to work with you if you are honest upfront. It is very important that you hire a reputable tax preparation specialist as you work to pay off back taxes. Your tax preparation expert can help you work through fines and interest charges so that you are paying the least amount possible....
by Karla Dennis | Apr 18, 2014 | Blog
Despite tax season being over the party is actually just getting started. Karla wants to encourage each and every one of you to consider amending your tax return if needed. It is never a bad decision to have an experienced tax professional review your tax return from the past few years to see if any relevant information was left off that could potentially put more money in your pocket. Don’t leave any of your hard earned money on the table; contact Karla for your free tax review...
by Karla Dennis | Apr 15, 2014 | Blog
There’s nothing better than realizing that you can save money on your paycheck by applying for tax deductions. The problem is that there are so many tax deductions out there that it can feel overwhelming to try to wade through all of that information to find the deductions you actually qualify for. The good news is that a tax preparation expert can often help you figure out the deductions you can claim so you can see that money go where it will help you the most-your paycheck. One tax credit that many people overlook is the saver’s credit. The Retirement Savings Contribution Credit is designed for lower income families. It is an incentive provided by the government to encourage retirement saving, and it comes with significant tax deductions that will lower the total amount of money that you pay in taxes every year. Your tax preparation expert can help you figure out whether you are eligible for the exemption or not, but the good news is that the government has increased the eligibility requirements so more people will be able to take advantage of the program. To be eligible for the program, your tax preparation expert will see if you meet the standards set. For example, married couples cannot make more than $36,000 every year. In fact, the deduction is set up so the head of household should not make more than $27,000 annually with other household members making less than $18,000 every year. Also, as part of the plan your tax preparation expert has to show that you are paying at least 10 percent of your annual income...
by Karla Dennis | Apr 11, 2014 | Blog
Unless you have been living under a rock, you are aware that under the new Affordable Healthcare Act (AHA) you are now required to sign up for some form of health insurance or suffer a tax penalty. That means that millions of Americans who have been without healthcare now need to either sign up for the healthcare provided by their work, or they can sign up for Obamacare. Because there are so many tax implications for this new law, tax preparation experts everywhere are finding ways to educate taxpayers about how the Affordable Healthcare Act can affect their taxes. Some companies have actually included signing up for Obamacare as part of the tax preparation process. It is not federally mandated that a tax preparation firm offer this service, but many companies has begun to include it in their tax preparation service. The ability to sign up for health insurance as you file your taxes comes because these tax preparation companies have partnered with the companies that are offering the government funded healthcare program, or Obamacare. Not only can they sign you up for healthcare, a tax preparation expert can also help you understand the penalties that you could face if you forego signing up for health insurance. Signing up for healthcare while you file your taxes actually makes sense because much of the information that you need to provide while filling out taxes is required when you sign up for healthcare. A tax preparation expert has also been trained to know exactly how to fill out the healthcare information so you don’t have to worry about maneuvering through the...
