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Rod's Blog

The Difference Between A Tax Credit and a Tax Deduction

Posted by Cailey Taylor on Dec 13, 2018 10:00:00 AM

As a taxpayer, each year you must file your federal tax return and see if you will owe taxes. You will typically owe taxes if you did not take enough taxes out of your paycheck or you were not making the necessary quarterly tax payments. One way you can lower the taxes you owe is through tax deductions and tax credits. Now both tax credits and tax deductions will lower the taxes you owe, but they are fundamentally different. Knowing the difference between the two is key when trying to figure out which ones to use to lower your tax liability.

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How to Lower the Taxes You Owe Before the End of the Year

Posted by Cailey Taylor on Dec 9, 2018 10:00:00 AM

The end of the year is usually the busiest time for taxpayers. You’re usually trying to get everything wrapped up and finished before the new year begins. One thing you should put on your list for the end of the year is to start calculating your taxes and if you will owe taxes when you file. If you find out you are going to owe taxes, there are some steps you can take to lower your tax liability. Tax planning is an important part of keeping your financials in line and can help you stay on track and make filing your tax return easier.

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Tags: Taxes, IRS Tax Lien, Tax Lien, Tax Levy, Sales Tax, Tax Court, Identity Theft, Tax Cuts and Jobs Act, tax extension, Audit, Tax Deductions, Tax Return, audit help, levy, Tax Help, Tax Law, CDP, Tax Scams, Liens, Wedding, Tax

IRS Tax Audits 101

Posted by Cailey Taylor on Dec 6, 2018 10:00:00 AM

Tax Audits are one of the most terrifying things a taxpayer can endure. Most taxpayers don’t know what being audited by the IRS entails and usually don’t know what to do if they are audited. IRS audits can be confusing to most taxpayers as most don’t know what the IRS is looking for when they determine who to audit each year and what they are looking for when they perform the tax audit. Tax audits can be a long and exhaustive process that examines every aspect of your financial history for the tax year in question. The average taxpayer won’t be audited in their lifetime, but that doesn’t mean it won’t happen to you. The best way to help yourself in a tax audit is to know why and what a tax audit means and to get a tax attorney to help represent you. Here is the information you need to know if you are selected for a tax audit by the IRS. Finding tax audit help can be hard but knowing the facts can make it easier.

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Tags: Tax Lien, IRS Tax Lien, Tax Levy, Tax Court, Liens, Tax Cuts and Jobs Act, tax extension, Tax Deductions, Tax Return, Audit, audit help, Tax Law, Tax Help

What Is Tax Law?

Posted by Cailey Taylor on Dec 3, 2018 8:30:00 AM

There’s two guarantees in life; death and taxes. Taxes help pay for schools, your roads, your police and fire department and other things you use every day. Depending on where you live, you can pay income tax, sales tax, property tax, capital gains tax, inheritance tax or even estate tax. Every year millions of taxpayers file their federal tax return and pay their taxes. But for thousands of others, they either don’t file their federal tax return, or they don’t pay the taxes they owe. This can be for several reasons, either they don’t have the money to pay, they forget, or they don’t know how to file their tax return. Not filing your tax return and not paying the federal taxes you owe, can create a large tax debt and make you put into collections with the IRS. This can lead to IRS garnishments such as a bank account levy, a wage garnishment, Social Security garnishment or lien. Here’s what you need to know about tax law and how it affects you.

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Tags: IRS Tax Lien, Tax Lien, Tax Levy, Sales Tax, Tax Court, Liens, Identity Theft, Tax Cuts and Jobs Act, Tax Help, tax extension, audit help, Tax Deductions, Audit, levy, Tax Law, CDP, Tax Scams, Tax, Tax Return

Important Tax Information for Cannabis Businesses

Posted by Cailey Taylor on Nov 21, 2018 9:00:00 AM

With now over 30 states legalizing either medical or recreational marijuana, more people are deciding to open a business within the industry to try and capitalize on the new changes. While owning a cannabis business could prove to be profitable, there are serious tax implications. While state regulations and taxes can vary state to state, federally, all cannabis businesses are treated the same.

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IRS Announces Retirement Contribution Changes

Posted by Cailey Taylor on Nov 19, 2018 8:30:00 AM

Have you been saving for retirement? Good news if you have! The IRS announced that they will be adjusting the limitations for pensions plans and retirement- related items for 2019. This includes bumping up contributions and other changes that will help you save more for your retirement each year.

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Closed Case Round Up: November 2018

Posted by Cailey Taylor on Nov 15, 2018 10:00:00 AM

Check out some of the cases we were able to close this month! One includes a client who hadn't filed for five years and was on the brink of being levied. Read about our other client who fought back after the collapse in 2008 but couldn't find a way out of their tax trouble. 

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Living Abroad and Paying Taxes

Posted by Cailey Taylor on Nov 12, 2018 8:01:00 AM

You don’t have to be tied to one place for a job anymore! A new popular trend is being a digital nomad! People are taking advantage of being able to do their job from their computer without having to be in an office. More and more people are living in places farther from their actual office and working remotely. Now living in Spain while you work for a company based in New York may sound great, but it is important to think of the tax implications of doing so. If you retain your U.S. citizenship, Uncle Sam will still want you to pay taxes on your income. Luckily, the process for filing your federal income tax return and paying your taxes is the same whether you live in Kansas City or Rome. You just have to remember to do both tax returns and on time!

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Tags: Tax Court, Tax Scams, Tax Law, Tax Help, Tax Cuts and Jobs Act, tax extension, Tax Deductions, Tax Return, Tax

What You Should Know About Donating to A Political Party & Taxes

Posted by Cailey Taylor on Nov 9, 2018 10:00:00 AM

Every election, thousands of taxpayers support their candidates in several different ways. Taxpayers may wear clothes promoting their candidate or put their signs in their front yard, others will make a financial contribution to their candidate’s campaign. Now although the contribution may seem like a donation to you, it is important to know that political donations are not tax deductible. So it’s important you don’t try to deduct any political contribution on your income tax return.

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Tags: Tax Court, Tax Law, Tax Help, Tax Deductions, Tax Return, Tax

Does Tax Reform Affect Bottom Line for Farmers and Ranchers?

Posted by Cailey Taylor on Nov 7, 2018 10:00:00 AM

The Tax Cuts and Jobs Act created hundreds of changes to the U.S. Tax code and changed how a lot of people and businesses will file their taxes this year. The good news is some of those changes are going to benefit farmers and ranchers and help their bottom line! The Tax Cuts and Jobs Act was passed in December 2017 and takes effect for the 2018 tax year. Farmers and ranchers will need to look at their current financial situation and reassess some of their deductions and credits to see if they can benefit more from the tax law changes.

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Tags: Sales Tax, Tax Court, Tax Cuts and Jobs Act, Tax Help, tax extension, Tax Law, Tax Deductions, Tax, Tax Return

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