Check out just a few of the FANTASTIC results achieved for our clients last month! This months closed case round up features a contractor whose severe health problems led to a large tax debt, plus a client who tried to resolve their tax issues on their own and ended up coming back to us for help.
Tags: Tax Return, Tax, Tax Deductions, audit help, Audit, levy, tax extension, Tax Help, Tax Law, Tax Cuts and Jobs Act, CDP, Tax Scams, Liens, Tax Court, Sales Tax, Student Loans, Tax Levy, Tax Lien, IRS Tax Lien
With the personal deadline passing I find a majority of people have questions on why their filing status matters. We have found that Married Filing Separately (MFS) is one of the most misunderstood filing statuses. There are many legal and personal reasons why you might choose to file separately. However, the IRS prefers you to file Married Filing Joint (MFJ) and shows preference to this by allowing certain credits only when MFJ. These include the Earned Income Credit, education credits (AOC and LLC), full child credit, dependent care credit, and the adoption credit (on the year adoption took place). They also allow MFS to amend to MFJ within the allowed amendment period. But if you filed MFJ and afterwards decided to amend to MFS, if it is past the April deadline it is not allowed.
Tags: Tax Return, Tax, Tax Deductions, tax extension, Tax Help, Tax Law, Tax Cuts and Jobs Act, Wedding
There is nothing scarier than going to your mailbox and seeing a notice of the IRS’s intent to levy you. Owing taxes can be scary enough, but when you add in the stress of being levied or having a lien placed on your property, it can be too much. If you have received notices from the IRS or you have been talking about possible problems with your taxes, you may have come across the terms Tax Levy and Tax Lien. The two are types of collection action used by the IRS to collect on an unpaid tax debt. They have some similarities and they both have stark differences you need to be aware of.
Tags: Tax Return, Tax, Tax Deductions, levy, tax extension, Tax Help, Tax Law, Tax Cuts and Jobs Act, CDP, Liens, Tax Court, Tax Levy, Tax Lien, IRS Tax Lien
The IRS reactivated a program last year that used private debt collectors to collect unpaid taxes from taxpayers with delinquent tax debts. The new program allows four designated contractors to collect outstanding tax debts on the governments behalf. The companies will get a percentage of the tax debt they are able to collect.
The IRS is giving businesses back a break they thought they had lost due to the Tax Cuts and Jobs Act. The agency announced that companies can still deduct 50% of meals while entertaining clients and customers. The announcement cleared up confusion about whether the tax law changes had completely eliminated the benefit of writing off taking clients out to a meal.
Tags: Tax Return, Tax, Tax Deductions, audit help, Audit, levy, tax extension, Tax Help, Tax Law, Tax Cuts and Jobs Act
Time is running out for taxpayers looking to take a depreciation deduction on certain property they have used in 2017. Individuals and calendar-year corporations must generally file the election with the IRS by October 15th.
Tags: Tax Return, Tax Deductions, audit help, Audit, levy, tax extension, Tax Help, Tax Cuts and Jobs Act, CDP, Tax Scams, Tax Court
If you’re like most taxpayers, chances are you haven’t read The Tax Cuts and Jobs Act, which is understandable as the tax reform legislation is over 500 pages long and can be confusing and hard to understand for the average taxpayer. The good news is we’ve read through the new tax law and we can help you understand some of the major changes that will affect you and your business! Here is part three of our series of going through the different tax law changes and letting you know what the changes are and how they will affect you! Don’t forget to read Part 1 and 2 of the changes!
The Tax Cuts and Jobs Act created several changes within the tax law, one of those changes is with the Alternative Minimum Tax (AMT). The new changes will make the AMT affect less people and those it does affect, it won’t affect as hard.
Do you provide paid family or medical leave to your employees? Have you thought about it? If you don’t, now would be a great time to start! The IRS has announced that eligible employers who provide family and medical leave may qualify for a new business tax credit for years 2018 and 2019!
Tags: Tax Return, Tax Deductions, Audit, Tax Help, Tax Law, Tax Cuts and Jobs Act, Tax Court
In the wake of Hurricane Florence, which wreaked havoc on the Carolinas, it is important to have an emergency readiness plan in place in case disaster strikes where you are. Your plan should include evacuation procedures, taking care of your pets/family members, and protecting your most important documents. Your first priority is the safety of you and your loved ones, and the last thing you want to worry about during this time are insurance claims, tax documents, and financial information. The Internal Revenue Service is reminding individuals and companies to take precautions and steps to make sure their financial information is protected. There are a few central documents and personal forms that are important to have copies of and to keep safe especially during a natural disaster. Here are a few tips to keep in mind when looking at protecting yourself.