2018 has drawn to a close and as we strive to help more clients get out of tax trouble and save more money in 2019, we would like to take a look back at all the clients we were able to help in 2018! In 2018, our firm was able to help 950 people solve their tax problems and saved them over 18 million dollars. We helped small business owners, truck drivers, contractors, retirees, and people from all walks of life. People who got into tax trouble by mistake, due to an error by an employee or accountant, or because they got sick or injured. Here’s some of our favorite cases we were able to close in 2018!
One of the greatest joys in life is having a baby or gaining a new member of your family. One thing people forget with the addition of a new family member is the tax benefit they now can receive. Dependents on your federal tax return can help cut down on the taxes you owe and help you save money. Like any tax break, there are some rules and regulations that you have to follow before you can claim a dependent.
With over a hundred changes made by the Tax Cuts and Jobs Act, your taxes could look a bit different come April. You may have not owed taxes in years prior, but that could change due to the new limits placed on tax deductions and tax deductions that were eliminated due to the new tax reform. With these changes, it’s important to make sure you check your withholding's and check to see if the deductions you took the previous year are still there.
You might be seeing some more money on your tax refund this year, and that could all be due to the newly-revised Child Tax Credit. The Tax Cuts and Jobs Act increased the amount of the Child Tax credit and also created a smaller tax credit that would help people taking care of older children or relatives. There are still requirements you must meet to qualify for the tax credit.
Despite the government being shut down for over 25 days, the IRS is letting taxpayers know that it will still be processing 2018 Tax returns. The IRS announced this after taxpayers became concerned about if they will receive their tax refunds. The agency will start processing tax returns beginning January 28th and will provide refunds as scheduled.
There’s only one thing worse than getting a call from a friend or relative you’ve been trying to avoid, and that’s a call from the Internal Revenue Service telling you about the outstanding tax debt you currently owe. Understandably, most people freak out and their whole world feels like it’s collapsing on them. But it is important not to panic and remain calm. To help you navigate the difficult IRS calls, we’ve written up some steps for what to do if this happens to you.
A new year means new tax deadlines!! Here is just a list of the major tax dates and deadlines for 2019!! Mark them down on your calendar so you don't forget!
2019 is here and that means taxpayers and business owners need to start thinking about their taxes! The IRS is reminding employers and business owners of the January 31st deadline to file wage statements and independent contractor forms. This tax deadline has not changed due to the recent tax reform and employers should make sure to have all statements and forms filed by the deadline.
An important tax deadline is coming up and missing it could cause you to collect some IRS penalties. 4th quarter estimated tax payments (ETP) are due Tuesday, January 15th. Estimated tax payments are a method of paying the tax on income that is not subject to withholding tax. This can include income from self-employment, business earnings, interest, rent, or other sources. The IRS requires these payments to be made quarterly. If you underpay your estimated tax payments, you will end up having to write a bigger check to the IRS when you file your tax return. If you overpay, you will receive the excess amount as a tax refund once you file. If this is your first time making an estimated tax payment or you aren’t sure if this applies to you, the process is simple.
Think your case is the worst case we've seen? Chances are, it's not. Our team of tax attorneys and tax accountants work on cases of all difficulties and are able to solve each case. For instance, in December our tax attorneys were able to put one business owner into Currently Not Collectible status saving him almost $100,000. Read more about how our tax lawyers are able to negotiate different tax settlements for our clients.