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!
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.
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
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.
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.
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
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!
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.
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.
Has it been a few years since your favorite NFL team made it to the Super Bowl? New research says it could be due to your state’s taxes. The recent tax overhaul, The Tax Cuts & Jobs Act, made several changes that negatively affect players who reside in states with a high personal income tax or high property tax. The Tax Cuts & Jobs Act eliminated or limited several deductions, including limiting the deduction available for state and local taxes.
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: IRS Tax Lien, Tax Lien, Tax Levy, Student Loans, Sales Tax, Tax Court, Liens, Tax Scams, CDP, Tax Cuts and Jobs Act, Tax Law, Tax Help, tax extension, levy, audit help, Audit, Tax Deductions, Tax Return, Tax
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.