A question we often get from clients is what receipts should they be saving throughout the year, so they can write off those expenses off on their taxes. There are lots of ways to try and reduce the amount of tax due on your return at the end of the year, one of them being through deducting expenses you have throughout the year. It’s important to remember that not all of your expenses are deductible on your tax return. Knowing which receipts to save and which to throw away can help you maximize your tax refund or lower your tax liability and minimize the amount of paper you must keep for your tax return each year. A good first place to start looking is at bills you’ve already paid and purchases you have already made this year.
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Tax Return,
Tax Deductions,
Tax Help,
Tax Law
So you filed your tax return and you later realize that you made a mistake!! If you made a mistake on your tax return after you filed it, the IRS will allow you to prepare and file an amended return to fix the errors in the originally filed return. A lot of taxpayers tend to choose the wrong filing status or notice mathematical errors on their returns. It’s important that if you do realize you made a mistake on your federal tax return, that you file an amended return as soon as possible.
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Tax Return,
Tax,
Tax Deductions,
tax extension,
Tax Help,
Tax Law,
Tax Cuts and Jobs Act
n important tax deadline is coming up and missing it could cause you to collect some IRS penalties. 3rd quarter estimated tax payments (ETP) are due Monday, September 17th. 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.
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Tax Return,
Tax,
Tax Deductions,
Tax Help,
Tax Law
One of the biggest struggles we see with our clients is them trying to deal with a revenue officer by themselves. A revenue officer is an IRS civil enforcement employee who works cases that involve an amount of money owed by a taxpayer or a delinquent tax return. Their job is to collect tax debts on those cases the IRS has deemed significant. Usually individuals who owe more than $250,000 to the IRS will be assigned a revenue officer.
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Tax Help,
Tax Law,
Tax Cuts and Jobs Act,
Liens
As the US continues to undergo major tax reform changes, there is one in particular that might catch your eye. The IRS released a draft of a new post-card sized Form 1040 that will streamline tax returns and allow all American taxpayers to use the same form. The updated form will replace and consolidate the 1040 with the 1040A and 1040EZ as well, eliminating the latter two. The IRS plans to complete the streamlined Form 1040 over the summer with the help of the tax professional community. The 1040 forms are the most common tax forms and this will be the first major change to the forms in decades.
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tax extension,
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Tax Court
If you plan on deducting any moving or vehicle expenses on your 2018 tax return, there are some changes you should be aware of. The IRS released information on changes from the Tax Cuts and Jobs act that affect moving expenses, vehicle expenses, unreimbursed employee expenses and depreciation limits for some vehicles. Here are a few of the changes:
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Tax Return,
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Tax Cuts and Jobs Act
Graduating college can be one of the greatest moments in your life. One of your not-so-great moments is when you get your first student loan payment. If you are paying back student loans it can be overwhelming. Before you make your first loan payment or try to apply for loan forgiveness, make sure you’ve done your research and you know the tax consequences of repaying or not repaying.
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Tax Return,
Tax,
Tax Deductions,
Tax Help,
Tax Law,
Student Loans
It’s that time of the year when everyone seems to be tying the knot and probably the last thing on the mind of a newlywed is their taxes. If you plan on getting married this year, here are some tax tips to help you have a long prosperous marriage and hopefully avoid some tax trouble.
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Tax Return,
Tax,
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Tax Help,
Tax Law,
Identity Theft,
Tax Court,
Wedding
In this month's closed case round up, we have a business owner who didn't file their tax returns for a few years and a contractor that created a large tax debt after his business slowed down!
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audit help,
Audit,
levy,
tax extension,
Tax Help,
Tax Law
There is nothing worse than getting all your tax documents together, filing your tax return, and months later finding out you are now being audited by the IRS. Realistically, the risk of you being audited is quite low as less than 1% of tax returns are audited each year. But if you’re like most people, you want to make the chances of you being audited as low as possible. Here are a few things you can do to help lower your risk of being audited.
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Tax,
audit help,
Audit,
Tax Help,
Tax Law
