tax return: Keeping Up with Uncle Sam: 6 Years is All You Need!
- 02/26/24 07:14 AM
I focus my practice on tax resolution, representing taxpayers in Colorado, Florida, and across the United States. Tax season can be stressful, but there's good news! You only need to keep and file the last 6 years of your tax returns to be compliant with the IRS. This means less paperwork and more peace of mind! However, navigating tax laws can still get confusing. Whether you're a freelancer, run a small business, or have complex financial situations, it's crucial to ensure your returns are accurate and filed on time. Here at Apex Tax Defense, we're passionate about helping individuals and businesses navigate the tax landscape with … (0 comments)
tax return: Attention Real Estate Investors - Here Are Some Great Tax Saving Tips
- 08/01/23 10:16 AM
I focus my practice on tax resolution, representing taxpayers in Colorado, Florida, and across the United States. Real estate investing offers numerous financial rewards, but navigating the tax implications requires strategic, well thought out planning. Here are some tips to help you optimize your tax position as a real estate investor. First, understand the importance of depreciation. While your property appreciates over time, you can write off its depreciation as an expense. This non-cash tax deduction can reduces your taxable income significantly. Second, consider structuring your entity/investment as a limited liability company (LLC) or a similar entity. This structure offers you greater flexibility when it comes … (0 comments)
tax return: What You Need To Do To Have the IRS Withdraw Its Notice of Lien
- 07/31/23 07:34 AM
I focus my practice on tax resolution, representing taxpayers in Colorado, Florida, and across the United States. Receiving a notice of lien from the Internal Revenue Service (IRS) can be a daunting experience. A tax lien can have serious consequences for your financial standing and creditworthiness. However, there are steps you can take to navigate this situation and potentially have the IRS withdraw its notice of lien. Let's explore the key actions you need to take.
Resolve the Underlying Tax Debt:The first and most crucial step is to address the underlying tax debt that led to the notice of lien. Contact the IRS to discuss … (1 comments)
tax return: Boulder, CO: What is the Trust Fund Recovery Penalty (TFRP)?
- 07/24/23 03:47 PM
I focus my practice on tax resolution, representing taxpayers in Colorado, Florida, and across the United States. The Trust Fund Recovery Penalty (TFRP) is a penalty assessed by the Internal Revenue Service (IRS) that can be imposed on responsible parties for unpaid federal payroll taxes. If a business is required to withhold payroll taxes from its employees' paychecks, but fails to do so or to make the required deposits, both the business and the responsible individuals can be held liable for the unpaid tax. The TFRP is assessed under Section 6672 of the Internal Revenue Code, and applies to both owners and key employees of … (0 comments)
tax return: What Is The Cohan Rule And How Can It Help Me?
- 07/22/23 12:05 PM
I focus my practice on tax resolution, representing taxpayers in Colorado, Florida, and across the United States. The Cohan rule is a legal principle that allows taxpayers to claim deductions for expenses that are not fully substantiated, as long as they can provide reasonable estimates and demonstrate the expenses were indeed incurred. This rule was established after the landmark Cohan v. Commissioner case all the way back in 1930, which set a precedent for the treatment of deductions when taxpayers lack complete records. The Cohan rule is particularly helpful for taxpayers who may have lost or misplaced receipts, or for those who engage in cash … (1 comments)
tax return: I Just Got A FINAL Notice From The IRS - What Do I Do?
- 07/14/23 04:23 PM
I focus my practice on tax resolution, representing taxpayers in Colorado, Florida, and across the United States. If you receive a final IRS notice, it is important to take immediate action to address the issue. Here are steps you can take: 1. Read the notice carefully: Understand the reason for the notice, the deadline for response, and any actions required from your end. 2. Gather necessary documents: Collect all relevant documents, such as tax returns, W-2 forms, and receipts, to support your case or to verify any discrepancies. 3. Contact the IRS: If you have any questions or need clarification, call the phone number provided on the … (2 comments)
Having an IRS installment agreement in place is a step in the right direction when it comes to resolving your tax debt. However, there may be instances where you find yourself unable to afford the agreed-upon payments. It is important to address this situation promptly to avoid any potential consequences. If you find yourself in a situation where you cannot afford to pay your IRS installment agreement, there are a few options you can consider: Contact the IRS: Reach out to the IRS as soon as possible to … (2 comments)
tax return: I Keep Hearing About the IRS "FRESH START INITIATIVE". What Is It?
- 07/12/23 11:21 AM
I focus my practice on tax resolution, representing taxpayers in Colorado, Florida, and across the United States. The Internal Revenue Service (IRS) Fresh Start Initiative is a set of policies and programs designed to help taxpayers who are having difficulty meeting their federal tax obligations. It includes several new programs, such as expanded eligibility for payment plans, tax lien reductions, and easier access to the Offer in Compromise program. The goal of the Fresh Start Initiative is to provide taxpayers with more flexibility and to make it easier for those who can’t pay their taxes to come into compliance. Under the Fresh Start Initiative, … (0 comments)
tax return: What Is An IRS "Substitute For Return"?
- 07/10/23 11:47 AM
I focus my practice on tax resolution, representing taxpayers in Colorado, Florida, and across the United States. The IRS Substitute for Return (SFR) is a program that the IRS uses when a taxpayer fails to file a return or owes taxes but fails to respond to IRS correspondence and other attempts to get them to comply. The SFR program allows the IRS to create a tax return for the taxpayer in the absence of them filing their own return. When the IRS creates a substitute return, they estimate taxes due based on the limited information they have. This estimate is usually higher than the … (0 comments)
tax return: Can I Go To JAIL For Not Paying Payroll Taxes?
- 07/07/23 11:29 AM
I focus my practice on tax resolution, representing taxpayers in Colorado, Florida, and across the United States. As a business owner, it is your responsibility to make sure that you are paying your payroll taxes on time and in full. Failure to do so can have serious consequences, including fines, penalties, and even jail time. If your business fails to pay payroll taxes, the IRS can take legal action to collect the money owed. Penalties and interest will continue to accrue on the outstanding amount until it is paid in full. However, if the IRS determines that the failure to pay is due to willful … (1 comments)
tax return: What is an IRS CP-14 Notice and Why Should I Care?
- 05/15/23 10:50 AM
I focus my practice on tax resolution, representing taxpayers in Colorado, Florida, and across the United States. In another week or two, the IRS will be issuing the first wave of several million “CP-14” notices. So what, you ask? Well, this is round one of many waves to come. During the pandemic years, the IRS has refrained from unleashing the full release of these notices and collection activity. Now that the pandemic is over and the IRS is flush with $80 billion, it’s go time. An IRS CP-14 notice is a letter issued by the IRS to notify taxpayers that they have an outstanding tax … (0 comments)
tax return: What Are Your Chances Of Being Audited By The IRS?
- 05/03/23 08:14 AM
I focus my practice on tax resolution, representing taxpayers in Colorado, Florida, and across the United States. Many taxpayers worry about the possibility of being audited by the IRS, but the likelihood of an audit is relatively low (at this point in time), although that is expected to increase with the additional hirings the IRS is making. Several factors can increase your chances of being audited, including: High Income: Taxpayers with high incomes are more likely to be audited than those with lower incomes. Self-Employment: Self-employed individuals are more likely to be audited than those who are employed by a company, especially if you … (1 comments)
tax return: What Tax Debt Relief Am I Eligible For?
- 04/20/23 10:30 AM
I focus my practice on tax resolution, representing taxpayers in Colorado, Florida, and across the United States. If you find yourself in a position of owing back taxes to the IRS, you may be eligible for IRS tax debt relief through one of several methods. As with any debt, the sooner you act to remedy the situation the better, so understanding the available options is key. Generally speaking, the IRS will accept a payment plan for back taxes owed and may grant some type of penalty or interest abatement depending upon your financial situation. Though it may be burdensome to pay the debt back … (0 comments)
tax return: How To AVOID Tax Filing Mistakes
- 04/09/23 02:54 PM
I focus my practice on tax resolution, representing taxpayers in Colorado, Florida, and across the United States. When you are filing your taxes, avoiding mistakes is essential. Even minor errors can cause big problems with the Internal Revenue Service (IRS). To prevent this from happening, there are several things that you can do to avoid common mistakes and potential issues with the IRS. First, it is important to double-check all of your information before submitting it to the IRS. Make sure all of your calculations are correct and that your deductions are valid. Take your time so that you don’t rush and make errors that … (0 comments)
tax return: What Is an IRS "First Time" Penalty Abatement?
- 04/07/23 08:01 AM
I focus my practice on tax resolution, representing taxpayers in Colorado, Florida, and across the United States. Many poeple have heard of the IRS "First Time" Penalty Abatement, but what exactly is it? The IRS First Time Penalty Abatement (FTP) is a program available to taxpayers who have incurred late filing and/or late payment penalties on their federal income tax returns. The program waives any applicable penalties for taxpayers who qualify. Generally, to qualify for FTP, the taxpayer must meet the following three criteria: 1) The taxpayer must have had no prior penalties for the last three tax years. 2) The taxpayer must show reasonable cause … (0 comments)
tax return: Are YOU A Person Of Interest With The IRS?
- 04/03/23 07:37 AM
I focus my practice on tax resolution, representing taxpayers in Colorado, Florida, and across the United States. Are you a person of interest with the IRS? Do you owe tons of money? Do you have outstanding tax issues? Then it's time to address these issues immediately. The IRS is beefing up all areas of collection, so now would be a great time to get your tax issues in order. There are several things you can do on your own: 1 - make sure you are in compliance 2 - set up a payment plan for outstanding tax debt 3 - address the IRS notices and put a … (2 comments)
tax return: I Entered My Banking Info Incorrectly For My Refund-NOW WHAT?
- 02/23/23 08:40 AM
I focus my practice on tax resolution, representing taxpayers in Colorado, Florida, Texas, New York, California and elsewhere. An unfortunate common mistake that happens when you prepare your tax return is recording the banking information for direct deposit refunds incorrectly. Taxpayers need to be extremely careful when entering the banking and routing numbers for direct deposit refunds. If you enter the wrong number, obviously the refund will not be hitting your bank account. There are a couple of steps that you can take:
If the return hasn’t already posted to the IRS system, you can call them and ask to stop the direct deposit. … (2 comments)
tax return: What Can Trigger An IRS Audit?
- 02/01/23 07:44 AM
I focus my practice on tax resolution, representing taxpayers in Colorado, Florida, Texas, New York, California and elsewhere. An IRS audit is an examination of an individual or a business's tax returns to ensure that all information is accurate and that taxes have been calculated correctly. Although an audit can happen at any time, there are certain triggers that can increase the likelihood of an audit. 1 - High Income: People with high incomes are more likely to be audited. The IRS tends to focus on higher-income taxpayers as they believe they have a higher likelihood of underreporting their income or claiming … (1 comments)
tax return: How Does IRS Tax Collection Actually Work?
- 01/29/23 11:35 AM
I focus my practice on tax resolution, respresenting taxpayers in Colorado, Florida and across the United States. The IRS is responsible for collecting taxes from individuals and businesses in the United States. The process of collecting taxes begins with the filing of tax returns. Taxpayers are required to file their returns by a certain date, typically April 15th for individuals, and pay any taxes owed. If a taxpayer fails to file their return or pay their taxes, the IRS will take action to collect the unpaid taxes. This process is known as IRS collection. The first step in the collection process is typically a … (0 comments)
tax return: Do I Need To Make Estimated Tax Payments?
- 01/26/23 12:17 PM
I focus my practice on tax resolution, representing taxpayers in Colorado, Florida, Texas, New York, California and elsewhere. You are required to make estimated tax payments if you expect to owe at least $1,000 in taxes for the year and your tax liability is not going to be fully covered by your employer through withholding. The estimated tax payments help you to pay your taxes in a timely manner and avoid owing a large amount at the end of the year.Estimated taxes are typically required for individuals who are self-employed, have income from investments, or have other types of income that are not subject to … (1 comments)
I focus my practice on tax resolution, representing taxpayers in Colorado, Florida, and across the United States. 
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