taxresolutionfirm: 8 Ways to Get Ready for Tax Season and Avoid a Back Tax Problem
- 11/21/21 04:04 PM
The holidays are here. Not to be a grinch but right around the corner is a less fondly anticipated time of year. Before you know it, you will be taking down the Christmas tree, pulling down the holiday lights and getting ready for the tax season to come. Tax season is decidedly less fun than holiday season, but the two times of year do have one thing in common. Just like the holidays, tax season requires lots of preparation and planning, and if you want to be ready, you need to start early. Why are we writing this article? It's not to spoil … (0 comments)
taxresolutionfirm: Self Employed? Smart Strategies for Minimizing Your Taxable Income
- 04/19/21 08:36 AM
A lot of our clients that come to us with back tax problems are self-employed. For one reason or another, they fall behind on their taxes. With COVID-19, small businesses have been hit the hardest, and despite the government stimulus bills, there are still millions of businesses teetering on the border of failure. Understandably, a few of them fell behind on their taxes, and we’re here to help. Our firm specializes in tax problem resolution. We have CPAs, EAs, and attorneys who can represent you before the IRS. We serve clients virtually, so don’t hesitate to … (0 comments)
taxresolutionfirm: Self-Employed and Gig Workers: Should You Claim the Home Office Deduction?
- 03/26/21 06:37 AM
The rise of freelancing, self-employed, and gig work is one of the biggest labor stories of the last 20 years. More and more workers have been looking beyond the normal nine to five and making their own way in the world, creating an income they can rely on, one that is directly tied to their skills and abilities. COVID-19 only accelerated this trend. Working as a freelancer or gig worker can also open up a world of tax savings possibilities. From retirement plans with generous contribution limits to health savings accounts to cover the high cost of private insurance … (1 comments)
taxresolutionfirm: Moonlighting
- 03/08/21 01:53 PM
Over the years, we've written a fair number of stories about frustrated taxpayers choosing to cut their bill the old-fashioned way: by cheating. In today's America, which seems more divided than at any time since the Civil War, tax cheats truly cut across all lines — political, racial, religious, and socioeconomic. (Last year, the Justice Department indicted two Forbes-certified billionaires for tax fraud). Some of their schemes are so clever you really wonder why they didn't just go legit. We've also written about tax professionals breaking the rules for clients. You probably don't think of tax nerds as a bunch of bad … (0 comments)
People often dream of quitting their jobs and going into business for themselves to pursue a passion and work without a boss. Self-employment can be a rewarding career decision, but it can lead to higher taxes and tax returns that are more complex than what you initially bargained for.
If you’re self-employed, it is important to understand how taxes work so you can avoid making a mistake and owing more than your fair share of taxes.
Note: If you owe back taxes and need tax relief, our firm can help! We specialize in resolving complicated self-employed and small business back tax problems. Contact … (1 comments)
taxresolutionfirm: Back Taxes, The Stimulus Checks and the EIDL
- 05/30/20 12:17 PM
This pandemic represents an opportunity for you. Whatever it is that caused your initial problems with the IRS and other taxation authorities … our cultural moment has provided all of us with an opportunity for a “reset” — if we take it. We can all have a long conversation about the virus, the lockdowns, the re-opening — all of it, but we’d just be blowing smoke. What matters most is your response and my response. So … let us know how we can come alongside you and make a plan for an epic snap-back for your family or your business: (718) … (2 comments)
taxresolutionfirm: Part 2: Tax Relief and COVID-19
- 05/04/20 07:24 AM
COVID-19 is affecting millions of Americans in all aspects of their life. As of the beginning of May, 1 million Americans tested positive for the disease.
A much more striking number is the number of people whose finances have been shred to pieces with the prolonged shutdown and “stay-at-home” orders.
In just the first 6 weeks of the pandemic, 30 million people filed for unemployment, with that number continuing to climb. We’re now almost certainly in the midst of the most difficult financial crisis we’ve seen in the last 100 years.
As an expert tax resolution firm, our job is to help restore the … (0 comments)
taxresolutionfirm: Tax Day Is Now July 15, Here’s What You Need To Know.
- 04/17/20 08:56 AM
COVID-19 turned the world upside down. With most of the country shut down, businesses closed, and people forced to “stay-at-home” in order to keep everyone safe, it was just a matter of time before the IRS postponed tax day.
On March 21, 2020, the IRS announced that they’d be delaying the tax filing deadline that was normally April 15th. The new tax filing due date is now extended to July 15th.
Simply put, this means you have until July 15th to file your taxes without having to pay penalties and interest, regardless of the amount owed.
Note; if you have prior years of unfiled … (0 comments)
After years of flying under the radar, taxpayers who hold Bitcoin, Ethereum, Litecoin, and other cryptocurrencies are finally getting their fair share of scrutiny from the IRS. The tax agency, it seems, has figured out that cryptocurrency is here to stay, and that the mind-boggling returns early adopters have enjoyed could be a boon for government coffers.
The tax agency has also figured out that many holders of cryptocurrency, from the earliest of early adopters to latecomers enticed by ever-rising prices and the fear of missing out, could owe a lot on these ethereal assets. The currency may be virtual, but to … (2 comments)
Every year, there are millions of taxpayers who find themselves unable to pay their taxes in full to the IRS. The IRS knows there will be some taxpayers coming up short. The good news is the federal government is happy to work with you. The bad news is, they’re relentless in their collection of back taxes and if left unattended, they can levy your bank account, garnish your paycheck, or put a lien on your property to settle your tax bill.
However, their cooperation comes at a price, called penalties and interest. Here are the steps you need to take if you … (2 comments)
taxresolutionfirm: 3 Tax Resolution Strategies the IRS Offers
- 01/12/20 04:28 PM
Taxes are a fact of life, but tax problems shouldn’t be. If you find yourself in tax trouble, the IRS has clear plans for how to proceed in collecting what they believe you owe. After sending you notices, the IRS can garnish your wages, levy your bank account, even put a lien on your property.
However, the IRS also has clear tax relief options for taxpayers. In this article, we’ll give you 3 options the IRS has to resolving your tax debt.
Note, we always recommend getting in touch with a specialized tax resolution professional to help avoid the harsh penalties and interest that … (2 comments)
taxresolutionfirm: Is Your Vision 2020?
- 01/05/20 10:25 AM
Happy New Year!! Now that the collective holidays are past us and we’re plunging into 2020, I wanted to reach out to not only welcome you to the next decade, I wanted to try to get a sample of what entrepreneurs like you were thinking. Are you optimistic about the coming year? Worried? What plans are you making so far as investment and growth in your business? Of course, all of these are being asked and reflected on in business periodicals and social media already, but let me ask you one more… What are you planning on doing, personally, to ensure that 2020 is your best year … (1 comments)
It can be a stressful experience preparing your taxes and filing them. It can be even more stressful however, if you make these mistakes that land you into tax trouble. It's important to remember that if you make mistakes that are serious enough, you might end up triggering an audit of your tax return or owe more in back taxes.
It’s early to be talking about tax season, but if you're planning on filing your own taxes this year, here are four mistakes that you should avoid.
Don't neglect to report all your income
Whatever your sources of income may be, whether it's your … (0 comments)
Three of the most frightening words in the English language are Internal Revenue Service. Few government agencies can strike fear into the heart of citizens like the IRS, and the tax agency enjoys powers most parts of the government simply do not have.
Unlike those other government agencies, the IRS has the ability to garnish your wages, freeze your bank accounts and seize your property. If you owe money to the IRS, doing nothing is simply not an option.
But should you negotiate with the agency on your own, or is hiring a tax resolution expert the better choice?
As an expert Tax Resolution Firm ourselves, … (0 comments)
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