Do you know that filing a fraudulent tax return is a felony and a form of fraud in the eyes of the IRS? It carries up to $100k in fines and up to 3 years in prison.
World War II led to the formation of the Bureau of Internal Revenue, which later became the Internal Revenue Service (IRS). Do you know the IRS is the world’s largest accounting and tax-collection organization?
Joyce Marcel once said, "For patriots like me, paying taxes gives a feeling of responsibility, of being part of the fabric of our country, of contributing to the common good."
It always helps to have an expert looking at your taxes before filing. A tax preparation and planning professional has access to the best software and programs that will carefully analyze your record so mistakes can be avoided.
When dealing with tax matters, even the slightest mistake could cost you money. That’s why more and more people are opting for the smarter option, and that is to hire a tax preparation and planning expert.
Your chances of being audited by the IRS are pretty slim but the odds are always there and audits can still take place. When that happens, you’ll benefit from the expert assistance of a tax preparation and planning expert.
According to the IRS, the error rate for electronically filed returns is less than 1%, while paper filers are 21X more likely to commit errors. Errors can cause tax returns to get audited or rejected. Contact our experts for tax preparation.
Did you know the first income tax in the U.S. was imposed in July 1861 to help pay for the Civil War? The current income tax system was enacted into law in 1913 before the beginning of World War I.
Alfred E. Neuman has rightly said, "Today it takes more brains and effort to make out the income-tax form than it does to make the income."
As reported by the Tax Foundation, Americans collectively paid $5.2 trillion in federal, state, and local taxes in 2019. That is more than the combined cost of food, clothing, and housing.
Before World War II, few individuals owed income taxes. About 1.1% of working-age people filed a return, and about 17% of those filers did not have to pay income taxes due to a high personal exemption.
What is a “sin tax”? Legally called excise taxes, these “sin taxes” are imposed on alcohol, tobacco, and gambling. Rhode Island, Nevada, West Virginia, New Hampshire and Delaware account for the largest share of sin tax revenues.
All sources of income for U.S. residents are taxable under the existing federal laws. Any income which a non-resident earns from outside the U.S. is not considered a taxable income.
Federal tax returns were not always due April 15. In 1913, March 1 was the final date; in 1918 it was March 15; and finally, in 1954 the current Tax Day was enacted.
Many workers who don't owe taxes neglect to file returns without realizing that there are some tax credits that offer refunds. For example, the Earned Income Tax Credit offers up to a $6,318 refund for those who don't owe taxes.
Do you know that if you report a person or business for tax evasion in the United States, you'll receive up to 30% of the additional tax, penalty, and other amounts collected by the IRS?
Do you know that since 2001 there have been more than 4,500 changes to the U.S. tax code? Now you know why hiring a professional to prepare your taxes is important.
According to the statistics, Americans must work 114 days into the year to afford their tax bills. It also means that workers may be neglecting a number of key deductions that could lower their overall tax burden.
Business tax preparation is an important part of running any business - failure to file the returns, or errors made during their preparation could lead to a number of bad situations for a business. Tax preparation and planning services prevent these issues.
If you or a member of your family was ill, some or all of the medical expenses may be eligible for deductions. Just how much you can deduct, though, depends on several factors, and an experienced tax prep service can help you understand what you are allowed to deduct.
According to a recent survey of IRS agents, most tax mistakes were made by self-filers who misunderstood what deductions were allowable. Our specialists have the requisite knowledge to find the proper deductions.
If you pay or receive spousal support, the laws have changed regarding reporting and deducting it. Instead of risking a penalty, let us prepare your taxes for you.
Coordinating federal and state tax returns requires an informed approach. While a deduction may save money on your federal form, it may cost you more on your state form. Our team will show you all the options and their impact.
Working with us is a money-saving investment. Not only are we skilled in tax preparation, we also know more about tax laws than a layperson, so we can find the legitimate tax savings that a non-professional can't.