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."
A notice of deficiency is an official written claim by the IRS that a taxpayer owes additional income tax and often interest and additional penalties. This notice gives you the chance to pay back your IRS debt.
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.
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.
Do you need to pay taxes on Bitcoin profits? Yes! If you sell Bitcoins and earn a profit, this will be considered a part of your gross income and will be subject to income tax.
Tax planning doesn’t just take place before the year ends, it’s a continuous, ongoing process that you’ll be able to go through without hassle and stress with the help of your trusted tax planner.
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.
Cryptocurrency is recognized by the IRS as a property and not a currency. Bitcoins are taxed similarly to stocks, even when they are used to make a purchase.
Do you know that the U.S. tax code is over 74,000 pages long? It is so long that it would take even a super-fast reader more than 1,200 hours to get through it all.
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.
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.
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."
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.
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.
Many taxpayers live in fear of an audit. But do you know that only less than 1% of tax returns actually get audited? High earners and those who report no income are more likely to get audited.
If you go to a tax preparer in a box store, you will most likely work with seasonal employee trained in tax-preparation software, who simply enters data into a form. A dedicated tax preparation and planning services knows the tax laws and all the allowable ways of saving tax dollars.
Do you have better things to do than fill out and file your taxes? We thought so. Instead of spending valuable time on this chore, turn it over to our team of professionals.
Is your business transaction eligible for tax incentives or credits? While the laws are specific (and somewhat convoluted), your acquisition may qualify. We can review the details and help you find them.
Business tax preparation can be a complicated procedure, and must be done carefully, as the IRS will thoroughly check any tax returns submitted by the business for errors. A tax preparation company is always a good way to have the returns done with the smallest risk of error.
Our understanding of the laws regarding fix asset capitalization, depreciation, and disposal can result in a lowering of your taxes. Your real estate is supposed to be an investment, not a capital drain.
If you are a contractor and you experience considerable spikes and drops in your income, you may be able to use income averaging. The laws on this are quite specific, and our tax professionals can help you determine if this is in your best interests.
