The tax code has seen several modifications in recent years. In fact, in 2008 alone, there were more than 500 changes made to it. It’s no longer surprising that most taxpayers hire professional tax preparers and accountants.
You can change your federal withholding at any time. Simply resubmit a new W-4 form to your employer. That way, if your income changes (for example through freelance work), you can avoid owing more taxes when you file your return.
Did you know that not all tax-deductible contributions need to be made by December 31 of a given year? There are some contributions that can be made up until April 15. Talk with your tax preparer about which deductions qualify.
Are you a contractor and experience fluctuations in your income on a year-to-year basis? You may be able to use income averaging. The laws on this are quite specific, and an experienced tax preparer can help you determine if this is in your best interests.
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IRS urged to stop sending notices for unpaid taxes until it catches up on mail backlog
Did you know that the marginal tax rate for high-income earners was 70 percent in 1980? But it was a progressive tax bracket system which means that not all of an individual’s income is taxed at the highest level.
Is your business going through a down period? A qualified tax planning and preparation service has the skills to help minimize the financial impact of your taxes.
If you were divorced in the past year, your income taxes may be affected, but not necessarily for the negative. The rules governing alimony and child support can be a bit bewildering, so let a tax preparation service guide you through.
Business owners always look at the bigger picture. That entails carefully analyzing one’s tax options while still being aware of more encompassing business strategies. Your tax preparer and planner will help you have the right perspective.
Tax Trivia: The cost to federal and state coffers for tax evasion amount to hundreds of billions of dollars per year. It is further estimated that the collective cost of tax evasion over the last decade amounted to $3.09 trillion.
Working with a tax preparation and planning expert gives you peace of mind knowing that your taxes are handled by a professional. Not only that, but it also minimizes the risk of making mistakes which can be costly to correct.
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.
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.
Not everyone has the ability to understand the complexities of the tax system and make fast and accurate mathematical calculations. We can help you simplify the process with our vast knowledge and experience.
Tax preparation and planning services are not a luxury of the super rich. They're for anyone who wants to keep as much of his or her income as allowed by law. Because of their knowledge of the tax code, they can assess all aspects of your financial portfolio to show you where savings lie.
The reports have revealed that about 17% of workers violate the tax code when filing their returns. Seeking professional assistance for filing taxes is important if you don’t want to run into any problems with the IRS.
Do you know that U.S. expatriates qualify for international earnings tax exclusions? However, not everyone qualifies for this opportunity. Talk to us to know if you are eligible.
Data from the IRS states that it takes almost 20 hours to accomplish an average tax return including deductions. Your tax expert can help you save time and focus on more important matters.
The percentage of taxpayers getting federal refunds is usually around 70% -75%. That means two things: the U.S. gives out over 100 million refund checks in a year and over 100 million taxpayers did a poor job on tax planning.
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.
Filing taxes can be a confusing process, even for geniuses! It is rumored that the famous Albert Einstein said the following about taxes: “The hardest thing in the world to understand is income taxes.”
Commercial, industrial, and residential properties all have different taxing regulations and restrictions governing transactions and ownership. Instead of trying to muddle through and risking penalties, let us guide you.
Should you take the annual standard deduction or should you itemize your deductions - which is better? A tax preparer and planner will sit down with you to review your situation in order to make a recommendation that is in your best financial interests.
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?
Without expert guidance, it’s difficult to keep up with the changes and modifications being made to tax law. You can trust your tax preparer and planner to always be updated and knowledgeable of the ins and outs of tax law.
Tax Quiz: Q: The government collects most of its revenue from: A) Individual income taxes; B) Payroll taxes; C) Corporate income taxes; D) Estate and gift taxes. A: "A" to the tune of 47%!
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."