Friday, January 31, 2020

FREELANCING OR SELF EMPLOYED? AVOID THESE TAX MISTAKES

Freelancing can be a rewarding way of life or a savvy way to make money, in addition to a full-time job, to pay down debt or build savings faster. But when it comes to taxes, a dollar earned on your own isn’t the same as a dollar earned from an employer.

If you plan on earning money on the side – or if you’re trying to make a living as a freelancer – you should understand how the income you earn will be taxed. You’ll learn how to keep more of your hard-earned money in your pocket and how to avoid surprise tax bills or penalties.

Whether or not you have a full-time job, the IRS considers any money you earn on your own to be self-employment income. And they treat this income differently than income you earn as an employee. The following pointers will help you keep more of the money you earn come tax time.

DON’T SPEND ALL YOUR FREELANCE MONEY

When you get a regular paycheck, your employer has already withheld Uncle Sam’s cut. With freelance income, you’re responsible for setting that money aside to pay taxes. If you’re accustomed to receiving a tax refund, it can come as a big surprise that you might actually owe the government hundreds or thousands of dollars.


Avoid getting caught with a big tax bill you can’t pay by making estimated tax payments every quarter. (If you’re not sure how much to pay, setting aside a third of any freelance income is a good rule of thumb.)

REPORT ALL YOUR INCOME

As you start earning freelance income, it can be tempting to just leave it off your tax return. After all, how will the IRS know? Well, they will. For one, if you earn $600 or more from any one source, that person or company is required to file form 1099 with the IRS detailing how much they paid you. Later, IRS computers match your tax return to filed 1099s and red flag any discrepancies. If there is one, you’ll get a bill for the difference…plus penalties and interest.

DO KEEP YOUR BUSINESS RECORDS SEPARATE FROM PERSONAL

As soon as you begin freelancing on a regular basis, it makes sense to open a new bank account that you use only for depositing business income and for expenses. Not only will this make it faster to prepare your tax return each spring, it will provide better evidence of business deductions in the unlikely (but always possible) event of an audit.

TAKE ADVANTAGE OF ALL DEDUCTIONS AS POSSIBLE

If you’re running a legitimate freelance business and not as a hobby, you can deduct ordinary and necessary expenses you incur in the course of doing your work.

This includes everything from the office supplies you buy at Staples to miles you log in between visiting clients. (Good records are key!)

Also, be sure to take advantage of other deductions available to the self-employed. These include a deduction for half of the self-employment tax and contributions to a Simplified

Employee Pension (SEP-IRA), a kind of tax-deferred retirement account available to anybody with self-employment income.

DO NOT TRY TO PASS OFF A HOBBY AS A BUSINESS

Let’s say you restore old cars and occasionally sell one you’ve worked on. Still, you end up putting far more money into parts than you ever make back in a sale. You get the genius idea to create a business for your restoration services so you can deduct all that chrome.

Careful. To be considered a business (as opposed to a hobby) in the eyes of the IRS, you must expect to show a profit in three of the next five years. There are some uncommon exceptions, but in general it’s best to avoid taking deductions from mostly non-profit personal pursuits.

DON’T BE AFRAID TO ASK FOR HELP

Your taxes may have been straightforward for years, but freelance income (and especially deductions) can add several pages to your tax return. Enlisting the help of a tax professional can be a good idea to help you maximize deductions and avoid mistakes that could trigger penalties – and unnecessary headaches – later on.

NEED HELP WITH IRS BACK TAXES, FORM 941’S BACK TAX ISSUES, AUDIT REPRESENTATION OR SMALL BUSINESS TAX PREPARATION?

ADVANCE TAX RELIEF LLC
www.advancetaxrelief.com
BBB A+ RATED
CALL (713)300-3965

GET TAX RELIEF HELP TODAY

If you think that you may need help filing your 2018/2019 tax return or past due tax returns, you may want to partner with a reputable tax relief company who can help you get the max refund and reduce your chances for an IRS AUDIT.

Advance Tax Relief is headquartered in Houston, TX with a branch office in Los Angeles, CA. We help many individuals just like you solve a wide variety of IRS and State tax issues, including penalty waivers, wage garnishments, bank levy, tax audit representation, back tax return preparation, small business form 941 tax issues, the IRS Fresh Start Initiative, Offer In Compromise and much more. Our Top Tax Attorneys, Accountants and Tax Experts are standing by ready to help you resolve or settle your IRS back tax problems.

Advance Tax Relief is rated one of the best tax relief companies nationwide.

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#TaxAttorneysNearMe #IRSLawyer #TaxReliefFirms #OfferInCompromise #TaxResolution #LocalTaxAttorney #HelpFilingBackTaxes #TaxDebtSettlement #TaxReliefAttorneys #IRSHelp

Wednesday, January 29, 2020

FAILURE TO FILE PENALTIES ON BACK TAX DEBT

IRS Definition
A failure to file penalty is charged on returns filed after the due date or extended due date, absent a reasonable cause for filing late.
The combined penalty is 5% (4.5% late filing and 0.5% late payment) for each month or part of a month that your return was late, up to 25%.
The late filing penalty applies to the tax that remains unpaid after the due date. 
Unpaid tax is the total tax shown on your return reduced by amounts paid through withholding, estimated tax payments, and allowed refundable credits.

If after five months you still haven’t paid, the failure to file penalty will max out, but the failure to pay penalty continues until the tax is paid, up to 25%.
The maximum total penalty for failure to file and pay is 47.5% (22.5% late filing and 25% late payment) of the tax.
However, if your return was over 60 days late, the minimum failure to file penalty is the smaller of $205 or 100% of the tax required to be shown on the return.

NEED HELP WITH IRS BACK TAXES, FORM 941’S BACK TAX ISSUES, AUDIT REPRESENTATION OR SMALL BUSINESS TAX PREPARATION?
ADVANCE TAX RELIEF LLC
www.advancetaxrelief.com
BBB A+ RATED
CALL (713)300-3965
GET TAX RELIEF HELP TODAY
If you think that you may need help filing your 2018/2019 tax return or past due tax returns, you may want to partner with a reputable tax relief company who can help you get the max refund and reduce your chances for an IRS AUDIT.
Advance Tax Relief is headquartered in Houston, TX with a branch office in Los Angeles, CA. We help many individuals just like you solve a wide variety of IRS and State tax issues, including penalty waivers, wage garnishments, bank levy, tax audit representation, back tax return preparation, small business form 941 tax issues, the IRS Fresh Start Initiative, Offer In Compromise and much more. Our Top Tax Attorneys, Accountants and Tax Experts are standing by ready to help you resolve or settle your IRS back tax problems.
Advance Tax Relief is rated one of the best tax relief companies nationwide.
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What is an IRS Notice CP259? You Didn’t File a Tax Return

A required business return has not been filed

Type of Notice: Late return

Likely next step: File a business return

Why you received IRS Notice CP259?

The IRS did not receive a business tax return by the due date.

The IRS thinks that you are required to file a tax return for the tax year/period shown on the notice.

Notice deadline: 10 days

If you miss the deadline: The IRS may prepare a tax return and charge applicable penalties and interest on the taxes calculated based on the information they received from others such as banks, credit card merchants and other payers.



NEED HELP WITH IRS BACK TAXES, FORM 941’S BACK TAX ISSUES, AUDIT REPRESENTATION OR SMALL BUSINESS TAX PREPARATION?

ADVANCE TAX RELIEF LLC
www.advancetaxrelief.com
BBB A+ RATED
CALL (713)300-3965

GET TAX RELIEF HELP TODAY

If you think that you may need help filing your 2018/2019 tax return or past due tax returns, you may want to partner with a reputable tax relief company who can help you get the max refund and reduce your chances for an IRS AUDIT.

Advance Tax Relief is headquartered in Houston, TX with a branch office in Los Angeles, CA. We help many individuals just like you solve a wide variety of IRS and State tax issues, including penalty waivers, wage garnishments, bank levy, tax audit representation, back tax return preparation, small business form 941 tax issues, the IRS Fresh Start Initiative, Offer In Compromise and much more. Our Top Tax Attorneys, Accountants and Tax Experts are standing by ready to help you resolve or settle your IRS back tax problems.

Advance Tax Relief is rated one of the best tax relief companies nationwide.

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Monday, January 27, 2020

CAN I GET THE HOME BUSINESS TAX DEDUCTION IF I HAVE TWO BUSINESSES?

#Smallbusiness #TaxPreparation #TaxRelief #TaxHelp

If you run two businesses from your home, you can take a home business tax deduction for both businesses. However, there are rules you must follow.

You can claim the home office deduction if you have a dedicated workspace in your home for an office. This area can’t be used for personal activities. To claim it for two different businesses, the office space must qualify as the principal place of business for both.

If both businesses meet the criteria for a home office deduction, you need to file a separate Form 8829: Expenses for Business Use of Your Home for each business.

HOW TO DETERMINE A HOME OFFICE DEDUCTIONS FOR YOUR BUSINESS

To deduct home business expenses, divide the expenses between the two businesses. Base the split on how much you use your home office for each business. You have to manually divide your office space and enter it as if you had two separate offices.

The total square footage submitted for each business can’t be more than the total square footage you would submit if you only had one home business. You can choose to divide your space based on time or space usage.

You can also use the simplified method for your home office deduction. If so, you’re limited to a maximum of 300 square feet for all your businesses combined. Divide the 300 square feet among your businesses in a logical way. Don’t give more square feet to a business than you actually use for that business.

NEED HELP WITH IRS BACK TAXES, FORM 941’S BACK TAX ISSUES, AUDIT REPRESENTATION OR SMALL BUSINESS TAX PREPARATION?

ADVANCE TAX RELIEF LLC
www.advancetaxrelief.com
BBB A+ RATED
CALL (713)300-3965



GET TAX RELIEF HELP TODAY

If you think that you may need help filing your 2018/2019 tax return or past due tax returns, you may want to partner with a reputable tax relief company who can help you get the max refund and reduce your chances for an IRS AUDIT.

Advance Tax Relief is headquartered in Houston, TX with a branch office in Los Angeles, CA. We help many individuals just like you solve a wide variety of IRS and State tax issues, including penalty waivers, wage garnishments, bank levy, tax audit representation, back tax return preparation, small business form 941 tax issues, the IRS Fresh Start Initiative, Offer In Compromise and much more. Our Top Tax Attorneys, Accountants and Tax Experts are standing by ready to help you resolve or settle your IRS back tax problems.

Advance Tax Relief is rated one of the best tax relief companies nationwide.

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#TaxAttorneysNearMe #IRSLawyer #TaxReliefFirms #OfferInCompromise #TaxResolution #LocalTaxAttorney #HelpFilingBackTaxes #TaxDebtSettlement #TaxReliefAttorneys #IRSHelp

Friday, January 24, 2020

OWN A BUSINESS? TAKE ADVANTAGE OF THESE TAX DEDUCTIONS - PAY LESS IN TAXES

#SelfEmployed #SmallBusiness #BackTaxHelp

Some of the business expenses that you may be able to deduct for your business include:
Training and licensing expenses
Mileage or Actual Expenses for the business use of your car
Marketing and advertising costs
Travel, if you attend any out-of-town conventions, training sessions, or conferences
Meals you pay for when meeting with clients for business purposes. Under IRS guidelines, you can deduct 50% of the cost of business-related meals.
Home office, if you work out of your home. If you have a home office that represents 10% of the square footage in your home, you’ll be able to deduct 10% home costs like mortgage interest, property taxes, rent, and utilities.
The purchase of office equipment, such as a dedicated business computer, printer, smartphone, or fax machine.
Internet and cell phone expenses.
You may be looking for entertainment expenses in the list, however, entertainment expenses like treating your client to a sporting event were eliminated under the new tax law.
The Tax Cuts and Jobs Act (TCJA) of 2017 also made other changes to the tax code. You’ve probably read about much of it in the news, since it almost doubled the standard deduction, eliminated personal exemptions and may have limited other deductions.
But, it also introduced or increased some business-related tax deductions you should know about.

20% QUALIFIED BUSINESS INCOME DEDUCTION
The 20% Qualified Business Income (QBI) deduction is one of the biggest business-related tax changes under tax reform.
For the tax years, 2018 through 2025, the new 20% QBI deduction allows self-employed, S-Corps, and partnerships to deduct 20% of their qualified business income, which is income associated with business activity in the United States.
The Qualified Business Income Deduction is subject to a few limitations based on the type of income, type of trade or business you are in, and the amount of net income you earn, but in general, the deduction is available to eligible taxpayers whose 2018 taxable incomes fall below $315,000 for joint returns and $157,500 for other taxpayers.
If your income is above the $157,500/$315,000 taxable income thresholds, your 20% QBI deduction may be limited if your business is considered a service type business like the health, law, or accounting category to name a few. Any business where the principal asset is the reputation or skill of the owner is also included.
INCREASE IN EQUIPMENT DEDUCTION AMOUNTS
If you buy equipment in the course of doing business, the new tax law increased the maximum deduction from $510,000 to $1,000,000 for business equipment like computers, printers, and office furniture. The amount you can deduct is still limited to the amount of income from business activity..
NEED HELP WITH IRS BACK TAXES, FORM 941’S BACK TAX ISSUES,  AUDIT REPRESENTATION OR SMALL BUSINESS TAX PREPARATION?

ADVANCE TAX RELIEF LLC
www.advancetaxrelief.com
BBB A+ RATED
CALL (713)300-3965 

GET TAX RELIEF HELP TODAY

If you think that you may need help filing your 2018/2019 tax return or past due tax returns, you may want to partner with a reputable tax relief company who can help you get the max refund and reduce your chances for an IRS AUDIT.

Advance Tax Relief is headquartered in Houston, TX with a branch office in Los Angeles, CA. We help many individuals just like you solve a wide variety of IRS and State tax issues, including penalty waivers, wage garnishments, bank levy, tax audit representation, back tax return preparation, small business form 941 tax issues, the IRS Fresh Start Initiative, Offer In Compromise and much more. Our Top Tax Attorneys, Accountants and Tax Experts are standing by ready to help you resolve or settle your IRS back tax problems.

Advance Tax Relief is rated one of the best tax relief companies nationwide.

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 #TaxAttorneysNearMe #IRSLawyer #TaxReliefFirms #OfferInCompromise #TaxResolution #LocalTaxAttorney #HelpFilingBackTaxes #TaxDebtSettlement #TaxReliefAttorneys #IRSHelp 


SOURCES OF INCOME YOU HAVE TO PAY TAXES ON - AVOID A TAX AUDIT!


Most income is taxable. However, you might not have to pay tax on certain types of income. Income can come to you in the form of money, property, or services. Read on to gain insight into sources of taxable income.

TAXABLE INCOME

The most common types of taxable income are:

Wages, salaries, and tips — By law, your employer must send you a W-2 that shows how much you were paid in:

Salary, Tips, Commissions, Bonuses, Vacation pay, Sick pay, Severance pay

Extra cash from side jobs – Extra money you make for side jobs is taxable and is considered self-employment income. Report this income on Schedule C. If you make more than $400 from your side job, you’ll need to file a Schedule SE and pay Social Security and Medicare taxes on the income.

Alimony — If you receive alimony as a result of a divorce decree or separation agreement executed prior to 2019, the payments you receive are fully taxable. If you paid alimony during the year, you can deduct it even if you don’t itemize deductions.

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Unemployment benefits — Unemployment compensation benefits are fully taxable.

Jury duty pay — Jury duty payments are taxable. However, you can deduct any part of the payment you give to your employer in exchange for continuing your salary.

Pension and annuity payments — Pension and annuity payments are taxed. However, a portion might be tax-free.

Awards — If you receive an award from your employer for your job performance, it’s usually taxable. The award’s fair market value (FMV) is included in your W-2 income. This can include an all-expenses-paid trip or some other type of goods or services.

Barter income— The FMV of property or services you receive or provide in exchange for work done is taxable income. Report this income on Schedule C. You can use another form or schedule if you barter property items instead of services.

If you’re a member of a barter exchange, you should receive a Form 1099-B. This shows the FMV of all property and services you traded during the year.

Disability payments — If your employer pays the premiums for your disability insurance, disability payments you receive are usually fully taxable. However, if you pay the premiums, the payments you receive are tax-free. Veterans’ disability benefits and workers’ compensation are also tax-free.

Gambling winnings — Gambling winnings are fully taxable and include:

Lottery payouts
Sweepstakes payouts
Bingo winnings
Raffle winnings
Casino winnings

Prizes — All prizes are taxable. If you win a prize, you must include the FMV of the prize in your income.

GET TAX RELIEF HELP TODAY

If you think that you may need help filing your 2018/2019 tax return or past due tax returns, you may want to partner with a reputable tax relief company who can help you get the max refund and reduce your chances for an IRS AUDIT.

Advance Tax Relief is headquartered in Houston, TX with a branch office in Los Angeles, CA. We help many individuals just like you solve a wide variety of IRS and State tax issues, including penalty waivers, wage garnishments, bank levy, tax audit representation, back tax return preparation, small business form 941 tax issues, the IRS Fresh Start Initiative, Offer In Compromise and much more. Our Top Tax Attorneys, Accountants and Tax Experts are standing by ready to help you resolve or settle your IRS back tax problems.

Advance Tax Relief is rated one of the best tax relief companies nationwide.

#TaxDebtHelp #FilingBackTaxesHelp #TaxReliefHouston #BackTaxRelief
 #TaxAttorneysNearMe #IRSLawyer #TaxReliefFirms #OfferInCompromise #TaxResolution #LocalTaxAttorney #HelpFilingBackTaxes #TaxDebtSettlement #TaxReliefAttorneys #IRSHelp


Wednesday, January 22, 2020

HOW TO REPORT YOUR HOME MORTGAGE INTEREST ON YOUR TAX RETURNS

If you already have your Form 1098, you probably have everything you need to deduct your mortgage interest and points. Depending on if your deducting for your home or a rental, there might be a variety of different steps you have to take. Read on to see what schedules and steps you need to report mortgage interest for your specific situation.

HOW TO REPORT MORTGAGE INTEREST ON FORM 1098

If you pay $600 or more in mortgage interest, your lender must send you and the IRS a Form 1098: Mortgage Interest Statement. If your mortgage interest is less than $600, your lender doesn’t have to send you this form.

On your tax Form 1098 is:

Box 1 – Interest you paid, not including points
Box 2 – Outstanding mortgage principal
Box 3 – Mortgage origination date
Box 6 – Mortgage points you might be able to deduct. You usually see an amount in this box only if this is the mortgage you took out when you bought the home.

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Put Box 1, deductible mortgage interest, and Box 6, points, into your Schedule A, Line 8a. You might be able to deduct the Form 1098 amounts if they meet the guidelines for that kind of amount. Enter these amounts on Schedule A:

Line 8b – Deductible mortgage interest you paid that wasn’t reported on the Form 1098
Line 8c – Points not reported to you on your Form 1098
The recipient of the interest might be an individual, not a business. If so, enter on the dotted lines next to Line 8b the recipient’s:

Name
Address
Identifying number — usually one of these:
Social Security number (SSN)
Employer Identification Number (EIN), if a business
RENTAL PROPERTY

You can deduct mortgage interest on rental property as an expense of renting the property. You report this mortgage interest from Form 1098 on Schedule E, not Schedule A. Also, you might have paid points when you took out the mortgage on your rental property. If so, you can’t deduct the mortgage points in the year you paid them. You must deduct the points over the life of the loan.

How to report mortgage interest from personal and rental use of same property

You must split property expenses if both of these apply:

You personally use part of your property.
You rent out another part of your property that you don’t personally use.
You should split expenses that apply to the entire property based on the percentage of space rented. These split expenses include mortgage interest and real-estate taxes.

You can only deduct the rental part of expenses from rental income. If you itemize, you can use Schedule A and IRS Form 1098 to deduct the personal part of:

Real estate taxes
Mortgage interest
Casualty losses
You can’t deduct the personal portion of other expenses, like utilities.

VACATION HOMES

If you didn’t rent out your vacation home, you can fully deduct the mortgage interest on it from Tax Form 1098. Use Schedule A to deduct the home mortgage interest. If you personally used the vacation home and rented it out for fewer than 15 days:

You don’t need to report the rental income.
You can deduct the mortgage interest you paid from Form 1098.
If you rented out the home for 15 days or more:

You must report the rental income
You can deduct expenses related to renting the property. The expenses for personal use aren’t deductible as rental expenses.
Use these schedules to report your mortgage interest from IRS Form 1098:

Schedule E – Report the mortgage interest for the time you rented out the property.
Schedule A – Report the remainder of the mortgage interest you paid as a deduction.
The division of expenses is based on a ratio between the number of days rented and either of these:

Number of days you owned the home in the year
Number of days you used the home for personal purposes

GET TAX RELIEF HELP TODAY

If you think that you may need help filing your 2018/2019 tax return or past due tax returns, you may want to partner with a reputable tax relief company who can help you get the max refund and reduce your chances for an IRS AUDIT.

Advance Tax Relief is headquartered in Houston, TX with a branch office in Los Angeles, CA. We help many individuals just like you solve a wide variety of IRS and State tax issues, including penalty waivers, wage garnishments, bank levy, tax audit representation, back tax return preparation, small business form 941 tax issues, the IRS Fresh Start Initiative, Offer In Compromise and much more. Our Top Tax Attorneys, Accountants and Tax Experts are standing by ready to help you resolve or settle your IRS back tax problems.

Advance Tax Relief is rated one of the best tax relief companies nationwide.

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Tuesday, January 21, 2020

HOW TO HANDLE BUSINESS TAX RETURNS AND TAX ACCOUNT PROBLEMS

#SmallBusinessTaxes #TaxReliefHelp

Business tax return and account problems, at a glance:

The IRS sends over 200 million notices each year. Many are caused by tax return and account problems.

Many of these discrepancies result in IRS notices about additional taxes owed. It’s important to quickly work with the IRS to clear up any issues.

Some business tax return errors or tax account disagreements don’t have appeal rights. It may be necessary to get the Taxpayer Advocate involved to work through complicated issues.
You can get expert help with your tax return or account problem.

WHAT YOU NEED TO KNOW ABOUT BUSINESS TAX RETURN AND ACCOUNT PROBLEMS

Sometimes, the information you use to file a business tax return or pay your taxes doesn’t agree with information the IRS has. The IRS may ask for more information to process your business tax return, or the IRS may make changes to your return. To clear up the confusion, you’ll need to find out what’s causing the discrepancy with the IRS.

NEED HELP WITH IRS BACK TAXES, FORM 941’S BACK TAX ISSUES,  AUDIT REPRESENTATION OR SMALL BUSINESS TAX PREPARATION?

ADVANCE TAX RELIEF LLC
www.advancetaxrelief.com
BBB A+ RATED
CALL (713)300-3965



Most of the time, you’ll just have one issue – like missing information or forms on your business return. Things may get more complicated if you’ve had a past audit, owe taxes, or have been the victim of tax identity theft. Unfortunately, the latest notice you got from the IRS may not give you a full picture of what’s going on.

You or your tax professional will need to look into the situation more to get a clear picture and identify all your options to solve the business account problem.

HOW TO ADDRESS YOUR BUSINESS TAX RETURN OR ACCOUNT PROBLEMS


1. Fully understand your situation.

Review your IRS business account information, including notices, tax returns, and other documents that are relevant to the issue.

Understand exactly what the IRS is saying about the issue. This may require calling the IRS. Start with the phone number listed on your last notice. Understanding the IRS perspective on your issue is easier if you know “IRS speak” – that is, how the IRS explains the details of your tax account. A tax professional can help you navigate this step. Tax pros also have a special IRS hotline they can use to help with taxpayer-account issues.

You may need to request your IRS transcripts to match up against your transactions. Remember that IRS transcripts don’t show all the activity on your business account. Also, interpreting transcripts can be difficult, so you may want to consult a tax expert.

2. Define what issues need to be addressed, if any.

After you have all the facts, identify the tax issue you need to address. The issue could be tax identity theft or a misapplied payment to another year or taxpayer. If there are immediate deadlines, call the IRS to ask for more time to clear up the discrepancy.

3. Understand your options and create a plan to resolve the issue.

Research how to address your issue. It may be as simple as providing proof of an item on your business return, filing an additional form, or sending proof of a transaction – such as a payment you made. If it’s more complicated, you may have several options, so it’s important to select the best one for your situation.

Understand how each option works. For example, if the problem relates to an IRS business tax penalty, you could request first-time penalty abatement to get it removed – if your circumstances fit.

If you have multiple issues, you may need to solve them in a particular order and with different IRS units.

4. Correct your discrepancy and any other underlying issues.

Contact and/or respond to the IRS by any deadlines in the notice. If you miss deadlines, you could lose appeal rights. For example, if you don’t respond to a request for more information by the deadline, the IRS could automatically adjust your business return, and possibly send you a bill for additional taxes owed. Then, you’ll have an IRS collection problem, too.

Address any underlying issues. If you have multiple issues or multiple tax years or periods involved, resolve each issue completely and confirm that the IRS has addressed all tax years/periods.

The IRS may change your deadlines, so be prepared. If you need more time, ask the IRS before the deadline expires.

Two months after you resolve your issue, check back with the IRS to make sure that the IRS outcome is consistent with your expectations.

Stay in compliance to avoid future issues. File and pay on time. If you get another notice, address it immediately.

If all else fails, you can contact the IRS Taxpayer Advocate Service (TAS). The TAS can cut through IRS red tape. If you qualify for TAS intervention, be prepared to explain the discrepancy clearly and the remedy you are requesting.

GET TAX RELIEF HELP TODAY

If you think that you may need help filing your 2018/2019 tax return or past due tax returns, you may want to partner with a reputable tax relief company who can help you get the max refund and reduce your chances for an IRS AUDIT.

Advance Tax Relief is headquartered in Houston, TX with a branch office in Los Angeles, CA. We help many individuals just like you solve a wide variety of IRS and State tax issues, including penalty waivers, wage garnishments, bank levy, tax audit representation, back tax return preparation, small business form 941 tax issues, the IRS Fresh Start Initiative, Offer In Compromise and much more. Our Top Tax Attorneys, Accountants and Tax Experts are standing by ready to help you resolve or settle your IRS back tax problems.

Advance Tax Relief is rated one of the best tax relief companies nationwide.

#TaxDebtHelp #FilingBackTaxesHelp #TaxReliefHouston #BackTaxRelief
 #TaxAttorneysNearMe #IRSLawyer #TaxReliefFirms #OfferInCompromise #TaxResolution #LocalTaxAttorney #HelpFilingBackTaxes #TaxDebtSettlement #TaxReliefAttorneys #IRSHelp #TaxRELIEF #TaxAttorneys #AuditHelp #BackTaxes #OfferInCompromise #WageGarnishmentHelp #AuditReliefHelp #SmallBusinessTAXES

Wednesday, January 15, 2020

IS YOUR BUSINESS BEHIND ON FILING TAX RETURNS?

Self Employed, Corporate Tax Returns, Partnership, Small Business Tax Help

The IRS has multiple programs to identify businesses that have not filed a tax return by the due date and are liable to file.

If a business has unfiled tax returns, the IRS will require that all unfiled returns be filed. If you don’t file a required tax return by the due date, the IRS will charge a 5% per month penalty for failing to file and if there is a balance due, a .5% per month failure to pay penalty. Interest will also accrue on any unpaid balance from the day the return was due until the date it is paid in full.

The IRS can also file a return for the business if no return is filed. The IRS prepares the return based on information it has from banks, financial institutions, other payers and based on prior returns that were filed.

If a refund is due, you must file the tax return within three years of the due date of the return or two years from the date the tax was paid, whichever is later, or you will lose the refund.




NEED HELP WITH IRS BACK TAXES, FORM 941’S BACK TAX ISSUES,  AUDIT REPRESENTATION OR SMALL BUSINESS TAX PREPARATION?

ADVANCE TAX RELIEF LLC
www.advancetaxrelief.com
BBB A+ RATED
CALL (713)300-3965

GET TAX RELIEF HELP TODAY

If you think that you may need help filing your 2018/2019 tax return or past due tax returns, you may want to partner with a reputable tax relief company who can help you get the max refund and reduce your chances for an IRS AUDIT.

Advance Tax Relief is headquartered in Houston, TX with a branch office in Los Angeles, CA. We help many individuals just like you solve a wide variety of IRS and State tax issues, including penalty waivers, wage garnishments, bank levy, tax audit representation, back tax return preparation, small business form 941 tax issues, the IRS Fresh Start Initiative, Offer In Compromise and much more. Our Top Tax Attorneys, Accountants and Tax Experts are standing by ready to help you resolve or settle your IRS back tax problems.

Advance Tax Relief is rated one of the best tax relief companies nationwide.

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TAX PLANNING STRATEGIES TO AVOID BACK TAX DEBTS AND INCREASE TAX REFUNDS STARTING THIS 2019 TAX YEAR

Three tax planning strategies to avoid any surprises

Tax reform made the “wait and see if I owe” approach to taxes riskier. Some people expecting refunds last spring ended up owing. Others got much lower refunds than they expected. The surprises could become even more pronounced next year.

Life changes such as a new spouse, new kid, new house, new job can make a tax return different from year to year.

NEED HELP WITH IRS BACK TAXES, FORM 941’S BACK TAX ISSUES,  AUDIT REPRESENTATION OR SMALL BUSINESS TAX PREPARATION?

ADVANCE TAX RELIEF LLC
www.advancetaxrelief.com
BBB A+ RATED
CALL (713)300-3965


To avoid surprises when filing a 2019 tax return, get started now with three tax planning strategies.

1.  UPDATE FORM W-4 WITH YOUR EMPLOYER

The W-4 tells the employer how much federal income tax to withhold from each paycheck based on the employee’s marital status and the number of allowances they chose. The “right” number of allowances can change with common life events, making updates important. A life change could be something as significant as a new kid or buying or selling a house. Or, it could be something less dramatic, like a new budget with more money donated to charity.

Even without a life change, employees should still update their W-4. After tax reform, the IRS changed how employers calculate how much tax to withhold. The IRS changes made most people’s paychecks increase on their own. In some cases, the increased paychecks more than accounted for the tax cut from tax reform. That meant some owed taxes, while others got a smaller refund than expected.

The good news is that you can fix your tax outcome by updating your W-4. Even better: the sooner you update your W-4, the more payroll periods you’ll have that reflect the changes, and you may not notice much of an impact.”

2.   ESTIMATE INCOME TO AVOID AN UNDERPAYMENT

Tax planning starts with income. But estimating income can be difficult, even for people with the same job all year. Hours, wages, raises, bonuses and more can fluctuate. Estimating income becomes exponentially more difficult for the self-employed and small business owners.

But correctly estimating income is an important step in preventing underpayment penalties. To avoid the estimated tax penalty, everyone must pay 90 percent of their current-year tax or 100 percent of their previous-year tax. The deadline is January 15, three months earlier than the April 15 tax filing deadline.

They can pay what they owe by making estimated tax payments four times a year. Quarterly estimated tax deadlines are in April, June, September and the following January. People who have an employer, or a spouse with an employer, may have another option. Instead of making estimated payments, they could increase their withholding enough to cover their other tax.

3.  UPDATE YOUR INFORMATION WITH A HEALTH INSURANCE MARKETPLACE

Those with health insurance through a state or federal marketplace may qualify for the advance premium tax credit (APTC), which helps make their premiums more affordable. The tax credit goes directly to the health insurance provider throughout the year. How much depends on estimates the individual made before 2019 even began. If those estimates are inaccurate and too much went toward their premiums, they could have to repay it when they settle up on their tax return.

To avoid having to repay the advance credit, make as accurate an estimate as possible. The estimate will be more accurate if people immediately notify the marketplace of any changes to their household or income.

As the year wears on, people will get an even better idea of the life changes and financial situations impacting their 2019 tax return. But the runway for meaningful but subtle change will shorten.

GET TAX RELIEF HELP TODAY

If you think that you may need help filing your 2018/2019 tax return or past due tax returns, you may want to partner with a reputable tax relief company who can help you get the max refund and reduce your chances for an IRS AUDIT.

Advance Tax Relief is headquartered in Houston, TX with a branch office in Los Angeles, CA. We help many individuals just like you solve a wide variety of IRS and State tax issues, including penalty waivers, wage garnishments, bank levy, tax audit representation, back tax return preparation, small business form 941 tax issues, the IRS Fresh Start Initiative, Offer In Compromise and much more. Our Top Tax Attorneys, Accountants and Tax Experts are standing by ready to help you resolve or settle your IRS back tax problems.

Advance Tax Relief is rated one of the best tax relief companies nationwide.

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Monday, January 13, 2020

CAN THE IRS VISIT YOU AT YOUR HOME OR BUSINESS?

Yes, the IRS can visit you. But this is rare, unless you have a serious tax problem.

If the IRS is going to visit you, it’s usually one of these people:

IRS REVENUE AGENT: This person conducts audits at your business or home.

IRS REVENUE OFFICER: This person collects back taxes and enforces the filing of back tax returns. The IRS usually sends revenue officers to collect taxes when taxpayers haven’t set up a payment agreement with the IRS, and they owe a large amount of taxes (over $100,000 for an individual), back payroll taxes, and/or have unfiled back tax returns.

IRS SPECIAL AGENT: This person conducts IRS criminal investigations, usually for tax evasion. The special agent usually visits with another agent. Special agents can ask questions about your taxes, or they could be gathering evidence from you about another taxpayer – like someone you know or have done business or other transactions with.

All three of these situations are rare

Revenue agents and revenue officers usually call or send a letter before they show up at your home or business. That’s standard operating procedure, so that they spend their time productively with you. Special agents can show up unannounced.



NEED HELP WITH IRS BACK TAXES, FORM 941’S BACK TAX ISSUES,  AUDIT REPRESENTATION OR SMALL BUSINESS TAX PREPARATION?

ADVANCE TAX RELIEF LLC
www.advancetaxrelief.com
BBB A+ RATED
CALL (713)300-3965 

GET TAX RELIEF HELP TODAY

If you think that you may need help filing your 2018/2019 tax return or past due tax returns, you may want to partner with a reputable tax relief company who can help you get the max refund and reduce your chances for an IRS AUDIT.

Advance Tax Relief is headquartered in Houston, TX with a branch office in Los Angeles, CA. We help many individuals just like you solve a wide variety of IRS and State tax issues, including penalty waivers, wage garnishments, bank levy, tax audit representation, back tax return preparation, small business form 941 tax issues, the IRS Fresh Start Initiative, Offer In Compromise and much more. Our Top Tax Attorneys, Accountants and Tax Experts are standing by ready to help you resolve or settle your IRS back tax problems.

Advance Tax Relief is rated one of the best tax relief companies nationwide.

#TaxDebtHelp #FilingBackTaxesHelp #TaxReliefHouston #BackTaxRelief
 #TaxAttorneysNearMe #IRSLawyer #TaxReliefFirms #OfferInCompromise #TaxResolution #LocalTaxAttorney #HelpFilingBackTaxes #TaxDebtSettlement #TaxReliefAttorneys #IRSHelp #TaxRELIEF #TaxAttorneys #AuditHelp #BackTaxes #OfferInCompromise #WageGarnishmentHelp #AuditReliefHelp #SmallBusinessTAXES

TAX IMPLICATIONS OF STARTING A NEW BUSINESS

The launch of a new business comes with many startup tax questions.

Let’s review some of the big changes that come with becoming your own boss.

YOUR INCOME IS TAXABLE EVEN IF YOU REINVEST IT BACK INTO THE BUSINESS

Any profit your business makes each year will be taxable regardless of whether you withdraw it or reinvest it into growing the business. Luckily, any deductible business expenses can be used to directly offset that income.

This is unlike employees whose non-reimbursed expenses are subject to a threshold based on 2% of their adjusted gross income and are only deductible if they otherwise itemize their deductions.



NEED HELP WITH IRS BACK TAXES, FORM 941’S BACK TAX ISSUES,  AUDIT REPRESENTATION OR SMALL BUSINESS TAX PREPARATION?

ADVANCE TAX RELIEF LLC
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YOU WILL BE SUBJECT TO SELF - EMPLOYMENT TAX

Your net profit from your business will be subject to the self-employment tax. This tax pays for contributions to both social security and Medicare. Currently, you will pay self-employment tax at a 15.3% rate on your net earnings from self-employment of up to $127,200, and Medicare tax only at a 2.9% rate on the excess.

An additional 0.9% Medicare tax will be imposed on self-employment income in excess of $250,000 for joint returns; $125,000 for married taxpayers filing separate returns; and $200,000 in all other cases. Self-employment tax is imposed in addition to income tax, but you can deduct half of your self-employment tax as an adjustment to income.

Though paying the additional tax may seem burdensome, it actually designed to act the same way as the social security and Medicare taxes that would normally be withheld from the wages of an employed individual. Furthermore, the social security portion of the tax increases your potential social security benefits you may receive at retirement.

If you choose to put your small business into a corporation you will not be subject to self-employment tax on your earnings. However, you will then be subject to payroll taxes as shareholders who perform services for their corporations are required to be paid Form W-2 wages subject to social security and Medicare withholding.


YOUR FILING REQUIREMENTS WILL CHANGE

Normally, individuals with taxable income under specific threshold amounts are not required to file a tax a return for the year. Generally, in 2017 a single individual under age 65 only has to file if their adjusted gross income exceeds $10,400.

However, if you are self-employed you are required to file a tax return if your net income from your business is $400 or more. This is true even if the $400 is your only income and you are thus far below the normal filing threshold.

YOU WILL BE REQUIRED TO MAKE QUARTERLY ESTIMATED TAX PAYMENTS 

Most taxpayers satisfy their tax payment requirements when their employer withholds state and federal taxes from each paycheck. When you’re self-employed, you’re 100% on your own. Most self-employed taxpayers satisfy their tax payment requirements by making estimated tax payments quarterly online or via the mail.

If you also work as an employee for another business in addition to your self-employment, you may be able to satisfy your required tax payments by increasing the amount of withholding from your wages.

Should you fail to make your required payments, you may be subject to an underpayment penalty. The penalty can be avoided if you meet certain specified exceptions or waivers.

Penalty = Interest rate charged by the IRS on deficiencies (X) The amount of underpayment for the period of the underpayment.

YOU WILL BE SUBJECT TO NEW BUSINESS TAX SCRUTINY

Unfortunately, being self-employed will be in one of the IRS’ favorite audit target groups. Though being audited doesn’t mean you’re in trouble unless you’ve actually done something wrong, it is best for you to always be prepared for the possibility. In particular, you should carefully record your income and expenses in order to claim the full amount of the deductions to which you are entitled.

Certain types of expenses, such as automobile, travel, entertainment, meals, and office-at-home expenses, require special attention because they are subject to special record keeping requirements and/or limitations on deduct-ability.

GET TAX RELIEF HELP TODAY

If you think that you may need help filing your 2018/2019 tax return or past due tax returns, you may want to partner with a reputable tax relief company who can help you get the max refund and reduce your chances for an IRS AUDIT.

Advance Tax Relief is headquartered in Houston, TX with a branch office in Los Angeles, CA. We help many individuals just like you solve a wide variety of IRS and State tax issues, including penalty waivers, wage garnishments, bank levy, tax audit representation, back tax return preparation, small business form 941 tax issues, the IRS Fresh Start Initiative, Offer In Compromise and much more. Our Top Tax Attorneys, Accountants and Tax Experts are standing by ready to help you resolve or settle your IRS back tax problems.

Advance Tax Relief is rated one of the best tax relief companies nationwide.

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Thursday, January 9, 2020

IF YOU DRIVE TRUCKS, HERE ARE TAX DEDUCTIONS YOU CAN CLAIM

Small Business Tax Preparation, Tax Debt Relief, Tax Consultants

Truck driver tax deductions may include any expenses that are ordinary and necessary to the business of being a truck driver.

ADVANCE TAX RELIEF
www.advancetaxrelief.com
Ph: 713-300-3965


Taxes and deductions that may be considered “ordinary and necessary” depends upon:

You
Your occupation
What the job is and what the expenses are for
The IRS considers a semi-truck to be a qualified non-personal-use vehicle. As a truck driver, you must claim your actual expenses for vehicles of this type. So, you can’t use the standard mileage method.

TO DEDUCT ACTUAL TRUCK EXPENSES, YOU CAN INCLUDE (BUT NOT LIMITED):

Fuel
Oil
Repairs
Tires
Washing
Insurance
Any other legitimate business expense

OTHER UNREIMBURSED EXPENSES YOU CAN DEDUCT:

Log books
Lumper fees
Cell phone that’s 100% for business use
License and fees for truck and trailer
Interest paid on loan for truck and trailer
Depreciate your truck and trailer:

Over three years for a semi-truck for regular tax — or over four years for the Alternative Minimum Tax (AMT)
Over five years for a trailer for regular tax — or over six years for AMT
If you’re an employee, you can also deduct the expenses of traveling away from home. You’re traveling away from home only if both of these are true:

You’re required to be away from your tax home for substantially longer than a day’s work.
You need to sleep or rest to meet the demands of your work while away from home.
As a trucker, you’re not considered to be traveling away from home if both of these are true:

You leave your terminal and return home in the same day.
You have an hour off for lunch in between.

NEED HELP WITH IRS BACK TAXES, FORM 941’S BACK TAX ISSUES,  AUDIT REPRESENTATION OR SMALL BUSINESS TAX PREPARATION?

ADVANCE TAX RELIEF LLC
www.advancetaxrelief.com
BBB A+ RATED
CALL (713)300-3965

GET TAX RELIEF HELP TODAY

If you think that you may need help filing your 2018/2019 tax return or past due tax returns, you may want to partner with a reputable tax relief company who can help you get the max refund and reduce your chances for an IRS AUDIT.

Advance Tax Relief is headquartered in Houston, TX with a branch office in Los Angeles, CA. We help many individuals just like you solve a wide variety of IRS and State tax issues, including penalty waivers, wage garnishments, bank levy, tax audit representation, back tax return preparation, small business form 941 tax issues, the IRS Fresh Start Initiative, Offer In Compromise and much more. Our Top Tax Attorneys, Accountants and Tax Experts are standing by ready to help you resolve or settle your IRS back tax problems.

Advance Tax Relief is rated one of the best tax relief companies nationwide.

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 #TaxAttorneysNearMe #IRSLawyer #TaxReliefFirms #OfferInCompromise #TaxResolution #LocalTaxAttorney #HelpFilingBackTaxes #TaxDebtSettlement #TaxReliefAttorneys #IRSHelp #TaxRELIEF #TaxAttorneys #AuditHelp #BackTaxes #OfferInCompromise #WageGarnishmentHelp #AuditReliefHelp #SmallBusinessTAXES

Tuesday, January 7, 2020

CAN I DEDUCT CAR REPAIRS ON MY RETURN?

Typically, you can deduct standard vehicle expenses which is not a car repair credit. However, if you used your vehicle for a business purpose, you are generally allowed to deduct your unreimbursed vehicle expenses. To learn what car repairs are tax deductible you will have to use one of the following methods:

Standard mileage rate — $0.57 per mile in 2019. If you use the standard mileage rate, you can’t deduct car repairs as a separate item. A portion of the standard rate already accounts for vehicle repair.

Actual vehicle expenses

Divide your vehicle expenses between your personal use of the car and your business use of the car based on the miles you drove for each. Report these expenses on a Schedule C if you’re self-employed.



NEED HELP WITH IRS BACK TAXES, FORM 941’S BACK TAX ISSUES,  AUDIT REPRESENTATION OR SMALL BUSINESS TAX PREPARATION?

ADVANCE TAX RELIEF LLC
www.advancetaxrelief.com
BBB A+ RATED
CALL (713)300-3965 

GET TAX RELIEF HELP TODAY

If you think that you may need help filing your 2018/2019 tax return or past due tax returns, you may want to partner with a reputable tax relief company who can help you get the max refund and reduce your chances for an IRS AUDIT.

Advance Tax Relief is headquartered in Houston, TX with a branch office in Los Angeles, CA. We help many individuals just like you solve a wide variety of IRS and State tax issues, including penalty waivers, wage garnishments, bank levy, tax audit representation, back tax return preparation, small business form 941 tax issues, the IRS Fresh Start Initiative, Offer In Compromise and much more. Our Top Tax Attorneys, Accountants and Tax Experts are standing by ready to help you resolve or settle your IRS back tax problems.

Advance Tax Relief is rated one of the best tax relief companies nationwide.

#TaxDebtHelp #FilingBackTaxesHelp #TaxReliefHouston #BackTaxRelief
 #TaxAttorneysNearMe #IRSLawyer #TaxReliefFirms #OfferInCompromise #TaxResolution #LocalTaxAttorney #HelpFilingBackTaxes #TaxDebtSettlement #TaxReliefAttorneys #IRSHelp #TaxRELIEF #TaxAttorneys #AuditHelp #BackTaxes #OfferInCompromise #WageGarnishmentHelp #AuditReliefHelp #SmallBusinessTAXES

WHO CAN I CLAIM AS A DEPENDENT ON MY FORM 1040 TAX RETURN FOR 2019?

Small Business Tax Help, Tax Relief, Form 1040 Tax Preparation and Tax Refunds

ANSWER
It depends on your situation. When claiming dependents on taxes, you can claim a qualifying child or qualifying relative if you meet the requirements.

A QUALIFYING CHILD CAN BE ANY OF THESE:

Your child can include a son, daughter, stepchild, eligible foster child, adopted child, or a descendant of any of them

Your brother, sister, half brother, half sister, stepbrother, stepsister or a descendant of any of them.



A QUALIFYING RELATIVE CAN BE ANY OF THESE:

Your child, stepchild, eligible foster child, adopted child, or a descendant of any of them
Your brother, sister, half brother, half sister, stepbrother, stepsister or a descendant of any of them

Your son-in-law, daughter-in-law, father-in-law, mother-in-law, brother-in-law, or sister-in-law
Your father, mother, grandparent, or other direct ancestor, including stepparents (but not a foster parent)

Uncle or aunt

A person, including a friend, girlfriend, boyfriend, uncle, aunt, niece, nephew, great niece, great nephew or cousin who lived with you all year as a member of your household

NEED HELP WITH IRS BACK TAXES, FORM 941’S BACK TAX ISSUES,  AUDIT REPRESENTATION OR SMALL BUSINESS TAX PREPARATION?

ADVANCE TAX RELIEF LLC
www.advancetaxrelief.com
BBB A+ RATED
CALL (713)300-3965

GET TAX RELIEF HELP TODAY

If you think that you may need help filing your 2018/2019 tax return or past due tax returns, you may want to partner with a reputable tax relief company who can help you get the max refund and reduce your chances for an IRS AUDIT.

Advance Tax Relief is headquartered in Houston, TX with a branch office in Los Angeles, CA. We help many individuals just like you solve a wide variety of IRS and State tax issues, including penalty waivers, wage garnishments, bank levy, tax audit representation, back tax return preparation, small business form 941 tax issues, the IRS Fresh Start Initiative, Offer In Compromise and much more. Our Top Tax Attorneys, Accountants and Tax Experts are standing by ready to help you resolve or settle your IRS back tax problems.

Advance Tax Relief is rated one of the best tax relief companies nationwide.

#TaxDebtHelp #FilingBackTaxesHelp #TaxReliefHouston #BackTaxRelief
 #TaxAttorneysNearMe #IRSLawyer #TaxReliefFirms #OfferInCompromise #TaxResolution #LocalTaxAttorney #HelpFilingBackTaxes #TaxDebtSettlement #TaxReliefAttorneys #IRSHelp #TaxRELIEF #TaxAttorneys #AuditHelp #BackTaxes #OfferInCompromise #WageGarnishmentHelp #AuditReliefHelp #SmallBusinessTAXES