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

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

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
www.advancetaxrelief.com
BBB A+ RATED
CALL (713)300-3965

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.

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

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.

#TaxDebtHelp #FilingBackTaxesHelp #TaxReliefHouston #BackTaxRelief
 #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