5 SIGNS OF SMALL BUSINESS IDENTITY THEFT - NEW PROTECTION METHODS - ADVANCE TAX RELIEF LLC

Small business identity theft is a big business. Just like individuals, businesses can be victims too. Thieves use a business’s information to file fake tax returns or get credit cards.

Identity thieves are more sophisticated than they used to be. They know the tax code and filing practices and how to get valuable data.

The IRS has seen a sharp increase in fraudulent business tax forms. These include Forms 1120, 1120S and 1041, as well as Schedule K-1. These affect business, partnership, estate and trust filers.

SIGNS OF IDENTITY THEFT

Business filers should be alert for signs of identity theft. They should contact the IRS if they experience any of these issues:

1)The IRS rejects an e-filed return saying it already has one with that identification number.

2) The IRS rejects an extension to file request saying it already has a return with that identification number.

3)The filer receives an unexpected tax transcript.

4)The filer receives an IRS notice that doesn’t relate to anything they submitted.

5)The filer doesn’t receive expected or routine mailings from the IRS.

NEW PROCEDURES TO PROTECT BUSINESSES IN 2018

The IRS, state tax agencies and software providers have ways to detect suspicious returns. However, some new measures can help validate returns in advance. The IRS and states are asking businesses and tax professionals to help verify if a tax return is legitimate.

These procedures are new for 2018. Software for business tax returns will ask questions related to:

1)The person authorized to sign the return
2)Payment history
3)Parent company information
4)Past deductions
5)Filing history

GET TAX RELIEF HELP TODAY

If you think that you may need help filing your 2017 tax return, you may want to partner with a reputable tax relief company who can help you get the max refund.

Advance Tax Relief has a offices in Houston, TX and Los Angeles, CA and helps many individuals just like you work with the IRS to solve a wide variety of issues, including penalty waivers. Call our team today at 800-790-8574 for more information. For a free consultation, schedule an appointment with us online.

If you live in Los Angeles, contact us locally https://www.inglewoodtaxlawyers.com/ and if you live in Houston, TX contact us here www.advancetaxrelief.com.

However, it doesn’t matter where you live, we service taxpayers nationwide.
Advance Tax Relief is a BBB Accredited A+ Rated Business.

Some Recent Tax Settlements:
Mr. Dillard - CA Owed $6884, IRS settled for $400
Mr. Batiste - LA Owed $18513, IRS settled for $2972
Mr. Johnson - CA Owed $21,378, IRS settled for $4500
Ms. Gonzalez - TX Owed $28,816, IRS settled for $1700
Mr. Anthony - NY Owed $14,000, IRS settled for $900
Mr. Wilkes - CA Owed 32,211, IRS settled for $1250

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RED FLAGS THAT CAN TRIGGER AN IRS AUDIT FOR YOUR SMALL BUSINESS

You can’t avoid death or taxes — but you may be able to avoid a tax audit, according to Noah Daniels, EA, tax and entrepreneurial services principal at Advance Tax Relief LLC who has represented businesses in IRS audits for 15 years. Although he acknowledges that “audits are at an all-time low” due to budget constraints, small businesses may be able to reduce their chances of an audit even more by being mindful of what Noah Daniels, EA calls “red flags.”

Need IRS Help? Call (800)790-8574
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BUSINESS LOSSES

“If [the IRS sees] a sole proprietorship with a loss, I can tell you your chance of audit is extremely high,” says Berger. Sole Proprietorships are particularly suspicious, in the eyes of the IRS, because owners often commingle personal and business expenses and may take deductions to which they are not entitled.

If your business comes up in the red at tax time, Noah Daniels, EA recommends looking carefully at whether your deductions are all allowed under the tax code. “Everyone likes to think every dinner out is a business expense,” he says. “You want to look to see, really, is it a business expense and valid?”

While Noah Daniels, EA says the IRS is unlikely to audit a startup that loses money in its first year, he cautions that many entrepreneurs fail to account for their startup expenses correctly. “Businesses are required to capitalize certain expenditures,” he says, spreading deductions for large purchases and pre-startup expenses over multiple years. “Many times small businesses do not do that.”

YOUR CASH TRANSACTIONS

Credit-card processors now submit 1099-K forms to the IRS with a record of your business’ total credit-card transactions for the year. The IRS has a (secret) formula that tells it how much a business should have in cash sales based on its total credit-card transactions.

“Just because you didn’t get the actual notice of audit,” says Noah Daniels,EA “doesn’t mean that they’re not checking behind the scenes.”

YOU MADE MATH MISTAKES

You might get flagged for an audit, Noah Daniels, EA says, “if you’ve added up your receipts and they don’t agree with the 1099-K.” The IRS is always checking math on the returns, so getting the numbers right is crucial.
The fact that most tax returns are done electronically helps, he notes, because tax prep software does the math for you.

Still, Noah Daniels EA recommends that small-business owners double-check their returns. “You should know your numbers and you should know your business. The accountant should know the tax law,” he says. “You’re signing your tax return, so you’re responsible for the numbers on it.”

PLEASE ALWAYS KEEP YOUR FINANCIAL HOUSE IN ORDER

A best practice for sole proprietorships is to “clearly segregate your business from your personal life,” says Noah Daniels,EA. Use separate bank accounts and credit cards for business and personal expenses.

GET TAX RELIEF HELP TODAY

If you think that you may need help filing your 2017 tax return, you may want to partner with a reputable tax relief company who can help you get the max refund.

Advance Tax Relief has a offices in Houston, TX and Los Angeles, CA and helps many individuals just like you work with the IRS to solve a wide variety of issues, including penalty waivers. Call our team today at 800-790-8574 for more information. For a free consultation, schedule an appointment with us online.

If you live in Los Angeles, contact us locally https://www.inglewoodtaxlawyers.com/
 and if you live in Houston, TX contact us here www.advancetaxrelief.com.

However, it doesn’t matter where you live, we service taxpayers nationwide.
Advance Tax Relief is a BBB Accredited A+ Rated Business.

Some Recent Tax Settlements:
Mr. Dillard - CA Owed $6884, IRS settled for $400
Mr. Batiste - LA Owed $18513, IRS settled for $2972
Mr. Johnson - CA Owed $21,378, IRS settled for $4500
Ms. Gonzalez - TX Owed $28,816, IRS settled for $1700
Mr. Anthony - NY Owed $14,000, IRS settled for $900
Mr. Wilkes - CA Owed 32,211, IRS settled for $1250

Connect with us:
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https://www.bbb.org/…/advance-tax-relief-llc-in-houston-tx-…

GOOGLE PAGE:
https://plus.google.com/+ADVANCETAXRELIEFLLCHouston

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https://www.yelp.com/biz/advance-tax-relief-houston

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https://twitter.com/irstaxpro?lang=en

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#IrsHelp
#BackTaxes
#OweTaxes
#TaxRelief
#TaxAttorneysNearMe
#IRSFreshStartInitiative
#IOweMoneytotheIRS
#banklevy.
#TaxesOwed
#FederalTaxLien
#TaxAttorney
#TaxResolutionServicesCompany
#TaxPreparation
#IRSWageGarnishments
#FileBankruptcy
#IncomeTaxDebts
#InnocentSpouseRelief
#IRSdebtrelief
#SettleYourIRSTaxDebt
#CreditCardDebtSettlement
#houstontaxrelief
#houstontaxattorneys
#irstaxrelief
#taxestaxes
#taxservices
#irstaxhelp
#cpaattorney
#cantheirs

THREE TIPS TO GET YOUR BIGGEST TAX REFUND IN 2017 / 2018 - ADVANCE TAX RELIEF

THREE TIPS TO GET YOUR BIGGEST TAX REFUND IN 2017 / 2018 - ADVANCE TAX RELIEF

FILE YOUR TAX RETURNS
By now, you should have received your W-2 from your employer or your Form 1099-Misc if you were self-employed in 2016. Once you have all your tax forms together, go online and get your taxes done! The sooner you e-file with direct deposit, the sooner you will receive your tax refund. What you do with your tax refund is up to you, but having some extra cash on hand is a good opportunity to pay down any debt and eliminate interest charges.

ITEMIZE YOUR DEDUCTIONS
The standard tax deduction is a deduction set by the IRS that allows you to reduce your taxable income if you cannot take advantage of more tax deductions by itemizing. While the standard deduction will help lower your taxes – $6,300 if you're single; $12,600 if you're married filing jointly – if you take a little time to gather your receipts, you may find that you can get a bigger refund by itemizing your deductions.

Some common expenses that you can itemize on your tax return include: charitable contributions, casualty losses, unreimbursed business expenses, job search expenses, state and local sales tax deductions, mortgage interest, and unreimbursed medical expenses in certain situations.

An Agent from Advance Tax Relief will ask you simple questions about you and give you the tax deductions and credits you are eligible for based on your entries. You also don't need to know whether to take the standard deduction or claim itemized deductions. Advance Tax Relief will also determine whether you are eligible to itemize or take the standard deduction and give you the option that gets you a bigger tax refund based on your entries.

DON’T FORGET TAX CREDITS -
Tax credits are even better than tax deductions because they are a dollar-for-dollar reduction of the tax you owe, and a refundable tax credit will allow you a credit beyond your tax liability. Such credits include earned income credit, child and dependent care credit, education credits, retirement saver's credit, child tax credit or residential energy credits.

GET TAX RELIEF HELP TODAY
If you think that you may help filing your 2017 tax return, you may want to partner with a reputable tax relief company who can help you get the max refund. Advance Tax Relief has a offices in Houston, TX and Los Angeles, CA and helps many individuals just like you work with the IRS to solve a wide variety of issues, including penalty waivers. Call our team today at 800-790-8574 for more information. For a free consultation, schedule an appointment with us online.

If you live in Los Angeles, contact us locally https://www.inglewoodtaxlawyers.com/ and if you live in Houston, TX contact us here www.advancetaxrelief.com. However, it doesn’t matter where you live, we service taxpayers nationwide.

Advance Tax Relief is a BBB Accredited A+ Rated Business.

Some Recent Tax Settlements:
Mr. Dillard - CA Owed $6884, IRS settled for $400
Mr. Batiste - LA Owed $18513, IRS settled for $2972
Mr. Johnson - CA Owed $21,378, IRS settled for $4500
Ms. Gonzalez - TX Owed $28,816, IRS settled for $1700
Mr. Anthony - NY Owed $14,000, IRS settled for $900
Mr. Wilkes - CA Owed 32,211, IRS settled for $1250

Connect with us:

BBB PAGE:
https://www.bbb.org/houston/business-reviews/tax-consultant/advance-tax-relief-llc-in-houston-tx-90024857

GOOGLE PAGE:
https://plus.google.com/+ADVANCETAXRELIEFLLCHouston

YELP:
https://www.yelp.com/biz/advance-tax-relief-houston
TWITTER:
https://twitter.com/irstaxpro?lang=en

FACEBOOK:
https://www.facebook.com/advancetaxrelief/

#IrsHelp
#BackTaxes
#OweTaxes
#TaxRelief
#TaxAttorneysNearMe
#IRSFreshStartInitiative
#IOweMoneytotheIRS
#banklevy.
#TaxesOwed
#FederalTaxLien
#TaxAttorney
#TaxResolutionServicesCompany
#TaxPreparation
#IRSWageGarnishments
#FileBankruptcy
#IncomeTaxDebts
#InnocentSpouseRelief
#IRSdebtrelief
#SettleYourIRSTaxDebt
#CreditCardDebtSettlement
#houstontaxrelief
#houstontaxattorneys
#irstaxrelief
#taxestaxes
#taxservices
#irstaxhelp
#cpaattorney
#cantheirs

THE TOP 5 TAX CHANGES IN 2018

SOCIAL SECURITY MAXIMUM TAXABLE EARNING LEVEL ROSE

Last, but not least, the maximum taxable earnings cap associated with Social Security's payroll tax is rising once again. The increase will affect about one out of 10 working Americans.

Need IRS Help? Call (800)790-8574
ADVANCE TAX RELIEF LLC
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In 2017, all earned income between $0.01 and $127,200 was subject to Social Security's 12.4% payroll tax, with income above and beyond $127,200 not subject to the tax. Next year, this earnings cap will be increasing by $1,500 to $128,700. That means well-to-do folks could owe up to $93 or $186 in additional payroll taxes. The difference will depend on whether they're employed by someone else, which would mean their employer covers half of the 12.4% payroll tax, or if they're self-employed and responsible for all 12.4% of the tax.

The $6,318 tax bonus millions of Americans completely overlook
Taxes can be confusing and downright miserable. But a handful of "tax tricks" could help millions of Americans save thousands of dollars. That's free money you could be leaving on the table. For example: the IRS believes that a full 20% of eligible Americans miss out on a tax break worth up to $6,318... each year!


THE ANNUAL GIFT EXCLUSION ROSE BY A SIZABLE AMOUNT

Passing money along to friends and family is about to get a little bit easier. In 2017, you could gift up to $14,000 to any person without creating any individual tax liability. This is known as the "gift exclusion." In 2018, up to $15,000 can be given as a gift to any person without triggering any tax implications. That's a $1,000, or 7.1%, increase.

It's also worth mentioning that the estate tax exemption increased. In 2018, you'll be able to leave up to $5.6 million without having the estate tax kick in. That's up from a $5.49 million basic exclusion in 2017.

THE ALTERNATIVE MINIMUM TAX EXEMPTION AMOUNTS RISE ON PAR WITH INFLATION

Most Americans might not be familiar with the alternative minimum tax, or AMT, but it's designed to ensure that wealthier Americans pay their fair share of taxes given the copious number of deductions and credits available.

Next year, the income exemption limits tied to the AMT will be rising once more, since the AMT is now permanently tethered to the inflation rate. In 2018, the income exemption threshold rises to $55,400, up from $54,300 in 2017 for single filers. Married couples filing jointly will see ther income exemption rise to $86,200 in 2018 from $84,500 this year. The AMT begins to phase-out for single filers at $123,100 in 2018, and $164,100 for married couples.

MINOR UPDATE TO THE TAX BRACKETS

The change that most Americans are interested in is the one that'll most directly affect their paycheck: the 2018 tax schedule. As expected, inflation left its impact on the 2018 tax brackets, with the income ranges for each bracket increasing by right around 2%.

That would suggest that any salaried employees who didn't receive a raise are likely to owe a bit less in federal taxable income in 2018, deductions and credits being equal, than they did in 2017.

It's also worth pointing out that the 2018 tax schedule affects your earnings in 2018 and will have nothing to do with the taxes you prepare for your 2017 earnings early next year.
Curious to see how things changed? Here's a quick comparison of the 2017 tax schedule:

A BOOST IN THE PERSONAL-EXEMPTION ALLOWANCE

On the other hand, those of you who do itemize are also getting a boost. The personal-exemption allowance is rising by $100 in 2018, to $4,150 from $4,050 in 2017.

Personal exemptions are particularly popular among wealthier taxpayers, meaning the phase-out income limits and complete exemption increases for 2018 are important to know. In 2017, phase-outs for the personal exemption began at adjusted gross incomes (AGIs) of $261,500 for single filers and $313,800 for married filers, while ending completely at $384,000 for single filers and $436,300 for married couples.

Next year, these phase-outs increase to AGIs of $266,700 for single filers and $320,000 for married filing jointly, and they end completely at $389,200 for single filers and $442,500 for married filing jointly. In other words, the rich have a little extra wiggle room in 2018 for claiming a personal exemption.

GET TAX RELIEF HELP TODAY

If you think that you may qualify for a penalty waiver, you may want to partner with a reputable tax relief company who can help you make the best case to the IRS. Advance Tax Relief helps many individuals just like you work with the IRS to solve a wide variety of issues, including penalty waivers. Call our team today at 800-790-8574 for more information. For a free consultation, schedule an appointment with us online.

If you live in Los Angeles, contact us locally https://www.inglewoodtaxlawyers.com/ and if you live in houston, contact us here www.advancetaxrelief.com. However, it doesn’t matter where you live, we service taxpayers nationwide.

Advance Tax Relief is a BBB Accredited A+ Rated Business.

IRS TAX PENALTY FORGIVENESS : How to Make Sure You Qualify

When you owe back taxes to the Internal Revenue Service (IRS), the idea of paying your actual debt plus a large sum in penalties and interest is very difficult to swallow.  In some cases, however, you may qualify to have the penalties waived.  Does this penalty waiver apply to you?  Below are the circumstances that may help you determine if you qualify.

Penalty Relief Due to Reasonable Cause

The IRS can review certain facts and circumstances which may have impacted your ability to file your tax return. This most often relates to small businesses and those who are self-employed.  

Typical issues that are considered include:

Natural disaster, casualty or fire

Death, a serious injury or illness

Other reason which shows that you used all ordinary business care to meet your tax obligations but were still unable to do so.

As you might expect, you’ll have to share information with the IRS about the situation that kept you from being able to pay your taxes and/or file your return.  You will want to be ready to provide specific facts about the event and exactly why it impacted your ability to pay.  You may be asked to share hospital records, court records, doctor’s letter, or documentation of a natural disaster or other devastating event.  Also, keep in mind that even if you are able to qualify for an IRS penalty waiver, you will likely not be able to get the interest on your late payment waived.  Interest is generally not waived for reasonable cause and accrues until your tax bill is paid in full.

 

Other IRS Penalty Waiver Policies

If you don’t qualify for a penalty waiver due to reasonable cause, you may want to see if one of these other situations applies to you:

Statutory Exception: If you think that you have received incorrect written advice from the IRS and received a penalty as a result, you can request that the penalty be waived.

First Time Penalty Abatement: It is possible that you may qualify for a penalty waiver under the IRS First Time Penalty Abatement policy. You must meet specific criteria including that you have no tax penalties for the 3 years before the penalty, you must be current on your required returns and you must have paid, or arranged to pay, any tax due.

Innocent Spouse Relief: In some unique cases, a spouse may make the case that they are not equally responsible for taxes and penalties assessed during their marriage. This is most often applicable when one spouse is unaware of significant tax problems/debt.  You can apply for equitable relief or separation of liability relief depending on your situation.

Get Tax Relief Help Today

If you think that you may qualify for a penalty waiver, you may want to partner with a reputable tax relief company who can help you make the best case to the IRS.  Advance Tax Relief helps many individuals just like you work with the IRS to solve a wide variety of issues, including penalty waivers. Call our team today at 800-790-8574 for more information. For a free consultation, schedule an appointment with us online.

If you live in Los Angeles, contact us locally https://www.inglewoodtaxlawyers.com/ and if you live in houston, contact us here www.advancetaxrelief.com. However, it doesn’t matter where you live, we service taxpayers nationwide.

Advance Tax Relief is a BBB Accredited A+ Rated Business.

4 WAYS TO GET ORGANIZED FOR THE 2018 TAX SEASON

With tax season finally over (unless you asked for a tax extension), this is good time to reflect on what you can do for next year in order to make preparing your returns a more pleasant experience.

Need Help? Call Advance Tax Relief LLC (800)790-8574

Preparing tax returns, gathering the necessary documentation, and double-checking that everything you filled out is correct can stress out even the most organized person. This is even more important if you are in a little need of upgrading your organizational skills, and let's face it, we could all stand to be a little more organized.

One of the best tips that I can offer someone who is looking to reduce their stress levels around tax time and concerning their tax return is to try to get more organized for the coming year. An often-cited phrase and mindset is that the more organized your surroundings are, the better you will feel, and the better you will perform workplace activities. Especially with everything, and everyone, clamoring for our attention, focus, and energy on an almost daily basis, it can be difficult to decide what items to actually prioritize.

Figuring out what your priorities are in life is not something I can advise on, but what I can say for certain is that picking these priority items, including your finances, will help you become more organized, less stressed, and more confident come tax time.

Tax time only comes once a year, but it can feel like it lasts for months -- here are a few of my favorite ways to reduce the stress and time spent on tax, and financial documentation in general.

DETERMINE WHETHER OR NOT TO ITEMIZE

As an individual, you basically have two options, itemized deductions or a standard deduction, with how you want to file your individual 1040, and making that decision now will help your figure out what you need to save and keep track of during the year. One thing to keep in mind is that not every dollar you spend will be deductible -- for the 2017 tax years (filing in 2018), the expenses you are seeking to itemize  (specifically medical) must exceed 10 percent of your adjusted gross income (AGI).

Another thing to remember is that everyone, whatever your filing status, is eligible for a standard deduction. For single filer taxpayers, the standard deduction is $6,300 -- it is important to work with your CPA or tax professional to make sure you do not end up getting less. Fortunately, the IRS has a form that helps you figure out if you are better off itemizing or taking the standard deduction.

If you choose to itemize your deductions you will, in general, have to keep track of more documentation during the year. Some of the most common itemized tax deductions include, but are not limited to medical expenses, charitable contributions, state and local taxes, foreign taxes, mortgage interest deductions, mortgage points, health insurance if you are self employed, and losses related to natural disasters. There are many more options out there, so be sure to work with your tax adviser to stay current.

 TRACK YOUR DONATIONS AND DUES:

If you donate to different charitable organizations and groups, or even pay dues for professional organizations, which can range from animal rights groups to dues paid for for realtors and even CPAs, you might be able to take that contribution, or a portion of it, as a tax deduction. You will either receive an email at the end of the year letting you know how much you had donated, or will receive a receipt explaining how much of your payment or contribution is tax deductible. In my experience these organizations are very good at providing this documentation, but if you have not received your documentation by the end of January I would follow with an email or phone call.

FILE YOUR FINANCE DOCUMENTS

We all get way too many emails during the course of the year, but taking a little time to auto-file where these emails go can save you a lot of stress come next tax season. Bank e-statements, credit card e-statements, retirement account information, and any business expenses should either be stored in a tax file in your inbox, or put in a tax folder during the year. A little time now will save you a lot of time next tax season.

 

KNOW THE TAX DATES AND DEADLINES

April is well-known as tax month, but there are several other dates that are important during the year. Quarterly taxes for your business, for example, are due the 15th of April, June, September, and January, so make sure to file and pay if you need to. Lastly, you should have received all of your tax documents, including W-2's and any 1099's, by January 31st. If you find yourself missing documentation be sure to reach out to keep yourself from falling behind. Your outreach efforts might include your IRA program manager, former employers, or companies you did some consulting for during the year. Again, most organizations in my experience are very good at getting these documents out the door, but it is important to keep an eye on where these documents are.

Sometimes the most painful time during tax season is opening a shoebox full of mismatched and unorganized documentation, and trying to make sense of it. That is stressful for both you and your tax preparer, and might actually result in your missing out on an important deduction or credit that you are due. Taking some time during the year to get, and stay, financially organized can really pay off the next time tax season, or some other big financial occasion, comes around.

Get Tax Relief Help Today

If you think that you may help filing your 2017/2018 tax return, you may want to partner with a reputable tax relief company who can help you get the max refund.  Advance Tax Relief has a offices in Houston, TX and Los Angeles, CA and helps many individuals just like you work with the IRS to solve a wide variety of issues, including penalty waivers. Call our team today at 800-790-8574 for more information. For a free consultation, schedule an appointment with us online.

If you live in Los Angeles, contact us locally https://www.inglewoodtaxlawyers.com/ and if you live in houston, contact us here www.advancetaxrelief.com. However, it doesn’t matter where you live, we service taxpayers nationwide.

Advance Tax Relief is a BBB Accredited A+ Rated Business.