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Hiring a tax attorney is an important decision. An IRS tax attorney can provide many benefits including a comprehensive review of your financial situation. Do you already owe the IRS? Are you trying to minimize your taxes? Need to know how to make your business tax compliant? These are just some of the things that an IRS tax attorney can help with. When you have any tax problem it is important to handle it very carefully. IRS tax matters are serious matters. A slight mistake in the process can cost you a lot of money, time, can get you frustrated and may land you in jail. The tax laws and the legalities involved in the process of tax settlement can be very complex. You may not understand it at all. Do you want to risk your wages and property with inadequate representation? When you want to save yourself and your business from IRS penalties, interest and possible criminal actions (including jail terms), it is best to hire an expert...Read More
Credit and debit cards are nearly as common as cash. Nearly everyone in the USA has at least one in their wallet, including business owners. Customers often swipe a card to pay for their purchases. This seemingly simple act could help attract unwanted attention from the IRS. If your business has low cash sales the IRS may send you a “Notification of Possible Income Underreporting.” The IRS has sent the letter to thousands of small business employers, asking them to review and confirm that they accurately reported their income on last year’s tax returns. So far, some 20,000 employers across the country have received the letter, according to The Washington Post. IRS Notice Underreporting Income The IRS Notice CP 2000 is referred to as the Notice of Proposed Adjustment for Underpayment and is the most common notice sent out by the IRS. The IRS reports that document mismatch inquiries were sent to more than 4.3 million taxpayers in the 2010 fiscal year; more than $7.2 billion in additional taxes...Read More
Real estate agent tax advice in 2014 will include a new complicated formula on high end home sales. The Net Investment Income Tax is imposed by section 1411 of the Internal Revenue Code. The NIIT applies at a rate of 3.8% to certain net investment income of individuals, estates and trusts that have income above the statutory threshold amounts. In general, investment income includes, but is not limited to: interest, dividends, capital gains, rental and royalty income, non-qualified annuities, income from businesses involved in trading of financial instruments or commodities and businesses that are passive activities to the taxpayer (within the meaning of section 469). To calculate your Net Investment Income, your investment income is reduced by certain expenses properly allocable to the income. This 3.8% tax is on investment income for “high earners.” The tax which went into effect in 2013 will be dedicated to the Medicare Trust Fund. “High earners” are defined as individuals whose gross income is $200,000 or more, or married couples filing jointly with...Read More
Sales tax deduction can significantly increase your tax deductions. Even if you haven’t saved all your receipts you may still be able to claim the deduction. Who can take the deduction? If you file a Form 1040, and itemize deductions on Schedule A, you have the option of claiming either state and local income taxes or state and local sales taxes. You can’t claim both. If you saved your receipts throughout the year, you can add up the total amount of sales taxes you actually paid and claim that amount. Method 1: Actual sales tax expenses Keep all your receipts, and add up the total amount of sales tax you paid during the year. This method is requires a tremendous amount of record keeping, but could result in a higher deduction. The actual receipt calculation might be worthwhile if you made a lot of purchases last year. Scenarios involving costly and taxable expenditures include: You bought a lot of electronic equipment. You moved to your first or a new...Read More