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Are you stopped at the tax relief gate?

Are you stopped at the tax relief gate?

Tax debt burden Dealing with IRS tax debt can be stressful. Especially, when you don’t know or fully understand your rights.  If you owe the IRS you have probably received many collection notices including a notice of intent to levy or seize. What you may not know is that there are ways to stop these actions while you work out an agreement with the IRS. In some cases you may be able to get out of the debt completely if you are an innocent spouse.  Strict deadlines for tax relief There are very strict deadlines for tax relief. Don’t procrastinate. You may lose a valuable tax relief option.  Don’t fall into the trap of believing that you can appeal to the IRS or judge’s reasonableness.  Tax law is not a law of equity it is based on rules that must be followed.  For example, if you need to contest your tax liability and you receive a 90 day letter from the IRS if you file on the 91st day...

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Are you in the fast lane for a tax audit?

Are you in the fast lane for a tax audit?

A Tax Audit Can Cripple Your Business  Did you know that back taxes and penalties can cripple a business and involve personal liability too?  Many small businesses believe that if they have a separate business entity they are shielded from personal tax liability. This is not necessarily the case. In fact, even if you close your business you may still be liable for the taxes owed.  Even if you are only an investor in the business you may still be liable.  But wait, you did not participate in the daily running of the business so why are you liable?  Well, it just depends on what you knew or should have known about the tax liability.  Self-employed – You’re a Prime Audit Target If you have are self-employed, have high income ($100,000 or more), are a small business owner, itemize your returns, or operate a business that usually accepts cash payments then you are a high audit risk.  According to the IRS most people that cheat on their taxes are...

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Are you on the path to profits?

Are you on the path to profits?

Are you following the path to profits for your small business? Seemingly small decisions can end up costing you hundreds or thousands of dollars. A comprehensive tax plan is one thing that you cannot put off until you make more more. In fact, many of your options may be reduced by the decisions you make today. Improve your bottom line                            Let’s face it the tax code is complicated and ever-changing. But, tax planning can help you reach your goal of financial freedom sooner. Do you want to improve your bottom line?  Then, pay attention to your effective tax rate.  Your effective tax rate can be thought of as the rate that is actually paid.  This is very different from a marginal tax rate, which for federal taxes are rates that exist for each tax bracket and change as income rises. Equipment expenditures and office buildings There are liberal rules for depreciation deductions that can help you recoup some of your expenses immediately. If you expect your income to increase,...

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