Wednesday, April 30, 2014

Lien Withdrawal

Set up a direct deposit installment agreement for a quicker lien notice withdrawal.

Sunday, April 27, 2014

Undelivered Refunds

Missing a refund? It may have been undelivered. Watch this to find out the reasons an IRS refund check goes undelivered, how to correct the problem and how to find out if you're on the list.

Thursday, April 24, 2014

Why You Should Hire A Tax Preparer

This article looks at the reasons why small and even bigger businesses must hire professional CPAs instead of using tax return software for filing returns. Many ordinary businessmen do not know the pitfalls that await them once they use software for filing the returns. Business owners and all other people responsible for filing business taxes must read this article to know the difference between the two ways of filing tax return.
Why to get assistance from a certified public accountant for filing tax returns?
Whether your business is located in Virginia or any other state of the US, you must ensure that its tax returns are filed year end. There are many advantages of hiring a professional CPA for tax preparation. Let us discuss these advantages.
Ever-changing tax law
Every year all the tax laws revise. It is very difficult for the software vendors to immediately incorporate all the changes in their software. However, certified public accountants can easily comply with the new additions. One reason why many small business owners do not try to file tax returns for themselves is change in tax laws. Therefore, the biggest advantage of getting your returns prepared by CPAs is accommodating of all new changes.
Double-checking for mistakes
Tax preparation is an error prone process. There are many different types of calculations involved and software can also commit mistakes. However, CPAs usually calculate tax by software but also check it manually for double verification. This further decreases the chances of errors in filing tax returns.
Tax refunds
Usually it is very difficult for the software to tell you whether you have any tax refunds to claim or not. But certified public accountants tell you rightaway if there are any tax refunds that you can claim on your tax.
Handling complexity
The tax returns can get very complicated at times. Ordinary business owners are not able to handle all the different adjustments that need to be made in filing a complete return. CPA professionals can handle even complicated tax matters without getting lost into the complexities.
Subjective judgement
Tax return software can only make calculations. It cannot give any opinion to the business owner or management about what to do. On the other hand, professional CPAs can help businesses minimize tax liabilities and given them practical advice beneficial for many future years.
Depend on qualified CPAs only
Small and medium sized business owners often tend to rely on just accountants. They do not look into the fact that their accountants are certified or not. There are many advantages of working with a qualified certified public accountant. An uncertified accountant will not be able to handle complex accounting matters. He will also fail to fully understand the various tax laws that need compliance during tax preparation.

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Monday, April 21, 2014

IRS Tax Payment Options

Find out how you can pay your federal income taxes without having to go into an IRS office.

Friday, April 18, 2014

Is Social Security Taxable?

There's a simple calculation that will help determine if your Social Security benefits may be taxable.

Tuesday, April 15, 2014

What Does Owing Back Taxes Mean for You? Interest, Penalties, and Repayment Options Explained

The two little words "back taxes" can strike fear into the heart of even the most diligent taxpayer... But with all the hype and stigma surrounding the issue of IRS back taxes, it can be hard to understand what it really means when you find yourself in the situation of owing back taxes. Put all of that confusion and anxiety behind you by finding out what this means in terms of interest, penalties, and repayment options. When you owe back taxes, you don't have to just lay down and let the confusion overwhelm you: A bit of general knowledge can go a long way toward getting you on the right path toward paying back taxes and restoring your financial future.
Whether you accidentally omitted income from your 1040 form or you erroneously claimed an exemption that didn't apply to you, mistakes happen when you're filing tax returns. If you've ended up stuck owing back taxes here's what you need to know.
Interest is charged on your outstanding taxes from the due date for filing your tax return until the taxes are paid in full. Even when reasonable cause has been established for late payment of your taxes, this does NOT typically stop interest from accruing. For this reason, paying your back taxes owed as soon as possible will help limit the total amount due to the IRS by keeping interest at a minimum.
In addition to the interest charged on your owed taxes, the IRS will also apply late penalties. These charges are above and beyond the interest (usually around 4%) and can even accumulate to a maximum of 100% of the tax owed!
Keep in mind that if you don't take steps to pay your tax debts, the government will take action to assure they receive the money they are owed. The IRS can place a lien on your property, levy bank accounts, and even garnish your wages, essentially seizing the total taxes, interest, and penalties you owe. The good news is that such aggressive steps are typically only used as a last resort, and there are numerous other routes you can take to settle your back taxes problems. Each situation is different, and not all back tax help solutions work for every taxpayer, so consulting a qualified tax lawyer may help ensure you're moving in the right direction. Among the options available to you, the following may apply to your circumstances:
  • Offer in compromise
  • Installment agreement
  • Innocent spouse relief
  • Penalty abatement
This is a general overview of back taxes situations and does not constitute legal advice. For personalized information on how to deal with your specific state or IRS tax problems, you may want to contact a tax attorney or CPA in your local area.
Remember, owing back taxes isn't the end of the world. We all make mistakes, and this one doesn't have to ruin your financial future. Take the appropriate steps to settle with the relevant tax authorities or pay your tax debts in full as soon as possible to get your finances back on track.

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Saturday, April 12, 2014

Haven't Filed a Tax Return in Years?

If you haven't filed a tax return in the past few years, find out how you can get all caught up with your taxes.

Saturday, April 5, 2014

Wednesday, April 2, 2014

Small Business Health Care Tax Credit

Small businesses and tax-exempts that provide health insurance coverage to their employees may qualify for a special tax credit.