Taxpayers can qualify for various tax credits to reduce their tax liability, one such credit is the child tax credit. To qualify for the child tax credit, the qualifying child must be under 17 years old and a U.S. citizen or a U.S. permanent resident alien. ...read more
Many people give money to family members as a gift in their time of need or if they come into a substantial amount of money. Giving money to a family member can sometimes be taxed; however, there are ways to avoid this this and give money to family members free of tax. ...read more
Many people have opted to learn to file their taxes themselves. This is a great way to save money, and it puts people in control of their own tax return. The process can be confusing, but there are enough resources to learn the correct method. ...read more
Tax filing time is not a time many people enjoy, except maybe professional accountants. This process is time consuming, confusing and often overwhelming. Preparing yourself in advance is the best way to ease some of the stress associated with process. ...read more
Federal income tax withholding is the types of taxes that are taken out of your paycheck. This tax includes Social Security, income tax and Medicare. Understanding your Federal income tax withholding is important to make sure you are not paying too many taxes or not enough. without support around lenses. ...read more
TaxBrain is an online tax preparation software. Through TaxBrain's website you can calculate your state and federal tax return information, and then file them each online. You can check your return for free, but filing does require a fee. Pricing varies depending on your return and your location. ...read more
The US follows a progressive taxation system. This means that the tax rate increases as you earn more money. The higher tax rates are only applied to income that reaches above a certain level. You can easily calculate your effective income tax rate if you are curious as to how much income tax you will pay this year. ...read more
Completing and filing your taxes online can be easy and sometimes free by using one of the many online packages available online. You will have the ability to complete both Federal and state returns and submit them via any Internet connection. ...read more
Foreign currency trading can be a great way to make money. There are strict tax laws on currency trading. At home trading is becoming more and more popular with people who wish to get in on the ground floor of this lucrative business. It will behoove a trader to know the tax laws before diving into the foreign market. ...read more
Filing your income taxes can be trying for anyone. However, with a few simple tips and tricks, you can have it under control in no time. Getting organized is the first step to getting control over your taxes. Doing this from the start of the year is the best way to be prepared. If your halfway through the year and need help, do not worry, it is not too late. ...read more
Small business owners must file taxes just like individuals, and the IRS has several different forms specifically designed for business owners to file the right information. You can find IRS forms at your local library or online from the IRS website. Depending on the size of your business, you may also opt to have a certified public accountant file your small business taxes for you. ...read more
The way you file a state income tax return will determine when you will get a refund. If you choose to mail the state tax return, the refund might take six to eight weeks. If you e-file the return, it will take only one to two weeks. You must also be sure your address is correct to ensure you receive the return in a timely manner. ...read more
If you wish, you can deduct the amount of taxes that you pay into your state of residence or you can also file for a deduction for the amount of state sales tax that you have paid in this year. You may only file for one of these deductions on your tax return so it is best to determine which option will provide you with the largest deduction. ...read more
Learning how to prepare your own income tax returns is not as hard as you may think. With the help of simplified forms such as the 1040EZ, as well as tax preparation software, such as Turbo Tax, filing your own taxes can be a quick and easy process that you can easily complete yourself in no time. ...read more
Once you know your tax bracket, you will know what every additional dollar of income will incur in the form of extra taxes. Somebody in a 15 percent tax bracket will face very different tax scenarios than someone in a 25 percent tax bracket. ...read more
By CYNTHIAC016 March 02, 2016
SAVE YOURSELF THE HEADACHED THIS PLACE IS CAUSE YOU TO GET AUDITED. CONNIE WILL PROMISE ONE THING AND SCREW YOU AT THE END WITH THE IRS. ITS A SCAM AND ALL THEY WANT IS THERE $400+ IN FEES FOR PROCESSING YOUR TAXES. ...read more
By Atlasyakes March 28, 2014
Run...really fast in the opposite direction from Sean Pierce. He is a crook and a liar and completely incompetent. He should lose his license, if he still has one, which I seriously doubt. ...read more
By Atlasyakes March 28, 2014
Run...really fast in the opposite direction from Sean Pierce. He is a crook and a liar and completely incompetent. He should lose his license, if he still has one, which I seriously doubt. ...read more
One of the most important reasons to have a payroll service is to keep in compliance with governement regulations. ...read more
By Penny Payroll May 18, 2011
State Sales Tax & Use Tax Audits and Examination - why you need a tax professional on your side Mike Habib, EA myIRSTaxRelief.com Among the most frightening words a business owner can hear are the words: sales tax audit. There are many reasons why this is a phrase that should be feared, not the least of which is that the negative outcome of a sales tax audit may cost you your business, your accounts receivable, your current business & personal assets, and can leave you starting over with nothing. There are options available to you though, keep reading to learn how you can survive this trying time. Begin with the best possible defense - an exemplary system of record keeping when it comes to sales tax paid, received, and possible exemptions. Document everything and review your documents with an internal sales tax audit yearly. This gives you a great opportunity to catch mistakes that may have been made and correct them before an actual audit takes place. You will also want to review your documentation immediately prior to your audit. When faced with a sales tax audit, or a use tax audit, you need to go to the tax resolution experts. Chances are that you either have a bookkeeper on staff or you use an outside bookkeeping firm in order to file sales and tax state reports. You may consider thevaluable services of our firmfor assistance with the your sales tax audit as well as dealing with the potential outcome and any consequences that may apply. Many businesses find that the sting of owed sales tax is not nearly as lethal as the time and attention that must be dedicated to the process of a sales tax audit. This takes hours of work finding the documentation, defending the receipts for tax-exempt items, and time is money in the business world. Unfortunately, this is a necessary evil. The penalty for not complying with the taxing authorities in this matter are simply too devastating to consider. When experiencing a sales tax audit you need to provide the auditor with a nice quiet place in which to work, all the documentation he or she needs and/or requests, and a basic overview of how your business operates. Be prepared to provide follow up documentation if necessary and to defend certain transactions along the way. The purpose of the sales tax audit in all honesty is to generate more money for the state so cooperate but don̢۪t roll over. Our firmis well-qualified and can assist you from the very beginning of your sales tax audit by speaking the language of your sales tax auditor. Many auditors are much more approachable when dealing with alicensed tax representativerather than dealing with individual taxpayers and business owners. Let ourfirmwork for you and the tax savings are likely to pay for the service and so much more. Having a tax expert on your team such asMike Habib, EAoften helps when enduring a sales tax audit. He knows the tax code and will be able to identify potential pitfalls prior to the audit in addition to being able to help you defend certain transactions that may fall within gray areas of the tax code or negotiate with your auditor if necessary. The most important thing you can do to prepare for a sales tax audit however is to avoid panic and let the tax experts do their job while you try going about your own as seamlessly as possible while waiting on the verdict. For sales tax and use tax audit representation CLICK HERE. ...read more
By Mike Habib, EA Tax Relief & Tax Problem Resolution July 03, 2008
IRS or State Payroll Tax Audit & Employment Tax Audit The word audit can strike a very real sense of fear into the hearts of even the most courageous of men. When you own a business, there is even more at stake than a few minor penalties or fees; you can lose everything you’ve worked so hard to create. If you are facing a payroll tax audit you need to make every effort to cooperate with your auditor. The best way to prepare for a payroll tax audit, and therefore survive the audit, is to keep excellent records for several years past on hand and have them stored completely and according to year in case you are faced with an audit many years after the fact. The first thing you need to do in order to keep everything straight when it comes to surviving a payroll tax audit is to keep your accounting practices current. Many businesses do this by either outsourcing their payroll responsibilities to firms that deal exclusively with payroll matters, including payroll taxes, or hiring an in-house bookkeeper to handle their payroll. The benefits of either of these is great because laws regarding payroll taxes and withholdings change regularly and are so complex in general. You should also insure that you have the proper resources in place when it comes to avoiding a payroll tax audit or at the very least coming away from one without owing any back taxes, fines, or penalties is one of the biggest responsibilities a business owner faces. If you aren’t willing to pay for outsourcing this responsibility to someone that is qualified as an outsider you very well may want to consider hiring a fulltime staff member who has the expertise and qualifications to devote to insuring accurate payroll deductions are made. As alicensed tax professional specializing tax problems resolution, I can represent you in your payroll tax audit to advocate your position and make sure your options and your rights are taken care of. You should also take the time each year to review your records and check for mistakes. While it won’t help you avoid a payroll tax audit this little effort made each year can save you a great deal of time and many headaches should one arise. In addition you will find out during the course of the ‘internal audit’ whether or not any information is missing, incomplete, or inaccurate and handle it immediately rather than finding out two or three years after the fact. If you find, during the course of your internal audit or review, that you are going to have problems with your payroll tax audit it would be wise to secure the services of our firm in order to help you deal with the outcome of your payroll audit and assist you when negotiating payment options and reducing penalties. The IRS is a formidable foe and you do not want to face them unprepared or alone if it can be avoided. It could cost considerably more than it has to. There are options available, even if you owe a considerable amount of money. As a licensed tax professional specializing tax problems resolution, I may be able to negotiate some amazing things on your behalf when it comes to your payroll tax audit and a potentially negative or outright negative outcome. Honest mistakes are made every day when it comes to handling payroll taxes don’t allow your mistakes, when discovered through a payroll tax audit be the end of your business — especially when a well qualified and experienced tax professional like Mike Habib, EA can make all the difference in the world. ...read more
By Mike Habib, EA Tax Relief & Tax Problem Resolution July 03, 2008