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Filing Taxes

Pros and Cons of Filing Your Taxes Early

Pros and Cons of Filing Your Taxes Early

By on Mar 15, 2018 in Filing Taxes, Tax Preparation, tax season | 0 comments

As the tax deadline approaches, you may be trying to decide exactly when to file your taxes.  When is the best time to submit your returns to the Internal Revenue Service (IRS)?  One thing to consider is whether you like getting things done ahead of time or find that you are a procrastinator.  Every situation is different so there is not one right answer. It is often important to consider consulting with a tax professional as you think about the best-individualized approach to filing your taxes. Here are some of the general pros and the cons of filing your taxes early this year: Reasons to Consider Filing Your Taxes Early You should ALWAYS consider filing early if you are getting a refund from the IRS. After all, you should keep in mind that your refund is actually an overpayment that you have made to the IRS for the past year, so getting this money back as soon as possible makes good financial sense. In addition, the earlier you file, the faster your processing times will be with your refund, meaning your money will be back in your pocket faster. You should also know that filing electronically is always faster than submitting paper copies of your return. Filing early can also benefit you if you owe money as well. If you file your 1040 Form early, you will have several months (until April 15th) to make plans to pay your tax bill and can think ahead about getting the money together that needs to be sent to the IRS. Finally, if you are anticipating a major life event (moving, sending a child to college, etc.) then it can also be helpful to have filed early.  Your tax return can show proof of your annual income and this information can help you move forward with other important parts of your life. Why You Should Consider Waiting Until the Tax Deadline to File There are also several reasons why waiting to file your taxes may make more sense for you this year. For example, if you are waiting on financial information, paperwork or other documentation, you should not file until you have everything that you need.  Similarly, if you file early and...

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How to Avoid Tax Return Identity Theft from Happening to You

How to Avoid Tax Return Identity Theft from Happening to You

By on Mar 8, 2018 in Filing Taxes, Identity Theft, IRS | 0 comments

Getting a tax refund is often a welcome surprise that can help you pay an upcoming bill, get ahead on a credit card payment, take a mini-vacation or simply increase your family’s emergency fund.  However, over the last several years, tax return identity theft has become increasingly common and many Americans are finding that their refunds have already been claimed when they file their taxes.  How can you prevent this from happening?  Here are some tips for protecting yourself from tax return identity theft. 1. Protect Your Social Security Number Identity thieves generally use social security numbers to claim annual tax returns.  They steal other people’s social security number to file a fraudulent return very early in the tax season, generally before most taxpayers would be able to file.  As a rule, you should be very careful with your social security number and avoid carrying it with you on a daily basis. Keep your social security card in a safe place at home so that it does not fall into the wrong hands.  Also, do not provide your social security number unless it is absolutely necessary. 2. Choose Strong Passwords Identify thieves also work hard to access their online information.  When you set passwords, especially for all accounts related to your finances, make sure that they are strong, so that they cannot easily be accessed.  Change passwords regularly and avoid automatically saving your passwords. 3. Beware of Phone and Email Scams If you receive a phone call or email that asks for your personal information, assume it is a scam.  The Internal Revenue Service (IRS), credit card companies, banks and other legitimate businesses will not contact you by phone or email and request personal information like social security numbers.  The bottom line is that if you have not initiated contact, do not share your personal information. 4. Shred-It Shred all financial and personal documents and paperwork that you are ready to discard. Do not simply throw this information in the trash. Also, shred all of those credit card offers you get in the mail. This is another source of identity theft. 5. Keep a Close Eye on Your Credit Information If you notice that something is amiss when it comes...

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How Can a Federal Tax Lien Affect Your Credit Score?

How Can a Federal Tax Lien Affect Your Credit Score?

By on Jan 15, 2018 in Credit Score, Filing Taxes, Tax | 0 comments

A loan can come in handy if you’re low on cash and need to pay for something right away. It also helps to pay for big purchases such as a house or car. Receiving a loan isn’t a hard process. However, it could be if you have bad credit. If you have a tax debt,you might have received a federal tax lien. A tax lien can have a negative impact on your credit score.   What is a Credit Score? A credit score is a specific number that is calculated based on information in a credit report. Every time you take out a loan or make a loan payment, it is recorded on your credit report. The leading credit score in the industry is FICO and ranges between 300-850. Your credit score determines how likely you are to get approved for a loan or not. It’s important to know that your credit score will follow you forever, and may affect your finances negatively or positively.    Why is a Good Credit Score Important?  Before you buy a house, sign a lease to rent an apartment or even apply for a credit card, your credit score will be checked. A good credit score indicates if you’re a trustworthy borrower or not, and can result in interest rate savings as well.   How Can a Tax Lien Affect My Credit Score? Someone who has an outstanding tax debt receives a federal tax lien by The Internal Revenue Service (IRS). A tax lien gives the IRS the right to claim certain property such as homes, cars, buildings, equipment, jewelry, money etc. The taxpayer is given 10 days after a letter is sent to follow-up with the intent to repay debt. If the taxpayer refuses to pay before the 10 days are up, a Notice of Federal Tax Lien is sent to creditors to inform them that the IRS has the right to possess taxpayer’s property.A federal tax lien can decrease your credit score, making it difficult to receive loans in the future. The best way to avoid this is to not have a tax lien in the first place because once it’s listed in your credit file it becomes public record. Regardless...

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Tax Resolution Service in Atlanta, Georgia

Tax Resolution Service in Atlanta, Georgia

By on Jan 4, 2018 in Filing Taxes, free, Tax Tips | 0 comments

Success Tax Relief is a full-service tax resolution firm located in Atlanta, Georgia that has over 30 years of experience helping individuals and businesses solve various complicated tax problems. We pride ourselves in helping clients all over the United States to gain financial freedom and live debt free. Our services include: Settle Back Taxes Offer In Compromise Stop liens, levies, and garnishments Unfiled Tax Returns Settle Payroll Taxes Stop Interest and Penalties Audit Representation Stop IRS Tax Problems Audit Appeal or Audit Reconsideration Innocent Spouse and Reasonable Installment Plans We start by taking a detailed look at your unique tax situation and base it on our evaluation of documents received by the Internal Revenue Service (IRS) we provide an assessment and recommendations for your specific problem. Our trained team has handled multiple tax situations including applying for Offer in Compromise, tax preparation, IRS Audits and more.   Why Choose Success Tax Relief? At Success Tax Relief, one of our top properties is to meet our customers’ needs.We take initiative by moving beyond mobile communication and get on a personal level with our customers. Whether you come to our Atlanta office or we come to you with a face-to-face consultation, our personalized customer service helps us better serve you. If you call, you will be speaking to a trusted specialist. We’re available 24/7 to answer any of your tax questions or concerns. You need a successful and professional tax consultant that knows what they’re doing and does it well. Just take a look at what our past clients have to say. No matter what debt/payment stage you’re in with the IRS, Success Tax Relief can help you move forward in the right direction.   No Obligation, Free Consultation We have a no-obligation, free consultation online. Just provide your name, number, email, how much you owe, check mark whether it’s federal, personal, or both and whether the consultation is personal, business or both.   Our Commitment to Our Customers We are committed to giving our customers quality service. We do this in the following ways: We will explain and discuss with you all viable options to resolve your issues in terms that are easy to understand. We will provide written documentation when possible....

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7-Step Road Map to Managing Your Taxes Better, PART TWO

7-Step Road Map to Managing Your Taxes Better, PART TWO

By on Jun 11, 2017 in Filing Taxes, Tax Tips, Taxes | 0 comments

In the first part of this 2-part series, we talked about the first 4 steps to the author and Vice President of Success Tax Relief, Deaphalis Sample’s “Once Call Close”. The One Call Close was originally created to apply to business strategies as noted in the book he co-authored with Jack Canfield titled The Road to Success.   Before we talk about the last three steps, let’s recap Steps 1 – 4: Step 1 – “The power to define is the power to fulfill…” Step 2 – “People follow purpose” Step 3 – “People follow pleasure” Step 4 – “People follow phobias” To learn more about Steps 1-4, read PART ONE of the 7-Step Road Map to Managing Your Taxes Better. After understanding that there is power in defining your purpose, knowing that people follow purpose, pleasure, and phobia, then the next step should come a more naturally… Step 5 – “People follow provision” Once you’ve become a master at communicating your vision, it’s going to be easier to sell your product or service. This is because people will be able to “see” what you’re talking about. So what happens when you need to sell yourself that it you need to get out of tax debt? It IS possible! You just need to follow your provision. Who are the successful people in your life? What are they doing or have done to get out and stay out of debt. Follow that! Step 6 – “People follow posture” “People who possessed the confidence in their body language and tone were projected and perceived as being strong.” (p. 371) If you were given a million dollars on the contingency that you must invest it, wouldn’t you look for an investor who spoke and carried him or herself with confidence? Of course you would, because people follow posture—good posture, positive posture. So, if you’re following Step 5, it’s highly likely that Step 6 will also come naturally, as posture reflects the manifestation of provision, and vice versa. If you’re having trouble finding someone with provision, check out the posture. I guarantee you’re getting close! Step 7 – “People follow persuasion” Here is where you can get into some serious trouble. The art...

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Made a Mistake in Your Taxes? Here is How to Fix It

Made a Mistake in Your Taxes? Here is How to Fix It

By on May 28, 2017 in Filing Taxes, fix tax return, Tax Tips | 0 comments

If you made a mistake on your taxes, don’t panic. As long as you report your mistake to the Internal Revenue Service (IRS), you are in no danger. It’s all a matter of being as honest as you can with the IRS. Simply communicate to them what the matter is and the issue will be resolved. Causing Delays Pays! The only setback is that this may delay your filing and possibly your refund. Depending on how early you submitted your taxes, this might not be a problem. You might be able to rectify any errors before the deadline. Of course, everyone’s tax situation is different. You might be able to file in time before the deadline, but if you owe, and you’ve made an error, then you might have to pay a late paying fee. If your error delays the filing process causing you to miss the deadline, then you may be facing a late filing penalty as well. Taxpayers who are expecting a refund can just expect to receive their money late. Tax Errors are Mostly Caused by Do-it-Yourselfers! Taxpayers who insist on preparing their own filings typically cause tax errors. This is usually from being inexperienced and unprepared. The EZ and 1040 Form are designed to be simple enough for the regular taxpayer to file on their own, but there will most likely be more errors on a 1040 than an EZ Form if a taxpayer prepares his or her own taxes. There are many life changes that can complicate a tax filing and oftentimes this confuses the preparer. This is why there are several tax filing companies out there to assist people with preparing their taxes. However, if something more complicated comes up, these tax preparing companies are not always equipped with the knowledge and experience to resolve any tax matters that may arise. Get Help with Success Tax Relief The tax firm at Success Tax Relief is fully equipped with over 30 years of professional experience resolving tax matters of all kinds. With a team of tax preparers, lawyers, CPAs, and accountants, we’re confident that we can not only flawlessly prepare your annual filing, we’ll also be able to alleviate any tax issues that may come...

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