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Filing Taxes

5 Mistakes You Can Make from Doing Taxes Yourself

5 Mistakes You Can Make from Doing Taxes Yourself

By on May 8, 2017 in Filing Taxes, Tax Problems, Taxes | 0 comments

Doing your own taxes has many benefits. You can complete them on your own time and don’t have to pay anyone to complete the task, but it can also set you up to make errors that can cost you big time.  Tax software programs can be helpful in eliminating some potential errors, but they are only as accurate as the information that you provide. As tax day rolls around, consider 5 of the most common mistakes taxpayers make when preparing their own tax return. Math or calculation errors: Even if you are planning to use a tax software program which minimizes math or calculation errors, you still have to input the correct numbers for the software to work for you.  If you include an incorrect number or calculation on your return, the IRS may kick it back or it may increase your audit risk.  This can also reduce the amount you receive or increase the amount you owe to the Internal Revenue Service (IRS). Misspelled or mismatched names: If your name or the name of your spouse and/or dependents is misspelled or incorrect, and does not match what is filed with the social security office, the IRS will slow down processing your return and may even send it back to you.  This happens most often with women who have married and changed their name on some items (driver’s license, etc.) but not yet with the social security office. Direct deposit mistakes: Be very careful to enter correct bank account information if you are asking the IRS to provide your refund through direct deposit.  If you have just one number wrong, your refund could be delayed or lost altogether. Omitting a portion of your income: Keeping detailed records of all income you receive over the course of the year can be very helpful when tax time rolls around.  You should receive 1099 and W2 Forms for all income that has been reported, but there are instances when this does not happen. The IRS WILL receive all information on your income and if there is a discrepancy, there is an immediate red flag on your return. Forgetting to sign the dotted line: Even with most taxpayers completing and submitting their tax...

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Will the IRS Send Me to Jail For Not Paying Taxes?

Will the IRS Send Me to Jail For Not Paying Taxes?

By on May 1, 2017 in Filing Taxes, IRS, Taxes | 0 comments

Yes. As Success Tax Relief, we won’t sugarcoat anything for you. We’re going to tell you what you need to hear, not what’s going to make you feel good—especially if it’s something as serious as prison time.  The team at Success Tax Relief operates to work in your best interest. Honestly, it does us no good if one of our clients is imprisoned, because they didn’t pay their tax debt. The bottom line is that your success is our success, so we take in invested interest in making sure that all of our clients, near and far take the appropriate steps to ensuring that they are taking care of their financial and tax obligations.  A Tax Relief Firm with a Personal Touch  That’s why you will never find yourself sitting on hold for an unreasonable amount of time just to speak to a computer about your case. At Success Tax Relief, you’ll actually have 24-hour access to your case manager.  Critical Matters are Our Priority  Imprisonment is a serious matter, and any of our clients who are in present danger of this due to faulty tax payments are considered top priority. We understand critical situations like this cannot be handled on a 9-to-5 workweek. We get that some people work second and even third shift jobs—and possibly even an additional job. Our team puts in the necessary hours of properly managing your case by communicating to the Internal Revenue Service (IRS) on your behalf and even working afterhours for you. If possible, even bringing our office to you should we need any additional information like documents and signatures.  Success Tax Relief Has the Time You May Not Have  It is absolutely possible to spend over an hour on the phone with the IRS. So, even if you chose to take care of the situation on your own while still working, you’ll probably need to spend your entire lunch break sitting on hold with the IRS in hopes that a representative will answer your call soon enough to take care of your case. You don’t have time for that! But we do! It’s our job.  What Does Success Tax Relief Do?  We’ve spent over 30 years alleviating taxpayer’s debt by...

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What to Keep in Mind When Hiring a Tax Relief Service

What to Keep in Mind When Hiring a Tax Relief Service

By on Apr 11, 2017 in Consultation, Filing Taxes | 0 comments

  The only thing that might be holding you back from hiring a tax relief service is money. However, it can be argued that the lack thereof may be the reason you’re in the financial predicament today. At some point, you’re going to have to bite the bullet and ask for help. You’ll Spend Money to Save Money. Be OK with That Asking for financial help to handle your taxes isn’t anything to be ashamed of. You’ll find that you’ll be avoiding a world of unnecessary financial discomfort by investing in a tax relief service early on. What you need to come to terms with is that you will have to spend some money. You’ll just need to decide if that expense is going toward alleviating your tax debt or toward late payment of penalties and fines. Once you understand that it’s time to call in the professionals, then the next step is to research the firms that you are seriously considering. When conducting your research, here are the things that you need to keep in mind when hiring a tax relief service: Weigh the Pros and Cons of Having a Professional Handle Your Taxes While you can easily file your own taxes, it can easily get complicated quick, fast, and in a hurry. One lifestyle change, one error, launching a business, or closing one down can make all the difference in how your taxes are filed. A good tax relief firm will be able to handle such information and report it to the Internal Revenue Service (IRS) accordingly. Hire a Tax Relief Service with Proven Experience In any hiring process, the hirer will do the research to make sure that the services he or she is expecting will be delivered in a professional and timely manner. When it comes to a service, there’s really only one way to find out if the tax relief firm is the one for you—testimonials. Testimonials can be found on a company’s website. You can also ask around. If you want more insight, then contact the company that gave the testimonial. Testimonials and the longevity of a tax firm speaks volumes to a company’s success. Success Tax Relief has over 30 years of...

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What If My Online Tax Program Makes a Mistake?

What If My Online Tax Program Makes a Mistake?

By on Mar 10, 2017 in Filing Taxes, tax companies, tax firms, Tax Problems | 0 comments

The Internal Revenue Service (IRS) estimates that in both 2015 and 2016, more than 90% of Americans filed their tax returns electronically, and surveys indicate that well over 40% used a digital tool to help them prepare each year. Have you ever wondered what the consequences would be if your online tax program made a mistake on your tax return? The real truth is that these tax programs typically catch errors, not cause them. Errors on your tax returns are typically user error. As a result, you are held responsible for those errors. The most common filing errors include: Math miscalculations: Online tax software minimizes some calculation errors, but if you input an incorrect numeric value, the software tool cannot possibly know that there is an error. If you invert a set of numbers on your income, for example, that can really impact your tax return. The IRS will definitely follow up on a numeric inconsistency. Misspelled names or incorrect information: If you include your name (or that of your spouse) and it does not match exactly with the information the Social Security Office has on file, the IRS will automatically kick back your return or slow down the process. Forgetting to report additional income: If you did a small amount of work on the side, received a 1099 Form and forgot to report this income, the IRS will see this as a major red flag. No computer software tool can know whether you have entered all of the forms that you have received. Keep in mind that the IRS receives copies of each 1099 Form as well, so be vigilant when it comes to accurately reporting income. Incorrect direct deposit information: You must input your bank account information in order to receive a refund or to pay tax debt. So if you enter incomplete or incorrect bank information, the IRS will take notice, but the online software may not. It’s always good to triple check this information before submitting your return. Missing the deadline: Online tax programs cannot force you to file your taxes, so if you miss the April 15th deadline, this is also your responsibility.   Benefits of Partnering With an Experienced Tax Firm While online...

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I’ve Got Extra Money On My Tax Refund…What Should I Do?

I’ve Got Extra Money On My Tax Refund…What Should I Do?

By on Mar 3, 2017 in Filing Taxes, Tax Refund, Tax Tips | 0 comments

  If you received more money on your taxes than originally expected, don’t celebrate too quickly! If for some reason, you received more money because of an error, you will be liable for paying that money back. So, it’s just best practice to verify, and then verify once more before submitting your claim to the Internal Revenue Service (IRS). Believe it or not, it is possible for the IRS to make a mistake. There are some rare cases where you may end up getting too much or not enough on your taxes. In most cases, the IRS will catch these errors. It may result in a delay of your refund though.   Have the Experts Review This is why Success Tax Relief, a tax relief firm located in Texas, highly recommends taxpayers to hire an experienced accountant or tax preparer to take care of the filing process. There are too many things that could go wrong if an inexperienced taxpayer attempts to take care of his or her taxes, even with an EZ Form.   Don’t Celebrate So Quickly So, once you’ve verified that you have indeed legally received more than expected on your tax refund, then the one thing you absolutely should not do is go on a blind shopping spree. Do not spend your money hastily. Businesses all over the country are well aware that tax season has come and will be offering a plethora of sales and bargains during this time of the year—which is typically between February and April.   Be Smart. Be Responsible. When it comes to money, you have to be smart. Take care of any obligating debts. It may be tempting to use that extra money to treat yourself, but once that “treat” has been used, your debt will still be waiting for you. Wouldn’t it be nice to pay off a credit card knowing that you won’t have to worry about getting another bill in the mail? That might be just as fulfilling as going on a short-lived vacation. Sometimes, a piece of mind trumps everything else!   Start By Paying a Little! Many people might try to reason that the extra money won’t make much of a difference to their...

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Same-Sex Marriage & Filing Taxes: What You Need To Know

Same-Sex Marriage & Filing Taxes: What You Need To Know

By on Feb 28, 2017 in Consultation, Filing Taxes, Tax Preparation, Tax Tips | 0 comments

It used to be that same-sex couples could only file separate tax returns, and if they had children, only one of them could claim a child, and only one could file Head of Household. In a sense, same-sex couples had to live like they were roommates when it came to filing their annual taxes. They had to do this because they weren’t allowed to get married, because it wasn’t legal. This all changed in 2015 when the Supreme Court ruled on June 26 that same-sex marriage is now legal. After that, a surge of marriages was filed, but what some newlyweds didn’t bother to take into account is how to take care of their annual tax filings. It could be said that there may have been some confusion for the following tax year because depending on when you marry, you may either have to file separately or married filing jointly. The Supreme Court ruling requires that all legally married same sex couples are to file their annual taxes as married filing jointly or married filing separately, just like anyone else. The Good News and the Bad News It can be said that there is a slight disadvantage for some same-sex couples who must now combine their income. A larger annual household income will boost you into a higher tax bracket causing you to pay more in taxes. However, there is the benefit of what’s called the “marriage bonus”. According to Investopedia, the marriage bonus benefits couples who bring in more income than the other, therefore, have the advantage of not paying so much more in taxes. In fact, they might end up paying less depending on what the combined income is for that household. Two Ways to File As aforementioned, same-sex married couples can file two ways: married filing jointly and married filing separately. Married Filing Jointly – This may be the better way to file in order to get a tax break. If either of you are in school, you’ll be able to take advantage of the student loan interest or tuition deduction. If you file married filing separately, you will not be able to do this according to Investopedia. If a couple is adopting a child, then,...

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