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Best Places to Get Trustworthy Tax Advice Online

Best Places to Get Trustworthy Tax Advice Online

By on Dec 30, 2015 in IRS, tax companies, Tax Tips | 0 comments

These days, it’s easy to find almost anything you want on the Internet, including advice about finances! What about when it comes to tax debt? Of course there are several websites that claim to know what they are talking about when it comes to taxes, but not every source of information is credible.  Before seeking tax advice online, it is highly recommended to first visit the company’s website to get a feel of how they conduct business. The design of a website is today’s calling card, an interactive virtual commercial that, if done correctly, gives visitors enough information about their services for them to determine if they want to take the next step of investigating, which is interviewing.  Interact and Interview  Most credible sources will provide their online visitors with contact information. Don’t be afraid to use it! Whether it’s a phone number, email, or online form, engage with these sources by asking questions. Then see how long it will take to get a response. This is crucial in determining if this is a business that you want to trust your tax issues with. Even if you are not seeking a service, the information that you are looking for, especially when it comes to tax issues, ought to be from a company that responds promptly to any inquires.  You can even take it a step further and schedule a consultation. It doesn’t matter if you are in debt to the Internal Revenue Service (IRS) or not. When seeking credible tax advice, it is always helpful to put a face to the name. Small Town Feel with Years of Experience  There are many companies who offer tax advice, but choose to remain mysteriously anonymous, only wanting to deal with their clients on an informal basis between the hours of 9am – 5pm. At Success Tax Relief, we understand money issues go well beyond the 9-5 hours. That is why we make ourselves available to our clients anytime of the day, and we even make house calls!  What makes Success Tax Relief so unique is that we conduct our business with a small town feel. Yet, our experience within the field exceeds over 30 years communicating with the IRS and consulting...

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What Is an IRS Audit and What Does It Mean for You?

What Is an IRS Audit and What Does It Mean for You?

By on Dec 8, 2015 in IRS, IRS Audit, tax companies | 0 comments

According to the Internal Revenue Service (IRS), an audit is “a review/examination of an organization’s or individual’s accounts and financial information to ensure information is being reported correctly, according to the tax laws, to verify the amount of tax reported is substantially correct.” In short, it is a thorough assessment of the amount of income and expenses a person and/or a business has conducted for the year in question. To put it another way, it’s tax season on steroids!  How Do I Know If I’ve Been Audited?  When the IRS selects a person whom they want to audit, they will contact that person by phone or email. The IRS will not send notification through email. So if you were to ever receive an email notice from someone claiming to represent the IRS, report that person immediately! It is most likely a scammer trying to extract personal information for his or her own illegal benefit at your expense.  Does an Audit Mean I’m in Trouble?  Not necessarily. The IRS claims to conduct random selections when it comes to determining which taxpayer to audit. According to the IRS, a taxpayer is chosen for an audit in three ways: Computer screening– It’s kind of like the lottery! A sophisticated statistical formula searches the IRS database producing a random output of names of taxpayers who will be audited. So if you’ve never won the lottery, you might be in good shape, but then again, maybe not… Inconsistent tax filings – If for some reason, what has been recorded on any annual tax filing doesn’t match the supporting documents, that serves as a red flag to the IRS indicating that perhaps some foul play…or maybe just a simple typo! Either way, they need to verify. Related documentation – Oftentimes in business dealings one can be audited just for being associated with another company that is in question. The IRS may consider anyone who has had any business transactions with that party a suspect by association.  What’s the Next Step?  The first thing one should do if he or she were to receive an audit letter is gather all of the documents for that year in question. At the very least, there should be an...

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How Much Tax Debt Can We Help You With?

How Much Tax Debt Can We Help You With?

By on Dec 3, 2015 in Debt Relief, IRS, tax companies | 0 comments

There is never an amount of tax debt that is too large for us! Our company has handled a number of tax issues that range on a broad spectrum from complicated, to not so complicated, but just as serious. For the sake of client confidentiality, we are not at liberty to dispense the exact dollar amount. However, the amount of tax debt that we have resolved for our clients over the years has been substantial.  Reasons Why Debt Can Build Up  Tax debt is nothing to be ashamed of. Some of the most prominent people in our society, and even those who might appear to be financially responsible have found themselves in conflict with the Internal Revenue Service (IRS). Nonetheless, people often think that if they ignore their tax problem that somehow, it will go away or resolve itself. Nothing can be further from the truth. Tax issues are a serious responsibility that needs to be addressed as soon as possible. Some of the reasons taxpayers may end up with a build up of tax debt is because they are ashamed to get help, fearing that their tax relief consultant will scold them for getting themselves into such a complicated tax situation. The truth is that you are not alone. In 2012, Time Magazine reported that US citizens owed an estimated $600 billion to the IRS. Of course, this is when the economy was at its worst, but debt this high doesn’t happen overnight. There are all kinds of theories and speculations as to why the IRS has had such an outstanding amount of money to collect. Nonetheless, the overall point here is that you are not alone in dealing with tax debt. That is why there are tax resolution services to assist you with reconciling your financial situation with the IRS.  What Kind of Help to Look For  There are many kinds of businesses that claim to have the expertise in tax debt resolution, but don’t be fooled. People may think that just because a company can assist you with filing your annual taxes, that they are knowledgeable in tax debt resolution. For the most part, these businesses are indeed very successful in what they do when it...

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First Steps to Take If Your Business Is in Tax Trouble

First Steps to Take If Your Business Is in Tax Trouble

By on Dec 1, 2015 in Consultation, tax companies, Tax Problems, Tax Tips | 0 comments

Business owners who have recently discovered that his or her company has come across some tax issues need to seek the services of a tax relief advisor as soon as possible. As some taxpayers might be able to manage their personal tax issues, dealing with business tax issues is an entirely different situation. True, personal tax issues can get pretty complicated and will often require some additional assistance. However, for the most part, if the tax issue in question isn’t a high dollar amount, most taxpayers can take care if the issue on their own. Business taxes are different. Depending on how one files, a business can be a separate entity from personal assets, which means that they must be handled differently. The right tax relief service will be knowledgeable enough to understand all of the personal and business tax laws and will be familiar enough with each tax situation as it comes up.  What to Do Before Calling a Tax Consultant  Before one seeks the help of a tax relief consultant, it is important for a business owner to do 3 things:  Research– There are hundreds upon hundreds of tax related services masquerading as a tax relief service. Don’t get them confused. There is a difference. Just because a business is good at filing annual taxes does not necessarily mean that it is skilled in assisting their clients with alleviating any business tax issues. The same can be said for the medical profession. Patients going to an urgent care facility should not expect these doctors to diagnose and treat them for complicated cases that require a specialist. Business owners seeking tax relief services need to find a company that specifically specialized in just that.  Organize Paperwork – Even the best tax relief service will need help—specifically from the client. Before setting an appointment with a tax relief consultant, the best thing to do is gather all of the paperwork for the year(s) in question and file it into a folder. This will help the agent immensely, saving them time and reducing billable hours, consequently, saving their client money!  Be Honest – Tax relief consultants cannot truly help their clients unless they know exactly what’s going on with their...

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How To Find a Trustworthy Tax Relief Company

How To Find a Trustworthy Tax Relief Company

By on Jul 21, 2015 in tax companies, Tax Resolution | 0 comments

If you have made the decision to hire a professional tax company to help with your personal or business income taxes, you want to make sure that the team you hire is a good fit. There is no shortage of tax firms claiming to be able to save you money and solve all of your tax issues, but these are often promises they cannot keep. So how can you be sure that the company you choose is reputable and will not cause more problems than they solve? Here are some tips for finding a trustworthy tax relief company when you need it: Be careful of demands or prepayment or payment in full. A trustworthy business will be comfortable with you paying for the services that they provide as they are received, and will be less likely to ask for payment up front or payment in full early in the process. Be very careful not to pay a lot of money up front until you are sure that the company is doing their job and meeting your needs. Unfortunately, many individuals end up sinking money into a company that does not have the experience or acumen for the job, which leaves them with even more debt that before. Ask lots of questions. Think about how you might hire a new employee in your business or someone doing work on your home? Ask lots of questions: How long has your company been in business? Can I see a list of customer testimonials? What are the names of the owners of the company? What is the firm’s track record? It’s definitely a red flag if the company is not forthcoming with this information. These answers should be simple and easy for them. You also should be able to check their credentials with the Better Business Bureau or a similar agency. Watch for other red flags. If the firm puts a significant amount of pressure on you to hire them, then they are likely desperate for business and that is a red flag. Similarly, if the company “guarantees” a certain outcome, you should realize that they may not be communicating truthfully. Nothing in the tax world is simple or guaranteed; so beware if...

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Tax Extensions for Businesses: What You Need To Know

Tax Extensions for Businesses: What You Need To Know

By on Nov 21, 2014 in tax companies | 0 comments

There are many reasons why your business may need more time to file a tax return this year. If you are in this situation, the IRS does allow for tax extensions for businesses, but there are some important points that you will need to keep in mind to stay in good standing with the IRS. What is an extension? A tax extension is actually only an extension of TIME, not an extension for paying. With an extension, you are required to submit to the IRS an estimate of how much you owe (if you owe) by the deadline or you will incur interest and penalties and your extension can be revoked. You must pay your estimated taxes when you submit your extension. If you underestimate this amount or file your return late, the IRS can charge you significant penalties and interest all the way back to the original due date of the return. Your extension will generally be granted for six months. Due Dates Tax due dates are different depending on how your business is classified: Corporations: Return or extension due on the 15th day of the third month after the end of your business’s tax year. Partnership: Return or extension due on the 15th day of the fourth month after the end of your business’s tax year. State Extension State guidelines vary from state to state, so you should consult your state tax regulations to determine if you need to file a return in your state. In some states, for example, if you do not owe taxes, your federal extension can also extend your state return as well. The Form You Will Need to File Your business will need to file an extension using Form 7004 (Application for Automatic Extension of Time to File). This form will need to be submitted by the due date that applies to your business. Approval From the IRS Generally, your business will hear back from the IRS on the status of your business extension about 24 hours after you submit it. As long as you have submitted the extension before midnight on the day it is due, it will be considered “on time.” Many businesses (and individuals for that matter) use extensions...

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