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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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Taxpayer Died Before Filing A Return? Steps Family Members Need To Take

Taxpayer Died Before Filing A Return? Steps Family Members Need To Take

By on Feb 26, 2017 in tax firms, Tax Preparation, Tax Resolution, Tax Tips | 0 comments

If you have lost a loved on in the last year and are looking ahead to submitting your annual tax return, you may wonder if it’s possible to deduct any of the funeral expenses on your taxes.  Unfortunately, the Internal Revenue Service (IRS) does not allow individuals to claim these expenses as deductions unless the funeral was paid for directly by the estate. While you cannot claim funeral expenses as a deduction on your annual tax return, you should know, however, that you might be able to claim medical expenses that have been incurred during the year. You can generally claim medical expenses that are used to prevent or treat a medical illness or condition. Tips for Deducting Expenses Related to a Family Member’s Death While you cannot claim funeral expenses as an individual, it is possible to deduct these expenses if they were incurred as part of the deceased individual’s estate.  The first and most important factor to confirm is whether the funeral expenses were in fact paid directly from the estate. If you are the executor of the estate and are preparing to file taxes, you should plan to use Form 706, which is called United States Estate (and Generation Skipping Transfer) Tax Return, to complete the calculation for estate’s tax liability.  Then you can use Schedule J to report these funeral expenses to the IRS. One thing to keep in mind if you are in charge of an estate is that it may not make sense to take this deduction if the amount of the estate is less than the taxable amount. Take the Stress Out of This Tax Season As tax season approaches, you may have all kinds of questions about this year’s tax return and may already be concerned about how much you might owe. Partnering with a trustworthy, reputable and dependable tax firm can help answer your questions, solve any tax issues you may have, and ensure that you complete your return in a way that maximizes legal deductions and credits while minimizing what you will be required to pay to the IRS.  The team at Success Tax Relief has more than 30 years of experience solving all types of tax issues including:...

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Can a Tax Relief Agency Really Help You?

Can a Tax Relief Agency Really Help You?

By on Nov 16, 2016 in tax firms | 0 comments

Of course they can! But you have to make sure that you’ve hired the right agency. There are many tax agencies that have been mistaken for being able to provide a full tax relief service when actually, all they can do is file your annual taxes. What about the help you might need after April 15 or even before then? There are some tax relief agencies that might not be equipped to help you in this area. That’s why it’s your job to learn what you can about these agencies before hiring them to help you get out of tax debt. Look for Agencies That Have More Than Just a Name Just because a business claims that they are a tax relief agency, doesn’t necessarily mean that they are. Don’t make a judgment on the name alone. Do the research to learn if they have successfully helped their clients. Chances are they will have testimonials on their website. A lot of businesses also thrive on word of mouth, so it’s worth listening to people you know who have had a positive experience with the tax agency they’ve hired. Can a Tax Relief Agency Help You or Not? The argument of whether or not a tax agency can really help you depends on your unique tax situation along with your own capabilities of being able to manage tax debt. Some people can. Others cannot. Again, this also depends on how crucial each taxpayer’s financial issue is. Oftentimes, people are able to handle their tax debt on their own. Other times, it may take a little more work—negotiating with the IRS, filling out the necessary forms, following up by phone and letter on a repetitive basis. Not very many people have the patience and time for this. It can also be said that many people may not know that they might be eligible to get their tax debt reduced or wiped away, having a zero balance. To find this out is a back and forth process with the IRS having even more deadlines to meet. Also, you might be hard pressed to find a tax relief agency that will help you stay out of debt once they alleviate your current tax...

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How Hiring a Tax Relief Firm Can Save You Money

How Hiring a Tax Relief Firm Can Save You Money

By on Dec 24, 2015 in Consultation, tax firms, Tax Resolution | 0 comments

Many taxpayers often mix up tax relief service with a tax preparation company. In reality, they are two separate businesses. Although both sectors deal with taxes, one specializes in helping United States citizens file their annual taxes while the other concentrates on helping taxpayers resolve any outstanding tax debt they might have. It is not uncommon for taxpayers to submit their filings to a tax preparation service and expect them address any tax issues. Unfortunately, this type of service doesn’t do that. So to assume that there is not tax problem just because the tax preparation service did not inform you is a mistake. Tax preparation services are only designed to help taxpayers report their annual filings. The result of what comes from those filings are not at entity’s concern or responsibility. It’s yours!  What Does a Tax Relief Firm Do?  A tax relief firm specializes in resolving any tax issues that you may have with the Internal Revenue Service (IRS). These type of firms are better equipped in tax laws that can sometimes get complicated depending on the case. So if you are in debt to the IRS, seeking the assistance of a tax relief service is a wise choice. It is possible to handle your own tax situation directly with the IRS, but it is highly recommended to seek the help of professionals who have years of experience communicating with the IRS on various tax issues and have consulted with financial analysts, tax lawyers, Certified Public Accountants (CPA), case coordinators as well as tax preparers and consultants. Tax relief firms handle the grievous details of IRS debt. Ignoring IRS debt issues will not just go away. The IRS is dedicated to collecting what is owed to them and will execute the necessary legal procedures to ensure that they get what is owed to them. A tax relief service can intervene when certain tax issues become overwhelming like: Wage garnishments Property seizures Levies High monthly payments A good tax relief firm can also negotiate a reduced amount of overall debt!  Spending Money to Save Money  Many people may argue that they cannot afford to pay a tax relief service. The logic here being that if they could afford...

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Tips to Avoid Tax Trouble During the 2015 Holiday Season

Tips to Avoid Tax Trouble During the 2015 Holiday Season

By on Nov 26, 2015 in IRS, tax firms, Tax Tips | 0 comments

The holiday season is approaching. That means America is about to see a major boost in the economy. According to Statista, Christmas, celebrated by Christians and non-Christians, is “the largest economic stimulus for many nations around the world as sales increase dramatically in almost all retail areas.” Also, the United States alone reportedly made an estimated 3 trillion dollars in the 2013 holiday season. That’s a lot of money! This is supposedly during harsh economic times in the U.S. How are Americans able to afford to contribute to such a powerful boost in our economy if the nation is supposed to be in a deficit? It can be argued that perhaps, we spend too much! Maybe the focus is more on what can be consumed rather than what should be restored.  Everybody Must Pay, Including You!  Believe it or not, there are millions of U.S. taxpayers—ranging from the working class, to the middle and upper class—which are in debt to the Internal Revenue Service (IRS). The money that is saved to go toward the expense of the holiday season can easily be put toward taking care of financial debt. That’s no fun!  Of course spending money on gifts and cool electronics is going to give a shopper immediate gratification. Yet, there’s another thing that is immediate: Consequences of ignoring or neglecting your financial obligation toward the IRS; but don’t worry, you can still have an enjoyable holiday season and avoid any tax trouble!  Here are a few tips to avoid that will help your 2015 holiday season be merry:  Don’t Overspend  Sounds simple, yet difficult to do around the holiday season. Around this time of the year, retail businesses want you to buy their product more than ever! Most of them plan ahead conducting research analyses trying to figure out what they can do to make you spend your money on their stuff! Commercials, online advertisements, and mail flyers are coming at you with items that you may have been salivating over all year and finally, around the holiday season it seems as though you can now afford it. Or can you? You always have the free will to buy or don’t buy. It is important to consider your...

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The Most Reliable Tax Relief Services in Houston, Texas

The Most Reliable Tax Relief Services in Houston, Texas

By on Aug 6, 2013 in tax firms | 0 comments

Although you may routinely use a Certified Public Accountant to file your annual tax return they may not be the best to deal with a tax problem you may now have. Why use a tax firm You may want to consider hiring a tax firm that has experience working with the IRS to solve tax problems. You will quickly gain reassurance when you have a person with the right qualifications working for you. Let experience relieve your burden Qualified staff from these firms can lead you confidently through the various administrative stages of your problem and represent your case to resolve your tax problem. Choose the right firm Choosing a reputable tax resolution firm is critical given so much is at stake. It takes a lot to trust another person to resolve your financial and legal matters. Also, if a federal tax lien has been filed against you, you may be receiving calls from telemarketers and tax resolution firms offering their services. 4 tips to assist you with choosing your tax firm   Research the credibility of the firm Find out the firm’s BBB rating and also how long they have been in business. If any client complaints have been lodged against them this is relevant as well. Numerous complaints may indicate poor customer service. Ask for testimonials from former clients. Find out how much IRS experience the firm employees have Find out how many cases the employees have resolved successfully as this will indicate experience with dealing with the IRS system. Ensure you are working with the right professional in the firm Only a licensed Attorney, CPA or Enrolled Agent can negotiate with the IRS on your behalf. In your introductory phone call check the credentials of who you are speaking to so that you can ensure that the person is qualified in the area you need. Find out who will be your contact person at the firm and discuss communication arrangements. Find out exactly what your obligations will be Be sure you know how you are expected to participate in the relationship with your contact person. This will ensure both parties are not waiting on information from the other. Success Tax Relief has a strong team of...

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