The Role of a Tax Resolution Specialist: What You Need to Know

Navigating the complexities of tax issues can be a daunting task for individuals and businesses alike. The role of a tax resolution specialist is paramount in these situations, acting as a navigator through the treacherous waters of tax problems. This guide will shed light on what a tax resolution specialist does and why their services are critical. Understanding Tax Resolution Tax resolution encompasses a range of services designed to help taxpayers address and settle their tax liabilities with the IRS or other tax authorities.

How to Resolve Tax Problems with the IRS

Paying taxes is one of the most essential responsibilities of every citizen, but it can be a complicated affair. Whether you’re an individual or a business owner, the Internal Revenue Service (IRS) is responsible for collecting taxes and ensuring that everyone pays their fair share. However, sometimes people encounter tax problems that they need help resolving. Learn about how you can resolve your tax problems with the IRS, including the different types of tax issues you might face, what you should do if you receive a notice from the IRS, and how to avoid common mistakes that can make your tax problems worse.

Owe Back Taxes? 3 Reasons To Get IRS Debt Help

If you owe money to the IRS, now’s the time to talk to a debt relief service. Tax debt isn’t something that will go away on its own. In fact, tax debt can affect every aspect of your life. If you don’t pay off your tax debt, the IRS can seize your assets. Tax debt can also ruin your credit. If you owe back taxes to the IRS, read the list below.

3 Strategies To Help Keep Your Books Up To Date

As a business owner, keeping your books up to date can feel like a mountain to climb. Maybe you don’t have the time or resources to manage your day-to-day finances, so you put it off. But staying on top of your books is essential to making sure your business runs smoothly since it gives you a clear view of the financial landscape. Here are three strategies to help keep your books in order.

Prepping Documentation For Business Use Of A Home

Many small business owners and sole proprietors now work from home, thanks to technological advancements. Setting up a home office provides many conveniences, and the cost-saving benefits extend beyond reducing commuting expenses. Legal tax deductions are available to someone who performs their duties at their residence. However, the Internal Revenue Service may request proof to back up claims. Therefore, it would be helpful to keep thorough documentation of any claims for a home office deduction.

5 Reasons You Need To Hire A Tax Preparer In Your Small Business

In this fast-paced, always-on-the-go society, it’s easy to put off tasks that you don’t deem as urgent. Believe it or not, tax preparation is one of those tasks. But the truth is, if you’re a small business owner, you can’t afford to delay tax prep any longer. That’s why it’s important to hire a tax preparer to help you with your tax filing needs. Here are five reasons why. 1. Tax preparers have the expertise to help you maximize your deductions

4 Income Tax Forms Executors May Need To Work With

Are you the executor of an estate? If so, you have many responsibilities that may be unfamiliar to you. One of the most common responsibilities in this role to file taxes for the estate. What income tax forms will you need to file? And why should you seek professional assistance with them? Here’s what every executor should know about the four most common income tax forms they may need to deal with.

4 Tips To Help You Maximize Your Tax Refund

When it comes to filing your taxes, you will want to ensure that you get back the maximum refund possible. To get back a full refund, there are some things you are going to need to do.   Don’t Wait  If you want to get back your maximum potential refund, it is essential not to wait until the last minute. When it comes to getting a maximum refund, you are going to need a lot of documentation.

4 Modern Ways To Manage Business Receipts For Tax Time

Tracking receipts and expenses is an important tool to ensure you don’t overpay at tax time. But many small businesses have a hard time finding a way to track all the business expenditures they make over the course of a year. In today’s busy business world, many of the old ways, like throwing receipts into the proverbial shoebox for your tax preparer, don’t work for entrepreneurs.  So, how can you ensure you have the information you need for your tax appointment without overburdening yourself?

Worried About Your Business Accounting Practices? 3 Steps For Solving The Problem

Problems with payroll or income taxes can be devastating to young businesses that are still operating on tight budgets. This often happens when an owner takes on the work of keeping the accounts and writing the checks to keep it running, and there is not enough time or proper training to make doing so a good solution. If you are running a business on a shoestring budget and worried about the quality of your current accounting practices, the following tips can help reduce the possibility of experiencing business losses due to costly accounting mistakes.

Behind On Your Taxes? 3 Steps You Can Take To Avoid A Tax Lien

If you’ve fallen behind on your taxes and the IRS is breathing down your neck, you may be looking at a tax lien. Unfortunately, once you have a tax lien, you have to wait for it to come off your credit report. Not only that, but any refunds you’re owed while the lien is in place will be withheld from you until the debt is satisfied. If you’re facing a tax lien, the best thing you can do is work to avoid it altogether.

Small Business Tips To Help You File Your Taxes

Filing your taxes can be stressful enough, but add a business to the mix and it can be completely overwhelming. The tax laws, deductions and rules you have to follow when filing your taxes can be difficult to navigate, so hiring an accountant will definitely help. See below for some tips to help you prepare when filing your small business taxes. Home Office If you run your business out of your home, you could qualify for some deductions.

4 Ways That A Tax Recruiting Firm Can Help An Employer

Did you open a tax firm and need a few good employees to join your team? If you want to make sure that each of your employees are equipped with the proper skills for the job, seeking help from a tax recruiting firm is ideal. Take a look at this article to find out how a tax recruiting firm can help you find the right kind of employees for your company.

Tax News For Teachers: The Educator Expense Deduction Is Now Permanent

In recent years, some enacted tax breaks have been extended on a year-to-year basis. The tentative nature of the tax rules often led to uncertainty in planning. The tax deduction for educator expenses has now been made permanent and can be expected to be available on Form 1040 each year. The educator expense deduction is taken by individuals in the teaching profession who incur out-of-pocket classroom expenses. Because of the tentative status of the deduction over several years, there is still some incorrect online information concerning its expiration.

Are You Coming Into a Trust? Be Smart Financially

If you are about to come into a trust and you aren’t sure how to manage the money or how to report it, there are some professional services you need to consider obtaining. It can be difficult to manage the money on your own, so there are some financial services you may want to outsource. Here are a couple of experts to consider consulting. Financial Planner              As soon as you have access to the account, you have the opportunity to make money.

Common Payroll Problems And How To Avoid Them

When you are managing payroll for a large company, chances are good that you come across your fair share of headaches. Payroll is a complicated system and it can be difficult to make sure that everything is running smoothly. Here are some common payroll problems that you might run across and some easy fixes. 1. Make Sure All of the Social Security Numbers Are Correct It’s easy for an employee to accidentally misstate his or her Social Security Number when applying for a job or filling out paperwork when he or she has the job in question.

Worried About An Audit? 4 Ways To Avoid An IRS Audit

The only thing worse than owing money to the IRS is being selected for an audit. This is particularly true if you aren’t sure how well your taxes were prepared in the past. If you’ve been chosen for an audit, don’t ignore the notice. That will only make things worse. If you haven’t been chosen for an audit, you might be in luck. With some careful planning, there are some steps you can take to reduce your chances of being audited.

What To Record To Get The Most Out Of Your Tax Deductions

If you are a small business owner, chances are good that tax preparation time can be especially stressful for you. You want to be able to claim as many deductions as you can, but you might make a mistake and not have the documentation to back it up should the IRS come. Here are some record-keeping tips to allow you to make sure that you have enough documentation for every deduction you take.

Tax Breaks For Your Home-Based Online Sales Business

The time and effort that you put into selling things on online auction websites is valuable. That time and effort should be rewarded. Sadly, those websites charge you fees, the gas to go out and find the things to sell costs money, and the products that you sell cost money. Wouldn’t it be nice if you could recover that lost money? Well, come tax time, you may be able to do just that.

Three Tips For Property Tax Settlements And Avoiding Overpaying

When it comes to money that you are obligated to pay by the government, you should dutifully pay taxes, but hold them accountable for charging you correctly. The last thing you would want to do is overpay on your property tax, yet studies show that upwards of 60 percent of all property valuations are too high. For this reason, you should get the help that you need by following and applying the information below.

Using Your Background Checks To Make The Best Hire

Most employers consider the background check a necessary evil – they know they need to have one to ensure that the applicant is exactly who they claim to be. After basic information is verified, these employers often ignore the rest of the information that’s available. They’re either afraid of violating a hiring law or they’re just not interested in the data. This is a significant mistake. Using the data from a background check effectively is critical to hiring the best applicant for a job.

Tax Breaks For New Parents

When you have a child, your entire focus shifts. A baby can be expensive with daily expenses, add in medical costs and day care, and you are looking at a major shift in how you handle your finances. However, you can qualify for additional tax breaks as a new parent. Here are a few that you should look into. Child Tax Credit The child tax credit is a tax credit that reduces the amount that you owe.

3 Qualifying Deductions Every Freelance Writer Needs To Know About

Being a freelance writer could easily be one of the most rewarding career paths you could ever choose. You work to build your own schedule, eliminate snarky bosses, and basically are in charge of how high your income can rise. One of the biggest and few downfalls of transitioning to a freelancing career of any kind is that you take on the burdening task of making sure you give the IRS their cut of your profits.

Income Tax Reporting For Recipients Of Life Insurance Proceeds

Life insurance is usually purchased with the intent to provide future support for one or more beneficiaries. Some life insurance policies allow policyholders to receive accelerated death benefits themselves. Any recipient of life insurance payments may be required to report a portion of the proceeds as taxable income. The payment to a beneficiary for the face amount of a life insurance policy is generally not taxable. The face amount is the sum specified in the insurance contract as payable upon death of the insured.