Tax Fans

An obvious answer to this question is, "You know you need help when the IRS knocks on your door." At the end of this article I will list the Top 8 specific solutions tax consultants like ETS provide for folks facing IRS tax issues, but before we get there let’s talk about some of the less obvious signs that you need an enrolled agent who is experienced in dealing with your tax issues and the Internal Revenue Service, before they start haunting your life and shutting you down. Let’s start with how you feel about taxes before we discuss our tax resolution methods. Let’s say you just entered the working world and are game fully employed and you get your first pay stub only to be dumbfounded. Questions you might have are: Where did all my money go? We’ve all seen the YouTube of a young man sitting in the back seat of his friends’ car while he proudly opens his first paycheck only to find a HUGE amount – in his eyes at least – missing. This kid’s friends are all laughing at him because the look in his eyes is just plain funny. They know that he is just about to learn the realities of death and taxes in the working world. Is this kid ready for tax resolution services? No. But talking to a tax professional as he starts his working life is not a bad idea. So how can a tax professional help this neophyte? Well he doesn’t know about all the FICA and Medicare and Local taxes, but a quick call to a company like ETS can help workers young and old determine if they are getting the correct amount of taxes drawn from their paychecks. Our new worker may be paying too much from each paycheck or he may be paying too little. Get things right from the start is a perfect way to avoid EVER having to seek help for a tax resolution issue. But new workers are not the only folks who have trouble with this. One of the more common tax resolution problems we come across are couples or older singles – and by older I mean anyone who has been in the work force for more than five years – who get in trouble with the IRS because they did not have enough money drawn from their paychecks each week and discover during filing season they owe the IRS thousands of dollars. There are two main reasons this happens: There was a change in or an addition of jobs; or a side business has been started by one or both partners in a marriage. The days of having one job or even one career are over so when adults change jobs they often neglect to correctly fill out their new W-4s. Often they misunderstand what is asked from them on the forms or they think they may not have to have anything deducted since they have a day job and are just working for a little extra cash. Sometimes this works but more often than not it does not. [Please call us if you find yourself in this situation. We can give you free guidance in this regard]. The other main reason – as mentioned – the working adult is taking a crack on their own with a small business idea or craft he has developed. One way to remedy tax deficiencies in this area is to pay estimated taxes every quarter to the IRS or simply increase the amount of taxes drawn from your main job’s paychecks; IF your venture is actually bringing in more money than your expenses. Tax resolution issues tend to creep up on small businesses - especially for sole proprietors. So much so that the IRS is trying to recruit over 1,000 new agents every year just to focus on sole props. NOW FOR THE BIG EIGHT Ok – so without getting overly technical, there are much more complicated reasons why one should call an experienced tax professional but I wanted to demonstrate that something as simple as paycheck miscalculation can get you into serious trouble and most tax pros will not even charge you a dime if you call them for a little bit of help regarding this basic issue. At least I hope that’s the case. By and large you know that you need professional tax help when you start receiving threatening letters from the IRS. Once this happens – the clock for penalties has long since started ticking. More than likely you’ve owed taxes for one to three years and now owe penalties of up to 20% on the original balance for each year that you are behind. I wish I could put a nicer spin on this scenario, but there really is not one. So before I give you the Big Eight Tax Resolutions we at ETS offer, let me just emphatically state, “If you receive calls, visits or letters from the IRS, you should never, EVER, try to handle things on your own.” The Internal Revenue Service is the largest and most successful collection agency on the planet. IRS agents are skilled practitioners who will do anything in their power – and they have a lot of it – to collect money, close files on their desk and get promoted. These people make a lot of money – your money – padding their futures at taxpayer expense and they do this using 9,834 Internal Revenue Codes; all jammed packed into a book of 3,906 pages (I have one sitting on my desk as I write). These codes are their bible. But what they will never tell you is how each of these rules has rules of their own designed to protect you – the taxpayer. This isn’t just me saying this. There are plenty of former or retired goon agents who now work in my field helping folks like you reduce the trauma of being haunting by the agency who also aid folks with a tax resolution. Folks say only a fool represents himself in a court of law, well I’m not going to call anyone a fool, because the game is rigged against all of us, but what do you call someone who picks a street fight with an agency that has loaded gun pointed at their head? I will end abruptly here and give you list of our top services with a little assurance that we will address each of these and many more solutions and ideas to help you, your family and your business navigate the ridiculous tax maze that will forever encumber our lives. It's not all bleak. Whatever your situation, we can and will help you defeat the IRS with all of our power, experience and knowledge. Here's the list and the links that lead you back to them on our website: 1. Installment Agreements 2. Partial Payment Installment Agreements 3. Currently Not Collectibles 4. Innocent Spouse Relief 5. Offer In Compromise 6. IRS Statute Of Limitations 7. Penalty Abatements 8. Past Dues Tax Returns The goal of Tax Resolution Station is not only to provide tax payers with an understanding of what solutions are available in a tax crisis, but also to serve as an information hub that helps tax payers prevent any runs-ins with the IRS. Make sure to click over to our Tax Preparation articles included in this site. Also visit Executive Tax Solution's aggregator site TAX FANS for updated current tax news from across the globe. 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You might recall in our previous article 20 or so Tax Preparation Challenges for 2021 Filings that the first of about 20 challenges we face for the 2021 tax filing season is the Covid-19 debacle. Well nested in that is the package that was blessed by congress called the American Rescue Act. A recap of the American Rescue Plan Act's essential tax obligation stipulations adheres to. Straight Repayments While the COVID-19 pandemic is ultimately reducing, the financial damages that it created sticks around on. In order to ease the economic worries encountering numerous taxpayers as well as speed up healing, Congress has actually passed the American Rescue Strategy Act (the American Rescue Plan Act). The Act is a $1.9 trillion alleviation bundle that will certainly influence countless people as well as companies. We still need to pay attention to the tax filing ramifications here. $ 1,400 stimulation look for people ($ 2,800 when it comes to joint returns as well as $1,400 for dependents) to be terminated for people with modified gross earnings of $75,000 - $80,000 ($ 150,000 - $160,000 for wedded declaring collectively as well as $112,500 - $120,000 for head of household). Expansion of Unemployment Insurance The American Rescue Plan Act prolongs 2 COVID-19 relevant unemployment insurance programs to permit jobless people to get, or proceed getting, $300 weekly of unemployment insurance repayments. These settlements, which were arranged to run out on March 14, 2021, will certainly proceed till September 6, 2021, as well as remain in enhancement to any kind of state welfare for which a person might certify. Part of Unemployment Insurance May Be Excludible from Revenue For 2020 just, approximately $10,200 (or $20,400 when it comes to a joint return where each partner obtains joblessness payment) might be excludible from revenue to the degree a person's modified gross earnings is less than $150,000. May folks did not receive this benefit until the end of the year - so make sure you did if this policy applies to you before filing for 2021. Development of Youngster Tax Obligation Credit Score The American Rescue Plan Act enables as a credit score versus suitable work tax obligations for every schedule quarter a quantity equal to 70 percent of certified salaries of as much as $10,000 for each and every schedule quarter. In addition, a credit scores of approximately $50,000 is readily available for a healing start-up company for any kind of schedule quarter. A healing start-up service is one which was begun after February 15, 2020, had invoices of less than $1 million and also satisfies particular various other demands. Help with COBRA Premiums. Due to the level of this regulation, it might be handy for us to fulfill at your ease to review the implications of the American Rescue Plan Act's different stipulations on your tax obligation circumstance. Expansion of Deductibility of Excess Ranch Losses as well as Excess Service Losses. Favoritism of EIDL and also Dining Establishment Rejuvenation Grants. Expansion of Staff Member Retention Credit Rating for Employers Based On Closure as a Result of COVID-19. Alteration of Exemptions for Coverage of 3rd Party Network Purchases. Boost in Dependent Treatment Support Tax Obligation Advantages: The American Rescue Plan Act makes the kid and also reliant treatment tax obligation credit rating refundable; boosts the quantity of expenditures qualified for the credit history; enhances the optimum price of the credit rating; raises the appropriate portion of expenditures qualified for the credit rating; as well as raises the exemption from earnings for employer-provided reliant treatment help. Development of the Affordable Treatment Act Subsidies. The American Rescue Plan Act supplies a two-year short-term aid to people that get medical insurance under the Client Defense and also Affordable Treatment Act (PPACA) leading to extreme decreases in healthcare prices for such people. The Act additionally removes the revenue cap on that is qualified for PPACA health care aids as well as minimizes the expense of medical insurance by restricting costs to, at most, 8.5 percent of revenue. The American Rescue Plan Act omits specific discharges of trainee lending financial obligation taking place in years 2021 with 2025 from gross earnings. The American Rescue Plan Act aids people with COBRA costs (i.e., costs paid to proceed insurance policy protection after leaving work with a company that had actually been giving medical insurance protection) by giving that the federal government will certainly spend for COBRA costs via September of 2021. The Act permits taxpayers apart from companies to subtract excess ranch losses as well as excess service losses via 2027, rather than with 2026. The American Rescue Plan Act reduces the limit for the quantity of sales that will certainly trigger a settlement cpu to send out a Type 1099K to a vendor. Formerly, the limit was $20,000 in gross invoices when accumulated in over 200 deals. After 2021, that limit is $600. Expansion of Refundable Pay-roll Tax Obligation Credits for Companies and also Independent People. The American Rescue Plan Act prolongs the refundable pay-roll tax obligation credit reports for paid ill time and also paid family members leave via September 2021. Rise in Earned Revenue Credit Report (EITC). Adjustment of Pupil Car Loan Mercy. The American Rescue Plan Act almost triples the quantity of the EITC readily available for employees without certifying kids; it broadens the qualified age variety for people that receive the EITC; it enhances the quantity of financial investment revenue a person can have prior to being disqualified for the EITC; and also an unique guideline for 2021 broadens the qualification as well as quantity of the EITC for taxpayers without any certifying kids. The Act gives that these gives are not includible in the recipient's revenue. Under the American Rescue Plan Act, the kid tax obligation debt is boosted from $2,000 to $3,000 or, for kids under 6, to $3,600; the age at which a youngster is qualified for the youngster tax obligation credit rating is enhanced from 16 years of ages to 17 years of ages; the refundable quantity of the debt is enhanced to ensure that it amounts to the whole credit history quantity, as opposed to having the taxpayer compute the refundable quantity based upon a made earnings formula; as well as regular monthly repayments of the credit score are offered for the last 6 months of 2021. 🆕IRS Tax Help For Business Tax Relief Firms Must Watch! IRS Problem Solvers DFW Tx, www.taxfanssachse.com www.executivetaxsolution.com (469)262-6525 ◀◀◀ Call Now to Make an Appointment for 1-on-1 Video Conference

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Introduction Are you a business owner in North DFW looking for bookkeeping services near you? Look no further than Executive Tax Solution. Our team of expert bookkeepers is here to help you manage your finances and keep your business running smoothly. Why Bookkeeping is Important for Your Business Bookkeeping is the backbone of any business. It involves keeping track of all financial transactions, including income, expenses, and taxes. Proper bookkeeping ensures that your business stays profitable and avoids costly mistakes. The Benefits of Professional Bookkeeping Services Hiring a professional bookkeeping service like Executive Tax Solution comes with many benefits. For one, it saves you time and money. Instead of spending hours trying to manage your finances, you can focus on running your business. Additionally, professional bookkeepers have the expertise to catch errors and identify areas where you can save money. Another benefit of hiring a professional bookkeeping service is that it ensures compliance with tax laws and regulations. Tax laws can be complex and confusing, but our team of experts stays up-to-date on all the latest changes and can help you avoid costly mistakes. The Benefits of Professional Bookkeeping Services Accurate Financial Records: Professional bookkeepers have the expertise and knowledge to accurately record all financial transactions, ensuring that your financial records are up to date and error-free. Time-saving: By outsourcing your bookkeeping tasks to professionals, you can free up your time to focus on other important aspects of your business. This allows you to be more productive and efficient in managing your business operations. Compliance with Tax Laws: Professional bookkeepers stay updated with the latest tax laws and regulations, ensuring that your business remains compliant. They can also help with tax planning and preparation, saving you from potential penalties and headaches. Business Insights: With accurate and up-to-date financial information, professional bookkeeping services can provide valuable insights into your business's financial health. This information can help you make informed decisions and identify areas for improvement. Cost-effective: Hiring a full-time in-house bookkeeper can be costly, especially for small businesses. Outsourcing bookkeeping services can be a cost-effective solution, as you only pay for the services you need, without the additional costs of employee benefits and training. Scalability: As your business grows, professional bookkeepers can easily scale their services to accommodate your changing needs. This flexibility allows you to focus on growing your business, knowing that your bookkeeping needs are well taken care of. Peace of Mind: Knowing that your financial records are accurately maintained by professionals gives you peace of mind. You can rest assured that your financial information is secure, organized, and readily available whenever needed. Investing in professional bookkeeping services can greatly benefit your business in numerous ways. Consider outsourcing this crucial task to experienced professionals to streamline your financial processes and drive the success of your business. How Executive Tax Solution Can Help You At Executive Tax Solution, we offer a range of bookkeeping services to meet your business's unique needs. Our services include: Accounts payable and receivable management Bank account reconciliation Financial statement preparation Payroll processing Tax preparation and planning We use the latest technology to ensure that your financial data is accurate and secure. Our team is also available to answer any questions you may have about your finances. Why Choose Executive Tax Solution There are many bookkeeping services in North DFW, but Executive Tax Solution stands out for several reasons. For one, we have years of experience working with businesses of all sizes and industries. We also offer competitive pricing and transparent billing so that you know exactly what you're paying for. Additionally, we pride ourselves on our exceptional customer service. We take the time to get to know each of our clients and their unique needs. We're here to help you succeed. In conclusion, if you're looking for bookkeeping services near you in North DFW, look no further than Executive Tax Solution. Our team of expert bookkeepers is here to help you manage your finances and keep your business running smoothly. Contact us today to learn more about how we can help you. For more help please call us @ (469) 262-6525.