What is an IRA? IRA stands for an individual retirement account. It’s basically a savings account that gives a big tax break for taxpaying individuals to save money for the future. Many people mistake IRAs for investment; it’s technically an investment account you set up. Think of it like a basket that you store your […]
Local taxpayers seem to forget that their tax refund is money that should have been theirs all along. Unless you already have made your decision on what to do with or how to spend your tax refund, here are some useful tips: 1. Start or increase your emergency fund If you haven’t created one, […]
Although tax rules and deadlines are not always constant and may change throughout the years, there are several common mistakes by taxpayers that are timeless whether it’s for simple or complex tax returns. Just one simple slip up made on paper or by computer can cost you or delay your refund. Here are some common tax-filing […]
What is the Sales Tax Audit? A sales tax audit is an examination executed by a government tax agency to make sure that the proper amount of sales tax has been sent to the proper authority. This taxing agency will gather and evaluate the company’s financial documents to verify that state laws and regulations are […]
Just as there is a really big difference between Tax Fraud, Tax Avoidance, and Tax Evasion, there is a great distinction between Tax Planning and Tax Preparation. Unfortunately, many individuals have mistaken tax preparation and tax planning as they seem to be used interchangeably. Although they are both very important, they’re two totally different things. Tax planning […]
REVERSE TAX AUDIT A reverse tax audit is conducted by your CPA or a tax lawyer when it is suspected that sales taxes have been overpaid. In a self-assessing sales tax audit, the taxpayer reviews his or her own records and pays the dues that resulted from the review. In a reverse tax audit, your CPA […]
Tax evasion, tax avoidance, and tax fraud are all words that can be used interchangeably but have different meanings. One of these is legal while the other is not. Individuals and businesses that commit tax fraud and intentionally evade taxes can get into big trouble with the Internal Revenue Service. Individuals and businesses are allowed to […]
Getting calls, letters, or visits from IRS agents is scary enough for local taxpayers. They automatically associate the IRS with a negative connotation and think they are contacting you for collecting unpaid taxes and/or penalizing you for something. What can be worse than that? Getting calls and letters from fake IRS agents. IRS scams are increasing […]
Step # 1 When was the last time you filed your taxes? Don’t be afraid to file past-due tax returns in fear of the Internal Revenue Service knocking on your door. The trick is, no matter how late the return is, file your tax returns before the IRS has the chance to send you a […]
Preparing for and filing for the current year’s taxes can be a pain for local taxpayers. Actually, not the preparing for the part, but the fear of potentially being audited by the Internal Revenue Service. Although there is no way to know if you are for sure going to get audited or if you can […]
