New 2020 Tax Laws changes for small business
Trump’s new tax reform plan officially called the Tax Cut and Job Act (TCJA) included a series of changes that will affect the federal tax returns of 2018 for many small and medium-sized business owners. The new tax code gets underway new deductions and credits that will influence distinctively the tax commitment of every small organization. Also, […]
Guide to File a Late Tax Return
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 notice. If you […]
How To Settle IRS Tax Debt to Reduce Taxes Owed
In general, Internal Revenue Service (IRS) can become a nightmare for many taxpayers as it seems that it can never be controlled. Most Americans who owe money to the IRS are not sure of the strategies and rules on how to solve their problems with the IRS. You are commonly eager to work with citizens and there […]
Texas Sales Tax Filing Reporting Schedule of 2020
Texas imposes a state sale and use tax of 6.25%on all retail sales, rents and rentals of most goods, as well as services subject to taxes. Local tax authorities can also impose up to 2% sales tax for a collective maximum rate of 8.25%. You may not receive a notice to remind you to file […]
Smart Ways to Spend Your Tax Refund
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, […]
Common Taxpayer Mistakes to Avoid
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 […]
Tax Preparation VS Tax Planning
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 […]
Have You Overpaid Your Sales Taxes?
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 Fraud vs Tax Evasion vs Tax Avoidance
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 […]
Watch Out for IRS Scams
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 […]