Individuals with income from wages and retirement plans can meet their tax obligations by the withholding amounts on these payments. But enrolled agent study covers other taxable situations that trigger the need for additional payments to the IRS. Unfortunately, many taxpayers are surprised to learn that payment of any extra tax is expected four times per year – not just by April 15. These cases are opportunities for enrolled agent tax advisers to help people understand estimated payments. The IRS assesses interest for failing to pay equal estimated tax payments. An exception is possible...
Have you ever met with a tax advisor and been told you could have done something about a tax problem if only you had acted sooner? When most people think about tax planning, they usually think: It’s something you do when you have your tax return prepared. It’s something you do at the end of the year. While both of these times have a place in a tax strategy, often times it is simply too late or there is not enough time to get the best results. This is why I am such a big fan of year round tax planning. Year Round Tax Planning Year round tax planning does not mean you spend the entire...
It’s a win-win situation – you cut your tax bill, and a charity gets the money they need to help people in your community. The Federal Tax Code changes yearly, but the IRS continues to allow you to write off contributions to charity…as long as you make them to an IRS approved organization, and you itemize your deductions when you file. Here are 8 important tips to be sure your donation is deductible, whether you donate money or tangible property like an automobile, truck, boat or even a golf cart. 1: Make sure you see the 501 (c)(3). If you don’t want the IRS to disallow...
When it comes to tax return time, small business owners tend to always have two questions on their lips: Am I paying too much tax? Am I claiming every possible deduction? Seeking the assistance of a professional tax accountant is the best way to have these questions answered correctly. Many small business owners operate independently and are accustomed to handling everything on their own, including their tax returns. But in a time where taxation is becoming an increasingly complex and specialised area, with tax returns being time-consuming and often tedious to complete, many make the wise decision...
It’s interesting how, as a presidential election approaches, certain key issues almost invariably come to the fore. For example, many of you have probably been hearing a lot about taxes, with the Obama administration even proposing a Buffett Tax on those making over a $1 million a year to collect even more from the rich and close the budget gap. Now, my goal here is to stay apolitical and not take sides on this pretty divisive issue. One Point of View On the one hand, there are the top 10% earners – those who make above approximately $113,000 – who say that in absolute dollar...
Taxes are so annoying. How awful is it that you have to save all of your documents for seven years? There almost always seems to be no point in doing taxes ever because you are always going to have to pay out and not give back no matter how hard you try to make it work. That’s why you should hire a tax planning and return preparation service. They will help you budget out your year and be able to save for your taxes at the same time. They really work to make you save the most you can and pay out the least that you can so you can keep the money you worked hard to earn and should rightfully...