Frequently Asked Questions
Find answers to common questions about our tax resolution, planning, preparation, and bookkeeping services. Can't find what you're looking for? We're here to help.
Tax Resolution
Get answers about resolving IRS issues, tax debt, and collection problems.
Many people feel overwhelmed when they receive IRS notices and choose to ignore them, but doing so only makes the situation worse. The IRS may escalate their efforts to collect unpaid taxes, including penalties, interest, wage garnishments, bank levies, filing a tax lien on your property, future tax refunds could be offset to cover the debt, and the list goes on. The sooner you respond, the better your chances of resolving the issue without serious consequences.
We recommend that you do so. Sometimes taxpayers with IRS tax problems decide to face the IRS on their own. Sometimes they hire a professional like a CPA, an Attorney or an Enrolled Agent, but not someone who specializes in tax resolution. The best thing to do when faced with an IRS problem is to hire an expert in tax resolution so you can get the best result possible.
While we are representing you, generally you won't need to meet or speak with the IRS. We do all the talking to the IRS, we handle all the phone calls, correspondence, meetings and negotiations, so you don't have to.
We take care of that. Generally, before any negotiation/ settlement will be accepted by the IRS, you must become a compliant taxpayer. Compliance means that all past due income tax returns must be prepared and filed. Compliance also means you must be 'current' on your quarterly estimated income tax payments, and you must be withholding tax at the correct rate (if a wage earner). Don't worry, we are experienced in what must be done to achieve compliance and will advise you accordingly.
Upon retaining our firm to resolve your tax issue, some of the relief will be immediate and some will occur over time. It depends on the amount of tax liability owed, the complexity of the case, and your individual facts and circumstances.
Yes, you can handle your tax problem yourself. But first, you need to ask yourself some questions: How many times have I spoken with the IRS? How many times have I prepared an Offer in Compromise? How many Installment Agreements have I negotiated? Would I go to court without a lawyer? That's what it's like dealing with the IRS without expert representation. Remember, we are tax problem resolution experts. We know how to protect you and your assets.
Tax Planning
Learn about strategic tax planning to minimize your tax burden legally.
The answer is YES. Tax avoidance is perfectly legal. Many taxpayers overpay because they don't fully understand tax laws and fail to keep good records. It's important to distinguish between tax avoidance, which is legal, and tax evasion, which is not. Avoidance involves legitimate strategies to reduce your tax burden within the law.
Tax avoidance uses lawful methods to minimize your tax liability. Taxpayers have the right to reduce, avoid, or minimize their taxes by legitimate means. Tax evasion is the failure to pay or a deliberate underpayment of taxes. While avoidance saves money legally, evasion can lead to severe consequences, including audits, penalties, or criminal charges.
Tax return preparation is a one-time annual task focused on ensuring compliance with tax laws for the past year, while proactive tax planning allows you to strategically reduce your tax burden throughout the year, ensuring that you're not overpaying and keeping more of your hard-earned money.
Tax Preparation
Common questions about professional tax return preparation services.
It's definitely worth hiring a tax preparer, especially if you have more than one job, run a business or rental property, or deal with complex tax matters. Professionals understand the tax code and can make sure that all forms are completed correctly, all deadlines are met, and any potential red flags are avoided. They also can identify deductions and credits you might miss on your own, helping you keep more of your money.
The timeline to file your taxes can vary depending on your specific situation. Typically, for individuals, the tax season begins in January, and the deadline for filing your federal tax return is April 15th. However, extensions provide extra time. For businesses, tax deadlines can vary based on your business structure. We'll work closely with you to ensure all deadlines are met promptly and accurately.
Yes, we specialize in preparing and filing taxes for both individuals and businesses. Whether it's a straightforward personal return or a complex business filing, we ensure that your taxes are prepared accurately and filed on time.
Bookkeeping
Learn about our bookkeeping services and how they can benefit your business.
Accurate bookkeeping ensures that your financial data is organized and reliable, helping you avoid penalties, missed deductions, or incorrect tax filings that could cost your business money. It also makes it easier to manage cash flow, plan for expenses, and make informed decisions that save you money in the long run.
We use QuickBooks Online and no others than certified professionals will be taking care of your business. You'll have continuous access to your account, enabling you to view your financial data anytime, anywhere.
Yes, we'll handle every aspect of setting up your QuickBooks Online account. We can help you choose the right plan and customize everything to fit your business needs.
If you've fallen behind on your bookkeeping, or if there are inaccuracies in your financial records, this service is crucial. It is often the first step to getting your finances back on track. That way you can get accurate and up-to-date records, allowing you to be ready to file your taxes, stay compliant with regulations and make informed business decisions.
The time it takes depends on the state of your financial records, the volume of transactions and your specific bookkeeping needs. After an initial assessment, we can provide a more accurate timeline. Generally, it can range from days to a few weeks.
Still Have Questions?
We're here to help! Contact us for personalized answers to your tax and financial questions.