EA Tax Resolutions was founded on the idea that tax resolution process should be an open-ended process from beginning to end. That's why when you call EA Tax Resolutions you will only be dealing with a certified IRS Enrolled Agent who will let you know exactly what options you have to settle your taxes and what it will cost you.
Why You Must Request Your IRS Collection Appeal. Why You Must Request Your Irs Collection Appeal. The collection process is a sequence of actions that the IRS can adopt to collect on taxes you owe, if you don’t willingly pay them.
The collection process will commence if you don’t make your payments in full and on time. If you come across an IRS collection action, such as a tax lien, levy, or IRS denial of your request for an installment agreement, you can request for Collection Appeals that corresponds to your case. During the trial, you or your official agent will state your case and provide credentials to support your situation. It’s, in general, a fast process, but you can’t plea for the outcome in court if you oppose it. The reason it is so important to file a collection appeal is because of the way your case will get expedited to be resolved. Before 1998, taxpayers who had unpaid IRS money were at the kindness of the IRS Collections Division. The Collection Division used to simply confiscate property/assets whenever it deemed it administratively efficient to expedite payment.
The Various Types of Offers-In-Compromise (OIC) An offer-in-compromise is an effective way to settle your tax debt for less than the amount you actually owe.
There are three types of OICs. Tax Resolution in Orange County. A Tax Resolution company is a tax business that specializes in resolving back tax debts for individuals or businesses with the IRS and State.
Unlike your normal tax offices like H&R Block or CPAs who only deal with current year tax returns, Tax Resolution companies file back tax returns and resolve tax debts. Dealing with the IRS can be time consuming and complex, Tax Resolution companies offer an important service to the public to help resolve their tax debts using professionals. These professionals consist of, Tax Attorneys, IRS Enrolled Agents, or CPAs. Though every case is different, the typical case goes through the following process. IRS Investigation: This is where the tax resolution company will file an IRS Power of Attorney (Form 2848) to establish communications with the IRS. Clients of tax resolution companies usually know they are falling behind on their tax bill, however the IRS can be scary and tricky to deal with. Irs Debt Orange County. Tax Debt Settlement in Orange County. The Best Federal Income Tax Preparation Guide 2019 With Tax Brackets. Looking to calculate the amount of taxes you need to pay in 2019 for the previous year?
Here we have brought for you a detailed guide with the tax brackets to help you in the process. The first step is to establish which tax filing status you fall into. Below are the 5 to choose from: Single: Unmarried or legally separated taxpayers may use this status.Head of Household: Single or legally separated people can claim this status if they have a qualifying child or children for which they pay at least half of the support.Married, Joint Tax Filing: If you are married and filing tax preparation with your partner.Married, Separate Tax Filing: You can file tax return separately even when you are married, which normally results in higher liabilities.Qualifying Widow(er): Similar to joint tax filing, but the person needs to have a qualifying dependent and the spouse must have passed away in 2017 or 2018. Note: All the statuses are applicable as of December 31st, 2018. Small Business Tax Return Preparation. Tax Preparation Services in Orange County.
Signs That Your Business Needs To Outsource Its Accounting. Businesses grow, the number of employees increase and the owners certainly look to achieve new heights with their organization.
Ever wondered what fraction of businesses do actually achieve the heights of success? It’s certainly less compared to the ones that come to the market. And one major difference between a successful and unsuccessful business is the way they manage it. "If you are not good at something, you need to hand over the job to the experts to perform it on your behalf". And ‘accounting and bookkeeping’ is one major task in a business that needs an expert’s assistance, if the business owner aims for bright future with their enterprise.
Is it the time for your business too, to seek the services of a good accounting service agency? Increasing Intricacy of Your Finances: Until you were a startup, you could manage the accounts all by yourself or hire cheap bookkeepers to perform it for you. In such a case, hiring accounting service could be a cost-effective and a far better option. How IRS-Enrolled Agents Offer Better Tax-Preparation Services. When looking to outsource their tax preparation, many businesses are still dependent on CPAs or Certified Public Accountants.
However, with changing trends and in order to obtain better benefits, Enrolled Agents (EA) are slowly turning to be a popular choice among startups, small businesses and even full-fledged organizations. Let us discuss how Enrolled Agents have an edge over CPAs in your region: Why Enrolled Agents Over Certified Accountants: Both enrolled agents and certified public accountants enjoy almost similar status and offer services such as tax return preparation, business audits, and bookkeeping assistance etc. Why You Should Outsource Your Tax Return Preparation For Your Small Business. Small businesses are synonymous to a lot of things they generally do not wish to hear.
Few employees, limited resources, and generally a limited amount of time to manage all the operations. And in such a case, filing tax returns is an element that every small business could find highly worrying. Small Business Bookkeeping Orange County. Individual Tax Return Preparation Orange County. Income Tax Preparation Orange County. IRS audit Orange County.
How does an S-Corporation save tax? First off for clarification, as most don’t know the difference, an S-Corporation is not always a corporation.
An S-Corporation is strictly just a tax entity, whereas an LLC or Corporation are legal entities. However, in order to be taxed as an S-Corporation, you will need to first be set up as either an LLC or Corporation with your State, and then elect to be taxed as a subchapter S corporation. So, the way an S-Corporation saves tax is that it allows business owners to avoid Social Security (12.4%) and Medicare tax (2.9%), better known as self-employment tax (15.3%), on a portion of the business profits. For example, a small business earns a net profit of $100,000. As a sole proprietor or partnership, you will pay about 15.3% in self-employment taxes on your full profit of $100,000. As an S-corporation, you get to split your net profit into 2 separate categories; “Shareholder’s wages”, and “Distributions”.
Anthony Fontana EA. 20% Qualified Business Income Tax Deduction. One of the most prominent tax deductions for this 2018 tax year is the 20% Qualified Business Income (QBI) tax deduction, also known as Sec 199A of the IRS tax code.
Effective for tax years beginning after December 31, 2017 and before January 1, 2026 taxpayers that are not corporations are entitled to a 20% deduction on “qualified business income” earned in a “qualified trade or business.” How much is the deduction? The QBI tax deduction is 20%. However, if you have taxable income over $315,000 for the year (if married, $157,500 if single) then the deduction becomes limited. The limits are based on the taxable income, type of business, wages paid and unadjusted basis of certain property used by the business. . • Whether your business is a Specified Service Trade or Business (SSTB) (explained later); • W-2 wages paid by the business; and • Unadjusted basis (UBIA) of certain property used by the business.
Who can claim the deduction? 1.