Tax Help

1041 Trust Tax Preparation and the Need for Professional Tax Help

October 30, 2023 | Mike Habib, EA

Form 1041, U.S. Income Tax Return for Estates and Trusts, is a complex tax form that is used to report the income and expenses of estates and trusts. The fiduciary of an estate or trust is responsible for filing Form 1041, which is due on April 15th each year (unless an extension is filed).

Trust tax preparation can be a challenging task, even for experienced tax preparers. There are many complex rules and regulations that apply to estate and trust taxation, and it can be difficult to keep up with the latest changes. Additionally, trust tax returns can be very complex, depending on the type of trust and the assets and income that it holds.

Facing Tax Problems: Your Path to Financial Freedom with Mike Habib, EA

September 1, 2023 | Mike Habib, EA

Life has a way of throwing us unexpected challenges, and for many individuals and businesses, tax problems are among the most daunting. The mere mention of “Tax Audits,” “Unpaid Back Taxes,” “Unfiled Tax Returns,” “941 Payroll Problems,” “Tax Levies,” and “Tax Liens” can send shivers down your spine. But here’s the good news – you’re not alone on this journey. In this article, we will utilize the power of persuasive language to empower you with the knowledge that Mike Habib, EA, can be your key to financial freedom, helping you navigate the treacherous waters of tax problems.

Contact us for professional tax help today!

Unveiling the Enrolled Agent: Unlocking the Realm of Tax Expertise and Services

June 23, 2023 | Mike Habib, EA

Tax matters can be complex and daunting, and navigating the ever-changing tax landscape can be a challenge. In such a scenario, having a qualified tax professional on your side is invaluable. The Enrolled Agent (EA) – a tax specialist authorized by the U.S. Department of Treasury to represent taxpayers before the Internal Revenue Service (IRS). In this article, we will delve into the world of enrolled agents, explore their role in tax services, and understand the vast array of expertise they bring to the table.

The Enrolled Agent: An Overview

An Enrolled Agent is a tax practitioner who is federally authorized to represent taxpayers before the IRS. To become an EA, one must either pass a rigorous three-part comprehensive examination administered by the IRS or have previous experience as an IRS employee. Enrolled Agents are empowered to represent individuals, businesses, estates, trusts, and any other entities in all matters related to tax, including audits, collections, and appeals.

Contact us for professional tax help today!

Chicago professional tax help: Taxpayers Facing Tax Audits, Back Taxes, and 941 Payroll Tax Problems

May 22, 2023 | Mike Habib, EA

Chicago, Illinois is home to numerous businesses and individuals who may face tax-related challenges such as tax audits, back taxes, and payroll tax problems. The process of resolving tax issues can be overwhelming and stressful for taxpayers, and seeking professional (EA, CPA, Lawyer) tax help can be a wise decision. In this article, we will explore the benefits of professional tax help for Chicago taxpayers facing tax audits, back taxes, and 941 payroll tax problems.

Contact us for tax help today.

New York Professional Tax Help: Taxpayers Facing Tax Audits, Back Taxes, and 941 Payroll Tax Problems

May 19, 2023 | Mike Habib, EA

New York is known for being a hub of commerce, culture, and innovation, attracting businesses and individuals from all over the world. With this bustling economy comes a complex tax system, which can be overwhelming and confusing for many taxpayers. Whether you are a small business owner, self-employed, or an individual taxpayer, you may face tax issues such as tax audits, back taxes, and 941 payroll employment tax problems. In these situations, seeking professional (EA, CPA, Lawyer) tax help in New York can make a significant difference in resolving your tax problems and avoiding legal and financial consequences.

Contact us for tax help today.

Los Angeles accountant for small business – Mike Habib, EA

April 3, 2023 | Mike Habib, EA

Small business owners often find themselves juggling multiple responsibilities, from managing employees to overseeing operations to marketing and sales. Amidst all these demands, managing finances can easily become overwhelming, especially for those who lack a strong financial background. That’s where an accountant (EA or CPA) can help.

A Los Angeles, CA accountant can provide essential financial expertise and support to small business owners, helping them make informed decisions and manage their finances efficiently. Here are some ways an accountant can help small business owners:

Bookkeeping and Accounting Services: An accountant can assist with bookkeeping and accounting tasks, such as recording transactions, reconciling accounts, and producing financial statements. This helps small business owners keep track of their financial position and make informed decisions based on accurate and up-to-date financial data.

Tax Planning and Preparation: An accountant (EA or CPA) can help small business owners navigate the complex world of tax laws and regulations, ensuring compliance and minimizing tax liabilities. They can also help prepare tax returns, file necessary forms, and represent the business in the event of an audit.

Financial Analysis and Reporting: An accountant can help small business owners analyze their financial data, identify trends and patterns, and provide insights that can inform strategic decision-making. This can include cash flow analysis, budgeting and forecasting, and ratio analysis.

Business Planning and Consulting: An accountant can provide valuable guidance and support in the areas of business planning and consulting. They can help small business owners develop business plans, evaluate financial projections, and provide advice on financing and investment decisions.

Risk Management: An accountant can help small business owners identify and manage financial risks, such as fraud, theft, or mismanagement. They can also help implement internal controls and policies that mitigate risks and protect the business.

To sum, an accountant (EA or CPA) can be a valuable asset to small business owners, providing essential financial expertise and support. From bookkeeping and accounting to tax planning and preparation, financial analysis and reporting, business planning and consulting, and risk management, an accountant can help small business owners navigate the complex world of finance, make informed decisions, and achieve their goals. If you are a small business owner, consider partnering with an accountant to help you manage your finances and grow your business.

Contact us today for all you tax and accounting needs.

Los Angeles Tax Services

February 8, 2023 | Mike Habib, EA

Tax Preparation, Tax Planning, and Tax Representation: Understanding the Importance of Professional Assistance

Tax preparation, tax planning, and tax representation are all crucial components of managing your finances and ensuring that you meet your tax obligations. In this article, we will delve into what these terms mean, why they are important, and how to choose the right professional to help you.

Contact us today for all you tax needs.

Income Tax Preparation Service: Get your taxes done right

January 16, 2023 | Mike Habib, EA

When it comes to tax season, many people are faced with the decision of whether to prepare their own taxes or use an income tax preparation service. While it may seem like an added expense, there are many benefits to using a professional tax preparation service that make it well worth the cost.

One of the biggest advantages of using a tax preparation service is the level of expertise they bring to the table. Tax laws are constantly changing, and tax preparers are required to complete continuing education courses to keep up with the latest changes. They can help ensure that you are taking advantage of all the tax credits and deductions available to you, and can also help you avoid any costly mistakes that could result in an audit or fines.

Call Mike Habib, EA today at 562-204-6700 for tax & accounting service.

Serving Los Angeles, Whittier, Santa Ana, Irvine, Long Beach, Anaheim, Downey, Norwalk, Montebello, Pico Rivera, Santa Fe Springs, El Monte, Baldwin Park, Cerritos, La Mirada, La Habra, Hacienda Heights, La Puente, Montebello, Artesia, Bell Gardens, Commerce, Pasadena, SGV, SFV.

Los Angeles tax, accounting service

December 15, 2022 | Mike Habib, EA

How to fix my messy back-years accounting for my Los Angeles, CA business?

If you have messy books for many back years of accounting, it can be overwhelming to try to organize and clean them up. Here are some steps you can take to tackle the task:

Take an inventory: First, make a list of all the records you have, including bank/credit card statements, invoices, receipts, and other documents. This will help you to get a sense of the scope of the project and to identify any missing records.

Set goals: Determine what you hope to accomplish by cleaning up your books. For example, you may want to catch up on your tax filings, prepare for an audit, or simply get a better understanding of your financial situation. Having specific goals in mind will help to keep you motivated and focused.

Create a plan: Develop a plan for organizing and cleaning up your books. This might involve setting aside a certain amount of time each week to work on the project, or breaking the task down into smaller, more manageable chunks.

Gather tools and resources: Make sure you have the tools and resources you need to get the job done. This might include accounting software, a financial calculator, and reference materials such as tax guides or accounting textbooks.

Seek help: If the task is too overwhelming to tackle on your own, consider seeking the help of a professional, such as a local SoCal EA enrolled agent or CPA. They can provide guidance and expertise to help you get your books in order.

By following these steps and working steadily and consistently, you should be able to make progress in cleaning up your books and getting your financial affairs in order.

Our Los Angeles based tax firm, led by Mike Habib, Enrolled Agent, represents and helps business taxpayers get compliant with back years, contact us today at 1-877-78-TAXES [1-877-788-2937].

FTB Audit Representation by California State Taxing Authority

October 28, 2022 | Mike Habib, EA

In case you were not aware of what the FTB is, it is the California board that is responsible for collecting all of the personal income tax and business franchise taxes that are assessed every year for people and companies in California. Formed in 1950, the board replaced the original Franchise Tax Commissioner that was created by the original California Constitution.

The board uses several methods to collect owed taxes. The most frustrating method is the audit and if you receive an exam notice in the mail, you better take it seriously. This should include your right for CA FTB Audit representation. Our tax representation firm can help you get the best possible outcome from your audit.

The CA FTB is made up of three individuals that hold specific positions in the state government. The people who have these three positions are who make up the Franchise Tax Board; California State Controller, Chair of the Board of Equalization, and Director of the Department of Finance.

Betty T. Yee (State Controller)

Malia M. Cohen (Chair of the Board of Equalization)

Joe Stephenshaw (Director of the Department of Finance)

Get FTB help, call our Los Angeles based tax firm today at 1-877-78-TAXES [1-877-788-2937].