Tax Help

Save on Business Taxes – 6 Useful Planning Tips from the Experts

December 1, 2020 | Mike Habib, EA

As ruthless as the IRS can be, they aren’t completely heartless and they themselves know that businesses can’t be expected to hand over unreasonable amounts of profit every time they file their tax returns.

As a result of this, for people looking to save on your business taxes, the IRS is set up in such a way that it provides a series of tax savings, breaks aka deductions for individuals and business owners alike.

No Whittier, Los Angeles, or any other business owner wants to spend more money than they have to, and if you’re looking to maximize your profits and cut back on unnecessary spending, this is the perfect planning article for you.

Below we’ll be listing 6 useful planning tips from tax experts that will help you to save on your business taxes. If you’re not using the strategies set out below, hopefully you will by the time you’ve finished reading.

Want to save on federal & state taxes? Get a free evaluation by calling us at 1-877-788-2937.

Tax Account Review – TAR or Discovery

October 1, 2020 | Mike Habib, EA

For Los Angeles, and all over America, individuals or businesses who are concerned about the information they receive from the Internal Revenue Service (IRS) about their taxes, a tax account review – TAR may be the answer. For those who have complicated tax forms to fill out, a proper review by tax professionals may shed light on their current situation. In fact, many individuals have benefited in ways from a review that has helped them to pay less in taxes and keep more in their pocket.

What is a Tax Account Review or TAR, Discovery?

As the name implies, it is a review of the tax returns and other information of an individual or a business with the IRS and or the state. The goal is to provide a clear, comprehensive report about the taxpayer status with the IRS. This means a thorough review of previous tax returns, an overview of the income and expenses incurred by the taxpayer, and discovery of any new tax rules or regulations that may alter the taxes which are paid.

Tax Problem Resolution Services

January 6, 2020 | Mike Habib, EA

Tax Problem Resolution Services

It all started with the Tea Party in Boston, when American colonists protested British taxes levied “without representation.” The IRS didn’t come into being until 1862, to handle our first national income tax, 3% of income, levied to fund the Civil War. That tax expired in 1872, but again in the early twentieth century, just before World War I, Congress passed the Sixteenth Amendment, which imposed income taxes again. They haven’t expired since.

In a 1935 Supreme Court decision, a judge ruled that, “Any one may so arrange his affairs that his taxes shall be as low as possible…There is no patriotic duty to increase one’s taxes.” Most Americans think that people who cheat on their taxes are morally reprehensible and not good citizens, but they try to reduce their own tax bills legally.

Today, federal, state and local taxes add up to nearly 25% of the US Gross National Product, so they’re pretty adamant that you pay up. You have to pay taxes on income, payroll, sales, capital gains, property you own, dividends, goods you import, estates and gifts, and some fees. Even non-resident citizens are taxed on worldwide income.

With all these taxes to pay, it’s no wonder that sometimes people fall behind.

Tax Audit Representation – EA, Attorney, CPA

May 15, 2019 | Mike Habib, EA

A tax attorney, EA enrolled agent, CPA certified public accountant, provide tax audit representation to taxpayers who have never been audited in cooling down their anxieties and eliminating fear when the Internal Revenue Service checks in to conduct the audit. The first-time clients to be audited are not aware of what to expect during the inspection or what exactly is to be reviewed. An audit defense attorney, EA, CPA would, therefore, be needed to step in since they have vast experience and know what to expect during the tax audit. The fear will be dealt with if a competent EA, CPA, lawyer is hired. It is in the best interest for taxpayers seeking representation is to hire an EA, attorney, CPA so they do not put their case at risk. This is because an attorney, CPA, EA exhibits confidence and knows how to go about answering questions asked by the taxman. A competent representative, power of attorney, being present will let the client be at ease.

Tax Attorney VS Enrolled Agent VS CPA – What’s the Difference? Cost & Fees

February 4, 2019 | Mike Habib, EA

Looking to get your taxes and finances in order before the IRS comes knocking on your door? If so then rest assured that you are most definitely not alone. As we are now in tax season, taxpayers all across the country are starting to panic, dig out their receipts, and attempting to get their accounts in order as soon as possible. A select few however, are cool, calm, and collected. This is because those select few have made the wise decision to hire a professional tax expert (EA, CPA, attorney) to take care of their finances and accounts for them. When selecting a tax professional however, it’s important that you understand the choices available to you, and that you know the differences. Many people often confuse CPAs with tax attorneys and enrolled agents. While the three do share some similarities, in reality they are very different. To help show you what we mean, we’ll now look at the key differences between all three.

Get a free case evaluation today by calling us at 877-788-2937.

CLIENT LETTER EXPLAINS RECENT DEVELOPMENTS THAT MAY AFFECT A CLIENT’S TAX SITUATION

January 11, 2019 | Mike Habib, EA

Dear Client:

The following is a summary of important tax developments that occurred in October, November, and December of 2018 that may affect you, your family, your investments, and your livelihood. Please call us for more information about any of these developments and what steps you should implement to take advantage of favorable developments and to minimize the impact of those that are unfavorable.

Business meals. One of the provisions of the Tax Cuts and Jobs Act (TCJA) disallows a deduction for any item with respect to an activity that is of a type generally considered to constitute entertainment, amusement, or recreation. However, the TCJA did not address the circumstances in which the provision of food and beverages might constitute entertainment. The new guidance clarifies that, as in the past, taxpayers generally may continue to deduct 50% of otherwise allowable business meal expenses if:

The expense is an ordinary and necessary expense paid or incurred during the tax year in carrying on any trade or business;
The expense is not lavish or extravagant under the circumstances;
The taxpayer, or an employee of the taxpayer, is present at the furnishing of the food or beverages;
The food and beverages are provided to a current or potential business customer, client, consultant, or similar business contact; and
In the case of food and beverages provided during or at an entertainment activity, the food and beverages are purchased separately from the entertainment, or the cost of the food and beverages is stated separately from the cost of the entertainment on one or more bills, invoices, or receipts.

Upland, Claremont, Rancho Cucamonga, Fontana, Ontario IRS-FTB-EDD-CDTFA-BOE Tax Help

November 8, 2018 | Mike Habib, EA

We help individual and business taxpayers facing tax problems such as IRS-FTB-EDD-CDTFA-BOE tax audits, back tax debt, unfiled tax returns, employment 941 payroll problems in greater areas of Upland, Claremont, Rancho Cucamonga, Fontana, Ontario in California.

Tax problems don’t go away, you must take action to avoid tax levies such as bank levies, and wage garnishments. The IRS-FTB-EDD-CDTFA-BOE can also file tax liens against your properties in Upland, Claremont, Rancho Cucamonga, Fontana and Ontario.

Don’t let the tax agency ruin your life! Get tax relief today at 877-788-2937.

Don’t make your tax problem WORSE

September 25, 2018 | Mike Habib, EA

Don’t make your tax problem WORSE by hiring the wrong firm. You hear the tax relief advertisements on TV, radio and internet of these unknown companies promising that they can eliminate your tax debt and settle for “pennies on the dollar”. These tax relief companies claim to be the biggest, largest, etc. You end up speaking to an unlicensed sales person, not a lawyer, EA or CPA that puts so much pressure on you to pay them and hire them; I call them sales organizations as they are not tax or law firms, but scammers that prey on innocent taxpayers like you.

Watch out! Don’t fall for scams and make your exiting tax problem even worse.

You want results; call us at 877-788-2937.

Amended Tax Return – How To – What You Need to Know

July 26, 2018 | Mike Habib, EA

Today we’re going to be looking at a few amended tax return tips and looking at what you should know about the process. Okay, so let’s say you were very well-prepared this year, and that you filed your tax return well in advance. The pressure was off, and now you could sit back, relax, and wait to do the same thing again next year. But wait. In your haste to get it filed on time, you failed to declare some additional income from freelance work you forgot about. Now is the time to start searching for amended tax return services. Filing an amended tax return may sound simple enough, but there are a number of pitfalls to watch out for, which could hurt you financially. That’s the last thing we want to happen to you, which is why for today’s article, we’re going to share a few useful tips with you to help you amend your tax return and look at what you need to know.

Get a brief evaluation today at 877-788-2937.

Client tax planning letter – Q2 2018

July 16, 2018 | Mike Habib, EA

Dear Clients:

The following is a summary of important tax developments that have occurred in April, May, and June of 2018 that may affect you, your family, your investments, and your livelihood. Please call us for more information about any of these developments and what steps you should implement to take advantage of favorable developments and to minimize the impact of those that are unfavorable.

The IRS released a new draft version of the 2018 Form 1040, U.S. Individual Income Tax Return. The new Form is markedly different from the 2017 version of the form and would replace the current Form 1040, as well as the Form 1040A and the Form 1040EZ. In addition to reflecting a number of changes made by the Tax Cuts and Jobs Act (TCJA; P.L. 115-97, 12/22/2017), the “postcard” draft form is about half the size of the current version and contains far fewer lines than its predecessor. However, this reduction in length is countered by the fact that the draft form has six new accompanying schedules.