Tax Relief Blog

Maximizing Profits Through Proper Tax Planning

September 1, 2020 | Mike Habib, EA

With more than 30 million small businesses in the US, effective tax planning is essential to maximizing profits and minimizing taxes, keeping more of what is earned, and lowering your taxes for the future. Understanding the intricacies of effective tax planning takes professional guidance to ensure that you are taking advantage of every opportunity. But there are some basic techniques that can be used to help lower you tax burden and maximizing profits coming into your business while reducing expenses.

Employee Benefits: These are mostly the incentives used to keep valuable employees. Such benefits include health insurance, contributions to life, long-term care, and disability insurance. And you may even include assistance for tuition, childcare, transportation, and even what you use for the cafeteria in your company.

Payroll Tax Resolution – How to Resolve Payroll 941/940 Tax Problems

August 10, 2020 | Mike Habib, EA

If you want an easy and stress-free business life, one of the best tips we can give you today is to stay on the IRS’ good side and to not tick them off.

Payroll tax resolution issues are amongst the most common reasons for the IRS pursuing Los Angeles or other cities, business taxpayers, or individuals whom they deem should be responsible taxpayers, which is why it’s important to ensure that you resolve any unpaid payroll 941/940 tax problems sooner, rather than later, should they arise.

It doesn’t matter whether you think you’re above the law, whether you make a mistake, whether you fail to file on time, or anything else for that matter, if you’re needing payroll tax resolution and are on the IRS’ radar they will come for you one way or another and get what they feel they are owed.

If you’re experiencing unpaid payroll 941/940 tax problems and require payroll tax resolution help, the sooner you rectify these issues and seek help, the better.

Call us today for a free case evaluation at 1-87-788-2937.

IRS Revenue Agent and IRS Revenue Officer – Different roles & responsibilities

July 10, 2020 | Mike Habib, EA

Although an IRS revenue agent – RA and IRS revenue officer – RO may sound like the same title, there are actually differences between them that you should know. While most individuals may never have to face an IRS audit for example, understanding how the different agents and officers operate can be quite important just in case you are facing the IRS.

Get IRS tax help by calling us at 1-877-788-2937.

Offer in Compromise and Coronavirus COVID-19

June 9, 2020 | Mike Habib, EA

IRS has provided updated instructions to taxpayers with respect to the effects of coronavirus – COVID-19 on offers in compromise (OICs).

IRS has the authority to compromise a taxpayer’s tax liability. An OIC is an agreement between the taxpayer and IRS that compromises a taxpayer’s tax debt for less than the full amount owed. IRS will accept an OIC when it is unlikely that the tax liability can be collected in full and the amount offered by the taxpayer reasonably reflects the taxpayer’s collection potential. The goal of an OIC is to collect what is potentially collectible at the earliest possible time and at the least cost to the government.

CARES ACT’S DEFERRAL OF, CHANGES TO, LIMITS ON EXCESS BUSINESS LOSSES

April 14, 2020 | Mike Habib, EA

Dear Client:

Right now your highest priority continues to be the health of those you love and yourself.

But you may have read a letter that I recently sent that summarized the Coronavirus Aid, Relief, and Economic Security (CARES) Act tax provisions.

That letter included a brief discussion of the CARES Act’s deferral of and changes to the limit on excess business losses. Here is more about the deferral and changes.

Tax Relief provided by CARES Act

March 31, 2020 | Mike Habib, EA

Dear Client:

We hope that you are keeping yourself, your loved ones, and your community safe from COVID-19 (commonly referred to as the Coronavirus). Along with those paramount health concerns, you may be wondering about some of the recent tax changes meant to help everyone coping with the Coronavirus fallout. In addition to the summary of IRS actions and earlier-enacted federal tax legislation that I previously sent you, I now want to update you on the tax-related provisions in the Coronavirus Aid, Relief, and Economic Security (CARES) Act, Congress’s gigantic economic stimulus package that the President signed into law on March 27, 2020.

IRS Tax Relief: COVID – 19 Corona Virus

March 25, 2020 | Mike Habib, EA

Major tax relief included in COVID-19 stimulus act agreement (03-25-20)

The Senate reached agreement on the Corona virus Aid, Relief, and Economic Security (CARES) Act stimulus bill last night, with a vote expected in the Senate today and a House vote today or tomorrow. It’s expected that the President will sign the bill. Key tax provisions include:

Tax credit rebates of up to $1,200 per individual and $500 per child that are phased out for taxpayers with AGI over $75,000 ($150,000 MJF and $112,500 HOH) and will be “rapidly advanced;”

Corona Virus COVID-19 IRS Tax Relief – Back Taxes Help

March 25, 2020 | Mike Habib, EA

For individual and business taxpayers facing hardship, back taxes, payment plans, installment agreements, offer in compromise, tax filings, tax levies, garnishments, liens, compliance and other IRS tax matters.

IR-2020-59 on 03.25.2020

IRS unveils new People First Initiative; COVID-19 effort temporarily adjusts, suspends key compliance programs

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.

Payroll problem tax debt relief – get professional representation

November 29, 2019 | Mike Habib, EA

Every business that operates in the United States is responsible for reporting certain types of information to the government. One of the most important things that a business must report is certain tax information for employment payroll on a quarterly and annual basis. They are required by the IRS to report the amount of 941/940 employment payroll taxes that have been either withheld from employees or what they owe to the government. If they fail to do at the prescribed time they will have a payroll tax problem.

Get a free case evaluation 1-877-78-TAXES [1-877-788-2937].