Tax Relief Blog

Amending corporation tax returns 1120 or 1120S business to 1120X or 1120SX

May 2, 2022 | Mike Habib, EA

Amending and or correcting a US corporate 1120 or 1120S business tax return (1120X), there are many reasons to do so: Corporate business returns often require amendments to correct errors or to claim overlooked income, deductions or tax credits after the filing of the returns, if located in Los Angeles, CA or other city.

The process of correcting business corporate returns 1120 or 1120S requires different types of amended forms and an understanding of the refund procedures as well as possible additional tax obligations. Business taxpayers should timely correct and amend their corporate business tax returns to assure inaccuracy of penalties being assessed, and of course to avoid a possible audit and its significant impact on you the taxpayer.

IRS Tax Representation Help in Connecticut

April 15, 2022 | Mike Habib, EA

If you are an individual or a business taxpayer who is facing tax problems, you can end your nightmare now. Our tax firm assists, helps and represents taxpayers facing tax problems such as unfiled tax returns, unpaid delinquent back taxes, IRS and state audits, payroll 941/940 problems, tax levies, liens, garnishments and other collection issues.

Get tax relief representation and complete resolution today! Call us at 1-877-788-2937.

Amending personal income tax returns 1040 individual to 1040X

April 1, 2022 | Mike Habib, EA

Amending and or correcting a US individual 1040 income tax return (1040X), there are many reasons to do so: correcting filing status of the taxpayers, which if not corrected, would result in incorrect total income reported, tax deductions and tax credits. Taxpayers should timely correct and amend their personal tax returns to assure inaccuracy of penalties being assessed, and of course to avoid a possible audit and its significant impact on you the taxpayer, if located in Los Angeles, CA or other city.

Los Angeles Business Bookkeeping Services – Choosing the right firm

March 1, 2022 | Mike Habib, EA

Bookkeeping is a very important part of any business and unless you have a dedicated department to handle yours, you should consider hiring an outside tax/accounting firm. Keeping track of how much money is coming in and going out is paramount and when it comes to hiring a firm you need to find the right one.

Hopefully, by the time you get to the end of this article, we provided you with enough reasons to choose to go with a tax/accounting firm that offers the best Business Bookkeeping Services. As part of our research for this article we discovered many benefits of using a bookkeeping service and we included our top five reasons.

Get a free evaluation by calling us at 1-877-78-TAXES [1-877-788-2937].

Our firm is based in Whittier, Los Angeles, California and we serve clients in various industries, such as real estate, construction, insurance, automotive, healthcare / medical, franchises, restaurants and bars, manufacturing, retail / wholesale, distribution, import / export, lawyers, non-profits, IT / technology / software, startups, farming, churches, freelancers, truckers, trucking, delivery and many more.

5 FAQ When Choosing a Los Angeles CPA or EA – Small Business Accounting

February 1, 2022 | Mike Habib, EA

One of the most important aspects of a company to the small business owner or operator is the financial, accounting side. It is very important to know the financial condition of your business. For most businesses, this falls on the Accounting department. For smaller businesses, where there is not an option, a CPA or EA firm may be a better choice.

A CPA or Certified Public Accountant, or EA Enrolled Agent is a specially trained professional who knows all of the necessary rules and regulations regarding business finances. This includes the very important topic of taxes (preparation, planning and representation). This article is designed to discuss the benefits of hiring and working with a Los Angeles CPA and or an EA. Below will be some frequently asked questions that cover the benefits of using an EA or a CPA for your small business finances.

Get a free evaluation by calling us at 1-877-78-TAXES [1-877-788-2937].

IRS TFRP Help – Everything You Need to Know About Trust Fund Taxes and Penalties

January 3, 2022 | Mike Habib, EA

As hard to believe as it may be, we are now in yet another year and here’s to hoping that 2022 will be significantly better than the last previous years, but we digress. What we’re here to talk about today is IRS TFRP help, or trust fund recovery penalty help, as it is better known.

With tax season coming up fast, our thoughts will soon be turning to our books and accounts, as we look to get all of our taxes in order so as to appease the wrath of the tax man.

If you’re a small business owner, you will likely already be aware that unpaid employment 941 payroll trust fund taxes can cause monumental headaches. When money is held ‘in trust’ it has to be paid to the Treasury on a weekly, semi-weekly or monthly schedule. This is all well and good, but should a business use these funds for any other purposes, I.E for paying rent or utilities, problems with the IRS could potentially arise.

It doesn’t matter whether this money was “borrowed” in good faith at all, if the money isn’t returned, the IRS can actually slap you with the trust fund recovery penalties portion and hit you with employment 941 payroll business back taxes personally.

Get tax help today by calling us at 1-877-78-TAXES [1-877-788-2937].

Our tax representation firm is in Whittier, Los Angeles, CA but serves taxpayers in all 50 states.

Employment Tax Help – Key Reasons to Hire an Employment Tax Professional

December 17, 2021 | Mike Habib, EA

With tax season now right around the corner, it’s more important than ever to get your accounts and payroll 941/940 tax returns in order, rather than potentially find yourself staring down the wrong end of a substantial penalty from the Internal Revenue Service.

Each year, countless business owners and taxpayers alike seek out employment tax help from tax professionals, EA, CPA, Attorney as understanding how employment tax works can be tricky and complex.

As an employer, it is your responsibility to report and deposit employment taxes. At the end of each financial year, you must prepare and file Form W-2, Wage and Tax Statement in order to report wages, tips, and various other types of financial compensation which have been paid to an employee.

Sounds complex? That’s because it is. It is little wonder then, to learn that employment tax help professionals, CPA, EA, Attorney are so highly sought-after in the business world. If you’ve not yet hired one, you almost certainly will after reading this today.

Get tax help today by calling us at 1-877-78-TAXES [1-877-788-2937].

Our tax representation firm is in Whittier, Los Angeles, CA but serves taxpayers in all 50 states.

SALT Credits – A Handy Guide to State and Local Tax Credits

December 10, 2021 | Mike Habib, EA

When it comes to matters regarding taxes and tax breaks, it’s important to know where you stand. The demand for professional tax services as of late is greater than ever before and if you’re a taxpayer yourself, you’ll instantly understand exactly why that is.

For anybody who is a taxpayer, not only does it pay to seek professional help, it also pays to understand the various tax breaks and deductions which could be available to you.

State and local tax credits for example, have been a hot topic as of late as it can potentially save you money in the form of a very handy deduction.

But what exactly are SALT credits and what is the important info that you need to know? Well, all will soon become clear as we share a very handy guide with you all about state and local tax credits.

Tax Credits You May Claim Now

November 19, 2021 | Mike Habib, EA

If you’re like most, then taxes are probably not your favorite thing in the world. But at the end of the year it’s always good to make sure that you don’t miss out on any deductions or credits – because let’s face it, money is tight and every dollar counts.

In this article we will go over 10 different tax credits that you may be able to claim in order to reduce your taxable income, and therefore the amount of taxes you owe. These include credits for charitable giving, education expenses, child care, retirement savings accounts and more and even better these are eligible for individuals and small business.

My name is Mike Habib and I’m here to tell you about tax credits for this year that can help save you some money. Whether you’re a freelancer, an employee with overtime hours, or just someone who wants to report losses from investments- there are plenty of ways for Americans to take advantage of what they deserve. So if you have questions about whether one credit applies to your situation we’ll cover it all in this article.

IRS Federal Tax Credits – Different Types of Tax Credits

October 18, 2021 | Mike Habib, EA

If you had the opportunity to receive a refund from the IRS or pay less tax legally than you thought you had to, would you take the opportunity or just let it pass you by? 9.9 times out of 10, you’d jump at the opportunity, and why wouldn’t you?

Despite there being numerous ways of paying the IRS fewer taxes, and indeed, of claiming back taxes and expenses that you weren’t aware you could, it turns out that every year, countless US citizens across the nation pass up these very opportunities by failing to take advantage of the IRS federal tax credits that they are legally entitled to.

Tax season may still be quite a way away yet, but it’ll soon be here before you know it and the last thing you want is to leave it until the last minute when filing your return, or worse still, to pay more tax than you should. If you are looking to reduce your tax liability, or even potentially enjoy a tax rebate from the taxman himself, familiarizing yourself with the various tax credits out there is highly recommended.