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.
Tax anxiety, TAX-IETY, comes in different forms of tax problems such as:
What is an IRS audit tax-iety?
An IRS audit is a review or examination of an individual’s or organization’s tax return to ensure that the information is accurate and that the tax return is being filed in compliance with the tax laws. If the IRS finds errors or discrepancies in the tax return during the audit process, it may result in an adjustment to the tax liability and possibly additional taxes owed, penalties and interest. The IRS may conduct audits through various methods, including correspondence audits, in which the taxpayer is asked to provide additional documentation by mail, or field audits, in which an IRS agent visits the taxpayer’s place of business or home to review the tax return and related records in person. If you are selected for an IRS audit, it is important to cooperate with the process and provide the necessary documentation to support the information reported on your tax return.
Our Whittier, Los Angeles, CA tax representation firm represents audited taxpayers before the IRS & Appeals, contact us today at 1-877-78-TAXES [1-877-788-2937].
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.
Types of IRS tax problems and how to resolve them
There are many types of IRS tax problems that individuals and businesses may encounter. Some common tax problems include:
Failing to file a tax return: If you fail to file a tax return (1040, 1120, 1065, 941, etc.), you may be subject to penalties and interest for failure to file and for any unpaid taxes.
Owing back taxes: If you owe back taxes, personal income tax, corporate income tax, or employment 941 payroll tax, the IRS may take enforcement action, such as placing a lien on your property or garnishing your wages and levying your bank accounts.
Incorrect tax returns: If you make mistakes on your tax return, you may owe additional taxes, penalties, and interest. Amending your tax returns could correct these errors.
Disputing a tax bill: If you disagree with a tax bill, you can file an appeal with the IRS.
Tax evasion: Tax evasion is the deliberate attempt to avoid paying taxes. It is a federal crime punishable by fines and imprisonment.
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].
If you were to ask most Californians if they knew what the IRS does, most of them would know exactly what you were talking about. However, if you were to ask the same people if they knew what the California FTB does, I would guess a small number of them would know.
The answer to the question of what the FTB does is? Is quite simple, they are tasked with collecting all of the income taxes assessed by the state of California. The FTB or Franchise Tax Board was created to replace the office of the Franchise Tax Commissioner that was abolished in 1950.
Get FTB help, call our Los Angeles based tax representation firm today at 1-877-78-TAXES [1-877-788-2937].
Owing back taxes to the IRS or state FTB, EDD, CDTFA can be overwhelming and stressful. It’s not uncommon for individuals and businesses to fall behind on their taxes due to various reasons, such as financial hardship or a lack of understanding of tax laws. However, ignoring the problem can lead to serious consequences, including wage garnishment, bank levies, and even seizing assets.
If you’re in this situation, it’s essential to seek professional help to resolve your back taxes. A tax professional (EA, CPA, Lawyer) can help you navigate the process, negotiate with the IRS or state on your behalf, and help you get back on track.
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].
Paying taxes is a necessary part of life, but dealing with the Internal Revenue Service (IRS) can be a daunting experience. The IRS is a powerful government agency with the authority to enforce tax laws, and they have the ability to impose penalties and even seize assets for non-compliance. This is why having fierce tax representation is critical in ensuring that your rights are protected and your interests are represented.
Fierce tax representation involves having a team of experienced professionals on your side who are willing to fight for your rights and defend your interests. This team can include Enrolled Agents, Certified Public Accountants (CPAs), and tax attorneys who specialize in tax controversy law and have extensive experience dealing with the IRS. They can provide guidance on tax planning, help you prepare and file tax returns, and represent you before the IRS and various state tax agencies such as FTB, EDD and CDTFA in the event of an audit or other serious tax-related matter.
If you own a property, a business, or are employed, you’ll likely have to pay taxes. According to the 16th Amendment in our Constitution, individuals are required to pay taxes from income sources. Taxes can be broken down into three categories: what you purchase, what you own, and what you earn. Some may wonder why we have to pay them and for what purpose. They contribute to resources such as our government, educational systems, law enforcement, libraries, and others. However, individuals who fail to pay taxes can suffer penalties and potential criminal charges.
There is a substantial amount of time you have to file your taxes, but the process can seem hefty. With the help of Los Angeles tax services firms, you can receive information on your tax return, the amount you owe, and various resources for tax preparation service. Furthermore, there are different kinds of tax advisors that serve a purpose to fit your needs. Our Los Angeles tax services can become an essential part of the taxing process.
Call us today at 1-877-788-2937.
Tax Relief Blog