Tax Relief Blog

Navigating EDD Tax Audits: The Benefits of Professional Representation

January 7, 2024 | Mike Habib, EA

EDD audit representation

Tax audits can be a daunting experience for any taxpayer, and when it comes to the Employment Development Department (EDD) audits, the stakes can be particularly high. The EDD is responsible for administering unemployment and disability insurance, payroll tax collection, and job training/workforce services in California. An EDD tax audit focuses on ensuring that businesses comply with CA state payroll tax laws, which can be complex and multifaceted. This article will explore the intricacies of EDD tax audits and the significant advantages of having professional representation during the process.

We handle all of the intricate details of the audit process and negotiation to free you up to do what you do best – run your business. Get a free case evaluation today at 877-788-2937.

Employment 941 Tax Problems and How an Enrolled Agent Can Help

December 29, 2023 | Mike Habib, EA

Employment taxes can be a complex area for businesses, especially when it comes to Form 941, the Employer’s Quarterly Federal Tax Return. This form is used to report income taxes, social security tax, or Medicare tax withheld from employee’s paychecks, and to pay the employer’s portion of social security or Medicare tax. However, mistakes can happen, and when they do, they can lead to significant tax problems. This is where an enrolled agent can step in to help.

Understanding 941 Tax Problems
Several issues can arise with Form 941. These can include failing to file or pay on time, making errors on the form, or not depositing taxes when due. These mistakes can result in penalties and interest, compounding the amount owed.

We assist in business employment 941/940 payroll tax compliance and representation. Call us today at 1-877-78-TAXES [1-877-788-2937].

Top 10 Tax Planning Concepts for W-2 Earners

December 15, 2023 | Mike Habib, EA

Top 10 Tax Planning Concepts for W-2 Earners

As a W-2 earner, understanding tax planning concepts can help you maximize your tax savings and ensure you’re making the most of your income. Here are the top ten tax planning concepts you should know.

1. Understanding Your W-2 Form
Your W-2 form is a crucial document that outlines your income and the taxes withheld from your paycheck. Understanding each box on this form can help you accurately file your taxes and avoid potential issues with the IRS.

2. Adjusting Your Withholdings
If you consistently owe money at tax time or receive a large refund, you may need to adjust your withholdings. By ensuring the correct amount is withheld from each paycheck, you can avoid a large tax bill or loaning the government money interest-free.

We assist individual taxpayers with tax compliance, preparation, planning and representation. Call us today at 1-877-78-TAXES [1-877-788-2937].

C Corporation Tax Savings: Frequently Asked Questions

December 1, 2023 | Mike Habib, EA

C Corporations are a common choice for many businesses, offering a range of tax benefits that can lead to significant savings. This article will answer some of the most frequently asked questions about C Corporation tax savings.

What is a C Corporation?
A C Corporation is a legal structure for a corporation in which the owners, or shareholders, are taxed separately from the entity. C Corporations, named for the subsection of the IRS code that governs them, have a distinct tax structure that differs from other business entities.

We assist in business tax compliance, preparation, planning and representation. Call us today at 1-877-78-TAXES [1-877-788-2937].

S Corporation Tax Savings: Frequently Asked Questions

November 17, 2023 | Mike Habib, EA

S Corporations are a popular choice for many business owners due to their unique tax benefits. This article will answer some of the most frequently asked questions about S Corporation tax savings.

What is an S Corporation?
An S Corporation is a type of corporation that meets specific Internal Revenue Service (IRS) tax code requirements. The biggest feature of an S Corporation is that it provides its owners with limited liability protection, while allowing income and losses to be passed through to the owners’ personal income tax returns, thereby avoiding double taxation.

We assist in business tax compliance, preparation, planning and representation. Call us today at 1-877-78-TAXES [1-877-788-2937].

Tax Representation Help: A Lifeline for Taxpayers

November 3, 2023 | Mike Habib, EA

Mike Habib, EA: Your Ally in Navigating Tax Problems

Tax issues can be a source of significant stress and confusion. Whether it’s unfiled tax returns, unpaid back taxes, tax audits and appeals, or 941 employment payroll problems, these issues can seem insurmountable. However, our representation firm led by experienced EAs, tax professionals specialize in these very problems.

Who are Enrolled Agents?

Enrolled Agents are tax professionals licensed by the U.S. Department of the Treasury to represent taxpayers before the Internal Revenue Service (IRS). They are the only federally-licensed tax practitioners who specialize in taxation and have unlimited rights to represent taxpayers before the IRS.

Contact us for professional tax help today!

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.

Unveiling the Secrets of Tax Deductions and Credits: A Comprehensive Guide for Individuals and Businesses

October 16, 2023 | Mike Habib, EA

When it comes to navigating the complex world of taxes, understanding deductions and credits is like having a secret treasure map to unlock potential savings. Tax deductions and credits are powerful tools that can help individuals and businesses reduce their tax liabilities, putting more money back in their pockets. In this comprehensive guide, we will explore a wide array of deductions and credits available to individual and business taxpayers, shedding light on the financial opportunities they offer.

New Sole Proprietors, LLCs, and Corporations Need Accounting and Tax Services

October 2, 2023 | Mike Habib, EA

Starting a new business in Los Angeles area is an exciting time, but it can also be overwhelming. There are so many things to think about, from developing a business plan to marketing your products or services. One of the most important things to consider is accounting and bookkeeping.

If you’re new to business, you may be wondering why accounting and bookkeeping are so important. After all, you’re just starting out, right? You don’t have a lot of money to spend on accounting and tax services.

IRS Bank Levy – Reasons and How to Release It

September 15, 2023 | Mike Habib, EA

1. What is an IRS bank levy?
An IRS bank levy is a legal action taken by the Internal Revenue Service (IRS) to collect unpaid taxes. When the IRS levies your bank account, they freeze the funds in it and eventually withdraw the amount owed to satisfy your tax debt.

2. Why would the IRS levy my bank account?
The IRS may levy your bank account for various reasons, including:

a. Unpaid Taxes: If you have unpaid federal taxes, the IRS can use a bank levy to collect the amount owed.

b. Ignoring Tax Notices: Failure to respond to IRS notices or communicate about your tax debt may prompt the IRS to take aggressive collection actions, such as levying your bank account.

c. Lack of Communication: Ignoring IRS attempts to reach you or disregarding their requests for payment can lead to a bank levy.

d. Tax Audit Findings: If the IRS conducts an audit and determines that you owe additional taxes, they may choose to levy your bank account if you fail to address the tax assessment.

Contact us for professional tax help today!