Tax Relief Blog

Tax Help for the Entertainment Industry – The Enrolled Agent Advantage

April 8, 2013 | Mike Habib, EA

If you work in the entertainment industry you know that it has its share of advantages, but it can get tricky at tax time. Depending upon your role – whether you are an entertainer or involved in one of the many other aspects of the industry – you know how busy your schedule gets and how complex your income and expense records can be. The IRS still requires you to file your income tax returns on time, and accurately.

In all probability your return isn’t quite as straightforward as someone who works at a corporation, goes to the same job every day, and gets a weekly or monthly check with all of the taxes taken and accounted for. That’s why it’s even more important to get the right kind of help during tax season; for some entertainers, it may also be advisable to get guidance throughout the year due to the complexity of transactions for income, expenses, and investments particular to this industry.

Don’t compromise on your tax representation!

A tax professional with experience in the entertainment industry can provide you with the best advice.

Our tax firm led by Mike Habib, EA, handles various tax aspects for clients in the Entertainment Industry, for a free confidential consultation, call us today at 877-788-2937.

Identity Theft and Taxes – Be on the Lookout.

March 25, 2013 | Mike Habib, EA

Identity thieves are very clever. They not only steal credit cards and drain bank accounts; in 2011, the Internal Revenue Service reported the number of fraudulent tax returns associated with identity theft at 940,000 returns, resulting in $6.5 billion in associated fraudulent refunds – according to J. Russell George, head of the Treasury Inspector General for Tax Administration (TIGTA). It is big business for the thieves and it’s a huge headache for the taxpayers whose identities have been stolen.

Identity theft refers to someone obtaining another person’s personal details, to commit fraud or other crimes. This includes the use of a name and Social Security number not belonging to the fraudster.

Haven’t Filed a Tax Return for a Few Years? Here’s What to Do.

March 11, 2013 | Mike Habib, EA

If you haven’t filed taxes for a few years, first and foremost, take a big breath. It’s not great news, but it’s not the end of the world either. You might like to know that you are not alone; there are roughly 6 million non-filers in the U.S every year. There are many reasons people do not file, with IRS research showing that often people do not file in years that they have status changes, like the death of a spouse or a divorce. Emotional and financial hardships are also cited as reasons that people do not file their tax returns on time. There are also people who have simply procrastinated.

No matter what the reason, you need to know that the only way to deal with the back taxes is to get compliant and file your taxes. There’s no way around it. If you don’t, the IRS will determine what they think you should pay, and they will begin to put penalties and interest on top of what they estimate your tax liability to be.

Red Flags that Might Trigger an IRS Tax Audit Part 2 of 2

February 28, 2013 | Mike Habib, EA

Continued from our prior blog post.

The Most Common IRS Red Flags that could trigger a Tax Audit:

16. Claiming 100% business use of a vehicle – When you depreciate a car, you have to list on IRS Form 4562 of what percentage of its use during the year that you claim (testify on a Federal form by your signature) was for business. Claiming 100% business use of an automobile, especially if you have no other vehicles available for use, can be a red flag; so being conservative here is advisable.

Red Flags that Might Trigger an IRS Tax Audit Part 1 of 2

February 15, 2013 | Mike Habib, EA

No one really wants to be audited by the IRS. It’s time consuming, and quite frankly, a headache. You’ve probably wondered at some point who gets audited and why, as well as how you can avoid it. While there is no fool-proof way to avoid an audit; however, there are ways to reduce your chances.

The IRS audits slightly more than 1% of all individual tax returns each year because they do not have the resources and personnel to examine more than that. They do, however, look to audit the returns that are more likely to uncover overstated deductions, unreported income, false claims, or taxpayers that haven’t filed tax returns in a while.

Tax attorney fees and cost: what tax lawyers charge as fees

February 1, 2013 | Mike Habib, EA

What do tax lawyers charge as far as cost and fees?

When taxpayers are faced with tax problems such as unpaid back taxes or IRS audits, they usually seek the help of a tax attorney. Taxpayers have the right to be represented by a licensed and IRS approved representative, known as POA or power of attorney. Representation fees vary widely by various firms.

Our firm mostly offers flat fee engagements.

Call us today at 877-788-2937.

Need help with your Back Taxes? Find tax relief here.

January 25, 2013 | Mike Habib, EA

No one really wants to get themselves into the situation of owing back taxes. Unfortunately, it happens; and it happens most often when people are going through a difficult time including facing unemployment, life and relationship changes, and even medical problems. The present state of the economy certainly isn’t making it easier. However, the Internal Revenue Service recently launched the Fresh Start program to give taxpayers relief – if they are willing to get compliant by filing all of their taxes, and work with the agency to resolve their back tax debt to the extent they are able.

Get back tax help now by calling us at 877-788-2937.

Discounted Tax Services for Union Members: Nationwide IRS tax help

January 15, 2013 | Mike Habib, EA

Our firm prides itself for providing various tax services to many Union members. Services such as:

• Tax preparation service: we will professionally prepare your federal and state tax returns,
• Tax planning: we will work with you to legally strategize and minimize your tax liability,
• Tax problems: we will represent you and resolve any unpaid tax debt, or release tax levies such as wage garnishments, bank levies, unfiled back taxes, offer in compromise, and or affordable payment plans,
• IRS audit representation: do not face the IRS on your own, we can represent you without you appearing,
• Estate & Fiduciary tax: we can prepare and plan your estate and fiduciary tax matter.

For Nationwide Union member call 877-788-2937. Free tax consultation.

How you can settle your Back Taxes: An Offer in Compromise

January 9, 2013 | Mike Habib, EA

If you haven’t paid back taxes, penalties, or interest – you may be able to work with us to apply for an Offer in Compromise (OIC) with the IRS in order to get compliant, alleviate your issues with the IRS collectors, and move forward. An OIC is an agreement to settle your tax liabilities for less than the full amount owed. The good news is that it may be easier than you think. In the spring of 2012 the IRS modified their offer in compromise guidelines, in an effort to work with struggling taxpayers, making it much more favorable to the taxpayer.

Tax attorney: tax relief for IRS tax problems

January 2, 2013 | Mike Habib, EA

When faced with tax problems by the IRS or the state, you should consider professional help and representation by a tax attorney. A licensed representative aka power of attorney can resolve a number of tax problems: