Tax Relief Blog

Los Angeles accountant for small business – Mike Habib, EA

April 3, 2023 | Mike Habib, EA

Small business owners often find themselves juggling multiple responsibilities, from managing employees to overseeing operations to marketing and sales. Amidst all these demands, managing finances can easily become overwhelming, especially for those who lack a strong financial background. That’s where an accountant (EA or CPA) can help.

A Los Angeles, CA accountant can provide essential financial expertise and support to small business owners, helping them make informed decisions and manage their finances efficiently. Here are some ways an accountant can help small business owners:

Bookkeeping and Accounting Services: An accountant can assist with bookkeeping and accounting tasks, such as recording transactions, reconciling accounts, and producing financial statements. This helps small business owners keep track of their financial position and make informed decisions based on accurate and up-to-date financial data.

Tax Planning and Preparation: An accountant (EA or CPA) can help small business owners navigate the complex world of tax laws and regulations, ensuring compliance and minimizing tax liabilities. They can also help prepare tax returns, file necessary forms, and represent the business in the event of an audit.

Financial Analysis and Reporting: An accountant can help small business owners analyze their financial data, identify trends and patterns, and provide insights that can inform strategic decision-making. This can include cash flow analysis, budgeting and forecasting, and ratio analysis.

Business Planning and Consulting: An accountant can provide valuable guidance and support in the areas of business planning and consulting. They can help small business owners develop business plans, evaluate financial projections, and provide advice on financing and investment decisions.

Risk Management: An accountant can help small business owners identify and manage financial risks, such as fraud, theft, or mismanagement. They can also help implement internal controls and policies that mitigate risks and protect the business.

To sum, an accountant (EA or CPA) can be a valuable asset to small business owners, providing essential financial expertise and support. From bookkeeping and accounting to tax planning and preparation, financial analysis and reporting, business planning and consulting, and risk management, an accountant can help small business owners navigate the complex world of finance, make informed decisions, and achieve their goals. If you are a small business owner, consider partnering with an accountant to help you manage your finances and grow your business.

Contact us today for all you tax and accounting needs.

Trucking Tax & Accounting by Mike Habib, EA Los Angeles, CA

March 15, 2023 | Mike Habib, EA

As a trucker, filing taxes can be a daunting task. The paperwork, deadlines, and complex tax laws can leave you feeling overwhelmed and uncertain about your tax obligations. However, failing to file your taxes can have severe consequences, including back taxes, penalties, and even legal action. If you are struggling with back taxes, it is essential to seek professional help to avoid further financial hardship.

Back taxes refer to taxes that were not paid in previous years or taxes that were underpaid. In the case of truckers, back taxes can occur due to a variety of reasons, including incorrect reporting of income, failure to file taxes, or errors in tax calculation. The IRS can impose penalties and interest on back taxes, which can add up quickly and result in a significant financial burden.

Get help today, contact our Whittier, Los Angeles, CA firm at 1-877-788-2937.

Tax Levies, Liens, and How a Professional Can Help: A Comprehensive FAQ

March 1, 2023 | Mike Habib, EA

Fresh start – tax forgiveness program – as advertised on radio, TV, internet

Taxation can be a complicated and stressful matter, particularly when it comes to tax levies and liens. If you are facing a tax issue, it is important to understand your rights and how to navigate the complex tax system. In this comprehensive FAQ, we will explore the ins and outs of tax levies and liens, and how Mike Habib, EA a tax relief professional can help you resolve your tax issues.

Q: What is a tax levy (garnishment/attachment)? IRS-FTB-CDTFA-EDD

A: A tax levy is a legal action taken by the government to seize assets in order to pay a tax debt. This can include garnishing wages, levying bank accounts, and other property, such as a house or car. A tax levy is different from a tax lien in that it is a direct seizure of assets, whereas a lien is a claim on assets that must be paid off before the property can be sold.

Los Angeles Tax Services

February 8, 2023 | Mike Habib, EA

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 problem resolution – get tax-iety relief today

February 1, 2023 | Mike Habib, EA

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].

Income Tax Preparation Service: Get your taxes done right

January 16, 2023 | Mike Habib, EA

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.

New year tax resolution – resolve your tax problem today

January 2, 2023 | Mike Habib, EA

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.

Los Angeles tax, accounting service

December 15, 2022 | Mike Habib, EA

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].

FTB Back Tax Representation – Get Help

November 28, 2022 | Mike Habib, EA

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].

Back taxes help – IRS-FTB-EDD-CDTFA

November 18, 2022 | Mike Habib, EA

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.