Tag: Tax Law

Taxes 2014: What You Should Know To File

The tax filing season starts at the end of Jan. The IRS said that people can start filing their taxes 2014 returns on January 20.

Despite a last minute tax law that was passed by Congress, the tax-filing season will still start on schedule, according to the IRS.

Congress passed a bill that extended more than 50 tax breaks, which were due to expire next year. Under the new law, the breaks will not expire anytime soon, which allows taxpayers to claim them when they go and file their taxes. The law was signed by the president on December 19.

Taxes 2014 photo
Photo by mleinet Taxes 2014

In the past, when tax laws were passed at the last minute, the filing season was delayed. However, that is not the case this time around, according to the IRS Commissioner.

The Commissioner said that the agency has reviewed all of the changes and they feel as if there is nothing that can prevent them from updating their systems and testing it out.

Many returns are filed during the first few weeks of the season, and this is mainly due to the fact that taxpayers want their refunds as soon as possible.

The IRS said that most refunds were issued within 21 days, if those returns were electronically filed. In the past, the agency said that filing taxes this way is the quickest way to receive a refund.

Refunds average around $2,800, and taxpayers should use TurboTax to file their tax returns, as they are a reputable service that has helped many taxpayers.

What To Look For In A Arizona Tax Attorney

Law School
Law School (Photo credit: Tulane Public Relations)

If you have a claim against you by the IRS then the first thing you should do is find a competent tax attorney to handle your case. If you are seeking an Arizona tax attorney or a Phoenix tax attorney these are the things you should look out for when making your choice.

Ensure that the person you choose has demonstrable experience of dealing with IRS matters; if possible try to find someone who has previously worked for the IRS.

Make sure that the attorney is properly qualified with a Masters of Law in Taxation (also known as an LLM). Tax law is a complex area that requires constant study to remain up to date. You should never hire anyone that does not have this qualification and you should also check whether they undertake ongoing studies to make sure they are up to date with changes to tax law.

It’s preferable to find a legal representative who specializes in the area of tax law for the same reason. If possible try to find a person who has had previous experience in the area that your matter is concerned.

Finally you should make sure that your attorney is personable and someone you feel comfortable with and with whom you can communicate. In many cases the resolution of a tax matter can come down to effective people skills and professionalism.

Tax Carnival Ecstasy – January 3, 2012

Welcome to the January 3, 2012 edition of Tax Carnival Ecstasy. We have the top 5 articles this week for the carnival including how to get Free Tax Advice by Phone this tax season from a software company. Joe Morgan takes a look at being Prepared to Pay $3,598 More in Income Tax for 2012. And Clint Cora examines the W8BEN Form For Canadians,  this form is for Foreigners Who Work In The US. Hope you find the information helpful, bookmark, share, tweet, like on Facebook, and come back soon.

tax law

Lawyer presents What is Tax Law? Do You Need to Pay Tax Law? posted at Legal Advice & Legal Aid, saying, “Read our comprehensive review about new Tax Law for 2012!”

taxes

Darren Marks presents Free Tax Advice by Phone… From a Software Company? posted at Consumer-Rankings, saying, “Introducing a free new feature from Turbotax just in time for tax season, free phone consultations with tax experts.”

Joe Morgan presents Are You Prepared to Pay $3,598 More in Income Tax for 2012? posted at Simple Debt-Free Finance, saying, “This article covers the effect of expiring tax laws and how they could cost the average American family $3,598 in additional taxes for the 2012 tax year – without any change in their income.”

tips

Clint Cora presents W8BEN Form For Canadians And Foreigners Who Work In The US posted atMotivation Diversity Success Blog, saying, “To help foreigners who get some income in the US reduce withholding tax”

Tyler presents Are You Sure You Want to Pay Taxes With a Credit Card? posted at Credit Card Chaser, saying, “I hope you find this article fitting for your readers! Some people don’t realize they’re instantly paying a significant extra charge! Please let me know if you have any questions or concerns. Look forward to seeing this on your next blog carnival! Have a great day! Tyler”

That concludes this edition. Submit your blog article to the next edition of tax carnival ecstasy using our carnival submission form. Past posts and future hosts can be found on our blog carnival index page.

 

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Make the Best of Your Small Business Tax Deductions

End-of-the-year accounting can be difficult enough without the added stress of doing taxes for your small business. By gaining a clear and concise understanding of how you can make doing completing taxes for your company a simpler task, you can easily take the headache out of tax time. Follow these easy suggestions to simplify the filing process for your small business and grasp a better comprehension of how strategize your company’s tax strategies.

Prepare Along the Way

Waiting until tax time rolls around to prepare the necessary documents and get your business’s accounting updated is a struggle waiting to happen. Instead, make sure you file documents, receipts and information as the year progresses so that they are easy to find and use when they are needed by an accountant or company employee. Take the time, each month or even each employee pay period to make sure accounting books and documents are up to date, filed correctly and completed as expected to make things much easier for you when it comes time to file.

Accept Payment Later

At the end of the year, you could have payments that you expect to receive from customers or other businesses. If it is at all possible, try to accept payments in January of the following, rather than December so that the income is received in the next year rather than the current period that you will be filing for. Accepting payments a little later can save you some serious money that would otherwise cost you more in taxes because of its status as additional income.

Buy What You Need, Now

Your company goes through all kinds of supplies as the year goes on. But buying any of the products or goods your small business needs before the year ends is a good way to increase some of the deductions you can file for when tax time arrives. If you have accounts that are due soon, pay them before the year ends so that you can claim them as an expense on this year’s tax return. Any purchases that can be made early, such as travel arrangements, supplies, services or bills, will benefit your tax status by offering your business additional deductions.

Note Damages or Wasted Goods

Your business will endure waste. No matter what extent you endure damages or depleted supplies and necessities, make sure that you take note of your inventory, keeping track for use when it becomes time to file your taxes. Even goods and equipment that endure marked drops in value can be used on your taxes to create possible deductions and aid your overall financial situation.

Teresa is an attorney and an entrepreneur. She works for a company that assists people with audit representation. Visit her website to find more information on wage garnishment, audits and settling back taxes.

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