Posts Tagged ‘Tax Problems’

A Layman’s Guide to Understanding Tax Issues with the IRS

The best first step to beginning to address old personal tax returns that are either unfiled or unpaid is to assess the damage, count the cost, and to lay out a tax strategy that best suits your needs. Working with an experienced CPA is your best first step in this process. Tax problems, if left unattended will worsen, dramatically over time as penalties and interest continue to accrue and the collection efforts mandated by the IRS become increas...

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Duluth/Norcross/Johns Creek CPA: Startup Issues Facing New Business Owners

We frequently received and inquiry of a new business owner exploring their options and how to best address their issues and concerns.

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Tax Issues Facing Atlanta Taxpayers When Preparing for Their Income Taxes

Failing to Prepare is Preparing to Fail. We focus on what we can do to interpret the future solely than rather how best to interpret the past. The below will give you a sampling of what you can personally do to get your business ready for you yearend tax bill:

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Utilizing S Corporation Profits/Losses

I do not believe in scare tactics in helping clients see the truth it is often the only way to help someone make a wise a prudent decisions. My goal is not to be THE CPA for all of Atlanta but just the share that God allows me to have. Recently I was able to work with a new client to whom the prior accountant had made several tax elections that in hind sight cannot be reversed resulting in the taxpayer substantially overpaying their taxes. I am c...

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Atlanta Christian CPA Teaches How to Prepare for & Survive an IRS Audit

As we watch gifted athletes do what appear to be miraculous things on the field of play, we often fail to keep in mind the endless hours of preparation, practicing the basics and coordination that went into playing and excelling at such a level. For just as "failing to prepare, is preparing to fail" so it is with all walks of life. Most IRS audits, though they feel extremely personal, are predominantly a pure random selection. It is solely a matt...

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Duluth/Gwinnett GA CPA: Getting Tough Tax Questions Answered

One of the first surprises many business owners face when incorporating their business is discovering a listing of the individual due dates associated with the filing of their incorporated entities and the requisite attendant returns. Although the IRS does allow for the proper extension of returns, there is little "wiggle room" for the prompt payment of all taxes. For nearly a century the IRS and states have been a pay as you go system requiring ...

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Determining Withholding for S Corporation Owners

To preclude the responsibility for an S Corporation owner to also have to pay estimated tax payments to both the IRS & Georgia, it is prudent to work closely with your CPA to adjust/increase your withholdings accordingly. A Georgia LLC, LLP, partnership or sole proprietorship, you are subject to the 15.3% Self Employment/FICA/Medicare tax on all of your net earnings. The S corporation, on the other hand, pays you a deductible salary (which is ...

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Duluth/Gwinnett CPA: Personal Returns Are Due October 15th

Though Personal Returns Are Due October 15th; Be Sure You Do Them Right so you will avoid unnecessary IRS audits, liens, collections, amendments, penalties and interest. The below is a sample letter we might send to a taxpayer critiquing the data they originally forwarded to ensure that a proper return is filed reflecting only their lowest legal possible tax:

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Duluth/Gwinnett CPA: Personal Returns Are Due 10-15-13

Be Sure You Do Them Right Though Personal Returns Are Due 10-15-13; Be Sure You Do Them Right so you will avoid unnecessary IRS audits, liens, collections, amendments, penalties and interest. The below is a sample letter we might send to a taxpayer to ensure that a proper return is filed reflecting only their lowest legal possible tax:

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Lawrenceville/Snellville/Norcross CPA on Keeping Your Tax Returns Simple

The first page of Form 1040 is used to calculate the taxpayer's adjusted gross income. While many people think of their income as what is reported on form W-2, there are some other additions (and possibly some deductions) that have to be made as well. Itemizing deductions on your personal return can result in paying a smaller tax. However the rules on what can be deducted and what can't are fairly strict. Using a guide/CPA and a tax checklist are...

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