Florida Tax Prep & Rep

12/20/2022

Huge federal tax debt IRS notices got you flailing to stay afloat?
Do you think the IRS might have got it wrong in your case?

You can request an appeal. If your petition is considered by the IRS collections office, they'll kick you to the Office of Appeals.

The Office of Appeals operates independently from the IRS division that assesses tax debt and ignites collection.

Their office aims to resolve tax snarls impartially without litigation.

12/12/2022

Here are 10 smart ways to reduce your 2022 tax bill, and they're still doable right now.

1. Consider an extra mortgage payment.
2. Pay your property taxes right now (not next year).
3. Donate to charity—it's ok to do good and save at the same time.
4. Take care of those medical bills.
5. Get your papers in order NOW.
6. Sell losing investments to offset capital gains.
8. Wait to invest until after the ex-dividend date.
9. Max out your retirement savings.
10. If you have one, make the most of your flexible spending account.
11. Avoid the gift tax by giving $16,000 or less per year per person.

12/09/2022

Did you know the IRS can go after the individual -- not just the business -- for unpaid payroll taxes?

If they think the individual taxpayer was responsible for the taxes not being paid, they'll seek recompense from *personal* accounts, not the business’s. This is not a position you want to be in as a taxpayer, nor do you want your employees to have to deal with as a business owner.

Deal with the unpaid tax issue head-on.

12/08/2022

Bonus on your mind? Make sure you're thinking about the tax implications.

Understanding how bonuses are taxed can be confusing due to the withholding laws. Here we clear up the confusion so you can make the most of any bonus coming your way.

12/07/2022

Some of the most common red flags for tax fraud investigations:
1) Keeping two sets of books
2) Making false entries in books and records
3) Claiming personal expenses as business expenses
4) Claiming false deductions or credits against taxes owed
5) Hiding or transferring assets

12/06/2022

Those who reach their financial goals usually carry a willingness to live beneath their means for as long as it takes. While their peers are showing a tendency toward embracing the good life at the first sign of prosperity, the would-be wealthy take a pass on all of that.

A drive to save large amounts of money causes frugal spending habits, which then enable the ability to make purchases without using debt.

It's a domino effect.

12/05/2022

Every deduction you can grab means less cash you have to part with.

Sound good? Of course, it does.

And timing the deduction for your best advantage is the cherry on top.

For instance, paying some or all of your property taxes early may mean you can get the federal deduction in 2022.
(Note: This does not work for everybody, especially if the alternative minimum tax is involved.)

Accelerating a house payment can give you an extra bit of mortgage interest to deduct too.

12/02/2022

Certain financial hits can be offset by tax deductions.

You can deduct losses from a natural disaster or theft, but..... you can't include the amount covered by insurance.. and the amount you can claim is reduced by a percentage of your adjusted gross income.

There are, of course, a lot of rules that apply to loss scenarios so feel free to call us to go over the details of your specific situation.

12/01/2022

This is the time of year when we re-examine what success looks like.

In rethinking and re-examining, you'll soon discover that sometimes the "most successful" people can be the most impoverished ... and those without many zeroes in their accounts can be flat-out rich.

"Success" is a state-of-mind -- and it's tied to gratitude. Gratitude is the enemy of fear. It's like an opposite magnet for it. Walk in gratitude, and fear just melts away.

11/30/2022

If you owe less than $25K in back taxes, you have the option of paying off your debt in 60 months or less via an installment agreement with the IRS. There are other qualifications related to your past tax history so it's not necessarily for everyone.

If you need help figuring out if you're qualified, and if it's in your best interests, we're on standby.

11/30/2022

Ever thought about giving more than just money for Giving Tuesday?

Which of these giving ideas resonates the most with you?

There are many ways you can give back to your community this year that go beyond giving cash.

11/28/2022

We all love Cyber Monday and holiday shopping online. Beats having to fight the crowds at the mall.

But, watch out for cyber thieves looking to take your Christmas gift money.
The IRS has some tips on how to keep it safe.

Find out how you can protect your phone and computer. For more information, go to https://www.irs.gov/taxessecuritytogether. Follow us:Twitter – https:...