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Wednesday, November 26, 2014

The IRS Offers Options for Getting Right with Uncle Sam

A good CPA can help you find
solutions to your tax problems.
Do you owe the IRS right now? The first thing to do is open all mail from the agency so you're on top of the matter. Next, stay calm. Well, it's understandable if you panic a little, because the IRS wields power that can make your life miserable. Depending on your situation, the agency can take your paycheck and your bank and retirement accounts, and more. They'll seize land, business assets, cars — anything they can auction and turn into cash quickly.

But all is not lost if you act now.  

Consider the following strategies to get back in good graces with Uncle Sam:

1. Ask for more time. Depending on your circumstances, you may be granted a short extension period to pay your tax in full. You can request this by filling out an application for an online payment agreement or by calling 800-829-1040.

2. Try for an installment plan. If you owe $50,000 or less in combined taxes, penalties and interest, you can fill out the application for an online payment agreement. Fees for setting up payment plans can range from $43 to $105.

3. Make an offer. That is, file for what's known formally as an "offer in compromise." You basically tell the IRS that you're prepared to pay a certain amount to settle your debt. Getting agreement will depend on whether the agency believes that this is the maximum you can manage. You must meet certain standards to be considered. If you're going through a bankruptcy, for example, you're not eligible. And if you haven't filed all of your tax returns, don't apply.

READ MORE >> AARP: Can't Pay Your Taxes?


Wednesday, November 19, 2014

Should I Use the IRS Withholding Calculator This Tax Season?

Avoid having too much or too little
income tax withheld from your pay.
If you are an employee, the Withholding Calculator can help you determine whether you need to give your employer a new  Form W-4, Employee's Withholding Allowance Certificate to avoid having too much or too little Federal income tax withheld from your pay. You can use your results from the calculator to help fill out the form.

Who Can Benefit From The Withholding Calculator?
  • Employees who would like to change their withholding to reduce their tax refund or their balance due;
  • Employees whose situations are only approximated by the worksheets on the paper W-4 (e.g., anyone with concurrent jobs, or couples in which both are employed; those entitled to file as Head of Household; and those with several children eligible for the Child Tax Credit);
  • Employees with non-wage income in excess of their adjustments and deductions, who would prefer to have tax on that income withheld from their paychecks rather than make periodic separate payments through the estimated tax procedures.
READ MORE >> IRS.GOV: IRS Withholding Calculator


Wednesday, November 12, 2014

The Basics of Hiring an Accountant

It is essential to procure services
from a quality preparer to ensure a
successful tax plan for your future.
Finding an accountant to prepare your taxes is a relatively straightforward process.

The task is of average difficulty and should require one to two hours of your time. Creating a tax plan for your future is important; consider seeking out the advice of a licensed tax professional, such as a Certified Public Accountant or an Enrolled Agent.

Here are some basic tips for hiring an accountant:
  1. A CPA is a professional accountant licensed by the state. Best for corporate accounting, tax audits, and business consulting.
  2. An Enrolled Agent is a tax professional licensed by the IRS. Best for complex tax issues, tax audits, and responding to tax collectors.
  3. A Tax Preparer may be registered by the state. Best for straightforward tax returns.
  4. The national Tax Franchises are H&R Block, Jackson Hewitt, and Liberty Tax. Offices nationwide. Often fast, courteous, and convenient.
  5. Expect to pay from $150 to $450, depending on how complicated your tax return is.
READ MORE >> TAXES.ABOUT.COM: How to Find an Accountant
READ MORE GBC Tax Services Website
For All Your Accounting Needs Call GBC 678-366-9232

Wednesday, November 5, 2014

New IRS Tax Brackets, Standard Deduction Amounts, And More

Let an accountant help you
simplify the process
this year at tax time.
The Internal Revenue Service has announced the annual inflation adjustments for a number of provisions for the year 2014, including tax rate schedules, tax tables and cost-of-living adjustments for certain tax items.

These are the applicable numbers for the tax year 2014. That means the year that we are in now. 

They are NOT the numbers and rates that you’ll use to prepare your 2013 tax returns in 2014 (the season is starting late this year).  These numbers and rates are those you’ll use to prepare your 2014 tax returns in 2015. Got it? Good.

All together, the IRS posted more than 40 updates.

READ THEM HERE >> FORBES.COM: IRS Announces 2014 Tax Brackets, Standard Deduction Amounts And More



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