Keys Choose a tax preparer If you don’t have a tax preparer, a good way to find one is to ask friends and advisors (such as an attorney you know) for referrals. Be sure that the person you choose has a preparer tax identification number (PTIN) showing that they are authorized to prepare federal income…
Keys Tax planning starts with understanding your tax bracket You can’t really plan for the future if you don’t know where you are today. So the first tax planning tip is get a grip on what federal tax bracket you’re in. The United States has a progressive tax system. That means people with higher taxable…
Keys Personal Information A Social Security or tax ID number for everyone included on your tax return -You need your own number, but don’t forget your spouse and dependent’s (where applicable) as well. If someone doesn’t have a Social Security number, you’ll need their TIN instead. Date of birth for everyone on your return. Income…
Resolve your tax debt for pennies on the dollar? Sounds pretty good right? Beware of these advertisements, they can be scams. The IRS warns taxpayers of this and other scams in its list of the “Dirty Dozen.” According to the IRS website: “Offer in Compromise mills contort the IRS program into something it’s not –…
Keys The Basics Many people find financial statements so complex that they shut down if they even hear/read the term “financial statement.” If you can follow a recipe or apply for a loan, you can learn basic accounting. The basics aren’t difficult and they aren’t rocket science. In this blog, you will gain a basic…
Keys Audits Cannabis companies are experiencing audits regularly, and non-compliant businesses face years of litigation, significant legal fees, and back taxes. In more extreme cases, significant penalties have been handed out for lack of accuracy, such as in the Alterman-Gibson court case, with a $78,000 accuracy penalty, and the Northern California Small Business Assistants case,…
Keys Income tax: Under Biden’s recent proposal, the top marginal income tax rate would go up to 39.6%, from 37%. That is where it was during President Barack Obama’s administration. Capital gains tax: The proposed capital gains tax increase more or less doubles the rate that high-earners would pay when they sell investments. The current…
Unless you’re a tax nerd, filing your taxes is usually a dull process at best, and a migraine-in-the-making at worst. The #1 reason people hire tax preparation firms is simply that they’ve experienced one too many late nights, lost W-2s, or audits for one lifetime.
Tax audit representation, also called audit defense, is a service in which a tax or legal professional stands in on behalf of a taxpayer…
