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Tax Preparation, Accounting, Financial Services and Others | Tax Preparation Service in Washington1

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Tax Preparation, Accounting, Financial Services and Others

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Tax Preparation, Accounting, Financial Services and Others is a Tax Preparation service in Washington DC
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Washington, DC

www.taxservicedc.comIt's Tax SeasonDEVOLUCIÓN DE SUS TAXES DEPÓSITO DIRECTO A SU CUENTA BANCARIAAGENTE CERTIFICADA DEL IRS PARA APLICACIONES DEL NUMRO ITINSERVICIOS DE INMIGRACION, SERVICIOS DE NOTARIO PUBLICO As a small business owner you need to understand how taxes are going to affect you and your business. It is important that you file properly, avoid audits, and claim the right tax deductions.Here are a few tips that may ease the burden of tax preparation and to help you get ready for the April 15, 2013 deadline.1. Keep Good Records: Proper record-keeping year-round is the first step to ensuring your taxes are filed accurately and that you have the paperwork you need to back-up your deduction claims should you be audited. 2.Understand Your Deductions: What small business deductions can you take? Do you have the documentation and original receipts to back them up? Tax credits and deductions change each year.3.Utilize the Small Business Jobs Act Tax Provisions: The Small Business Jobs Act of 2010 signed into law by President Obama has over 17 tax provisions decreasing the tax burdens for small businesses—several of these provisions can be taken advantage of during this year’s tax season. Utilizing these provisions will provide great savings for your business. 4.Remember the tax credits within the Affordable Care Act: These tax credits will allow small businesses to cover up to 35 percent of the premiums a small business pays to cover its workers. In 2014, the rate will increase to 50 percent.5.Avoid Common Audit Traps: It is very important to be aware of potential red flags and act on them before the IRS does:•Classifying Employees as Independent Contractors – Independent contractors and employees are not the same, and it's important to understand the difference. In the eyes of the IRS, misclassification can be seen as an attempt to avoid payroll taxes, and non-compliance can bring penalties and back taxes.•Home Office Deduction – This deduction is very specific and not all home-based businesses will qualify. Likewise, if you run your business from a commercial location and claim the home office deduction, you might trigger some interest from the IRS. Know how to determine if you are eligible to claim it, and what specific expenses you can write off. •Large Sum Miscellaneous Deductions – If you claim a large amount of itemized deductions relative to your income, the IRS will get suspicious. Likewise, if you bucket a large amount of miscellaneous expenses, you may raise eyebrows. Be specific and label every deduction. 6. Keep Business and Personal Expenses SeparateThe IRS scrutinizes personal expenses that may have been claimed as a business expense, such as the use of a business vehicle for personal use. Be diligent about keeping good records. Maintain a separate bank and credit card account for your business.There are two advantages to filing as soon as possible:• Generally, if a taxpayer is due a refund for withholding or estimated taxes paid, it must be claimed within 3 years of the return due date or risk losing the right to it. The same rule applies to a right to claim a tax credit such as the Earned Income Credit (EIC).• Self-employed persons who do not file a return will not receive credits toward Social Security retirement or disability benefits. Failure to file results in not reporting any self-employment income to the Social Security Administration.Even if a taxpayer doesn’t have enough money to pay, returns should be filed to avoid further penalties for failure to file. The IRS will assist in finding a solution to the problem.The IRS has streamlined its policies to offer alternative account resolutions if a taxpayer cannot pay in full with the return:• The IRS will help to set up an installment agreement when the situation warrants. Installment payments allow taxpayers to pay the tax debt over time.• The IRS will consider whether an offer in compromise is an appropriate solution.If you get a bill from the IRS this summer that shows you owe late taxes, you are expected to promptly pay the tax owed including any penalties and interest. If you are unable to pay the amount due, it may be better for you to get a loan to pay the bill in full rather than to make installment payments to the IRS. That’s because the interest rate and penalties the IRS must charge by law are often higher than what lending institutions may be offering.The Internal Revenue has just over $1 billion in tax refunds for approximately one million individuals who still need to file an income tax return for the year 2008.The IRS keeps copies of W-2 forms, 1099′s and other income-related documents. You can request copies of these tax documents by ordering an income transcript from the IRS. Either download or fill out Form 4506-T and take this to your local IRS office The IRS District of Columbia 77 K STREET N. E. WASHINGTON, DC 20002 Open from 8:30AM -4:30 PM (they’ll print out the transcript for you), or call the IRS at 1-800-908-9946 and ask that the transcript be mailed to you. Your tax professional can also order an income transcript for you that can be delivered by fax.Use the income transcript as a starting point for finding your original documents. You can contract previous employers, brokers, and other financial institutions to obtain copies of your original tax documents. Original documents can contain more information compared to what’s found on the income transcript. For example, the IRS doesn’t show any state-related tax withholdings on its transcripts. Similarly, if your income transcript shows you sold some investments, you may want to contact your broker to obtain more detailed account history information.Maria Elena Lopez4416 Georgia Avenue NWWashington, DC 20011Phone:202-882-0935Tax Appointment Checklist1. Social Security Card(s) 2. Drivers License(s) 3. Dependents Social Security Numbers & Dates of Birth 4. Last Year’s Federal and State Tax Returns 5. Wage Statements – Form W-2 6. Pension or Retirement Income – Form 1099-R 7. Interest and Dividend Income – Form 1099-INT/Form 1099-DIV 8. State Income Tax Refund Amount – Form 1099-G 9. Social Security Income – Form SSA-1099 10. Unemployment Income – Form 1099-G 11. Commissions Received/Paid 12. Sales of Stocks or Bonds – Form 1099-B 13. Self-Employed Business/Farm Income & Expenses – Form 1099-MISC 14. Lottery or Gambling Winnings – Form W-2G 15. Lottery or Gambling Losses 16. Income and Expenses From Rentals 17. Income from Partnerships, S Corporations, Trusts, and Estates – Schedule K-1 18. IRA Contributions 19. Alimony Paid or Received 20. Child Care Expenses & Provider Information 21. Medical, Eye Care, and Dental Expenses 22. Cash and Noncash Charitable Donations (Learn how to maximize this deduction) 23. Record of Purchase or Sale of Residence 24. Mortgage or Home Equity Loan Interest Paid – Form 1098 25. Real Estate and Personal Property Taxes Paid 26. State or Local Sales Taxes Paid 27. Unreimbursed Employment-Related Expenses 28. Job-Related Educational Expenses 29. Educator Expenses 30. Tuition and Education Fees – Form 1098-T 31. Student Loan Interest – Form 1098-E 32. Casualty or Theft Losses 33. Estimated Taxes 34. Foreign Taxes Paid.This year have an experienced financial professional prepare your return. Not just to ensure you take advantage of all the deductions you are entitled to for 2011, but to review your financial position and tax situation and make sure that you positioned to save money on your taxes in 2012 as well. The last few years have brought significant changes in tax laws-are you sure that you are positioned to take advantage of all of them? In many cases my rates are less than the H&R Block. I can e-file your return and have the IRS deposit your refund directly into your account. Call or e-mail today for an appointment and fee quote. You will be glad you
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