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Tax Services, Accounting, Bookkeeping, payroll, finance, Notary Public and Trans | Accounting &1

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Tax Services, Accounting, Bookkeeping, payroll, finance, Notary Public and Trans

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Tax Services, Accounting, Bookkeeping, payroll, finance, Notary Public and Trans is a Accounting & Bookkeeping service in Washington DC
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Washington, DC

www.taxservicedc.comFOR ALL INDIVIDUALSTWO WAYS TO SAVE BIG ON TAX PREPARATION $30 OFF TAX PREPARATION OR PAY $50 LESS THAN LAST YEAR SWITCH TO US EXPIRES: 04/30/2013It's Tax SeasonAs 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, 2014 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.Record RetentionTax Record Retention Guide For AllApril 15 has come and gone and another year of tax forms and shoeboxes full of receipts is behind us. But what should be done with those documents after your check or refund request is in the mail?Federal law requires you to maintain copies of your tax returns and supporting documents for three years. This is called the “three-year law” and leads many people to believe they’re safe provided they retain their documents for this period of time.However, if the IRS believes you have significantly underreported your income (by 25 percent or more), or believes there may be indication of fraud, it may go back six years in an audit. To be safe, use the following guidelines.Business Document To Keep For One YearCorrespondence with Customers and VendorsDuplicate Deposit SlipsPurchase Orders (other than Purchasing Department copy)Receiving SheetsRequisitionsStenographer’s NotebooksStockroom Withdrawal FormsBusiness Documents To Keep For Three YearsBank Statements and Reconciliation’sEmployee Personnel Records (after termination)• Employment ApplicationsExpired Insurance PoliciesGeneral CorrespondenceInternal Audit ReportsInternal ReportsPetty Cash VouchersPhysical Inventory TagsSavings Bond Registration Records of EmployeesTime Cards For Hourly EmployeesBusiness Documents To Keep For Six YearsAccident Reports, ClaimsAccounts Payable Ledgers and SchedulesAccounts Receivable Ledgers and SchedulesCancelled ChecksCancelled Stock and Bond CertificatesEmployment Tax RecordsExpense Analysis and Expense Distribution SchedulesExpired Contracts, LeasesExpired Option RecordsInventories of Products, Materials, SuppliesInvoices to CustomersNotes Receivable Ledgers, SchedulesPayroll Records and Summaries, including payment to pensionersPlant Cost LedgersPurchasing Department Copies of Purchase OrdersSales RecordsSubsidiary LedgersTime BooksTravel and Entertainment RecordsVouchers for Payments to Vendors, Employees, etc.Voucher Register, SchedulesBusiness Records To Keep ForeverWhile federal guidelines do not require you to keep tax records “forever,” in many cases there will be other reasons you’ll want to retain these documents indefinitely.Audit Reports from CPAs/AccountantsCancelled Checks for Important Payments (especially tax payments)Cash Books, Charts of AccountsContracts, Leases Currently in EffectCorporate Documents (incorporation, charter, by-laws, etc.)Documents substantiating fixed asset additionsDeedsDepreciation SchedulesFinancial Statements (Year End)General and Private Ledgers, Year End Trial BalancesInsurance Records, Current Accident Reports, Claims, PoliciesInvestment Trade ConfirmationsIRS Revenue Agents’ ReportsJournalsLegal Records, Correspondence and Other Important MattersMinutes Books of Directors and StockholdersMortgages, Bills of SaleProperty Appraisals by Outside AppraisersProperty RecordsRetirement and Pension RecordsTax Returns and WorksheetsTrademark and Patent RegistrationsPersonal Document To Keep For One YearWhile it’s important to keep year-end mutual fund and IRA contribution statements forever, you don’t have to save monthly and quarterly statements once the year-end statement has arrived.Personal Documents To Keep For Three YearsCredit Card StatementsMedical Bills (in case of insurance disputes)Utility RecordsExpired Insurance PoliciesPersonal Documents To Keep For Six YearsSupporting Documents For Tax ReturnsAccident Reports and ClaimsMedical Bills (if tax-related)Property Records / Improvement ReceiptsSales ReceiptsWage GarnishmentsOther Tax-Related BillsPersonal Records To Keep ForeverCPA Audit ReportsLegal RecordsImportant CorrespondenceIncome Tax ReturnsIncome Tax Payment ChecksInvestment Trade ConfirmationsRetirement and Pension RecordsSpecial CircumstancesCar Records (keep until the car is sold)Credit Card Receipts (keep until verified on your statement)Insurance Policies (keep for the life of the policy)Mortgages / Deeds / Leases (keep 6 years beyond the agreement)Pay Stubs (keep until reconciled with your W-2)Property Records / improvement receipts (keep until property sold)Sales Receipts (keep for life of the warranty)Stock and Bond Records (keep for 6 years beyond selling)Warranties and Instructions (keep for the life of the product)Other Bills (keep until payment is verified on the next bill)Depreciation Schedules and Other Capital Asset Records (keep for 3 years after the tax life of the asset)Tax Planning and ComplianceOur clients include financial institutions, manufacturers, real estate developers, entertainment companies, construction companies, service entities and retailers.Preparation of individual federal, state, and local income tax returnsPlanning and ConsultingDeveloping strategies to mitigate and defer taxesYear-end tax projections and analysisUnlike the larger tax preparation companies, you can come to Tax Service in D.C. any time of the year for the same great services at the same affordable prices. There are a number of services we provide that will help you stay out of trouble with the IRS. When you’re late filing your taxes, we advise you on what you need to do to get the required documents to the IRS. You can also trust us to set up payment plans, send in corrections, resolve conflicts, request abatements, and perform any other correspondence you require with the IRS.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.BilingualAssistance AvailableAFFORDABLE TAX PREPARATION BY PROFESSIONAL ACCOUNTANTwww.taxservicedc.comI HAVE THE SAME SERVICES AS THE OTHER COMPANIE’S PRODUCT WITH THE BANKFederal Refund anticipation check (federal RAC) 8 – 15 daysFLAT FEE FOR MOST RETURNS OR 30% OFF OTHER COMPANIE’S FEESMaria Elena Lopez, MS, MBATel: (202)882-0935Fax: 202)248-6169Mobile: (202)489-7054WHAT TO DO IF YOU RECEIVE AN IRS NOTICE!It’s a moment many taxpayers read. A letter arrives from the IRS — and it’s not a refund check. Don’t panic; many of these letters can be dealt with simply and painlessly. Each year, the IRS sends millions of letters and notices to taxpayers to request payment of taxes, notify them of a change to their account or request additional information. The notice you receive normally covers a very specific issue about your account or tax return. Each letter and notice offers specific instructions on what you are asked to do to satisfy the inquiry. If you receive a correction notice, you should review the correspondence and compare it with the information on your return. • Agree? If you agree with the correction to your account, usually no reply is necessary unless a payment is due. • Disagree? If you do not agree with the correction the IRS made, it is important that you respond as requested. Write to explain why you disagree. Include any documents and information you wish the IRS to consider, along with the bottom tear-off portion of the notice. Mail the information to the IRS address shown in the upper left-hand corner of the notice. Allow at least 30 days for a response. Most correspondence can be handled without calling or visiting an IRS office. However, if you have questions, call the telephone number in the upper right-hand corner of the notice. Have a copy of your tax return and the correspondence available when you call to help us respond to your inquiry. Be sure to keep copies of any correspondence with your records.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 2009, but to review your financial position and tax situation and make sure that you positioned to save money on your taxes in 2009 as well. The last few years have brought significant changes in tax laws-are you sure that you’re 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’ll be glad you did.I prepare:- Individual Income Tax Returns- Corporate (C & S) Income Tax Returns- Partnership Returns- LLC Returns- Non-Profit Returns- Trust Returns- Quarterly Estimated Tax Payments- Year-End Tax Planning- Tax Advice- IRS Audit Representation- Notices from IRS & Franchise Tax BoardORIf you:Bought or sold a home or investment property-or are planning to buy,Got married or divorced-or are planning to do one or the other,Started a family,Are in school or have a dependent in school,Changed jobs,Have a side business or self-employment income,Started or experienced substantial growth in your own business,Have been receiving big refunds or paying penalties for underpayments,Haven’t filed taxes for a few years and want to get back on track,or simply haven’t met with a financial professional in the last few years to make sure you are on the right track, you owe it to yourself to do it right this year.Did your accountant make a mistake your tax return?A couple of years ago I reviewed my clients’ prior year tax return prepared by their accountant and I found that their accountant made a mistake on their tax return. Please bring a copy of your last year’s tax return; we’ll be glad to look over your tax return for you to ensure you take advantage of all the deductions that you are entitled to.Business Owners-Self EmployedMost of my clients are self-employed, operating Sole Proprietorships, LLCs or partnerships. Some are working at their own businesses full-time while others have full-time jobs and are building their own business evenings and weekends. They have found that working with me has saved money. I have helped them identify overlooked deductions, alternative tax treatments, opportunities to use tax deferred savings plans more effectively and provided general business advice that has saved them real money. I then look at their projections and help them plan for estimated tax payments this year to ensure that they avoid penalties in 2009, while maximizing their current cash flow.Home OwnersMany are new homeowners who are able to itemize for the first time and want to ensure that they catch everything the first year. Some plan to go back to Turbo Tax ™ next year, but want a little advice this year-just to make sure. I take the time to get a feel for their financial situation and walk them through the deductions for which they are eligible. I look at their projected income for 2008 and provide them with a new W-4 that takes their new tax situation into account and enables them take more money home each paycheck instead of waiting for a big refund at the end of the year. Why let the IRS keep your money all year when it can earn interest in your bank account or help you pay down your debt faster?I have evening and weekend appointments available.All clients will enjoy affordable one on one service from knowledgeable hardworking professionals. Let us help you organize your finances, and avoid the costly mistakes that can affect your bottom line. We will be your point people for all things financial, allowing more free time to focus on your family, business etc…Business Owners:Having trouble reaching your accountants when you need them? Not getting the personal attention or quality of service you deserve? Do you feel that you are paying too much of your hard earned money for poor results? Let us show you how beneficial having a qualified Accountant can be for your business. You will receive better quality service & SAVE $$$.Services:We offer tax preparation including Federal, State & Local for Individual, Corporation, Partnership and Business. We provide full-service accounting. For new business setup. Incorporations and new business advisory services offered to put your business on the path to success. Our services also include year round tax planning, as well as compliance and auditing.Professional TAX returns in 3 business days!Preparing your own income tax return can be a task that leaves you with more questions than answers. According to a study released by the US Government’s General Accounting Office last year, most taxpayers (77% of 71 million taxpayers) believe they benefited from using a professional tax preparer.Whether we like it or not, today’s tax laws are so complicated that filing a relatively simple return can be confusing. It is just too easy to overlook deductions and credits to which you are entitled. Even if you use a computer software program there’s no substitute for the assistance of an experienced tax professional.Maria Elena Lopez, LLC Bookkeeping, Income Tax and Legal Document Preparation Services can help you with all of your Bookkeeping and Income Tax needs. We specialize in tax preparation for individuals and small businesses. We prepare computerized federal and state tax returns for all (50) states E-file. Your tax returns are prepared according to current tax laws and rulings. We will also handle tax audits, reassessments and any other tax inquiries on your behalf.Maximize your refund.Get the deductions you deserve.Avoid tax hassles, this is not software, a tax professional will do it all for you.No waiting in line for hours, we go to your home, office or can process online.Convenience: At any time, all week including evenings and weekends.Get your Refund Fast – avoid snail mail – E-file today.Save Money Flat low pricing.We do not just process returns; we also take the time to evaluate, analyze your tax information, and identify the correct approach to reporting your income while minimizing your current tax burden. Minimum prices for 2012 tax return ranges from $50 up 450 based on complexity of the return. You will receive a written estimate specific to your return prior to the commencement of services.Our staff will show you how to adjust your payroll withholding to get more money back each week. Why give the IRS an interest free loan for up to 16 months.Books a Mess: No Problem!If you own a small business and haven’t kept up your bookkeeping, don’t worry. We can help you. We’ll prepare your bookkeeping for the year; prepare a full Schedule C, as well as your personal income tax return. Then we’ll help you set up an easy system that allows you to keep your books in tip-top shape next year.R & S Unlimited is OPEN all year and believes that proper tax planning requires decision making all year-round, not just at tax time.Our services are available by phone, fax, e-mail, mailand in person Washington, DC area, and beyond.Tell us how we can be of service.Hours of Operation:Monday — Friday, 9:00 a.m. — 9:00 p.m.Saturday, 9:00 a.m. — 8:00 p.m.Sunday, 9:00 am – 8:00 pmLocated at:4416 Georgia Avenue N.W.Washington, DC 20011202-882-0935, 202-489-7054Experience Business & Individual Taxes Licensed To Practice Before IRS Small Business Start Up, Accounting Compliance Acceptance Agent For District Of Columbia Notary We Visit Our Clients Government Contractor Accounting Available All Year Electronic Filing & Fast Refunds Income Tax Preparation (Business & Individual
Accounting & Bookkeeping
July 29 on Oodle
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