Category: Tax Tips


Tax Refunds Are Shrinking, Which Is A Nice Thing

Filed Under: Tax Tips by Don Weststein — Comments Off
January 14, 2012

It wasn’t a good year for folks who were expecting huge checks from the IRS. Only 109 repayments were brought to taxpayers, which was seriously less than prior years. The average refund of these checks was also smaller.

The rebates for returns that were filed in 2011 averaged 3 p.c. less than 2010, which amounted to $2,913. This was the figure that was stated by the IRS in their fresh statistical data. Speed Up Your Refund The quantity of discounts that were delivered thru direct deposit went up by 6% last year.

Roughly 14% more taxpayers exploited the free e-filing system of the IRS compared against the year before. This adds up to about 3 quarters of taxpayers now e-filing. If you’d like to get your refund as fast as possible then the IRS suggests that you e-file and also use direct deposit. This way, folks customarily can get their rebates inside only ten days. Over ninety percent of taxpayers expecting deductions should receive them in twenty-one days at the newest. If You’re Still Waiting On A Reimbursement You might find that you have got a delayed refund. One reason for that is the IRS could find that it needs additional time to check your return. If your return is unreadable or you’ve got any red flags that suggest possible crime, this will happen. The method can also be slowed down due to having a typo in something similar to your address or SSID Number. How It’s Possible For You To Get Aid You might find yourself pondering where your refund is, and wish to find current info on this. You may visit the IRS ‘ “Where’s My Refund” tool on the IRS2GO app on Android and Apple products.

You can also check in with the Taxpayer Advocate Service if you want to resolve a disagreement with the IRS or you are annoyed by some techniques.

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Secrets on How to Settle Tax Debt

Filed Under: Tax Tips by Don Weststein — Comments Off
December 28, 2010

Because of the financial crisis it is hard to cope up with mortgages, bills and other financial obligations. To help people alleviate their financial burden, the Internal Revenue Service has become more forgiving when it comes to tax debts. There are different IRS programs that will help an average person to settle tax debt. However, these programs or policies are not usually advertised by the IRS.

There are different ways on how to settle tax debt. If you are struggling to pay it in full amount and on the required time line, you may ask for payment extensions or you can set up an installment agreement. The IRS can honor payment extensions to those citizens who are not able to pay on time and accepts installment agreements to help citizens stabilize their financial situations. When a person set up for an installment agreement, the IRS will require them to pay the interest plus the standing debt over a longer period of time. The payments can be in a structured basis. It lessens the financial burden of the debtor because he is to pay small staggered payments than having a large single payment.

If a person is not able to pay the tax debt fully, one could also offer in compromise. This policy allows the person to pay the debt in a lower amount than the actual debt. However, this type of policy is only honored to those whom the IRS feels that are not capable in paying the full debt. And getting an IRS approval for an offer in compromise is difficult. Another method to settle tax debt is to ask for penalty abatement. The IRS is to forgive certain penalties that have been charged on the tax debt. This will substantially reduce your tax debt to as much as 30%.

There are other ways on how to settle tax debt. You can let the statute of limitations expire; get declared bankrupt by the IRS or you could apply for a partial payment installment agreement. To help you find the best option to settle your tax debt, you can utilize a tax debt settlement service and find the best method for you.

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Business Taxes In Austin

Filed Under: Tax Tips by Don Weststein — Comments Off
September 22, 2010

A burgeoning new business needs to find the best tax lawyers Austin has to offer, and when the issue is paying federal, state, and local taxes, a new business is in dire jeopardy without the best tax attorneys Austin has produced. Finding a good tax lawyer will help ensure that your new business is started legally and that the taxes are paid correctly and in a timely manner. There are some important things to look for when trying to find a good tax attorney.

The first and most important thing is to make sure that an attorney with plenty of experience is chosen. If someone who is inexperienced is chosen, he or she may not be wise to all that a seasoned professional is about tax law. A lawyer with experience knows all of the benefits that will help the business as well as the pitfalls that must be avoided in order to stay in strict compliance with the law. Someone who is newly graduated from law school might not have much of the experience that is desired for a new business.

Secondly, an articulate lawyer who is easy to understand should be chosen. If a lawyer that is difficult to communicate with is chosen, it will be nearly impossible to enjoy the full benefit that having a lawyer on retainer should produce. It will be less likely that the lawyer will be approached for advice and could be more likely that a dreaded legal mistake is made. When there is a legal problem, and it is not handled correctly, the legal problems tend to pile up. When that happens, the legal bills pile up. A new business is usually very sensitive to cash flow, and something like that could ruin a new business in its infancy.

When looking for the best tax attorneys Austin has, one with experience is the obvious choice, and if you do in fact find the best tax lawyers Austin has produced, you will have found one that is experienced and articulate. An experienced lawyer that will vigorously represent your company is of utmost importance. If there is one thing that makes a business successful, it is the services of an articulate and highly experienced attorney.

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One Month Left to Get Your Tax Credit!

Filed Under: Hombuyer tax credit, Tax Tips by Don Weststein — Comments Off
March 27, 2010

There is just one month left in which to qualify for the $8,000 first time home buyer tax credit.  This fact has people all over scrabbling to get into a home.  While finding your dream home is fairly easy thanks to the abundance of homes on the market, getting a mortgage is another story all together!

Tightening lending guidelines have left many people unable to get a home loan.  Most people believe that this means that they will just have to give up hope of qualifying for the tax credit.  The truth is that there is another option.  While most traditional rent to own contracts will not qualify you for the tax credit, a properly structured contract will!

In order to qualify for the first time home buyer tax credit, the transaction must be a bona fide sale under the IRS guidelines.  This means that the contract will need to be structured more like an owner financed transaction.  Still, there are stipulations that can be put in place to protect the current home owner, which can make them much more likely to agree to this structure.  By offering them these protections, you can get most any home owner who is offering their home as a rent to own homes listing to agree to owner financing.

What are the advantages for you?  With the proper contract structure, not only can you qualify for the federal $8,000 tax credit, you may also be able to write of a portion of your monthly payment on your taxes.  (Of course, you should always seek the advice of a tax professional before you do anything!)  Additionally, you can qualify for home owners insurance, which can be much easier and more affordable than strictly renters insurance.

If you are trying to buy a home but can’t get a mortgage, don’t give up hope!  A properly structured owner financing contract can help you realize your dreams!

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Tax Tips 2009

Filed Under: Tax Tips by — Comments Off
November 23, 2009

As the end of the year nears there are a few things to consider thinking about before December 31.  If you are in need of a bigger refund and pay out of pocket expenses for college, you can pay for the Spring 2010 semester in 2009 and claim it in this tax year. Note, that it will reduce the amount you get next year but if you want the money now it is an easy way to increase your refund.

Be sure to talk to a CPA or other tax person as there are some limits on who qualifies for these credits.

Another great way to get more money back is to maximize your charitable donations. Take a bag of clothes or two to your local Goodwill and be sure to keep track of what you gave. You would be surprised with the amount of people who forget to think about these types of deductions.

With the housing tax credit extended, either $6500 or $8000 depending on your situation, now is a great time to close on your new home. Do not rush it just to get this credit though, as you should always look for the best deal out there.

Adding more to your 401k can help offset some of your income too. You might not get any more back at year end, but your tax bill will be less since you have less income, as it goes into your 401k pre-tax, if you have a traditional 401k plan.  Also, it helps you save more which is always a plus.

These are just a few things to help you save some money on your taxes. All have there little quirks so be sure to look at the detail.

Update:  If you are looking for some good information from a reliable Ohio CPA or Accountant, you came to the right place.

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End of Year Tax Advice

Filed Under: Tax Tips by — Comments Off
October 20, 2009

With the end of the year coming it is good to get all your financial information in order.  I have a few tips that may save you a bit on your 2009 taxes.

1.  Maximize your charitable deductions.  Give to Goodwill, you would be surprised how much a bag of old clothes is really worth.

2.  Donate to your favorite charity.  Most people give a little to this and that, but do not really remember.  Most times, all this is tax deductible, so write down what you donate, or better yet, keep a receipt.

I will be posting more information in the coming months to help people prepare for the upcoming tax season.

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