4 Scenarios Where You May Want Assistance with Your Taxes

Tax Act

Let’s face it: taxation laws can be complicated. The average person has limited knowledge of things like mergers & acquisition, San Diego tax laws, management consulting, San Diego business formations and much, much more. Even if you have filed your own taxes before and have never sought assistance, there are some scenarios in life where you may want to find a consultant to help you transition and prepare your taxes accurately.

1) You’ve started your own business.

If you have recently started your own business, congratulations! This is a huge accomplishment that can reap big rewards. However, there are a lot of ins and outs to owning your own company, especially in terms of finances and taxation. In regards to advisory management, San Diego financial and legal firms are ready to assist you in creating a workable business budget, managing your financial assets and finding write-offs for expenditures that you are making for the company. America’s tax codes were originally written in support of small businesses, so a skilled tax and accounting specialist can help you learn how to use laws to your advantage as a new business owner.

2) You’re pressed for time.

Maybe you work for someone else, and your taxes aren’t very complicated. However, you simply don’t have the time to file your own forms and figure everything out. With the go, go, go rush of Southern California and/or the business world, accountants can come in handy. Find a certified accountant with a track record of success (check on the Better Business Bureau website) and a tax preparer identification number to get you started. With your W-2s, records of expenditures and any receipts you may be able to write off, an experienced professional can take much of the tax-filing burden off your back.

3) Frankly, you’re bad at math.

If formulas and equations get your head in a spin, there’s no shame in hiring an accountant. When it comes to the IRS and taxes, it’s better to be safe than sorry—hire someone who can help you understand your return or who can just do it accurately for you the first time.

4) Your finances have significantly changed in the past year.

If you own a company that bought out another in a merger/acquisition, this can change your tax responsibility. Or, if you have purchased new real estate or sold previously owned property, your tax codes may be different than last year. Even in the case of a new addition to the family, or the death of a loved one, you may be surprised to see that your tax liability could have changed significantly from the previous year. If you suspect that a major life change will affect your finances, call a taxation/finance specialist.

Jessica writes about a wide variety of topics.  She especially enjoys writing about taxes. You can learn more about mergers & acquisition san diego at http://www.allenbarron.com/

 

Reducing your IRS tax debt – A step towards fiscal freedom

Tax Act

Knowing as well as learning the ways of reducing your IRS tax debts is the only possible solution to the nerve-wracking problem. According to resent studies, it has been seen that the huge number of IRS tax defaults is due to lack of awareness than the negligence on the part of the actual tax-payers. Most people in the US do not have any inkling ways to seek IRS tax debt relief and this ignorance builds up their fearfulness that leads them into incurring more and more debt. If you too have missed your payments on your taxes and you’re not aware of the ways in which you can pay them off, here’s help for you. Have a look at the ways in which you can tackle your IRS tax debts.

Guaranteed installment agreement: If you want to make sure that you’re soon free of IRS tax debts, you can negotiate a guaranteed installment agreement with the IRS. However, you can only seek help of this option if you have dues that range above $10,000 or less. You also need to meet some more criteria like all your tax returns must be filed and the monthly installments will pay off your balance within 36 months. You also need to agree that you will pay your tax debts regularly in the near future. The biggest benefit that you can reap off the guaranteed installment agreement, you will not require filing federal tax lien. Tax liens can easily hurt your credit score, if reported.

Streamlined installment agreements: You can talk to the IRS about your financial hardship and then you may negotiate a streamlined installment agreement if the balance that you owe amounts to $25,000 or less. You need to agree that you will repay the balance within a span of 60 months. The minimum balance that the IRS will accept is the total amount owed (including the penalties and fees) divided by fifty. All your tax returns must be filed and you must agree to file your tax debts on time.

Offer-in-compromise: If you think that your present monthly income is not enough to suffice the huge amount of tax debt that you own, you can go for offer-in-compromise option. If you file an offer-in-compromise, you can offer to pay an amount that is lesser than what you actually owe your creditors. As you file your request with the IRS, they will check whether or not you are actually liable to pay off your tax debt. By opting for this debt repayment method, you can save your dollars and use it in paying off your other obligations.

Nothing can be worse than getting drowned in an ocean of tax debt. If you’re up to your eyeballs in IRS tax debt and you are looking for tax debt relief options, you can follow the points mentioned above. Pay off your taxes and lead a free of all debt obligations.

Jenney Roberts is a contributory writer of Debt Consolidation Care. She is a financial writer and has specialization in financial problems and its solutions. She holds her expertise in the Finance industry and has made significant contributions on debt consolidation, savings, planning, frugality, debt settlement etc.

Finding Time to Sell Your Privately Held Business

Tax Act

In preparation for selling your privately held business, it is essential to determine which category the business falls within. The classification of a company will determine several important strategic decisions. Like, how the market for the company for sale, how to be valued, and the commercial brokerage firm should carry out the assistance and the type of buyer might be interested.

Determine the best time for privately held business sales depend on a number of factors, both internal and external. Eventually, the assessment is influenced by the time the causes behind the sale, particularly given the verity that, not all business sales are programmed in advance. While the maximization of value is, historically, in the top of the wish list when looking at the sale, it is often balanced with the owners’ personal objectives and lifestyle needs.

For a business owner, it is essential to identify that something is always on sale at the right cost and conditions. The business vendor must distinguish trigger points, both negative and positive, and should set up a plan to act on them.

The best time to sell is when a vendor does not have to. Few owners consider selling the company when the business is growing rapidly and the company is clicking on all cylinders. When times are lean and income have been removed, owners also dare to sell assuming the feeling that the specific dollar value they have in mind for your business may not be realistic in today’s market.

Moreover, while employers in general, indicate that maximizing the value of agreement is the 1st priority in process of business mergers. This objective is balanced with a series of personal life issues. The variables needed to determine the perfect time to sell a privately owned business are numerous, but often this decision is due to the reason that the sale is being pursued.