In What Way Can An IRS Tax Lawyer Help You

Charity tax law is hard
Charity tax law is hard (Photo credit: trexfiles23)

IRS Tax Lawyer

Even though taxing is such an important subject, it is a pity that quite a number of people are unaware of the depth and importance of taxing. This is where an IRS tax lawyer comes into the picture. Hiring a professional tax lawyer is always a viable solution for all tax payers because the knowledge that these professionals have would certainly be very deep and hence they can guide the tax payers. What is IRS? This can be defined as an idea that supports the hiring of a professional individual to provide guidance and analyze different kinds of taxes that has to be paid by the tax payer. Without the help of a professional tax lawyer, one can run into several problems because law is a serious subject, and any defiance of law is surely going to result in heavy penalty.

It is always advisable to find a good IRS tax lawyer to help you out with your case. There are many online tax lawyers that could come in handy. Some of the popular online IRS tax lawyers are Steven Klitzner, David Coleman, etc. If you are an individual who has multiple sources of income then it would surely do you good to hire a tax lawyer to help you maintain accurate records and comply with statutory requirements.

Tax Liability Of An Annuity – Does It Exist?

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Tax Liability Of An Annuity

Everybody is interested in avoiding taxation legally because no one likes to pay taxes. There is generally no tax liability in case of annuities and this is what makes it so popular. After all, ‘a penny saved is a penny earned’ therefore why not invest in these since they do not require you to pay tax? The tax-deferred growth that one can enjoy from an annuity is probably one of the most attractive features about it. The government isn’t going to tax you on any of the earnings as long as the money stays inside the annuity. Thus, if you were filing for 2009 taxes then your annuity wouldn’t come under it.

However, it cannot remain like this forever since all good things should come to an end. Therefore your deferred annuity will get taxed in its later stages. To understand this, it is necessary to take a look at the two stages of a deferred annuity. The accumulation phase is the first phase and during this phase the annuity is allowed to grow and there is no tax liability on it.

In the second phase, i.e. the distribution phase, the annuity is paid out and the payment can be made in a single lump sum or it can be segregated into a series of payouts at fixed intervals over a lifetime or a pre-determined period of time. It does not matter which mode of payment is opted because the income tax will be due on each of the annuity payment which the recipient receives.

Turbotax Refund Advance For Financial Freedom

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Turbotax refund advance

A Turbotax refund advance is a simple way for you to get the tax refund that is coming your way without the need to wait months for it to come. Putting off your taxes is probably something that you have done in the past. People usually delay their taxes because of the feeling that they can be very difficult and time consuming. When you use this system to do your taxes, you will find that it becomes something that almost anyone can do. The basic design of this system is intended to function like a GPS by guiding you to where you need to go and providing you with all of the information that you need to know. Increasing your tax savings is simple when you have a program that millions of people use to get their taxes done quickly.

Once you use this program to file your taxes for next year, you will be able to take advantage of a Turbotax refund advance that can give you the money that you would otherwise be without for a long period of time. The money that you are getting in a refund belongs to you, getting it today means that you will be able to buy more of the things that you love. Finding extra money on a limited budget can be hard, getting an advance can solve your problem.

3 Tips for Buying Accounting Software

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When running a small business, purchasing accounting software is typically an essential step so that you can keep track of your business finances. While there are plenty of different options out there for you to choose from, not all accounting software programs are created equally. Here are three tips to keep in mind when it comes to choosing a business accounting software package.

Check Out the User Interface
When you buy an accounting software package, you’re going to be spending a lot of time using it. Because of this, you’ll need to choose a software package that has a user-friendly interface. While they all claim to be user-friendly to some degree, some are better than others in this regard. Typically, you can download a demo or try out the software before you buy it. When you are looking at a few different software options, try out the user interface to make sure that you feel comfortable using it. Look at the different features that the software offers and find out how to access them through the user interface.

Search for Integration
Another word factor for you to consider when buying a business accounting software package is whether it integrates with your current system. If you are already using some other software products, you may want to buy a software program that is designed to work with them. For example, if you are using some kind of payroll software to do your payroll, you may want to buy an accounting package that integrates with it seamlessly. By doing that, you will be able to get right to work once you buy the accounting software. Otherwise, you may have to invest in other software programs to go along with your accounting package.

Look at the Features
The features of the accounting software are what you’ll actually be using on a regular basis. Because of this, you need to check the list of features on the accounting software package to make sure that they meet your needs as a business. Some businesses do not meet all of the features that come with the more advanced accounting software packages. Sometimes, your business might need more features than what some of the smaller accounting software packages offer. Regardless of what you need, make sure that it is included in the package that you’re about to buy. For example, you may need to be able to print purchase orders or invoices with the software. You might need to be able to keep track of employee’s working time through the software program. Once you find a program that provides what you need, purchase the software and get started taking control of your business finances.

For businesses large and small, it’s crucial to have the right tools to help you manage day to day and future growth. For expert business accounting software installation advice, contact Horizon Business Systems today.

How Accounting Management and Software Can Help Your Business

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With every new company, it is important to have an accounting system that works well and is prepared to grow with the business. Office work may be the least favorite part of getting a start-up off the ground, after all, you are a visionary with a great business idea, and taxes and sales reports aren’t exactly exciting. The future of any new business depends on careful planning. Not being prepared with the tax and bookkeeping management can turn even the greatest business plan into a failure.

Choosing Software

The type of accounting software you choose really depends on the type of business. For many small companies, QuickBooks is the first choice, mostly because it has been around long enough to improve itself over the years. If your business is more global, a cloud-based program such as Salesforce.com may be more your speed. This application is useful for customer relationship management. It combines record keeping with customer interactions, which can help a new company grow. Freshbooks is another program that provides streamlined billing and organization tools you can manage online.

Keeping Track

A new business should keep track of all receipts and all expenses from the beginning. It is crucial to know how much money is going in and out of the accounts. Taxes aren’t something you think about once a year, as your business grows, new requirements come with it, such as quarterly filings with the state or federal governments. Many Balancing books and keeping track of the latest tax laws could very well be the reason why one business outperforms a competitor. Keeping the books balanced means you have fewer problems to fix, and let an owner spend time making the business a success.

Hire an Expert

The best way to make a company more productive is finding the right people to do the job. If you have an employee who is a natural with numbers and bookkeeping, let that be their specialty. If your establishment has more of the innovative and imaginative types, let them shine where they belong and hire an outside firm to do the books. Many accountants make a living helping small firms with their tax and record keeping tasks.

Plan Ahead

Getting a new business off the ground can be difficult, but the mistake many of them make is not continuing with their planning. Very few successful companies still use the same bookkeeping system they started with. Maybe a laptop and a simple software program was all you needed to get started, but after a while, your needs will change as the business does. Thinking about an expandable accounting system from the start will ensure that you have a start-up that takes off and stays profitable for the long haul.

Aristides Trimindis is the Managing Director of Istos Global Limited an independent Firm offering Cyprus Accounting, Audit, Cyprus Tax services and Advisory services. In addition to the above Istos Global can help you Register a Company in Cyprus.

How to Avoid an IRS Tax Audit

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Tax season is upon us, and people seem to react to tax season with mixed feelings. Of course, if you are expecting a refund this year, then you are probably excited to file your taxes. But be honest – there is that little voice in the back of your head worrying about being audited, right? After all, people rank the experience of an IRS audit right up there with a root canal. If you want to do your best to steer clear of the worst come tax time, here are some tips for how to avoid an IRS tax audit:

Double check your work. Silly mistakes can cost you a lot of time and frustration down the road. Always go over your finished tax forms with a fine-tooth comb, especially if you prepared them using your own software. You can’t take back what you send the IRS once you hit that submit button, and just one extra zero where there’s not supposed to be one is all it takes to trigger that dreaded phone call from the IRS.

Meet your deadlines. When it comes to dealing with the IRS, you want to avoid drawing any unnecessary attention to yourself. When you file late or fail to make a payment on time, it’s like holding a big red flag up and hoping the IRS doesn’t see it.

Report everything. The IRS cross-references everything, so don’t leave anything out – no matter how insignificant it may seem. For example, that ten dollar interest amount you earned on your small savings account may not mean a lot to you . . . but it’s certainly not worth an IRS audit, is it?

Overshooting your deductibles. Only claim what you can legally claim, and be completely honest. The deductibles portion of your tax returns is one of the most likely areas you can expect the IRS to scrutinize. If anything looks off, or even slightly questionable, you are in danger of being audited.

Keep records. If you are going to claim something – anything, from income to expenses to deductibles – keep records of it. Invest in a small file folder and maintain your receipts and records throughout the year in order to make an easy job of it. That way, you can be sure that you are filing correctly when you send in your returns, and you can rest assured that you did everything within your power to avoid an audit.

There is no guarantee that you won’t be audited by the IRS. It is possible to everything the “right” way only to come under investigation, while others seem to slide under the radar. What you can do is set your mind at ease that an audit is as unlikely as possible, and these tips should help you do just that.

About the Author: Francine Ersery is an accountant in the windy city and often has to help her clients sort through audit issues. When she’s not working she can often be found looking at Chicago daily offers for hot deals and weekend entertainment opportunities.