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7 Common Tax Problems With Solutions Intuit TurboTax Blog

tax solutions & bookkeeping llc

Intuit now offers and supports TurboTax, a tax preparation and filing service for individuals and small businesses available online, or installed via CD and download (Windows, Mac). John has been part of the tax, accounting and financial planning industry for over 25 years. Every year, outsourced bookkeeping solutions millions of individuals and businesses fail to file their required tax returns by the tax deadline. The IRS uses third-party information returns (e.g., W2s or 1099s) to identify non-filers, create substitute tax returns, and assess what taxes, penalties, and interest are owed.

However, if you need some professional assistance to resolve a small tax debt, CommunityTax may accept cases as low as $7,500, among the lowest of all competitors. The company will take on cases if it believes the cost of the services is worth it to the prospective client. It also offers many resources and services that are particularly valuable to those with small tax debt. The other option, and one every online service offers, involves selecting only the tax topics that apply to you.

Document management

The IRS says it may approve an offer in compromise “when the amount you offer represents the most we can expect to collect within a reasonable period of time.” If paying your tax debt would create a financial hardship for you or your family, consider submitting an offer in compromise. This offer is an agreement between you and the IRS to settle your tax debt for less than the amount owed. However, you must be able to show the tax bill would cause serious financial strain to your household. Leslie Tayne, a financial attorney and founder of Tayne Law Group, advises reaching out to the IRS as soon as possible to explore your options. “They might include an installment agreement, an offer in compromise—where you settle your tax debt for less than the amount owed—or temporarily delaying collection if you can prove financial hardship,” says Tayne.

tax solutions & bookkeeping llc

Looking for a scalable outsourced bookkeeping service with flexible payment options? Every inDinero plan includes a dedicated account manager, direct employee reimbursements, some inventory management, and payroll assistance. It also syncs with either QuickBooks Online or Netsuite (as opposed to syncing just with QuickBooks, like most virtual bookkeepers).

Filing Your Taxes Online Is Easier Than Ever

You might want to contact churches, community centers, schools, and libraries to see if local tax prep companies offer community members free or low-cost tax help. In the realm of tax trouble, tax relief takes on a different meaning. The term “tax relief” can refer to a number of things within the world of taxes. Broadly speaking, any kind of measure, provision or incentive that helps taxpayers legally minimize or reduce their tax liabilities can be considered tax relief in terms of policy. This can include popular breaks, such as tax credits, tax deductions and even stimulus checks or rebates.

  • As always, though, they had to incorporate changes made to the US tax code, which could affect your refund.
  • Choose a few offerings or the entire package — you’ll see the difference CS Professional Suite makes in your firm’s productivity and profitability.
  • Taxpayers with a household adjusted gross income (AGI) of $79,000 or less can utilize the IRS Free File program.
  • Liberty Tax is a competent online tax preparation service from the well-known brick-and-mortar tax preparer.
  • Typically, you’d only get detailed financial statements like this through a CFO — which means Merritt gives you some of the best aspects of having a CFO without the high cost.
  • A good CPA knows the tax code and how to best navigate the IRS collection process.

Optima also helps with tax relief for levies, wage garnishment, liens, the filing of back tax returns and other situations. Baker Tilly offers specialized support to help companies maximize the benefits of section 48D, focusing on investments in semiconductor and semiconductor equipment manufacturing facilities. We provide eligibility assessments and strategic planning to enhance tax credit value along with compliance and documentation guidance to ensure accurate IRS substantiation and filing submittal. Virtual and outsourced bookkeeping and accounting services are a happy medium between do-it-yourself software and pricey in-house bookkeeping. If that description fits what you’re looking for, one of the nine best virtual bookkeeping providers can save you time, money, and stress.

Best tax refund software

If you’d feel better handing your taxes over to a seasoned pro, connect with our Endorsed Local Providers (ELPs) in your area. Tax ELPs are RamseyTrusted because of their top-notch service and know-how to help you win with taxes. With Ramsey SmartTax Federal Classic, you’ll get help with IRS inquiries for up to one year after your return is accepted. With Ramsey SmartTax Federal Premium, we’ll work with you to prepare for and resolve inquiries for up to three years after your return is accepted. Always read your letter carefully to see what the tax problem is and what steps you should take to fix it. Even if you don’t agree with it, follow all instructions for responding and provide evidence and records that back up your claim.

  • Enterprise Consultants Group offers a free consultation, which is standard among tax relief companies.
  • Since taxes are nothing but sensitive data, you ought to be doubly concerned if you’re filing from a coffee shop, say, or the airport.
  • So what do you do when you fall into five figures of debt with the IRS?
  • Most tax relief companies offer services for both individuals and businesses, but they’re generally more cut out for individual tax debt.
  • Tax ELPs are RamseyTrusted because of their top-notch service and know-how to help you win with taxes.
  • Get insight and information from subject-matter experts and industry-leading research to help tax and accounting professionals stay abreast of today’s challenges.
  • You’ll need to supply information about your monthly income and expenses on that form.

Virtual, outsourced, and online are often used interchangeably when referring to bookkeeping and accounting. However, a virtual bookkeeper or virtual accountant can sometimes refer to accountants or CPAs who work out of their homes and contract out their services individually. In contrast, outsourced bookkeeping and accounting nearly always refers to accountants with an accounting firm who handle your books from their own office. Unlike most other outsourced bookkeepers on our list, Merritt Bookkeeping doesn’t offer any in-house add-ons for payroll and tax services. If you were hoping for a one-stop shop that can tackle all of your financial needs, Merritt might not be the right choice for you.

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