Tax Deduction Process

Thank you for coming to our offices and allowing us to review and discus your concerns regarding your tax questions. I have been assigned to reply to your questions and I have listed my recommendations below. After you both have reviewed these recommendations, please contact me so we can go over any additional questions you may have.

You need to look up your taxable income on the official IRS tax table, to determine the "tax" amount, and enter than amount on line 10.

Your business faces penalties and fines if you file your tax return late. File for an extension if you need additional time to compile your data and file your taxes.

Under 26 USC § 121, gains on the sale for married taxpayers filing jointly would be excluded up to $500,000 (or $250,000 each for married filing separately) given the residence was owned and occupied as a principal residence for two out of the last five years.

Furthermore, to minimize your federal tax liability, it is important to be prepared if the IRS decides to re-compute your personal income or the income at a

Thank you for stopping by my office on Monday to discuss the relevant inquiries you and your wife Jane have while planning your 2011 tax return. I am only responding to the issues we discussed. I am confident that I can provide the best guidance to minimize your tax liability for I have been in practice for 5 yrs. As you know, there will be a billing for this consultation, but no tax return will be prepared unless an agreement is met.

The current income tax system is inherently complex. The guide provided to citizens to fill out their 1040 taxes has 288 pages of instructions. (IRS, 2014) The US tax code is too complicated. What is the average American to do? The answer is that most Americans turn to outside preparers or tax preparation software to figure

Customers are seeking the expertise of a tax professional in maximizing the refund or minimizing the debt.

Tax credits for homebuyers have complicated tax requirements with home-price restrictions, payback requirements, eligibility guidelines and time-frame limitations. Few areas of personal deductions generate more errors or greater audit risks than failing to meet the requirements of taking homebuyer tax credits. A tax advisor can help you avoid the pitfalls.

If this applies to you, be sure to write down all of the expenses related to childcare, healthcare, education, etc.

Conversely, educational costs aren't deductible if the education is required to get into the field (as opposed to staying in the field) or qualifies you for a new trade or business.

One of the most difficult portions of this entire process is the steps that you must go through when responding to the IRS. This is something that can be very complicated and there are specific forms that you must fill out and provide to

Tax troubles are some of the worst that one can experience in life. You can find yourself immersed in a pile of tax debt, and feel like there is no way out. And situations of this nature can be even worse, and far more entangling if handled incorrectly. You could end up losing everything that you’ve worked hard for in life. Tax filings must be done correctly, on time, and all tax money owed completely paid up or you could be facing a pile-up of debt, leading to a potentially serious crisis financially that could severely impact you and your families’ lives for years to come. Hence, tax issues should be taken extremely seriously.

more comfortable with taxes, and feel confident that I could fill out my own and even my

We’ve done a lot of exercises on how to figure income tax for individuals, partnerships, and businesses. Like for example for partnerships, Spouses who own a qualified entity in