When you start getting notices of liens/levees on your property, you have ignored the IRS too long. Now it’s time for representation. When you come to Jax-Tax, here are just the first few steps: 1. I’ll hear your side of the story. 2. If your situation makes sense, I’ll have you sign an IRS
Try the Taxpayer Advocate Service: TAS is an independent organization within the IRS that can help protect your taxpayer rights. They can offer you help if your tax problem is causing a hardship, or you’ve tried but haven’t been able to resolve your problem with the IRS. If you qualify for
Are you in business for yourself and have interest expense for business debts? There is a limit to how much you can deduct…What is the section 163(j) limitation on the deduction for business interest expense? Generally…interest expense cannot exceed the sum of: 1. the taxpayer’s business interest income for the year 2. 30% of the taxpayer’s adjusted taxable income (ATI) for the year 3. any floor plan financing interest expense. Who is subject to the section 163(j) limitation? The limitation applies to all taxpayers who have business interest expense, other than certain small businesses that meet an exemption.
What is the difference between a CPA and an EA? Enrolled Agent vs. CPA. … An enrolled agent is a tax practitioner who is licensed at the federal level by the Internal Revenue Service. In fact, enrolled agent status is the highest credential awarded by the IRS. On the other hand, certified public accountants are licensed by their applicable state boards of accountancy. I am an EA (Enrolled Agent) Jack
Missing an RMD (Required Minimum Distribution) at 70 1/2 is a significant mistake and will result is a 50% penalty on any part of the RMD not withdrawn.
"When you correct an IRA contribution before the Oct 15 deadline, you have two choices when it comes to fixes. You can recharacterize the contribution or withdraw it. With either option, the slate is wiped clean and the contribution is treated as though it was never made to the IRA where the excess