TAX PREPARATION AND IRS AUDIT REPRESENTATION

TAX PREPARATION AND IRS AUDIT REPRESENTATION

wwwtaxservicedc.com EXCELLENT TAX SERVICES INDIVIDUALS CORPORATES PARTNERSHIP NONPROFIT (MD DC AND VA E-FILEALLSTATES) TAX PREPARATION IS A FULL TAX SERVICE ACCOUNTING AND BUSINESS CONSULTING FIRM.The Office Is Open Monday-Sunday From 9am-9pmE-FILE ALL FORMS AND SCHEDULES FEDERAL AND ALL STATES FOR INDIVIDUAL AND BUSINESSES The IRS will not process paper tax returns before the start date which will be announced in December. There is no advantage to filing on paper before the opening date and taxpayers will receive their tax refunds much faster by using e-file with direct deposit. The April 15 tax deadline is set by statute and will remain in place. However the IRS reminds taxpayers that anyone can request an automatic six-month extension to file their tax return. Here are a few tips that may ease the burden of tax preparation 1. Keep Good Records Proper record-keeping year-round is the first step to ensuring your taxes are filed accurately and that you have the paperwork you need to back-up your deduction claims should you be audited. 2. Understand Your Deductions What small business deductions can you take Do you have the documentation and original receipts to back them up Tax credits and deductions change each year.3. Utilize the Small Business Jobs Act Tax Provisions The Small Business Jobs Act of 2010 signed into law by President Obama has over 17 tax provisions decreasing the tax burdens for small businesses--several of these provisions can be taken advantage of during this year s tax season. Utilizing these provisions will provide great savings for your business. 4. Remember the tax credits within the Affordable Care Act These tax credits will allow small businesses to cover up to 35 percent of the premiums a small business pays to cover its workers. In 2014 the rate will increase to 50 percent.5. Avoid Common Audit Traps It is very important to be aware of potential red flags and act on them before the IRS does Classifying Employees as Independent Contractors -- Independent contractors and employees are not the same and it s important to understand the difference. In the eyes of the IRS misclassification can be seen as an attempt to avoid payroll taxes and non-compliance can bring penalties and back taxes.Home Office Deduction -- This deduction is very specific and not all home-based businesses will qualify. Likewise if you run your business from a commercial location and claim the home office deduction you might trigger some interest from the IRS. Know how to determine if you are eligible to claim it and what specific expenses you can write off. Large Sum Miscellaneous Deductions If you claim a large amount of itemized deductions relative to your income the IRS will get suspicious. Likewise if you bucket a large amount of miscellaneous expenses you may raise eyebrows. Be specific and label every deduction. 6. Keep Business and Personal Expenses SeparateThe IRS scrutinizes personal expenses that may have been claimed as a business expense such as the use of a business vehicle for personal use. Be diligent about keeping good records. Maintain a separate bank and credit card account for your business.Need to file taxes fast but don t have the cash No problem Pay for your tax preparation fees with your refund. Ask your tax preparer about electronic Refund Checks and Deposits.Corporate and Business Tax Serviceswe are equipped to help strengthen their businesses by proactively advising them on the most current strategies to minimize taxes. Some of our more common corporate and business tax services include Preparation of Corporate Federal and State tax returns Preparation of Sales and Use tax returns Planning and research regarding tax mitigation and deferral strategies. Determining optimum entity structure International tax issues including compliance planning and consulting Tax PlanningMaria Elena Lopez LLC is a full service provider of tax services and offers solutions to clients in the Corporate Estate and Trust Individual Limited Liability Company Not for Profit Tax Exempt Partnership and S Corporation income tax areas.The primary objective of our tax services group is to minimize a client s overall tax burden whenever and wherever possible. In order to achieve this our tax services are directed primarily toward constructive tax planning beginning early in the year and maintaining close contact with our clients throughout the yearTax Planning and ComplianceOur clients include financial institutions manufacturers real estate developers entertainment companies construction companies service entities and retailers.Preparation of individual federal state and local income tax returns Planning and ConsultingDeveloping strategies to mitigate and defer taxes Year-end tax projections and analysis You will have to pay federal taxes on your Social Security benefits if you file a federal tax return as an individual and your total income is more than 25 000. If you file a joint return you will have to pay taxes if you and your spouse have a total income of more than 32 000.What If I Don t File Voluntarily The IRS is taking enforcement steps for those who repeatedly choose not to comply with the law. IRS employees will prepare returns when taxpayers do not file. The returns prepared by the IRS might not give credit for deductions and exemptions a taxpayer may be entitled to receive. Bills will be sent to those taxpayers for the tax due plus penalties and interest. The IRS and the state don t know if you have dependents or other credits. People who repeatedly don t comply with the law are subject to additional enforcement measures.Maria Elena Lopez MSA MBA FinanceTel (202)882-0935Fax 202)248-6169Mobile (202)489-7054WHAT TO DO IF YOU RECEIVE AN IRS NOTICE It s a moment many taxpayers read. A letter arrives from the IRS and it s not a refund check. Don t panic many of these letters can be dealt with simply and painlessly. Each year the IRS sends millions of letters and notices to taxpayers to request payment of taxes notify them of a change to their account or request additional information. The notice you receive normally covers a very specific issue about your account or tax return. Each letter and notice offers specific instructions on what you are asked to do to satisfy the inquiry. If you receive a correction notice you should review the correspondence and compare it with the information on your return. Agree If you agree with the correction to your account usually no reply is necessary unless a payment is due. Disagree If you do not agree with the correction the IRS made it is important that you respond as requested. Write to explain why you disagree. Include any documents and information you wish the IRS to consider along with the bottom tear-off portion of the notice. Mail the information to the IRS address shown in the upper left-hand corner of the notice. Allow at least 30 days for a response. Most correspondence can be handled without calling or visiting an IRS office. However if you have questions call the telephone number in the upper right-hand corner of the notice. Have a copy of your tax return and the correspondence available when you call to help us respond to your inquiry. Be sure to keep copies of any correspondence with your records.Filing a past due return may not be as difficult as you think. Taxpayers should file all tax returns that are due regardless of whether or not full payment can be made with the return. Depending on an individual s circumstances a taxpayer filing late may qualify for a payment plan. All payment plans require continued compliance with all filing and payment responsibilities after the plan is approved. However full payment of taxes saves you money.Taxpayers who continue to not file a required return and fail to respond to IRS requests for a return may be considered for a variety of enforcement actions. Continued non-compliance by flagrant or repeat no filers could result in additional penalties and or criminal prosecution.I prepare - Individual Income Tax Returns- Corporate (C & S) Income Tax Returns- Partnership Returns- LLC Returns- Non-Profit Returns- Trust Returns- Quarterly Estimated Tax Payments- Year-End Tax Planning- Tax Advice- IRS Audit Representation- Notices from IRS & Franchise Tax BoardORIf you Bought or sold a home or investment property-or are planning to buy Got married or divorced-or are planning to do one or the other Started a family Are in school or have a dependent in school Changed jobs Have a side business or self-employment income Started or experienced substantial growth in your own business Have been receiving big refunds or paying penalties for underpayments Haven t filed taxes for a few years and want to get back on track or simply haven t met with a financial professional in the last few years to make sure you are on the right track you owe it to yourself to do it right this year.Did your accountant make a mistake your tax return A couple of years ago I reviewed my clients prior year tax return prepared by their accountant and I found that their accountant made a mistake on their tax return. Please bring a copy of your last year s tax return we ll be glad to look over your tax return for you to ensure you take advantage of all the deductions that you are entitled to.Business Owners-Self EmployedMost of my clients are self-employed operating Sole Proprietorships LLCs or partnerships. Some are working at their own businesses full-time while others have full-time jobs and are building their own business evenings and weekends. They have found that working with me has saved money. I have helped them identify overlooked deductions alternative tax treatments opportunities to use tax deferred savings plans more effectively and provided general business advice that has saved them real money. I then look at their projections and help them plan for estimated tax payments this year to ensure that they avoid penalties in 2015 while maximizing their current cash flow.Home OwnersMany are new homeowners who are able to itemize for the first time and want to ensure that they catch everything the first year. Some plan to go back to Turbo Tax next year but want a little advice this year-just to make sure. I take the time to get a feel for their financial situation and walk them through the deductions for which they are eligible. I look at their projected income for 2015 and provide them with a new W-4 that takes their new tax situation into account and enables them take more money home each paycheck instead of waiting for a big refund at the end of the year. Why let the IRS keep your money all year when it can earn interest in your bank account or help you pay down your debt faster I have evening and weekend appointments available.All clients will enjoy affordable one on one service from knowledgeable hardworking professionals. Let us help you organize your finances and avoid the costly mistakes that can affect your bottom line. We will be your point people for all things financial allowing more free time to focus on your family business etc...Business Owners Having trouble reaching your accountants when you need them Not getting the personal attention or quality of service you deserve Do you feel that you are paying too much of your hard earned money for poor results Let us show you how beneficial having a qualified Accountant can be for your business. You will receive better quality service & SAVE .Services We offer tax preparation including Federal State & Local for Individual Corporation Partnership and Business. We provide full-service accounting. For new business setup. Incorporations and new business advisory services offered to put your business on the path to success. Our services also include year round tax planning as well as compliance and auditing.Maximize your refund.Get the deductions you deserve.Avoid tax hassles this is not software a tax professional will do it all for you.No waiting in line for hours we go to your home office or can process online.Convenience At any time all week including evenings and weekends.Get your Refund Fast - avoid snail mail - E-file today.Save Money Flat low pricing.We do not just process returns we also take the time to evaluate analyze your tax information and identify the correct approach to reporting your income while minimizing your current tax burden. You will receive a written estimate specific to your return prior to the commencement of services.Our staff will show you how to adjust your payroll withholding to get more money back each week. Why give the IRS an interest free loan for up to 16 months.Books a Mess No Problem If you own a small business and haven t kept up your bookkeeping don t worry. We can help you. We ll prepare your bookkeeping for the year prepare a full Schedule C as well as your personal income tax return. Then we ll help you set up an easy system that allows you to keep your books in tip-top shape next year.R & S Unlimited is OPEN all year and believes that proper tax planning requires decision making all year-round not just at tax time.Our services are available by phone fax e-mail mailand in person Washington DC area and beyond.Tell us how we can be of service.Se Habla Espa olHours of Operation Monday -- Friday 9 00 a.m. -9 00 p.m.Saturday 9 00 a.m. -- 6 00 p.m.Sunday 9 00 am - 6 00 pmLocated at 4416 Georgia Avenue N.W.Washington DC 20011202-882-0935 202-489-7054 202-526-4889Se Habla Espa ol 18 Years Of Experience Business & Individual Taxes Licensed To Practice Before IRS Small Business Start Up Accounting Compliance Acceptance Agent For District Of Columbia Notary Public We Visit Our Clients Government Contractor Accounting Available All Year Electronic Filing & Fast Refunds Income Tax Preparation (Business & Individual1. Social Security Card(s) 2. Drivers License(s) 3. Dependents Social Security Numbers & Dates of Birth 4. Last Year s Federal and State Tax Returns 5. Wage Statements - Form W-2 6. Pension or Retirement Income - Form 1099-R 7. Interest and Dividend Income - Form 1099-INT Form 1099-DIV 8. State Income Tax Refund Amount - Form 1099-G 9. Social Security Income - Form SSA-1099 10. Unemployment Income - Form 1099-G 11. Commissions Received Paid 12. Sales of Stocks or Bonds - Form 1099-B 13. Self-Employed Business Farm Income & Expenses - Form 1099-MISC 14. Lottery or Gambling Winnings - Form W-2G 15. Lottery or Gambling Losses 16. Income and Expenses From Rentals 17. Income from Partnerships S Corporations Trusts and Estates - Schedule K-1 18. IRA Contributions 19. Alimony Paid or Received 20. Child Care Expenses & Provider Information 21. Medical Eye Care and Dental Expenses 22. Cash and Noncash Charitable Donations (Learn how to maximize this deduction) 23. Record of Purchase or Sale of Residence 24. Mortgage or Home Equity Loan Interest Paid - Form 1098 25. Real Estate and Personal Property Taxes Paid 26. State or Local Sales Taxes Paid 27. Unreimbursed Employment-Related Expenses 28. Job-Related Educational Expenses 29. Educator Expenses 30. Tuition and Education Fees - Form 1098-T 31. Student Loan Interest - Form 1098-E 32. Casualty or Theft Losses 33. Estimated Taxes 34. Foreign Taxes PaidEach year the IRS sends millions of letters and notices to taxpayers for a variety of reasons. Here are ten things you should know about IRS notices in case one shows up in your mailbox.1. Don t panic. Many of these letters require a simple response.2. There are many reasons why the IRS sends correspondence. If you receive an IRS notice it will typically cover a very specific issue about your account or tax return. Notices may require payment notify you of changes to your account or ask you to provide more information.3. Each notice offers specific instructions on what you need to do to satisfy the inquiry.4. If you receive a notice advising you that the IRS has corrected your tax return you should review the correspondence and compare it with the information on your return.5. If you agree with the correction to your account then usually no reply is necessary unless a payment is due or the notice directs otherwise.6. If you do not agree with the correction the IRS made it is important that you respond as requested. You should send a written explanation of why you disagree. Include any information and documents you want the IRS to consider with your response. Mail your reply with the bottom tear-off portion of the IRS letter to the address shown in the upper left-hand corner of the notice. Allow at least 30 days for a response.7. You should be able to resolve most notices that you receive without calling or visiting an IRS office. If you do have questions call the telephone number in the upper right-hand corner of the notice. Have a copy of your tax return and the notice with you when you call. This will help the IRS answer your inquiry.8. Remember to keep copies of any notices you receive with your other income tax records.9. The IRS sends notices and letters by mail.