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East Coast Tax Consulting Blog

18Feb

You Can Still Make An IRA Contribution For Last Year

By |February 18th, 2017|Categories: Retirement Plans, Tax Deductions, Tax Returns|

Taxpayers wanting to make an IRA contribution for 2016, have until the unextended due date for filing their 2016 return, which is April 18, 2017. Contributing to an IRA has several benefits, the most important one being that you are saving for your retirement.

15Feb

Will You Be Required To File A 2016 Gift Tax Return?

By |February 15th, 2017|Categories: Tax Planning, Tax Returns|

During 2016 you may have made substantial gifts to your children, grandchildren or other family members as part of your estate planning. Or maybe you just wanted to help those close to you with some financial support.

10Feb

What You Should Do When You Receive an IRS Notice or Letter

By |February 10th, 2017|Categories: IRS Notices, Tax Relief|

Have you received a letter from the IRS and are afraid to open it? Don’t worry; many of these letters can be resolved easily and painlessly. Every year, the IRS sends millions of letters and notices to taxpayers requesting payment of taxes, notifying them of a change to their tax account, or to request additional information.

5Feb

Delinquent Taxes Can Restrict Your Ability To Travel Outside The Country

By |February 5th, 2017|Categories: Back Taxes, Tax Debt|

We’ve previously written about a law enacted in December 2015 that authorizes the Secretary of State to deny the issuance or renewal of passports to “seriously delinquent” taxpayers. The purpose of the law is to use travel as a way to enforce tax collections.

17Jan

Can You Benefit From State and Local Sales Tax Deduction?

By |January 17th, 2017|Categories: Tax Deductions, Tax Planning, Tax Returns|

Now that the 2017 tax filing season has arrived you may benefit from the following tax savings opportunity.

11Jan

Remove IRS Penalties Using First Time Penalty Abatement

By |January 11th, 2017|Categories: Penalty Relief, Tax Resolution Strategy|

When you file your tax return late or pay late, the IRS charges you late filing and late payment penalties plus interest. If you fail to resolve your tax debt quickly, penalties and interest can easily grow to be a significant portion of the total amount owed to the IRS.

7Jan

Don’t Make These Mistakes When Filing an Offer-in-Compromise-Part 3

By |January 7th, 2017|Categories: Offer in Compromise, Tax Relief|

This is the final blog in our three part series discussing common mistakes made when submitting an Offer-in-Compromise. Retaining the services of a qualified tax resolution professional will help you avoid these errors.

29Dec

Don’t Make These Mistakes When Filing an Offer-in-Compromise-Part 2

By |December 29th, 2016|Categories: Offer in Compromise|

In our previous blog we discussed the mistake of not considering the remaining statute of limitations on collections before filing your Offer-in-Compromise. Here we discuss mistakes made in calculating a taxpayer’s future income which is used in determining your Offer amount.

28Dec

Don’t Make These Mistakes When Filing an Offer-in-Compromise-Part 1

By |December 28th, 2016|Categories: Back Taxes, Offer in Compromise|

The Offer-in-Compromise program is one of the most popular programs used by both tax practitioners and taxpayers when considering a way to resolve IRS back tax problems. An Offer-in-Compromise allows qualifying taxpayers to settle their back taxes for less than the amount owed.

24Oct

Beware of the IRS Reclassifying Your S Corporation Distributions as Wages

By |October 24th, 2016|Categories: Boca Raton, Payroll Taxes, Tax Planning|

If you run your business as an S corporation, you’re probably both a shareholder and an employee. Therefore, the company should pay you a salary for the work you do for the business, which is subject to payroll taxes as well as income tax withholding.

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