Tax Relief Specialist

Do you want seasonal tax Non-professional OR a full time licensed CPA to do your taxes?

Please call TODAY to schedule your appointment if you need help with filing your tax returns both individual and business returns.

www.taxreliefspecialist.com

Phone: 972-971-6111
Email: [email protected]

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IRS has already started accepting tax returns for businesses and will start accepting for individuals from January 28, 2019.

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ROTH IRA could be an alternative investment strategy If you are already maximizing your 401k and Traditional IRA then consider opening a Roth IRA account and grow your investments tax free.

2019 401K and IRA Contribution Limits
The contribution limits for 401K are $19,000 up from $18,500
IRA contribution limits $6,000 up from $5,500

Have you checked your 401k lately? If not, consider a portfolio review to rebalance your investments to meet your retirement goals. You should be rebalancing your portfolio every 3-5 years.

Opportunity Zone - Defer Taxes on Capital Gains

Opportunity zone is an area or community that has been designated by the Secretary of Treasury to be economically deprived. These zones are created across all 50 states including U.S. territories to encourage investors to invest and bring economic growth in those zones by providing the federal tax incentive. The taxpayers can start taking advantage of these tax deferral incentives for any capital gains from stock or business that they would like to defer by investing in these opportunity zones until December 31, 2026.

You would need to establish a Qualified Opportunity Fund (Vehicle created by partnership or corporation for investing in qualified property or business that is located within the Opportunity Zone). The taxpayer doesn’t need to live or have business in the Opportunity Zone to take advantage of this investment opportunity.

This could be a great opportunity for Real Estate Investors once the regulation is finalized by IRS.

To find out more details about Opportunity Zone and Qualified Opportunity Fund.

Please feel free to contact us at 972-971-6111 or visit our website www.taxreliefspecialist.com to schedule an appointment.

Home - (TRS) Tax Relief Specialist reducing people's tax, tax refief, payments plan, Consultant, tax relief Consultant

Good to be a Businessman!!!
Great news for business owners. Now they can take advantage of additional 20% deduction from Qualified Business Income under the new Tax Law.

Tax Extension Reminder!!!
Tomorrow Oct 15 final day to file Tax

Tax Extension Deadline Reminder

Deadline to file is Oct 15 for taxpayers who filed for extension!!!

How to respond to IRS communication

IRS sends out millions of inquires/letters every year regrading number of issues related to individuals and business tax returns. If you are one of those unlucky ones who have received a letter from IRS stating that you owe the IRS money. You haven’t filed taxes for few years and it was inevitable that IRS will eventually caught up with you and demand to pay the IRS its share. At first it could be very overwhelming and scary to receive a letter from IRS and rightfully so that is the purpose of the letter. IRS is the biggest collection agency in the world and it wants people to be afraid of it.

Few things you should do after receiving the letter:

 Calm down and read the letter a few times to first understand what exactly IRS wants.
 Let’s assume it is CP 2000 Letter which is very common for IRS to send out every year and in which IRS is merely requesting the taxpayer to confirm or provide additional information to resolve the discrepancy between IRS records and your tax return. You can either accept the revised changes that IRS is proposing, sign and return the form back to IRS or you can contest and provide additional documentation to prove your case. In any case it would be beneficial to consult a tax professional before responding back to IRS.
 If you receive a letter stating that you haven’t filed your taxes in so many years and now IRS is demanding that you pay back taxes or IRS will purse to put Lien on your property which could eventually lead to putting tax levy (meaning IRS would move to actually seize your property). This could be very damaging to the taxpayer’s credit and it would make it very difficult for the taxpayer to secure a loan in future or even sell the current property. Ignoring the IRS would make things worse. If you are faced with situation like the one discussed above then you should seek help from a tax professional immediately.

Not all is doom and gloom when you receive an IRS letter. Luckily, there are several options available to the taxpayer which the taxpayer can take advantage of and resolve their situation with IRS. Depending on the situation of the taxpayer, IRS does offer different programs such as Offer in Compromise, Installment Agreement, etc. but the taxpayer would have to qualify to take advantage of these programs and would need to meet certain qualifying requirements. You would need to provide a lot more detail about your finances including all types of assets and liabilities in order to qualify especially for Offer in Compromise program which is really hard to qualify and lengthy process but could be well worth the wait if IRS ends up accepting your offer.

Please feel free to contact us at 972-971-6111 or visit our website www.taxreliefspecialist.com to schedule an appointment.

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