Top 10 things to know before hiring a representative.
Larry Heinkel, Esq. Attorney
Since the days of the American Revolution there have been cries of inequality in tax treatment. It seems those with the least ability are those that are most often required to do so, and those than can pay get off with the lowest tax liability. Your tax bracket has a lot to do with how much you owe, and the exemptions and deductions you are able to claim work to decrease that figure.
The purpose of taxes is to fund certain government programs, at both the local and federal levels. Locally, your taxes pay for things like schools and roads. At the federal level, revenue from taxation is used to fund programs deemed important to the federal government. Some of these programs include:
- Social security
But with high tax rates and large tax bills, many Americans are calling for changes to the ways taxes are used. The changes to tax laws create confusion, and add to an already complicated system. And, it seems, most tax laws benefit the wealthy. The top earners typically get more tax breaks than those on the lower end of the spectrum and have more deductions available to them. Figuring out where you fall on the curve is difficult, and making the most of the tax advantages available to you is no easy task. Knowledgeable tax professionals know which laws apply to you and know how to apply those laws properly. If you have questions about how stay in a tax bracket that fits your budget, or which deductions and exemptions you are entitled to take, call our office or follow us on social media.
For questions about taxes, call us for answers. Contact the Florida offices of the Heinkel Law Group, PL today to speak with a tax resolution attorney. Call 407-629-5923 or 727-894-2099. Or email us at admin@TaxProblemSolver.com. We help taxpayers NATIONWIDE and are here to provide quality assistance to your most important tax issues.
The interplay between healthcare and taxes is a hot topic this tax season. The requirement that a payment be made on your taxes for not carrying insurance has a lot of people confused about how to handle this popular problem. Owing taxes is financially burdensome, any amount added to what you already owe only adds to the burden. So, it goes without saying that the less you owe, the better off you are. The best way to minimize your tax liability is by consulting a trained legal tax professional to make sure all your I’s are dotted and T’s are crossed.
Getting your advice from a reputable tax professional also cuts down on the possibility of receiving inaccurate advice, or falling victim to a tax scam. In the area of healthcare, a new scam has recently arisen and it is important to know the details so you can protect yourself:
– Tax preparers are asking for a direct payment of the fine associated with the healthcare issue, rather than making the payment to the IRS.
– The request for a direct payment is being made of all filers, even those that qualify for an exemption to the requirement of the healthcare related tax payment.
As with all scams, if you doubt the validity of the information being asked of your or are skeptical of the payment method requested, contact the IRS directly. A direct call from you ensures you are getting the correct information, and that you have actually reached the agency and not a scam artist. Another option is to team up with a skilled legal tax professional. This method resolves not only potential scams, but can also lead to the discovery of additional information that is beneficial to your overall tax status. We have experience helping taxpayers nationwide and are here to help you too!
If you have questions about taxes, call our office for help. Contact the Florida offices of the Heinkel Law Group, PL today to speak with a tax resolution attorney. Call 407-629-5923 or 727-894-2099. Or email us at admin@TaxProblemSolver.com. We help taxpayers NATIONWIDE and are here to provide quality assistance to your most important tax issues.
Being self-employed is a huge undertaking. The risk associated with working for yourself is high, but the rewards are immeasurable. Being your own boss is the American Dream, and for those that are able to accomplish it, worries over job security become less of an everyday concern. Along with setting your own hours and working at a job you love, you are able to deduct a lot of expenses that would otherwise end up costing you in the end. A skilled tax professional can help you find deductions that lower your tax liability so you can keep more of your hard earned money in your pocket, but you do have to be careful about the bottom line.
In some cases, if your expenses exceed your income the IRS may consider your job a “hobby”. Doing so will have serious tax implications, such as:
- Business losses from work done on an independent contract (1099) basis act to reduce the taxable income from W2 wages.
- In the case of losses attributed to a hobby though, the loss can never exceed the amount earned. This can cause a tax liability where one would not exist if the activity were not considered a hobby, but rather were defined as your business.
For expenses related to a hobby, you do get to write them off on your schedule of itemized deductions, but this is only helpful if you itemize. For those that do not itemize their deductions, none of these expenses help reduce your overall taxable income. To make sure you are getting the most out of your work, take steps to ensure your job is treated as just that; and not as a hobby. When in doubt, team with an experienced legal tax professional. For more information on this important topic, call our office or make arrangements to attend one of our educational seminars.
If you have questions about taxes, call us for help. Contact the Florida offices of the Heinkel Law Group, PL today to speak with a tax resolution attorney. Call 407-629-5923 or 727-894-2099. Or email us at admin@TaxProblemSolver.com. We help taxpayers NATIONWIDE and are here to provide quality assistance to your most important tax issues.