We believe that every American deserves the assistance of a trained financial and tax professional in helping to plan for their financial future. And we believe you can get all your financial answers in one place. That's why we recruit highly ethical accounting and tax professionals to become our advisors. They're the Heart of our Business.
You've probably heard plenty of financial and tax advice in your lifetime - tidbits such as "Spend less than you earn, " "Try to save a little every month, " "Claim every deduction" and "Use compound interest to your advantage."But when you try to follow this advice on your own, it's not always as simple as it sounds. You may have even consulted financial advisors to help you achieve financial health.
But many of them simply focus on selling you their favorite investment products - which means you'll walk away feeling no better informed than when you went in. Our advisors understand that building wealth for the long term involves more than just following the most obvious, basic advice - and life always ends up more complicated than we expect.
You've probably heard plenty of financial and tax advice in your lifetime - tidbits such as "Spend less than you earn, " "Try to save a little every month, " "Claim every deduction" and "Use compound interest to your advantage."But when you try to follow this advice on your own, it's not always as simple as it sounds. You may have even consulted financial advisors to help you achieve financial health.
But many of them simply focus on selling you their favorite investment products - which means you'll walk away feeling no better informed than when you went in. Our advisors understand that building wealth for the long term involves more than just following the most obvious, basic advice - and life always ends up more complicated than we expect.
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Tax planning is the analysis of a financial situation or plan to ensure that all elements work together to allow you to pay the lowest taxes possible.
A plan that minimizes how much you pay in taxes is referred to as tax efficient.
Tax planning should be an essential part of an individual investor's financial plan.
Reduction of tax liability and maximizing the ability to contribute to retirement plans are crucial for success.
Considerations of tax planning include the timing of income, size, the timing of purchases, and planning for expenditures.
A plan that minimizes how much you pay in taxes is referred to as tax efficient.
Tax planning should be an essential part of an individual investor's financial plan.
Reduction of tax liability and maximizing the ability to contribute to retirement plans are crucial for success.
Considerations of tax planning include the timing of income, size, the timing of purchases, and planning for expenditures.
If you owe back taxes, the IRS will charge you both interest and penalties for each day that you haven't paid your debt.
Consider taking out a bank or a credit card loan to pay it off-you'll still be paying interest, but you won't have to deal with the penalties.
An offer in compromise (OIC) is an agreement between a taxpayer and the IRS that resolves the taxpayer's tax debt.
If you can get an OIC, that's great-but keep in mind that the IRS resolves less than one percent of its balance due accounts through the OIC program.
Consider taking out a bank or a credit card loan to pay it off-you'll still be paying interest, but you won't have to deal with the penalties.
An offer in compromise (OIC) is an agreement between a taxpayer and the IRS that resolves the taxpayer's tax debt.
If you can get an OIC, that's great-but keep in mind that the IRS resolves less than one percent of its balance due accounts through the OIC program.
If the IRS calls to inform you of an audit, ask the agent to put it in writing.
Be polite.
You don't need to give out any information about your taxes or how you prepared them; just let the agent know that your accountant will be handling the case.
Take a deep breath.
And keep in mind that you might not owe as much as the IRS thinks you owe.
If your records are in good order, gather them together and give me a call.
Trying to represent yourself at an audit is like trying to perform your own surgery-it's just not a good idea.
Be polite.
You don't need to give out any information about your taxes or how you prepared them; just let the agent know that your accountant will be handling the case.
Take a deep breath.
And keep in mind that you might not owe as much as the IRS thinks you owe.
If your records are in good order, gather them together and give me a call.
Trying to represent yourself at an audit is like trying to perform your own surgery-it's just not a good idea.
If you haven't been filing your tax returns, you're in good company-I've met both millionaires and street vendors who owe several years of returns.
But you can't hide from the IRS forever.
In fact, failure to file your tax returns is a criminal offense, and you can be prosecuted and even sentenced to jail for it!
Congress recently allocated more than $1 billion in Federal funding to help the IRS crack down on non-filers.
The most important thing to keep in mind is that it's better to file and owe taxes than not to file at all.
But you can't hide from the IRS forever.
In fact, failure to file your tax returns is a criminal offense, and you can be prosecuted and even sentenced to jail for it!
Congress recently allocated more than $1 billion in Federal funding to help the IRS crack down on non-filers.
The most important thing to keep in mind is that it's better to file and owe taxes than not to file at all.
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