You can fix tax return errors by filing Form 1040X, “Amended U.S. Individual Tax Return.” An error on a return may not become evident for some time. Or you might simply put off preparing and submitting the amended return. Those delays could cost you. Because you can lose a refund or end up paying extra penalties and interest to... continue reading →
Tax returns for corporations are due on March 15th of each year. Whereas the deadline for individual and partnership tax returns due on April 15th. In filing business income tax returns, you will need to account for all your income and expenses. But the process generally goes much smoother if you have kept track of your business income and expenses... continue reading →
Problems With the IRS and Back Taxes An IRS Garnishment and back taxes can result in huge problems. The Internal Revenue Service (IRS), like most creditors, has the power to garnish your wages. And this is not the problem you want. Yet, this could be the end result if you owe a tax debt to the IRS. You see,... continue reading →
Young Adults & Taxes “Sometimes teens go out and work as technical employees, but are paid as contractors,” says Sharon Lechter. Sharon is a CPA in Paradise Valley, Arizona. And she is a former member of the inaugural President’s Advisory Council on Financial Literacy. “So make sure the employer classifies you correctly.” Hopefully, you will see how an incorrect classification... continue reading →
Dealing With the IRS Finding the right IRS Audit representation is not always easy. Yet, navigating the tax laws alone is never an option that a private citizen or business should undertake. And this is especially true in the event of an audit or delinquency. Good tax professionals are prepared to assist in taking on the tax system. Most professional... continue reading →
Help Filing Form 990 Tax-Exempt Organizations. Business & Financial Solutions is a tax accounting firm. And we provide a wide range of services to individuals, businesses, and nonprofit organizations. Our goal is to assist clients in their successes. We offer the services and tools you need for that success. Inclusively, we prepare the Form 990 Income Tax Return for... continue reading →
Writing Grant Proposals We get the job done! Business & Financial Solutions writes all types of grant proposals. Whether a federal government grant or state and local, we have the right team And we prepare grants for private foundations and corporate giving programs as well. Also, we can write that professional business plan that you’ve been wanting. Our professional... continue reading →
Who should file tax returns on Estates and Trusts? When a property owner dies, a fiduciary manages the estate. Often, a lawyer or other professional may be hired as a fiduciary. But many times one of the heirs or beneficiaries may serve as a fiduciary. The fiduciary is in charge of filing Form 1041. But a trust tax preparer is... continue reading →
TAXATION ON FOREIGN PENSIONS & ANNUITIES According to the IRS, pensions and annuities from foreign countries may not be taxable in the United States. Well this is largely dependent upon the tax treaty that the United States has with the country in question. So is foreign pension tax preparation required for you? You should consult with an experienced tax... continue reading →
Married Filing Separately Income Tax Return New clients often inquire about the advantages of filing income tax returns separately, or as a couple. We have cited the advantages and disadvantages of a married filing separately income tax return. Hopefully, it will benefit you to review the advantage, versus the disadvantages. And our tax preparers will be able to help you... continue reading →
