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What are the Chances that your Income Tax Return will be Audited?

– Sean Tang, Tax Practitioner, from Tax Solutions Practice, LLC For the vast majority of taxpayers, there is not much need to worry that you will be audited. In 2016, only 0.6% of individual income tax returns were audited according to the IRS 2017 Data Book. Why? For starters, the IRS budget has been cut resulting […]

Tax Tips for the Self-Employed: A Freelancer’s Guide to Paying Taxes

Tax Tips for the Self-Employed: A Freelancer’s Guide to Paying Taxes If you are an employee, you get a paycheck every pay period and most likely pay little attention to your taxes until the end of the year. Your employer does a lot of the work for you and you get a W2 at the […]

Top 10 IRS Audit Red Flags

No one wants to pay more income taxes than they are required to, but be careful if you do your own taxes. Attempting to cut your tax liability by getting into IRS grey areas can cause you problems later on. You don’t have to do anything unethical to get your return pulled for an audit, […]

What is Offers in Compromise

Owed IRS Taxes? Here Is One of Solutions You Might Qualify to Wipe Out Your Debt What is Offers in Compromise (Pennies-On-The-Dollar)? -By Sean Tang, EA, Tax Resolution Specialist   The Offer in Compromise is probably the most commonly known tax resolution strategy. This is what you hear about in TV commercials and radio ads, […]

How To Legally Remove IRS Tax Liens Filed Against You

Federal Tax Lien Removal Guide How To Legally Remove IRS Tax Liens Filed Against You Presented to you by: Jushun “Sean” Tang, EA IRS Licensed Enrolled Agent Tax Resolution Specialist Represent Troubled Taxpayers before the IRS and State Agency  814-769-0202 www.taxsolutionspractice.com    There are four (4) ways to remove negative impacts of Federal Tax Lien […]

What is IRS Tax Lien? Can I Still Get a Loan, Sell My House or Apply for A Credit Card?

IRS Notice of Federal Tax Lien   A Notice of Federal Tax Lien (NFTL) is an encumbrance that establishes a legal claim by the government. It does not result in the physical seizure of your property. A levy, on the other hand, allows the IRS to actually seize wages, cash, or property. In general, a […]

If You Receive an IRS Notice or Letter, Here Is What to Do

Each year the IRS sends millions of letters and notices to taxpayers. If you receive one, do not panic. Here’s what to do: Follow the instructions in the letter. There are many reasons the IRS sends notices to taxpayers. Here are the common reasons: You have a balance due. You are due a larger or […]

Checklist of Common Errors When Preparing Your Tax Return

The IRS created the following checklist based on common filing errors. Did you choose the correct filing status? Did you check the appropriate exemption boxes for your personal, spousal and dependency exemptions? Did you enter the total number of exemptions? Did you enter the names and Social Security numbers for everyone listed on your return […]

Income Tax Corner – Can You Really Do It Yourself?

One of the questions we hear most often from taxpayers that are hourly or salaried employees with “simple” tax returns is “Why can’t I just do this myself?” The truth – and our usual answer is – “Of course you can…” But there is always a catch. Tax software can be great but it also […]

Want to Pay Less? Fix Up the House!

At least once a day, I have clients ask the most basic accounting question – “How can I lower my tax liability?” That answer is always a hard one, as there are so many variables involved – marital status, income, deductions, credits, equity, home ownership, business ownership, children, etc. One nearly universal strategy I recommend […]