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Need help with your TAXES? Want the most out of your tax refund check? Contact us to get a free estimate from one of our accountants! Smart Services, your favorite local tax experts! . .... . . #taxes #taxseason #taxrefund #taxreturn #taxseason2020 #accounting #accountants #accountant #taxpreparer #taxpreparation #tax #losangeles #la #money See more

The #end of #year #tax #return must be the most stressful part of #running your #own #business. It is even worse if you have #earnings abroad and have to fill in #taxreturns from those countries as well. How can you make life easier? 1. Start an #accounts system. This can be in a hardback ruled ledger that you can buy from any stationery store.... 2. Keep #receipts for everything. Enter these into your #accounts once a week, or once a month 3. Enter any #payments made to you in your accounts system as soon as you get them. 4. Look at the different software accounts packages. You will learn to use whatever package you buy, but try to avoid the over complex ones in the first instance. If you are comfortable with using #spreadsheets and cell formula you could keep your accounts in a spreadsheet program. 5. Open the #taxreturn envelope as soon as it comes. Putting it off does not help. Check all the sheets you need are there. Download or send off for any missing sheets. 6. Aim to have your tax return #filled in well ahead of the final deadline. That way the #IRS or other government revenue department will check your figures and work out how much you owe them. This causes much less stress than having to do it yourself and worrying whether you have the #calculation right. 7. As an alternative to steps 3-6, you can make your life #easier and employ an #accountant. You can pay the accountant to fill in your #taxreturn and to do your #accounts for you. The amount you will #pay will depend on the amount of #work involved. If you just take in a box of receipts and deposit slips you can only expect to pay a higher fee than the person who presents the #accountant with neatly filed receipts and accounts. #smartservicesla#business #smallbusiness #businessowner#entrepreneur #la #losangeles #california

Organizing your #taxes can get quite nerve-racking. This is the main reason why many #people would find some #assistance in #preparing their taxes. When you #file your taxes, you can find someone who can do the #job for you. Look for a person who is #knowledgeable, an #experienced #expert with #tax specialization. There are actually various available types of assistance from people such as: 1. Tax #Preparer... They have good knowledge when it comes to filing taxes. Tax preparers are persons that are #highly #trained and educated in preparing your #taxreturns and #preparations. 2. Enrolled Agents Compared to tax preparers, an #enrolledagent can show you your taxes with an assessment. They are the advanced tax preparers, however the superiority or work and #skills differs from agent to agent. 3. Certified Public Accountants You cannot only use your #CPA to prepare taxes for you; they can also help you to keep yourself from #paying too much taxes. Their services tend yo be more expensive, as tou have to pay them in an hourly basis. However, they are worth the charges. CPA's can give you the ins and outs about taxes. They can provide you ways on how to save on your taxes #legally. In choosing among the three, consider first your finances. If you have reasonably small #earnings every year, you do not have to #hire someone whose #service charge is bigger than your #income. Hire someone who is within your #budget. #smartservicesla#losangeles #california #usa #taxpreparation #funny #taxservices #accountant #accounting

Are you paying too much in #incometax ? Are you getting all the credits and #deductions you are entitled to? Here are 7 tips to help you minimize #taxes and keep more in your pocket: 1. Participate in #company retirement plan. Every dollar you contribute will reduce your taxable income and thus your income taxes. Similarly, enroll in your company’s flexible spending account. You can set aside money for medical expenses and day care expenses. This money is use it or lose it ...so make sure you estimate well! 2. Make sure you pay in enough taxes to avoid penalties. Uncle Sam charges interest and penalties if you don’t pay in at least 90% of your current year taxes or 100% of last year’s tax liability. 3. Buy a house. The mortgage #interest and #realestate taxes are deductible, and may allow you to itemize other deductions such as property taxes and #charitabledonations . 4. Keep your house for at least two years. One of the best tax breaks available today is the home sale exclusion, which allows you to exclude up to $250,000 ($500,000 for joint filers) of profit on the sale of your home from your income. However, you must have owned and lived in your home for at least two years to qualify for the exclusion. 5. Time your #investment #sales. If your income is higher than expected, sell some of your losers to reduce taxable #income. If you will be selling a mutual fund, sell before the year-end distributions to avoid taxes on the upcoming dividend or #capitalgain. Also, you should allocate tax efficient #investments to your taxable accounts and non-efficient investments to your #retirement accounts, to reduce the tax you pay on interest, dividends and capital gains. 6. If you’re retired, plan your retirement plan distributions carefully. Also, pay attention to the 59- age limit. Withdrawals taken before this age can result in penalties in addition to income taxes. 7. Bunch your expenses. The most important thing is to be aware of the tax #deductions and #credits that apply to you and to plan for #taxable events. And don’t be afraid to ask #experienced #tax #professionals for help. #smartservicesla #losangeles #irs #california #canogapark

A prolonged #governmentshutdown would likely delay billions of #dollars in income-tax #refunds . The #irs is one of the #agencies that now lacks funding, and the U.S. #tax collector has been operating with about 1 in 8 employees under the shutdown plan it uses outside the tax-filing season. During a #shutdown the IRS can continue activities that protect #government #property, and the agency may bring in more workers soon to prepare for the #incometax filing season. Even dur...ing a shutdown, the agency still processes some tax returns that include payments, keeps computer systems running and continues criminal investigations. But the IRS generally doesn’t conduct #audits, respond to taxpayer questions outside the filing season orbrace yourselfpay refunds. A shutdown that gets resolved within a few weeks would have little ultimate effect on taxpayers, but lawmakers have made little or no movement toward a deal. That stalemate raises the prospect of an unprecedented extended closure during the individual income-tax filing season, which typically starts in mid-to-late January. The IRS hasn’t announced a start date yet for the #2019 #filing #season the first under the #taxlaw that #congress passed in 2017. #smartservicesla #taxes #usa #california #losangeles

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This millionaire is revealing his taxes to show just how much the GOP tax plan favors the wealthy

Schedule K-1, what is it?

https://www.smartservicesla.org//rules-for-refundable-tax/