DON'T WAIT FOR W2's! ASK FOR CODE!

The first day to file your tax returns and get that refund is January 20, 2015 which is approximately 8 days away. Employers probably won't be sending out your end of year salary statements (W2's or 1099's) until the end of the month.

Did you know that most payroll departments have a way for you to access your w2 or 1099 information right now before you receive the physical copies in the mail by giving you a code that you can use to access your information online. This will give you access to all of the gross wages and withholdings (Federal and State) that you need in order to complete your taxes for the 2014 tax year.

So, ask your payroll department if this feature is available to you. Please contact me (213) 820-1513 or valerie.chowdhury@gmail.com if you have questions or need more information.

NOW, IT'S THAT TIME AGAIN...

I understand that now everyone is consumed with the coming holiday season. Now is the time for shopping, holiday parties and dinners, as well as getting prepared for guests. Now is the time to also think about what you are going to deduct for the 2014 tax season. Time to find all of those receipts, and make sure that your W4s are correct.

December 31 is the last date to give to your favorite charities, and it's the last date to claim whatever your going to claim on you income taxes.  

April 15, 2014 is also the last date to amend your income taxes going 3 years back in other words, its the last day to amend your 2011 personal income taxes.

These issues can be difficult and overwhelming, and that's why I'm here to help. If you have personal income tax issues, please call us anytime. We'll even talk to the Internal Revenue Service for you. My company has been dealing with personal income taxes since 1988, so experience in these issues are more than just a notion.

We offer service 7 days a week including holidays.

 

 

 

ALWAYS AT YOUR SERVICE

24 Hour Notary And Income Tax Services http://goo.gl/maps/pECif

THINKING ABOUT FORMING A NON PROFIT ORGANIZATION?

Inspiration and Information for Starting Your Business Posted on January 26th, 2012 by Joey Donovan Guido. Thinking about forming a nonprofit company? You probably already know that they’re specifically formed for purposes other than operating a profit-seeking business. But you might not be aware of all the benefits associated with being a nonprofit organization. To follow are the top advantages of forming a nonprofit company. We hope they help you gain a clearer picture of what these types of business formations have to offer … Top Seven Benefits of Forming a Nonprofit Company Limited liability protection. Protects directors, officers and members against being held personally responsible for their company’s debts and liabilities. With limited liability protection, creditors cannot pursue the personal assets of the business owner to pay off business debts. Tax-exempt status. Nonprofits can apply for both federal and state tax-exempt status. Access to grants. Some nonprofits are eligible to receive public and private grants, making it easier to get operating capital. For instance, certain grants and other public allocations are only available to 501(c)(3) organizations. Tax-deductible donations. With 501(c)(3) nonprofits, donations made by individuals to the nonprofit corporation are tax-deductible. Possible state sales and property taxes exemption. This benefit varies by state. US Postal Service discounts. Tax-exempt nonprofits generally can receive discounts on bulk mail rates. Credibility. There is established credibility for an organization that is recognized by the IRS as a tax-exempt nonprofit.

RENT OR OWN?

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LEGAL SERVICES AND DOCUMENTS SALE

All legal documents and paralegal services are on sale. Bankruptcy (Chapter 7) $300, Living Trusts $650, Power Of Attorney $65, Wills $65. Nonprofit Corporation completions $400 & up. Call for other services which include back income tax preparation, Grant and business proposals.

WATCH OUT FOR THIS SCAM!

I recently had another client who was almost another victim of an "IRS agent" scam. She received a phone call from a "IRS agent" stating that she had "over due" taxes and unless she paid them right then through a major credit card, prepaid card, or debit card they would issue a warrant for her arrest! They will also speak to you in a rude, threatening and agressive manner. They will also know some personal information about you like the last four digits of your social security number, your address, and in some cases, even your mother's maiden name. In some cases, these scammers will have an accomplis call 5 minutes later pretending to be from the police department or from some other government agency encouraging you to listen to the "Agent" or your freedom will be in peril. These scammers usually target the elderly, immigrants, and people who live in low income neighborhoods.

Remember this. The IRS will NEVER,  EVER initiate first contact with you through a phone call. They will also NEVER, EVER initiate an in person visit to your house. Their initial contact with you will always be via official correspondence from their main office. The only acception is if you're already in an audit situation with the IRS, and are already going through an IRS examination, the agent may call you with your permission if you've given him or her your telephone number.   But, other than this, If anyone calls you on the telephone, or shows up at your house representing themselves as an "IRS agent" (cheesy business card and all), tell them to send you a letter and you will forward the letter to your tax professional. But, If they get to aggressive with you, call the police.

IRS TELEPHONE HOLD LONGER THAN EVER!

One other reason not to procrastinate with your taxes this year is that if you need to reach the IRS for any reason, the telephone hold time is longer than ever! Average wait on hold is 45 minutes or longer to reach an Internal Revenue Service agent. Last week I tried to call the IRS for a client and was kept on hold for 3 hours. And still there is no guarantee that your questions will be answered in that first phone call. One of the reasons could be because of all the cut backs that have occurred at the agency. I guess they're like any other business. IRS employee hours have been cut back or employees have been laid off. For those of you that have had the experience of trying to reach an agent, you already know that the series of telephone menus are ridiculous. People often get discouraged and finally hang up. If you need to reach the IRS, the best time to call is very early in the morning around 8:00 a.m. Next article will be the easiest way to reach an IRS agent.

LET'S NOT PROCRASTINATE! WHAT ARE YOU DOING?

Remember, the first day the IRS will be accepting tax returns for processing is January 31, 2014. But remember, the deadline for filing your taxes with the IRS is still April 15, 2014. The IRS gets a two week reprieve, but we don't. So, take the day to gather up all the deductions and documents you're going to need without delay. Before you know it, it'll be April 15th. But relax, take care of business and don't stress...

IF YOU NEED EXTRA CASH, READ THIS!

Tax Tip 1: For most of us our biggest New Years resolution is to get our financial house in order for the year 2014. A big help will be finding ways to make extra money for some of the extra things we might need. There is extra money sitting right under our noses when we do our spring cleaning this year by getting rid of some of your "junk" by selling it on eBay, Amazon or Craigslist. Sell your junk! I have even helped some of my clients do this. The first time I thought about this was several years ago when I picked out things around my house that I was no longer using and decided to list it on eBay. I was very shocked and surprised to find I could make a good extra $400 plus a week just by selling the junk that I no longer needed. This also branched into selling on ebay for others for a precentage of the profits. You will be surprised at what other people will buy. So instead of complaining about not making extra money for the year 2014 just sell some of your junk. That's all there is to it and depending on how well you do and if you incur any expenses this could be a very lucrative tax write off for you.
Tax Tip 2: Whatever your passion is, make extra money by showing others how to do it. For example, If you're good on the computer, or if you're good at playing the guitar, offer to teach others how to do it for a small fee. This could become very lucrative if you work at it and can become a great write off.

BILLIONAIRE GIVEAWAY CLUB

I'm watching 60 Minutes which is one of my favorite television programs. Tonight, they had a segment on a unique "billionaires" club in which to become a member, you have to pledge to give away at least half of your wealth in your lifetime. You have to be worth at least 1 billion dollars in order to join. Some of the  distinguished members include Bill and Melinda Gates, Warren Buffet, the first CEO of eBay (forgot his name. Sorry) among many others. They are free to give to any charity or purpose that they see fit. Some of these so called "charities" are very political in nature such as environmental issues, medical issues, political issues, etc. Is this really " charity" or undo influence?