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All You Need to Know About Expat Taxes

15th February 2011
By Merrill Montgomery in Taxes
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Listed below, are several creative, last minute tax planning tips for individuals, Independent Contractors, and small business owners. If you were not able to take advantage of the new tax credits for this year, this article will provide additional ways a taxpayer can reduce taxes, catch up on unfiled taxes and pay back taxes.

There are lots of solutions available to help you file your taxes. There are options to choose from and the key for selecting one is finding out what kind of help you need.

With all the different health care options for employees and different types of billable services, even small business owners can face very complex tax situations. In this case a franchise is financial suicide, but you already knew that. The good news is that nearly every tax professional specializes in a particular field. Finding an accountant that can handle your particular field shouldn't be too much of a problem.

Unfortunately, Refund Anticipation Loans appeal most to, and take unfair advantage of, the working poor and other low-income taxpayers who need every penny of their tax refund.

People who are in the medical or legal profession in particular must maintain a high reputation not only with their clients but also with their registration board and professional affiliations. If you have failed to file returns, the sooner you deal with the matter the better. The IRS has a method and formula for dealing with delinquent and non-filed returns. Dealing with the matter at the earliest possible date can reduce the incredible stress of being on the wrong side of law enforcement when operating in a profession. Correcting the situation under the guidance of an experienced tax professional is the best way to eliminate this stress.

Specially trained VITA military tax preparation volunteers are versed in the most common situations that face most military personnel. This vital and military specific assistance helps ensure accuracy in filing and expediency in receiving refund; most are electronically filed for the service member and refunds are generally received in about one week's time. Free Senior Citizen Tax Preparation The definition of senior citizen and "elderly" is subjective - most of the time. For IRS and VITA purposes, we are subjecting those aged 60 or older to this term for the purposes of receiving free tax preparation and filing. The VITA program in conjunction with the Tax Counseling for the Elderly (TCE) works with community based non-profit organizations to provide free, basic tax counseling and basic tax return preparation. I emphasize basic here because those these volunteers receive IRS training, they are not tax professionals - if you have the need to file every schedule and form under the IRS code then you are likely in need of a professional, not a community trained volunteer.

When you file late or if you intentionally file a falsified tax return, the IRS is going to hit you with fines, interests, and penalties big time. You are going to be subjected to so many fines it may be unimaginable for you to conceive. If you need assistance or information about tax penalty abatement or how the process works then consulting with a tax attorney is probably a very good idea. Going through the abatement process allows your tax attorney to take your case to the IRS on your behalf and to request an opportunity to plead your situation.

It is a good idea to get quotes from a handful of local tax offices. Just like with most purchases, you should be weary of anyone who gives you a drastically low (or high) quote, as either one could be a red flag.

Apart from professional qualifications and references one of the most important points to consider when assessing which of the tax services companies you want to use is whether you feel comfortable with the person you are dealing with. At the end of the day you are going to trust them with your financial records and it is essential that you feel that you can depend upon the person.
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