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  • Writer's pictureP. Diggs-Costen EA, MBA
    • 15 hours ago
    • 0 min read

Summer Savings



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  • Writer's pictureP. Diggs-Costen EA, MBA
    • Jan 4, 2020
    • 2 min read

9 Tips to Prepare for Upcoming Tax filing Season

Updated: Jan 5, 2020

It's that time again! Soon you will start receiving your 2019 tax documents. January 28th is the official IRS date for electronically filing tax returns. How do you get organized? Here are 9 steps that will hopefully streamline the process for you.

  1. Prepare an envelope or electronic folder and label 2019 taxes.

  2. Scan tax documents when received. Do not toss your IRS notices- you may need for tax filing.

  3. Categorize and total your expenses such as medical expenses or contributions.

  4. Separate business expenses and rental properties (do not lump all the properties together) using an accounting software or excel spreadsheet. If you have more than one business- each business must be itemized separately.

  5. Do a Scope Review of your tax organizer or last year's tax return to actual documents received. This will trigger what could be outstanding.

  6. A tax organizer is a great resource to use for compiling your tax documents and triggering life changes that could impact your taxes.

  7. Compile a list of questions for me or your accountant.

  8. Remember extensions are to extend the deadline to file; not to pay. Late payments after April 15th will result in penalties and interest.

  9. Schedule your appointment early or upload your documents to a secure portal. Keep in mind complex tax returns require more time to prepare.

Maximize your deductions

Poor record keeping can cause you to lose valuable tax deductions. The above steps will ensure we can better minimize your tax liability, and or optimize your refund, and provide proper tax planning for you in the coming year.


Contact our office at 770-575-9737 should you have specific questions regarding your taxes.

 

Upcoming Tax Deadlines

  • 4th Qtr Estimated Tax Payment January 15, 2020

  • 1099's and W2's deadline January 31, 2020


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  • Writer's pictureP. Diggs-Costen EA, MBA
    • Nov 20, 2019
    • 1 min read

IRS Debt-see if you qualify to settle IRS Debt. Complete the IRS Pre-Qualifier.

Updated: Nov 26, 2019

I have been successful at negotiating an offer in compromise for many of my clients. Unpaid IRS debt can result in tax liens, poor credit rating, and wage and bank account levies. Settling your debt will give you a peace of mind so that you can live your best life! However, there are strict guidelines that warrant such an arrangement with the IRS which I will discuss below.


WHAT IS OFFER IN COMPROMISE?

The IRS will allow you to settle the debt for less than what you owe based on financial hardship. The IRS will consider the following:

  • Education/Occupation

  • Ability to Pay

  • Income

  • Allowable Expenses according to the IRS National Standards

  • Assets

  • Compliant with all tax filings and payments while offer is under consideration

Based on these guidelines, the IRS will determine if they can reasonably expect payment over a certain amount of time. If not, you may qualify to settle your debt. I know it sounds weird, but the more you owe the better your chances of an offer in compromise. Use the https://irs.treasury.gov/oic_pre_qualifier/ to determine if you qualify.


Probation Period

If your offer in compromise is accepted-you must file and pay all current taxes timely for 5 years including estimated tax payments if applicable. Should you default, the offer will revert to the original amount owed.


Contact our office at 770-575-9737 for a free 30-minute consultation to determine if an offer in compromise is right for your situation.


 

End of Year Checklist

  • Business owners-check that you have completed W9s for your contractors

  • Order 1099s and W2s

  • Review your financial statements


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