- Amended Tax Returns
- Audits and Examinations
- Estimated Tax Payments
Mistakes happen. When you make a mistake on your return that is to your credit, the IRS is not obligated to correct your mistake when you get money back. Amended Returns can be filed at any time, there is no time limitation.
- Many mathematical errors are caught during the processing of the tax return and corrected by the IRS, so you may not need to correct these mistakes.
- If you didn't claim the correct filing status or you need to change your income deductions or credits, you should file an amended return.
Generally, for a credit or refund, you must amend your return within 3 years after the date you timely filed your original return or within 2 years after the date you paid the tax, whichever is later. IRS usually takes about 16 weeks to process amended returns. Contact us for a free consultation.
When the IRS does an Audit or Examination, it may happen by random selection or they may have determined the financial information you've provided could be inaccurate. If you've received a notice of an audit or a notice of an examination, then contact us to set up a free consultation. We can advise you and protect your rights in an audit or in an examination.
When starting a new business or getting compliant with your business taxes, you must pay estimated tax payments. If you have never heard of the term, “Estimated Tax Payments” you have come to the right place.
The IRS requires that you pay estimated tax payments throughout the year, at varying times. The IRS wants you to treat your business income just as a W-2 paying job. Pay your taxes to the IRS as you accrue income. Every time you pay yourself from your business, you pay the IRS first, then you pay yourself. Do not save paying your taxes until the end of the year. This is how most of my clients get to my office.
Taxpayers who believe they can just pay their taxes at the end of the year, usually do not have the money to pay the taxes as they expected. Additionally, failure to pay estimated tax payments can result in penalties. Taxpayers get used to a higher standard of living when they forget to pay the estimated tax payments. Taxpayers believe all the money they make in their business; they get to spend. This is absolutely incorrect. Do not get caught up in this trap. Pay the IRS every time you pay yourself. The estimated tax payments can be set up online with the IRS through the EFTPS.