↓
 

Lake Wylie Tax Service | Bookkeeping | Payroll Service

Lake Wylie Tax Service | Bookkeeping | Payroll Service

Lake Wylie Tax Service | Bookkeeping | Payroll Service
  • Home
  • About Us
  • Services
  • Information
    • Tax News
  • 2020 Tax Organizers
  • Tax Tips & Blog
  • Testimonials
  • Contact Us

Category Archives: Tax Problems

Beware: These Tax Return Red Flags Could Catch the Eye of the IRS

Lake Wylie Tax Service | Bookkeeping | Payroll Service Posted on January 25, 2021 by Lake Wylie Tax Services StaffJanuary 25, 2021

These Tax Return Red Flags Could Catch the Eye of the IRSTax time can be one of the most hated times of the year. Just preparing the forms is enough to be an irritant, and if you owe the government money there’s a good chance that you’re downright annoyed. But neither of those things compare to the feeling that accompanies an envelope bearing an IRS return address, alerting you to the fact that your taxes are about to be audited.

The truth is that audits are relatively rare in the United States. As much as people fear them, the IRS reports that between 2010 and 2018 only 0.6% of individual tax returns resulted in an audit. That may make you feel better, but statistically speaking that still means that more than 250,000 taxpayers had to go through the process. In many cases the audit process could have been avoided had the taxpayers simply known what we’re about to spell out for you – that there are specific triggers that send up IRS red flags and frequently lead to an audit process.

Continue reading →
Posted in Tax Problems | Tagged IRS Audit

IRS Letters: Tax Scam or Something You Need to Address?

Lake Wylie Tax Service | Bookkeeping | Payroll Service Posted on February 25, 2020 by Lake Wylie Tax Services StaffFebruary 25, 2020

IRS Tax Letter, is it a scam or real?To help you determine whether the letter you received rom the IRS is a scam or something you need to address, consider the following tips and information contained in this week’s article. As always, feel free to contact us with any questions.

Continue reading →
Posted in Tax Problems | Tagged IRS Scams, Received an IRS Tax Letter

Receiving Tips Can Be Taxing

Lake Wylie Tax Service | Bookkeeping | Payroll Service Posted on July 30, 2019 by Lake Wylie Tax Services StaffJanuary 23, 2020

Tips are reportable income for taxesAnyone who collects tips must include those tips in their taxable income. This requirement is not limited to waiters and waitresses; it applies to anyone who collects tips, including taxicab, Uber, Lyft, and similar drivers; beauticians; porters; concierges; and delivery people.

Tips are amounts freely given by a customer to a person providing a service. They are generally given as cash but also include tips made on a credit or debit card or as part of a tip-sharing arrangement. Tips can also be in the form of non-traditional gifts such as tickets to events, wine, and other items of value. If you receive $20 or more in tips in any month, you should report all of your tips to your employer.

Continue reading →
Posted in Employment, Tax Central, Tax Problems | Tagged Tax Planning

So, You’ve Made a Mistake on Your Tax Return. What Happens Now?

Lake Wylie Tax Service | Bookkeeping | Payroll Service Posted on April 23, 2019 by Lake Wylie Tax Services StaffJanuary 23, 2020

frustrated over tax returnGenerally speaking, tax return mistakes are a lot more common than you probably realize. Taxes are naturally complicated, and the paperwork required to file them properly is often convoluted. This is especially true if you’re filing your taxes yourself — and all of this is in reference to a fairly normal year as far as the IRS is concerned.

The 2018 tax year, however, certainly does not qualify as a “normal year.”

With the passage of the Tax Cuts and Jobs Act, even seasoned financial professionals are having a hard time digesting all of the changes that they and their clients are now dealing with. All of this is to say that if you’ve just discovered that you’ve made a BIG mistake on your tax return this year, the first thing you should do is stop and take a deep breath. It happens. It’s understandable. There ARE steps that you can take to correct the situation quickly — you just have to keep a few key things in mind.

Continue reading →
Posted in Tax Problems | Tagged Tax Problems, taxes

Unforced Errors – The 8 Most Common IRS Tax Penalties and How to Avoid Them in 2019

Lake Wylie Tax Service | Bookkeeping | Payroll Service Posted on January 28, 2019 by Lake Wylie Tax Services StaffJanuary 23, 2020

8 Most Common IRS Tax PenaltiesYou know the old line about the inevitability of death and taxes? It’s still true. What isn’t inevitable, however, is the need to pay penalties to the IRS. It happens, but it doesn’t have to, and the main reason that it does is because taxpayers don’t educate themselves about the rules. When you get hit with an IRS penalty, it adds on to a number that you already wish you didn’t have to pay.

To ensure that you get through tax season without unnecessary costs and aggravation, here’s a list of the tax penalties that the IRS most frequently assesses against taxpayers.

Continue reading →
Posted in Tax Central, Tax Problems | Tagged Tax Problems

Most Common Types of IRS Tax Problems

Lake Wylie Tax Service | Bookkeeping | Payroll Service Posted on November 12, 2018 by Lake Wylie Tax Services StaffJanuary 23, 2020

IRS Tax Audit | Tax ProplemsReceiving notification from the Internal Revenue Service that there’s some kind of problem is one of the most bone-chilling situations an American taxpayer can experience. Just receiving an envelope with a return address from the IRS can strike fear. There are many different reasons that the IRS might reach out, but some are more common than others.

Continue reading →
Posted in Tax Central, Tax Problems | Tagged Tax Problems

Got a Letter from the IRS?

Lake Wylie Tax Service | Bookkeeping | Payroll Service Posted on June 3, 2018 by Lake Wylie Tax Services StaffJanuary 23, 2020

If you have received an IRS envelope from the Internal Revenue Service (IRS) in your mailbox that does not contain a refund check, it will probably cause an increase your heart rate likely increased. But Don’t panic, though; most of the issues in these letters can be dealt with simply and painlessly.

Every year, the IRS sends millions of letters and notices to taxpayers, notifying them of changes to their account, requesting additional information, and alerting them to payments that are due. Many of these letters are issued in error or are sent only because of a misinterpretation of facts.

If you get such a letter, it may be for one of several reasons; perhaps you overlooked an item of income or the amounts you reported on your return don’t match other information that the IRS received. It is also possible that someone else is using your SSN or is claiming your child as a dependent. The list goes on.

Continue reading →
Posted in Friendly Reminders, Tax Problems
© 2021 Lake Wylie Tax Service . - All rights reserved
Web Design and Hosting by Pro Impact, LLC
↑
Translate »