Tax Preparation: Step-by-Step Guide Taxes are a fact of life, and we are taught from an early age that we all have to pay our fair share; though we think the IRS is very strict about how much and how often we pay taxes. The act of paying taxes would be straightforward if the tax code were simple and easy to understand. Yet tax laws are anything but simple. It’s easy to understand why tax codes are so complex. The [...]
Tax reduction is a common concern for the average consumer and business owner alike. While everyone shares the same responsibility in paying taxes, not everyone has to pay more than their share. Luckily, there are things you can do to reduce the amount of taxes you are required to pay. Tax professionals refer to these as tax reduction strategies. By putting them into place, you can drastically reduce your tax liability. For those who have been hit by a bill by [...]
Tax Planning Strategies for Time & Money Savings SCL Tax Services wants to help you save time and money during the upcoming tax season. You don’t want your tax preparation to be without some kind of plan. Going into the process raw could pose certain hurdles, such as new rules and regulations that you may not be aware of. Here are eight tax planning strategies helping you in 2019 and 2020, and remember, if you need to know tax deadlines [...]
Tax Resolution Scams Continue to Proliferate – 5 Ways to Protect Yourself Tax resolution scams are a constant threat for those attempting to alleviate their IRS problems. Getting in trouble with the Internal Revenue Service is not fun. Getting that dreaded letter in the mail can make your blood run cold, and cause your mind to start racing. You begin wondering what will happen. Will you end up owing thousands? Could you possibly face prison? To get your IRS problems resolved, [...]
If you run a small business, you are responsible for filing your taxes by a specific due date every year. The date you are required to send in your tax filings depends on your business structure and industry. However, no matter what type of small business you run, you should be aware of all the latest tax laws that could affect your business.
Tax season will be here before you know it. So that you don’t incur a penalty, it helps to be prepared to file your taxes well in advance of the approaching tax deadline. Sadly, nearly 40% of taxpayers wait until the month of April to begin gathering the necessary financial documents that are essential for tax filing. Even business owners should begin preparing their tax documents. When you prepare in advance, you’ll have an easier time filing your taxes. You [...]
If you are a client of SCL Tax Services, you can log in to the “Client Portal” link: https://login.atomanager.com/atom_SCL/webinfodefault.aspx through which you will be able to: Check the Status of Your Refund Get a Copy of Your Tax Return Get a Copy of Any Document You submitted to Us Send Questions/Notes/Attachments Upload Documents Provide Client Feedback Request an Appointment Confirm/View Your Client Referrals to Us Update Your Address/Email/Phone/Password This new portal allows us to better serve our clients by putting each one of you in control. You can now [...]
The IRS has changed the tax laws and rules that relate to divorce and separation. If you are divorced or recently separated and facing a divorce, the last thing you want to think about is taxes; however, these major life events can affect it. Here are some key points to consider so that you can stay compliant with the IRS. Alimony & Taxes If you pay alimony to your spouse or former spouse, those payments are tax-deductible. The recipient of the payments [...]
The IRS continues to provide disaster relief to victims of natural disasters occurring all around the country. In 2020, there are a variety of programs designed to help those in various states, and who may have been harmed or had their property damaged by one or more disasters, such as storms, hurricanes, tornadoes, fires, and floods. Here are some of the most recent disasters to determine if you qualify for one of these IRS tax relief programs. Hurricane Michael Hurricane Michael was [...]
As kids head back to school following their summer break, the IRS has begun issuing warnings to parents to watch out for particular tax scam. The scam works like this: Telephone scammers will target parents of students heading back to school whereby they will demand payments for non-existent taxes. Many of them refer to this as the “Federal Student Tax.” The scammers actually impersonate the IRS. They will call students and demand that they wire the money immediately to pay for [...]
