Press Release Summary: How can you minimize your tax liability? Here is a classic example of how we helped one of our clients deal with a tax liability.
Press Release Body: When you have a large tax liability, you can give the government an Offer in Compromise, or request a Penalty Abatement. But far, far easier than this, is to minimize your tax liability at the front end.
"With most of our clients, we can show them tax deductions and tax saving strategies that will reduce the amount they owe immediately and up front," says Marc Jernigan, one of Tax Matters Solutions CPA's.
Emmeline came into our office, frantic with worry. She and her husband, Joe, owned a trucking company. Emmeline managed the office, and did everything. Well, almost. In 2002, when they didn't have the money to pay payroll taxes, and they didn't have money to pay accountant, Emmeline stopped filing documents. Emmeline came to Tax Matters Solutions, agonizing about the situation because her husband didn't know about it. She imagined a tax liability of over $100,000.
In her initial assessment consultation, Tax Matters Solutions discovered that her tax liability wasn't nearly what she thought it was. Rather than the $100,000 she expected, the CPA's at Tax Matters Solutions discovered it to be about $40,000. But looking through her accounting, they found a way to save Emmeline $20,000 in taxes simply in the way they set up her payroll. With a bit more research, they were able to reduce her tax liability by an additional $5000. This initial assessment consultation cost Emmeline $500. To her great relief, she found herself with a $15,000 tax liability instead of the $100,000 she imagined.
Emmeline came to Tax Matters Solutions as a referral from a CPA. Most CPA's don't have the requisite skills to work in an environment of tax delinquency and accumulated tax problems. "It takes certain skills and also a level of understanding to work through some of these special issues," says Jernigan.
If you're facing (or think you're facing!) a large tax liability, there's a lot you can do to minimize it.
1. Act sooner rather than later. 2. Even if you've never kept accounts, start now by setting up an accounting system. 3. Keep or collect all your paperwork related to your business. 4. Research taxes for people in your industry. 5. Hire a tax accountant for help with tax saving strategies.
Web Site: http://www.taxmatterssolutions.com
Contact Details: 10347 Dawson\'s Creek Blvd. Building 5, Ste. 5 Fort Wayne, IN 46825 (p)260.489.0818 (f)260.490.2299 info@taxmatterssolutions.com
2022
