Filing taxes is a daunting enough task already and, if you own your own business, the thought of filing can feel even more overwhelming. Whether you need help with the filing process, require assistance with a bank levy, need guidance on how to get a tax lien released, or something else along these lines, Michael C. Whelan JD CPA can provide you with the counsel you need to work your way through this process. For the best tax attorneys in the area, there is nowhere better to turn.
Laws, the IRS, and Your Business
When filing your tax return, one thing is certain: doing it right the first time is a must. Many people believe that once their forms are approved and they have their money, they have nothing to worry about. The truth is that, anytime within the next three years, the IRS can choose to audit your tax return. If they find a debt to collect, they can confiscate funds for up to a decade.
If you would like to file with the relief and peace of mind you deserve, trusting in a professional tax lawyer from the very beginning is the way to go.
Small business owners should also note that there were some new tax laws implemented in 2018 that may bring them some benefits when filing. For example, if you make less than $25 million within a three year period, you can use cash basis accounting. This is often an easier form of accounting to maintain, and it is easy to track, as well.
With the cash method of accounting, you also do not need to tax your income until you deposit it into your account, since there is no other way to officially track it. There are lots of advantages involved, so look into this right away.
Feel you have been wronged by the IRS? Another thing to note is that you now have two years to file a claim against them. Previously, you had to have a wrongful levy or seizure claim filed within 15 months, but this has now been extended ensuring small businesses have adequate time to get it done.
Again, finding tax attorneys who can give you every advantage is key for avoiding further problems down the line and for resolving any past grievances.
When can I Expect my Money?
Around 90% of refunds will come in 3 weeks or less from the date they were filed. Some refunds need more review time, so they will not come as quickly. Depending on how straightforward your finances are, you could easily have your refund deposited into your account within a month of submitting your tax forms online.
Do you Need Help?
If you need help with your taxes or if you experiencing issues with past tax forms, do not hesitate to research tax attorneys in your area to get the help you need. It is well worth making the call.