FREQUENTLY ASKED QUESTIONS - How much do you cost? Do you offer a flat fee?

Each case is different and here at Tax Resolution Center, Inc., we offer competitive rates and quality service. In order to give you a fair and accurate quote, we have to know the details of your case.

We do not offer a flat fee. A flat fee is a deception. How is somebody going to quote you a flat fee if they don’t know your case? Imagine calling a mechanic because your car isn't working. The mechanic quotes you a flat fee of $5,000 without knowing what’s wrong with your car and it turns out you need a new battery. Or he quotes you a fee of $50 and it turns out you need a new engine. Offering a flat fee for a tax issue is the same thing.

We’re fair and honest and we work hard to earn your trust – and that doesn't mean deceiving you at the get-go with feel-good lies.

FREQUENTLY ASKED QUESTIONS - How Can Tax Resolution Center Help Me?

      

As soon as we take over your case, our attorneys move forward to protect you and your assets. We start by getting up to date with you and your business and we find out exactly what your situation is with the IRS and/or State.

      

Here at Tax Resolution Center, Inc., we want to give you the tools to help your business thrive. We help you improve your cash flow so that you don't have these issues in the future. We show you how to stay current and compliant, because if you keep falling behind with your current taxes, your liability will just keep adding up. The IRS becomes very aggressive with people who aren't paying their current taxes, and will move to shut down your business. We want this to be the last time you or your company has to deal with the stress of a tax liability. At Tax Resolution Center, Inc., we get it right the first time!

Letter from Kip Sharp, Esq., Owner and Lead Attorney of Tax Resolution Center, Inc.

It's already the end of the year, which means it's time to look back at how the year went, so that you can hit the ground running in 2015!    

We recommend that everyone put together a profit and loss report for your business, as well as an income and expense report for your household. If you aren't good about keeping up with your financials or you just never get around to it, hire someone to do it for you right away. It's not that expensive to hire a bookkeeper or accountant and you will need to do it for your taxes anyway, so don't wait. True, the year isn't even over yet, but by the time you get caught up with January through November records, and get through the holiday rush, the New Year will be upon us. If your company is not profitable, if you aren't taking home the money you need to pay your bills EVERY MONTH, then you need to study your financials and make the changes necessary to meet your goals.  Most of us put everything we have into our business - but if you're not getting paid a fair wage, get help or close and go someplace where you can take home a paycheck; you'll make more money and be less stressed.       

Many people make the mistake of thinking that they must get bigger to make more money, when sometimes it's more profitable to reduce your size and expenses.  Review you financials and make the necessary changes.  Remember the definition of Insanity is doing the same thing over and over again and expecting different results.     

Now that you have reviewed your income and expenses, review your procedures:  Are you spending your time and money wisely?  Are your employees spending their time wisely?  What are your customers experiencing?  Have you talked to your customers lately?  They have great information and they are willing to share.      

Set deadlines and goals for yourself and your employees. If you find yourself slipping into your old habits give me a call and let's talk about what you can do to make a change.      

Don't let this opportunity slip away; don't be sitting in this position next year having wasted another year, deeper in debt and closer to losing your business.

Call me and tell me about your business. It's free and it's a good first step to financial success.      

Happy Holidays,

Christopher (Kip) Sharp, Esq.
Owner and Lead Attorney
Tax Resolution Center, Inc.     

10% DISCOUNT,

FOR ALL NEW CLIENTS WHO SIGN UP

 BEFORE THE END OF THE YEAR.

Ideas for Leftovers

We are a handful of weeks away from saying farewell to 2014, which means it's time to start doing a little fiscal wrap-up. Now's the time to clear out any inventory that didn't move and shoot for a nice tax deduction. Consider selling the merchandise to companies that deal with overstock items, creating discounted gift baskets or donating to charity, and start anew in 2015.

http://www.manta.com/small-business-tips/ideas-for-leftovers/

HIRE Act: Questions and Answers for Employers

Under the Hiring Incentives to Restore Employment (HIRE) Act, enacted March 18, 2010, two new tax benefits are available to employers who hire certain previously unemployed workers (“qualified employees”).

The first, referred to as the payroll tax exemption, provides employers with an exemption from the employer’s 6.2 percent share of social security tax on wages paid to qualifying employees, effective for wages paid from March 19, 2010 through December 31, 2010.

In addition, for each qualified employee retained for at least 52 consecutive weeks, businesses will also be eligible for a general business tax credit, referred to as the new hire retention credit, of 6.2 percent of wages paid to the qualified employee over the 52 week period, up to a maximum credit of $1,000

http://www.irs.gov/Businesses/Small-Businesses-&-Self-Employed/HIRE-Act-Questions-and-Answers-for-Employers.

Save Twice with the Saver's Credit

IRS Special Edition Tax Tip 2014-22, November 7, 2014

If you are a low-to-moderate income worker, you can take steps now to save two ways for the same amount. With the saver’s credit you can save for your retirement and save on your taxes with a special tax credit. Here are six tips you should know about this credit:

1. Save for retirement.  The formal name of the saver’s credit is the retirement savings contributions credit. You may be able to claim this tax credit in addition to any other tax savings that also apply. The saver’s credit helps offset part of the first $2,000 you voluntarily save for your retirement. This includes amounts you contribute to IRAs, 401(k) plans and similar workplace plans.
2. Save on taxes.  The saver’s credit can increase your refund or reduce the tax you owe. The maximum credit is $1,000, or $2,000 for married couples. The credit you receive is often much less, due in part because of the deductions and other credits you may claim.
3. Income limits.  Income limits vary based on your filing status. You may be able to claim the saver’s credit if you’re a:
   • Married couple filing jointly with income up to $60,000 in 2014 or $61,000 in 2015.
   • Head of Household with income up to $45,000 in 2014 or $45,750 in 2015.
   • Married person filing separately or single with income up to $30,000 in 2014 or $30,500 in 2015.
4. When to contribute.  If you’re eligible you still have time to contribute and get the saver’s credit on your 2014 tax return. You have until April 15, 2015, to set up a new IRA or add money to an existing IRA for 2014. You must make an elective deferral (contribution) by the end of the year to a 401(k) plan or similar workplace program.
   
   If you can’t set aside money for this year you may want to schedule your 2015 contributions soon so your employer can begin withholding them in January.
5. Special rules apply.  Other special rules that apply to the credit include:
   • You must be at least 18 years of age.
   • You can’t have been a full-time student in 2014.
   • Another person can’t claim you as a dependent on their tax return.
6. Visit IRS.gov.  You figure your credit amount based on your filing status, adjusted gross income, tax liability and the amount of your qualified contribution. Other rules also apply. For more information visit IRS.gov.

If you found this Tax Tip helpful, please share it through your social media platforms. A great way to get tax information is to use IRS Social Media. Subscribe to IRS Tax Tips or any of our e-news subscriptions.

Additional IRS Resources:

• Tax Topic 610 - Retirement Savings Contributions Credit
• Publication 590, Individual Retirement Arrangements
• Plan Now to Get Full Benefit of Saver’s Credit
• Form 8880, Credit for Qualified Retirement Savings Contributions

http://www.irs.gov/uac/Save-Twice-with-the-Savers-Credit

A Path Worth Taking

People often take pointless journeys across the Web, leaping haphazardly from site to site, never landing on solid Internet ground. Why? Because nothing grabbed their attention. In order to have a successful website, there needs to be a valuable call-to-action to make visitors stick around. Give them something they need or want (like a trial offer, free gift with purchase or the ability to book an appointment), and you just might find that people settle in and stay a while.

http://www.manta.com/small-business-tips/a-path-worth-taking/

IRS Clarifies Application of One-Per-Year Limit on IRA Rollovers, Allows Owners of Multiple IRAs a Fresh Start in 2015

IR-2014-107, Nov. 10, 2014

WASHINGTON — The Internal Revenue Service today issued guidance clarifying the impact a 2014 individual retirement arrangement (IRA) rollover has on the one-per-year limit imposed by the Internal Revenue Code on tax-free rollovers between IRAs.

The clarification relates to a change, announced earlier this year, in the way the statutory one-per-year limit applies to rollovers between IRAs. The change in the application of the one-per-year limit reflects an interpretation by the U.S. Tax Court in a January 2014 decision applying the limit to preclude an individual from making more than one tax-free rollover in any one-year period, even if the rollovers involve different IRAs. Before 2015, the one-per-year limit applies only on an IRA-by-IRA basis (that is, only to rollovers involving the same IRAs). Beginning in 2015, the limit will apply by aggregating all of an individual’s IRAs, effectively treating them as if they were one IRA for purposes of applying the limit.

To help taxpayers by allowing time for transition to the new interpretation, the IRS announced shortly after the January 2014 Tax Court decision that the new interpretation would not apply before Jan. 1, 2015.

In Announcement 2014-32, posted today on IRS.gov, the IRS made clear that the new interpretation will apply beginning Jan. 1, 2015, and said that a distribution from an IRA received during 2014 and properly rolled over (normally within 60 days) to another IRA, will have no impact on any distributions and rollovers during 2015 involving any other IRAs owned by the same individual. This will give IRA owners a fresh start in 2015 when applying the one-per-year rollover limit to multiple IRAs.

Although an eligible IRA distribution received on or after Jan. 1, 2015 and properly rolled over to another IRA will still get tax-free treatment, subsequent distributions from any of the individual’s IRAs (including traditional and Roth IRAs) received within one year after that distribution will not get tax-free rollover treatment. As today’s guidance makes clear, a rollover between an individual’s Roth IRAs will preclude a separate tax-free rollover within the 1-year period between the individual’s traditional IRAs, and vice versa. 

As before, Roth conversions (rollovers from traditional IRAs to Roth IRAs), rollovers between qualified plans and IRAs, and trustee-to-trustee transfers--direct transfers of assets from one IRA trustee to another--are not subject to the one-per-year limit and are disregarded in applying the limit to other rollovers.

IRA trustees are encouraged to offer IRA owners requesting a distribution for rollover the option of a trustee-to-trustee transfer from one IRA to another IRA. IRA trustees can accomplish a trustee-to-trustee transfer by transferring amounts directly from one IRA to another or by providing the IRA owner with a check made payable to the receiving IRA trustee.

More information on the rule change can be found on IRS.gov. Type “IRA” in the search box.

http://www.irs.gov/uac/Newsroom/IRS-Clarifies-Application-of-One-Per-Year-Limit-on-IRA-Rollovers-Allows-Owners-of-Multiple-IRAs-a-Fresh-Start-in-2015