“Must-do’s” for the 2012 Tax Season
Always file a return: Much like you should always submit at least a monthly payment to your credit card company in order to avoid delinquency, you should always file a tax return. It’s natural for people to try to hide from problems, but if you don’t file, the IRS will assess penalty fees.
“Must-do’s” for the 2012 Tax Season
Always file a return: Much like you should always submit at least a monthly payment to your credit card company in order to avoid delinquency, you should always file a tax return. It’s natural for people to try to hide from problems, but if you don’t file, the IRS will assess penalty fees.
Apply for an “Offer in Compromise”: If you cannot pay your full tax bill or will experience hardship as a result of doing so, and you can afford to make a substantial lump-sum payment, you can petition the IRS to accept a lesser amount.
Scrape together all available funds: Given the importance of paying your taxes and the negative repercussions associated with not doing so, it’s important to leave no stone unturned when it comes to coming up with the money to pay. That means not only reviewing your bank accounts, but also scouring under couch cushions, seeking help from loved ones, collecting on old IOUs, or even taking out a home equity line of credit.
Don’t try to hide: As alluded to earlier, the IRS’ reach is extensive. Therefore, even if you are classified as “currently not collectible” and years pass by, you still can’t assume you’re off the agency’s radar.
For the most comprehensive advice, contact one of our local tax specialists profiled on this page.
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Jerald D. Schneider, C.P.A.
28770 Citrus Place, Santa Clarita
661-297-1072 • Fax: 661-297-3369
E-mail: jerald@jeraldschneider.com
www.jeraldschneider.com
Whether keeping track of household finances or running your own business, maintaining detailed financial records can save you money. A knowledgeable CPA can review your records and identify deductions and tax-saving opportunities you may have missed. A little extra effort can save you a lot of money at tax-time! For tax, accounting, or financial advice, call me at 661 297-1072.
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Professional Tax and Financial Services
25124 Springfield
Court, Suite 260,
Santa Clarita
661-259-1967
Fax: 661-259-5863
www.Protaxservices.com
Professional Tax and Financial Services provides full service tax, bookkeeping and financial services. Founded in 1982 by local Santa Clarita resident, George Simpson. George began his tax career in 1971 and his son Damon joined the firm in 1993.
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Michael L. Green Tax and Financial
25115 W. Avenue Stanford,
Suite 110, Santa Clarita
661-257-4111
Fax: 661-257-4114
Email: mgtax@sbcglobal.net
www.mgreentax.com
Michael L. Green Tax and Financial, Enrolled Agent and Certified Financial Planner. Individual, small business, and out of state returns. Full audit representation. When it comes to income taxes, you should pay what you owe and keep as much money as you can.
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