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Tax Planning Season Is In Full Effect! The BEST way to be prepared is to have a proactive strategy to minimize your tax burden.

Peter Holtz CPA

Peter Holtz CPA

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Posted on August 30, 2017Full size 512 × 512

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So The IRS systems broke down again. As a reward the kind hearted people at the IRS decided to give us one more day to file and pay. Seven separate audits have determined that the IRS systems are inadequate.

As tax professionals, today's the date that's been on our minds since about Thanksgiving of last year -- THE deadline. We'd like to take this "finish-line" opportunity to thank our incredible clients for another year. You make this so much more than a job - it's our passion, put to work on your behalf.

And for our clients who didn't get their paperwork to us in time for the deadline - worry not. We're not signing off just yet. ;) That October date will be here before you know it, and you'll get our quality work to have your return ready in time for your extension deadline.

Most people are counting down the days, once their return is filed, to when their refund money lands in their bank account. The IRS advises that most refunds are issued within 3 weeks (if you e-file, and opt for direct deposit). It's possible for it to take a bit longer, but for the most part, under 21 days is what you can expect.

When it comes to giving pets a foster home, the tax court says you get to deduct associated expenses. How about that: did you ever imagine yourself deducting cat food on your tax return? This is just one example of the sorts of deductions most people miss when they file their taxes, simply because they don’t know to look for them. We specialize in finding those "hidden" deductions and making sure our clients don't miss anything that's due them.

Are your taxes done yet? We'll be frank -- you don't have much time. The deadline is less than a week away. Help from us is just a call (or a simple message on our social media accounts) away. You CAN still make it under the deadline, but please do contact us as soon as possible.

Let's go over a definition of terms:
An Offer in Compromise is when you and the IRS agree on an amount that's less than you actually owe but equivalent to what the IRS believes you are capable of paying. Your payment of this reduced amount settles your debt. Achieving an OIC is no walk in the park - it is an involved application process (including a fee), but for some situations, it is the best way to go.
There are some nuances to knowing if an Offer in Compromise is the best in your specific situation, but we're happy to walk you through that decision.