hrltax.com RSS Feed https://hrltax.com/ Take a look at our recent blog posts and client newsletter articles. en-us Wed, 22 Sep 2021 00:00:00 -0500 Wed, 22 Sep 2021 00:00:00 -0500 4 Ways to Minimize Your Taxes https://www.hrltax.com/newsletter.php#feed_1257

Taxes are inevitable! Like most taxpayers, you are probably wondering how you can minimize the amount you owe. Your income is taxed at the local, state, and federal levels, not forgetting additional deductions to cover Medicare and Social Security. While tax situations differ for every individual, there are specific steps that most taxpayers can take […]

The post 4 Ways to Minimize Your Taxes first appeared on www.financialhotspot.com.
Wed, 22 Sep 2021 00:00:00 -0500 https://www.hrltax.com/newsletter.php#feed_1257
5 Facts You Should Know About Compound Interest https://www.hrltax.com/newsletter.php#feed_1251

If an investment or loan accrues compound interest, its interest is calculated using the sum of its initial principal plus any previously accumulated interest. You can think of this concept t as “interest on interest” that will make your money grow faster than simple interest. Suppose you deposited $100 one year ago in an account […]

The post 5 Facts You Should Know About Compound Interest first appeared on www.financialhotspot.com.
Wed, 15 Sep 2021 00:00:00 -0500 https://www.hrltax.com/newsletter.php#feed_1251
Why Virtual Accounting Is on the Rise https://www.hrltax.com/newsletter.php#feed_1244

Accounting has been an essential part of every business since time immemorial. Both profit-making and non-profit organizations require accounts management to keep their finances in check. In simpler terms, accounting tracks money that flows in and out of your business and monitors its assets. An accounting expert deals with financial duties like bookkeeping, taxes, investment […]

The post Why Virtual Accounting Is on the Rise first appeared on www.financialhotspot.com.
Wed, 08 Sep 2021 00:00:00 -0500 https://www.hrltax.com/newsletter.php#feed_1244
What Is a Designated Roth Account? https://www.hrltax.com/newsletter.php#2 If you are a high-income earner who participates in a 401(k), 403(b), or governmental 457(b) retirement plan that has a designated Roth account, making contributions to that account could be a smart move. Wed, 01 Sep 2021 09:00:00 -0500 https://www.hrltax.com/newsletter.php#2 Verifying Your Identity When Calling the IRS https://www.hrltax.com/newsletter.php#4 If you need to contact the IRS, you will be asked to verify your identity. Here's what you need to know before you call. Wed, 01 Sep 2021 09:00:00 -0500 https://www.hrltax.com/newsletter.php#4 Tax Rules for Divorce and Alimony Payments https://www.hrltax.com/newsletter.php#5 Tax rules regarding divorce and separation can and do change - as they recently did under tax reform - and the last thing on anyone's mind during a divorce or separation is its effect on their tax situation. Wed, 01 Sep 2021 09:00:00 -0500 https://www.hrltax.com/newsletter.php#5 Tax Relief for Those Affected by Natural Disasters https://www.hrltax.com/newsletter.php#1 Tax relief may be available if you've been affected by a natural disaster this year, but only if you meet certain conditions. Wed, 01 Sep 2021 09:00:00 -0500 https://www.hrltax.com/newsletter.php#1 Six Things To Know Before You Start a Business https://www.hrltax.com/newsletter.php#3 Starting your own business is an exciting prospect, but there is more to it than simply writing a business plan. Wed, 01 Sep 2021 09:00:00 -0500 https://www.hrltax.com/newsletter.php#3 Why You Need Small Business Tax Services https://www.hrltax.com/newsletter.php#feed_1234

Dealing with complex tax preparations for your small business can be a daunting task. Without the right support, it can be challenging to sift through paperwork, determine the right forms to fill out, and properly document cash flow. Moreover, rushing to meet filing deadlines increases the likelihood of making mistakes that will attract IRS scrutiny. […]

The post Why You Need Small Business Tax Services first appeared on www.financialhotspot.com.
Wed, 01 Sep 2021 00:00:00 -0500 https://www.hrltax.com/newsletter.php#feed_1234
Which Educator Expenses Are Tax Deductible? https://www.hrltax.com/newsletter.php#4 Teachers and other educators should remember that they can deduct certain unreimbursed expenses such as classroom supplies, training, and travel on their tax returns to reduce the amount of tax owed. Sun, 01 Aug 2021 09:00:00 -0500 https://www.hrltax.com/newsletter.php#4 Retirement Plan Options for Small Businesses https://www.hrltax.com/newsletter.php#5 Employer-sponsored retirement plans are a key component of retirement savings. If you're like many small business owners in the United States, you may be considering the various retirement plan options available for your company. Sun, 01 Aug 2021 09:00:00 -0500 https://www.hrltax.com/newsletter.php#5 Opting Out of the Monthly Child Tax Credit Payment https://www.hrltax.com/newsletter.php#2 While many families will benefit from the extra money deposited into their bank accounts, some may want to opt out and instead take the Child Tax Credit when they file their tax return next spring. Sun, 01 Aug 2021 09:00:00 -0500 https://www.hrltax.com/newsletter.php#2 Minimizing Capital Gains Tax on Sale of a Home https://www.hrltax.com/newsletter.php#3 Learn how to avoid capital gains tax and why home improvements that qualify for the residential energy property credit can make a difference when selling your home. Sun, 01 Aug 2021 09:00:00 -0500 https://www.hrltax.com/newsletter.php#3 Key Tax Changes Could Affect Your Tax Situation in 2021 https://www.hrltax.com/newsletter.php#1 Key tax provisions in the American Rescue Plan Act of 2021 could affect your tax situation. Here's what you need to know. Sun, 01 Aug 2021 09:00:00 -0500 https://www.hrltax.com/newsletter.php#1 2021 Tax Deadline and last minute tips https://www.hrltax.com/blog.php?id=26 2021 tax deadline and tips Sat, 15 May 2021 09:00:00 -0500 https://www.hrltax.com/blog.php?id=26 How to choose the right tax accountant for your Business https://www.hrltax.com/blog.php?id=25 Having the right accountant to work with is extremely important for any businesses. This directly leads to one of the most frequently asked questions to all business owner; How to choose the right tax accountant for your business. Mon, 20 Jan 2020 09:00:00 -0600 https://www.hrltax.com/blog.php?id=25 What to do When an EDD Auditor requesting an Extension of your Audit Statue [Form DE 1977] https://www.hrltax.com/blog.php?id=24 It is very common for EDD auditor to request a wavier of the statue from Taxpayer. Understanding how to deal with this situation is extremely important to the outcome of an EDD audit. This article provides taxpayers with insight information on the topic of an EDD audit. Wed, 28 Aug 2019 09:00:00 -0500 https://www.hrltax.com/blog.php?id=24 EDD Audit Process Summary https://www.hrltax.com/blog.php?id=23 Put it in simple words, the main objective of an EDD audit is not only to review the accuracy of the payroll tax return filed but also exanimate the employer records for the compliance requirements listed below: Sun, 11 Aug 2019 09:00:00 -0500 https://www.hrltax.com/blog.php?id=23 Reasonable Causes for IRS Penalty Abatement https://www.hrltax.com/blog.php?id=22 One of the most frequently asked questions from troubled taxpayers is, what qualify as reasonable causes for IRS Penalty Abatement. In this article, we are going to dive into the detail of the reason causes of IRS Penalty abatement. Sun, 04 Aug 2019 09:00:00 -0500 https://www.hrltax.com/blog.php?id=22 If you received an assessment from a recent IRS audit, do you have to report this information to the California franchise tax board? https://www.hrltax.com/blog.php?id=21 This article will answer one of the most frequently asked questions after taxpayer receives an assessment from an IRS audit. Wed, 03 Jul 2019 09:00:00 -0500 https://www.hrltax.com/blog.php?id=21 Right to representation in IRS audit, what does it mean? https://www.hrltax.com/blog.php?id=20 In the previous article published on 06/26/2019, I detailed some of the important things you should know on choosing a qualified tax representative. I would highly recommend you go back and read the previous article if you think hiring a representative for your audit is the next thing for you. This article, we will be focusing on understanding your right to representation. Mon, 01 Jul 2019 09:00:00 -0500 https://www.hrltax.com/blog.php?id=20 Important things every taxpayer should know on choosing a qualified tax representative when dealing with the IRS https://www.hrltax.com/blog.php?id=19 choosing a qualified tax representative is an extremely important in resolving your tax issues successfully. An inexperienced tax representative could easily cause inaccurate assessments, unfair interest charges, and both civil and criminal penalties. Wed, 26 Jun 2019 09:00:00 -0500 https://www.hrltax.com/blog.php?id=19 How to Appeal an IRS audit assessment? https://www.hrltax.com/blog.php?id=18 When dealing with an IRS audit, it is very important for the taxpayer to understand their appeal rights to ensure a fair assessment could be reached. Wed, 19 Jun 2019 09:00:00 -0500 https://www.hrltax.com/blog.php?id=18 Will the IRS Take your Home when you owe back taxes? https://www.hrltax.com/blog.php?id=17 This article will answer One of the most frequently asked questions from Taxpayers who owe back taxes to the IRS is “Will the IRS take my personal residence as the payment of my tax debt?” Fri, 14 Jun 2019 09:00:00 -0500 https://www.hrltax.com/blog.php?id=17 IRS procedure and Taxpayer\'s solution to Non-Filed Tax Returns https://www.hrltax.com/blog.php?id=16 This section discusses the procedures involved in handling nonfiled tax returns. Sat, 12 Jan 2019 09:00:00 -0600 https://www.hrltax.com/blog.php?id=16 2018 Tax Law Update on S-Corporation Business Credit and Reasonable Compensation https://www.hrltax.com/blog.php?id=15 This article helps to explain the 2018 tax law updated on S-corporation business credit and reasonable compensation Wed, 02 Jan 2019 09:00:00 -0600 https://www.hrltax.com/blog.php?id=15 Tax Audit/Examination 1.1- IRS Individual Income Tax Examination [Form 1040] https://www.hrltax.com/blog.php?id=14 IRS Tax Audit/Examination, what Taxpayers should know. Mon, 08 Oct 2018 09:00:00 -0500 https://www.hrltax.com/blog.php?id=14 Tax Audit/Examination [Series 1] https://www.hrltax.com/blog.php?id=12 What you need to know and what you need to do when you encounter a tax audit by tax agencies including the IRS, CDTFA formerly known as BOE, and EDD? Sat, 14 Jul 2018 04:00:00 -0500 https://www.hrltax.com/blog.php?id=12 2018 Tax Updates [IMPORTANT INFORMATION] https://www.hrltax.com/blog.php?id=11 As the New Year rolls around, it's always a sure bet that there will be changes to current tax law and 2018 is no different now that many of the tax provisions pursuant to the Tax Cuts and Jobs Act of 2017 (TCJA) are in full effect. From health savings accounts to tax rate schedules and standard deductions, here's a checklist of tax changes to help you plan the year ahead. Mon, 08 Jan 2018 03:00:00 -0600 https://www.hrltax.com/blog.php?id=11 2018 Tax Season due dates and 2018 IRS updated information https://www.hrltax.com/blog.php?id=10 2018 Tax Filing Season Begins on Monday, January 29, 2018. Individual Tax Returns Due date is on April 17. Several IRS tools are Available to help Taxpayers during 2018 tax filing season. Mon, 08 Jan 2018 03:00:00 -0600 https://www.hrltax.com/blog.php?id=10 Authorities of an Internal Revenue Service (IRS) Revenue Officer https://www.hrltax.com/blog.php?id=9 A summary of the authorities of an IRS revenue officer. Wed, 31 Aug 2016 04:00:00 -0500 https://www.hrltax.com/blog.php?id=9 methods by which the IRS selects tax returns for examination (How does IRS select Returns for examination) https://www.hrltax.com/blog.php?id=8 By understanding the process of how IRS selects tax returns for audit or examination, it could help taxpayers and tax practitioners to prepare tax returns using favorable presentation techniques and to understand the likely issues if an examination ensues. Tue, 16 Feb 2016 03:00:00 -0600 https://www.hrltax.com/blog.php?id=8 2016 IRS IRA Contribution Limits https://www.hrltax.com/blog.php?id=7 IRS Individual Retirement Account Deduction Limit (Retirement Topics - IRA Contribution Limits) Mon, 11 Jan 2016 03:00:00 -0600 https://www.hrltax.com/blog.php?id=7 How to approach IRS Appeals for your tax assessment? Ways to Resolve IRS tax debt collection. https://www.hrltax.com/blog.php?id=6 After experiencing years of devastating economic conditions, many individuals are finding that they are unable to keep up with their income tax obligations. So, how does a person recover from the economic crisis when the IRS is beating on the door with notices on a daily basis? Tue, 15 Dec 2015 03:00:00 -0600 https://www.hrltax.com/blog.php?id=6 IRS Automated Collection System (ACS) vs. Revenue Officer: What is the Difference? https://www.hrltax.com/blog.php?id=2 What is the difference between IRS automated collection system and IRS revenue officer? My blog contains all the necessary information which trouble taxpayers should know before making any contact with IRS collections. Sat, 19 Sep 2015 04:00:00 -0500 https://www.hrltax.com/blog.php?id=2