Top 10 IRS Audit Red Flags

No one wants to pay more income taxes than they are required to, but be careful if you do your own taxes. Attempting to cut your tax liability by getting into IRS grey areas can cause you problems later on. You don’t have to do anything unethical to get your return pulled for an audit, you just have to raise too many of these red flags. If you’re in the middle of [Read More]

If You Don’t Have Money to Pay Your Taxes, You Have Legitimate Options

If you don’t have money to pay what you owe the IRS, you have a few options to work with. Whatever you do, don’t ignore the letters from the IRS and don’t let your back-tax problem go unattended. The IRS has a great deal of power when it comes to recovering money they think is theirs. When you owe the IRS money, they can garnish your wages, levy your bank accounts, put [Read More]

A Taxing Situation: Timely Tax Tips for Cryptocurrency Investors

Until recently, cryptocurrency investors have mostly flown under the radar as far as taxes are concerned. Now those days are coming to an end, and many holders of virtual currency are scrambling to understand what they owe and how their investments may impact their finances. The IRS has already requested the identities of those who hold substantial amounts of cryptocurrency, and it is only a matter of time until the tax agency [Read More]

What are the Chances that your Income Tax Return will be Audited?

For the vast majority of taxpayers, there is not much need to worry that you will be audited. In 2016, only 0.6% of individual income tax returns were audited according to the IRS 2017 Data Book. Why? For starters, the IRS budget has been cut resulting in more than 2,200 fewer agents available to audit returns. However, the “real” audit rate is closer to 7.o% as the IRS does not include the over [Read More]

Achieve Tax Resolution with an Offer in Compromise

An offer in compromise is the IRS’ tax resolution debt settlement program. It’s a program for taxpayers who owe the Internal Revenue Service more money than they can afford to pay. It’s the IRS’s version of a “fresh start” when it comes to tax debt. If approved, the IRS accepts a lesser amount (sometimes a fraction of what’s owed) to settle your debt. However, it isn’t always easy to gain approval due [Read More]

I’m In Tax Trouble, What Are My Options?

A letter from the IRS is rarely a good thing. One of the worst missives to get from the tax man is the CP90 – Final Notice Before Levy. It is a final warning shot to scare you into paying up and should not be ignored. After an IRS final notice, you could: Pay in full – but if you could afford to do that, you probably already would have done so. [Read More]

Do You Owe Back Taxes? Why You Should Stop Panicking and Start Planning

If you owe back taxes to the IRS, some amount of panic is understandable. After all, the Internal Revenue Service has the power of the federal government in its corner, something no other debt collector can claim. They are considered the most brutal collection agency on the planet. I used to not think so, but after having worked with them now for several years, I know this to be true. It is [Read More]

Dear Truck Drivers

Are you a truck driver with tax problems? Maybe you didn’t keep updated mileage and expense logs? Maybe you didn’t set anything aside for your 1099 tax debt? Or you just have questions regarding compliance . Here at Elite Tax Relief we help lots of truck drivers get in to tax compliance. Check out our video about truck driver tax issues

Tax Organizers for Everyone

Are you coming in to Elite Tax Relief to do your taxes?? If so here are some handy tax organizers that will help you get prepared and ensure that you have all necessary paperwork and information. Individual Tax Organizer Small Business Health Care Tax Credit S Corporation Tax Organizer Partnership Tax Organizer Moving Out/Expenses Organizer Mileage and Expense Log Organizer LLC Tax Organizer Sole Proprietor Tax Organizer Rental Property Income Tax Organizer Family [Read More]

Its TAX Season

Tax season is upon us once again. For some that means a huge headache and worry. Others look forward to that big refund check. Whether you need professional tax assistance for IRS problems or want to make sure you get the biggest return possible, swing on in and let us help you. Our tax professionals are here to assist!!! If you need a tax organizer for your documents to help you get [Read More]