Nobody likes to think about taxes. However, as April 15th approaches, they're difficult not to think about. Tax rules and regulations are complicated and frequently changing, which is why it’s so hugely beneficial to have tax professionals on your side to prepare your individual or business tax return. Sure, you could try to do it all on your own, but having the knowledge and guidance of a tax expert does wonders for your return and you bottom line.
TAX PREP SERVICES IN MEMPHIS
Dream Team Solutions LLC is an accounting firm that specializes in tax preparation in Memphis, TN. Our expert tax services include:
• Tax return double check - Your tax return will be thoroughly reviewed by our advanced tax software in order to find and correct any problem areas well before they get to the IRS.
• E-filing - We file your return electronically, which get your information to the IRS more quickly and ensures the prompt return of your refund.
In addition, our Memphis tax accounting team gives you ways to save more money, such as:
• Showing you how to adjust your payroll withholdings to get more money back every week
• Identifying deductions you may have overlooked that will limit your tax liability for next year
No matter how complicated your taxes may seem, Dream Team Solutions LLC deftly handle your tax preparation needs for a maximized return that is in complete compliance with all federal and state laws.
Preparing Business Taxes? Let us Help You with Your Books!
If you haven't kept up with the bookkeeping duties for your small business, you don't have to worry. We can handle your bookkeeping needs for the entire year in order to prepare you for a successful tax season this year, and for years to come. Plus, we will prepare a full Schedule C, in addition to your personal income tax return. Don’t let your business tax filing needs overwhelm you this tax season – enlist help from the professionals at Dream Team Solutions LLC .
& so much more
NON FILED TAX RETURN
Every day the massive computer center at the IRS is getting more sophisticated, it's just a matter of time before they catch up with you.
This is not a situation to take lightly, failing to file your tax returns is a criminal offense. If you do not file, you can be prosecuted and punished with potential jail time, one year for each year not filed. Why risk potentially losing your freedom for failing to file your tax returns?
Let us give you the peace of mind you deserve by helping you get in compliance with the law. If you voluntarily file your delinquent returns you'll likely avoid further problems other than having to pay the interest and penalties.
If you wait for the IRS to file your returns for you, they are filed in the best interest of the government, usually with little or none of the deductions you are entitled to.
Before anything can be done to extract you from this predicament all the returns must be filed. You must be current. In most cases, you will likely owe taxes, interest, and penalties after the returns are filed. Once we see how much is owed, we'll set a course of action to get you off the hook!
BACK TAXES OWED
You have filed your returns but didn't have the money to pay what was owed. You may think, "Oh well---I will catch up next year." Before you know it you find yourself several years in arrears and suddenly there is a notice from the IRS, stating that you owe three or four times the original amount.
It's truly amazing how fast tax penalties and interest add up. Now you have a choice, you can write a big fat check and pay the full amount, including interest and penalties. Or you can just keep ignoring them while the penalties and interest keep piling up.
During January All Employers - Give your employees their copies of Form W-2 for 2019 by January 31, 2019. If an employee agreed to receive Form W-2 electronically, post it on a website accessible to the employee and notify the employee of the posting by January 31.
All Businesses - Give annual information statements to recipients of certain payments you made during 2019. You can use the appropriate version of Form 1099 or other information return. Form 1099 can be issued electronically with the consent of the recipient.
January 10 Employees - who work for tips. If you received $20 or more in tips during December 2019, report them to your employer. You can use Form 4070 Employee's Report of Tips to Employer.
January 16 Individuals - Make a payment of your estimated tax for 2019 if you did not pay your income tax for the year through withholding (or did not pay in enough tax that way). Use Form 1040-ES. This is the final installment date for 2019 estimated tax. However, you do not have to make this payment if you file your 2019 return (Form 1040) and pay any tax due by January 31, 2019.
Employers - Social Security, Medicare, and withheld income tax. If the monthly deposit rule applies, deposit the tax for payments in December 2019.
Employers - Non Payroll Withholding. If the monthly deposit rule applies, deposit the tax for payments in December 2019.
Farmers and Fishermen - Pay your estimated tax for 2019 using Form 1040-ES. You have until April 17 to file your 2019 income tax return (Form 1040). If you do not pay your estimated tax by January 16, you must file your 2019 return and pay any tax due by March 1, 2020, to avoid an estimated tax penalty.
January 31 Individuals - who must make estimated tax payments. If you did not pay your last installment of estimated tax by January 16, you may choose (but are not required) to file your income tax return (Form 1040) for 2019 by January 31. Filing your return and paying any tax due by January 31, 2019, prevents any penalty for late payment of the last installment. If you cannot file and pay your tax by January 31, file and pay your tax by April 17.
Employers - File Form W-3, Transmittal of Wage and Tax Statements, along with Copy A of all the Forms W-2 you issued for 2019. If you file Forms W-2 electronically your due date for filing them with the SSA will be extended to April 2. The due date for giving the recipient these forms is still January 31.
Businesses - Give annual information statements to recipients of certain payments made during 2019. You can use the appropriate version of Form 1099 or other information return. Form 1099 can be issued electronically with the consent of the recipient. Payers of nonemployee compensation must file Form 1099-MISC for nonemployee compensation paid in 2019. Forms 1099-B, 1099-S, and certain reporting on Form 1099-MISC are due to recipients by February 15.
Health Coverage Reporting - Applicable Large Employers. Provide Form 1095-C to full-time employees. For all other providers of minimum essential coverage, provide Form 1095-B to responsible individuals.
TAXES DUE DATES
OFFER IN COMPROMISE
Did you know that you can settle your debt with the IRS for just pennies on the dollar with their Offer in Compromise program? The program allows taxpayers to settle with the IRS on tax debt that has been incorrectly assessed or for liabilities they cannot afford to pay.
The IRS Code states: "We will accept an Offer in Compromise when it is unlikely that we can collect the full amount owed and the amount you offer reasonably reflects the collection potential..." (Internal Revenue Code section 7122).
Often it is possible to fully and completely eliminate the taxes you owe - including all penalties and interest - at an enormous discount. There is no preset bottom limit that the IRS will accept to settle your debt especially if your offer is done "right."
If done correctly your debt may be settled for only 5-15% of what you presently owe. The key is to determine the least amount that the IRS will accept from you before you make the offer.