Martin Cantu, EA - Tax Consultant - Tax Relief Services Blog

Sometimes events coincide and you have one of those "Ah ha" moments. Well, I had last week. Let's set the scene. Recently the IRS launched an initiative against small business where the IRS questions if the small business has reported all of their income. The IRS sends out letters with the heading "Notification of Possible Income Under reporting."  It notifies the business owner "your gross receipts may be under reported" and says they must complete a form "to explain why the portion of your gross receipts from non-card payments appears unusually low." The Forbes article goes into more detail about the initiative, and the response from the business community . This on the heels of a report that the IRS is using social media as a way to monitor the spending habits of suspected tax cheats. Now the third leg of the stool - I spoke with a colleague recently who recounted how the Texas Comptroller's Office BART unit instigated a sal...

Hey Eagle Ford workers - don't let the IRS garnish your paychecks! Taking action now - not later - right now, insures that you can keep more of that hard earned overtime dollars. The IRS does not care how many hours you put in or that it was over 100 degrees while you were putting in your time. Here are a couple of things that we can do to help - so keep them in mind: 1. While we can't stop the garnishment immediately, I can have the IRS fax your payroll office a notice to stop the garnishment. 2. The IRS will issue this notice as soon as you've entered into a payment agreement. 3. You must file any back year tax returns before you can enter into an installment agreement. We deal with this all of the time and have a plan of action for you to take care of this issue painlessly. The biggest service we provide to you is getting this huge gorilla off your back. The sooner you act, the sooner you can begin to enjoy more of your paycheck. Call San Antonio Tax Attorn...

This information is provided by The Law Office of Martin Cantu and SATaxHelp.com . Everyone can prepare and e-file their federal tax returns for free using the IRS Free File Program. Free File is offered through a public-private partnership between the Internal Revenue Service and tax software companies. Free File can help you do your taxes fast; it’s safe and it doesn’t cost anything. Free File offers two options: easy-to-use software or online fillable forms. Free File software is for taxpayers who earn $57,000 or less Here’s how it works: You must access Free File through the IRS website. At www.irs.gov/freefile , there’s an online tool which allows you to give a little information about yourself then guides you to the software for which you are eligible. Or, you can review a complete list of companies and their offerings and make a selection. Once you select a software product, you will be directed away from the IRS website and onto that company’s website...

Tax Tips for the Self-employed  There are many benefits that come from being your own boss. If you work for yourself, as an independent contractor, or you carry on a trade or business as a sole proprietor, you are generally considered to be self-employed. Here are six key points the IRS would like you to know about self-employment and self- employment taxes: 1. Self-employment can include work in addition to your regular full-time business activities, such as part-time work you do at home or in addition to your regular job. 2. If you are self-employed you generally have to pay self-employment tax as well as income tax. Self-employment tax is a Social Security and Medicare tax primarily for individuals who work for themselves. It is similar to the Social Security and Medicare taxes withheld from the pay of most wage earners. You figure self-employment tax using a Form 1040 Schedule SE. Also, you can deduct half of your self-employment tax in figuring your adjusted gros...