It’s Time To Clear All Your Doubts About The IRS

When it comes to accounting, it’s always better to clear all your doubts. Now, when we talk about accounting, it is majorly affected by the activities of IRS, which eventually affect you. Therefore, it is time to clear all your doubts about IRS.

In this blog, we have tried our best to compile some of the most frequently asked questions about IRS. Here they are.

Q1: What should I do if I have unfiled tax returns?
The best and quite frankly the very obvious thing to do is to file your tax returns as soon as possible. With the help of contractors, employers, mortgage holders or the assets, you have purchased, the IRS will find out about the non-payment anyway.  When it comes to fines you would have to pay, they would only increase with time. You might be able to qualify for an Installment Agreement, Offer in Compromise, or Currently Not Collectible Status if you are unable to pay all of your taxes.

In order to prepare for resolving previous years of unfiled tax returns you should collect all tax documentation that would be required for the same. However, if you are not able to find some of the documentation, then professionals can help with tax consulting in North San Antonio. 

Q2: What are my options, if I cannot pay what I owe to the IRS?
In the case of financial inability, if you are not able to pay to the IRS what you owe, then you might be able to negotiate an Offer in Compromise. This is where you can settle the taxes for a lesser amount than you owe. If you are lucky and the IRS accepts your offer, then you are eligible to pay the amount agreed upon. Moreover, all federal tax liens or levies are removed.

However, the process of negotiating an Offer in Compromise is long and complicated. It can last up to 18 months. The statistics show that around quarter of all offers are accepted. This makes us come to the next point of hiring a professional for tax consulting or tax preparation services in San Antonio. In matters like these, you want to get it right from the beginning. A professional can majorly help. 

For any more questions on the same, get in touch with Uhlenbrock CPA at 210-701-1040. 

How should you Deal with Payroll Taxes?

As tax professionals in San Antonio, we know that many of you out there find it difficult to manage payroll taxes in your company. We have also acknowledged the fact that many of you do not know the consequences of not handling them well. Here we are, to the rescue.

 

If the calculation of payroll taxes is not done properly and they are not duly paid, IRS can get you into some serious trouble.

In case of you being a business owner, you need to withhold the due taxes from every paycheck. Further you are required to remit payroll taxes to the IRS quarterly. This means that you have to do it in March, June, September, as well as December. In addition, it totally depends on you to do the calculation and acknowledge the amounts of the social security tax, Medicare and federal income tax, and this has to be withholding from the paycheck of each and every employee of the organisation. In case of you being a the business owner of a small or local business, with just a handful of employees, the same rule applies. Hiring someone for the tax services in San Antonio is hence, a good call.

Here’s what happens if you don’t pay the payroll taxes.

When you fail to remit the payroll taxes, it could cause a good amount of problems to your business. Such problems generally start with interest on back taxes and penalties, which could add up really quickly, and make it way more difficult for you to carry out the process of sorting your payments. IRS is always pretty keen when it comes to making small businesses pay their. Time would fly and you won’t even realise that, not paying the payroll taxes has lead to a huge tax debt and maybe even the loss of your business. This would make you learn that ignorance isn’t a bliss in this case.

Well, this is where we can help. With our tax services in San Antonio, we will sort it all out for you before the IRS ever gets involved. As tax professionals in San Antonio, Uhlenbrock CPA has the ability to bring your tax calculations and payments up to date. We would not only help you once, but will also make you maintain this good habit. In this way, you will be able to focus more on how to grow your business, rather than how to save it from tax penalties.

Social Security Benefits That You Were Unaware Of

As a successful provider of tax services in San Antonio, Uhlenbrock CPA is sure that following are a few social security benefits that you weren’t aware of. Without these social security benefits, there are so many advantages that you are missing out on. Hear it from someone who has been an expert of tax preparation services in San Antonio over the years. 

Have a look:

•  Collect and Make More Money by Waiting Longer

Waiting till your 70th birthday to draw social security benefits makes your monthly payment jump up by about 76 percent as compared to a scenario where you opt to take benefits at 62 years of age. It’s important to remember that when it comes to social security payments, we are actually betting against death. Hence, in an event of you passing away before drawing the benefits, you are left with nothing at all.

Experts and providers of tax services in San Antonio would tell you that all of it depends on your financial situation at the time of retirement. 

• More Benefits if you are married for more than 10 years

It doesn’t matter when the marriage ended. If you were married for more than 10 years to your ex-spouse then you have a right to their social security benefits for life, which would be based on their earnings, not yours. This would be if you are not re-married.

This can be a great benefit for you if you were married to someone that belonged to a high-income bracket.

• Post Divorce Benefits increase upon the ex-spouse’s death.

Not only do you get a right to their social security benefits when they are living, but the event of their death, and you still being someone who didn’t get remarried would still get the right based on your earnings. Not only this, but you also get full benefits of a widow or widower. Even when your ex-spouse decides to get re-married, it doesn’t change a thing. 

Not only do we provide great information like this at Uhlenbrock CPA, but also offer the best tax preparation services in San Antonio. It is always smart to familiarize yourself with the subject of the rights you hold. But always be careful that such information comes from a reliable source. Go and explore many more benefits that you are entitled to, but are unaware of.If you have any queries, feel free to get in touch with Uhlenbrock CPA at 210-701-1040.

5 Reasons Businesses should Hire a CPA

Filing taxes, entering checks, maintaining payroll and other accounting tasks can be really cumbersome for a business. But most businesses continue doing these time consuming tasks as they are unsure whether they should hire a CPA or not. Well, it is really not easy to trust someone with your businesses finances or corporate tax preparation but a qualified CPA in San Antonio can be a trusted adviser. 

If you are unable to decide whether you need a CPA for tax preparation services in San Antonio or not, here are 5 reasons why you should hire a CPA –

1.      Tax laws change regularly and it can be difficult for a business owner to keep track of the changes. Sometimes, businesses may miss out on important updates and lose out on tax benefits. Tax professionalsin San Antonio stay updated with the latest tax laws, so they know the best for your business.

2.    Role of a CPA is not limited to tax preparing or record keeping, they offer range of financial services. CPA is one of the most trusted and recognized professional designations. They can also help businesses with planning their financial and business strategies.

3.    Whether you have a small query or need to make a big financial decision, your CPA is going to be available for you. If you opt for any other tax preparation services, they won’t be available after tax filing has been done. Your CPA will be at your service all round the year.

4.    CPA can help you save significant time and money. You can stay assured that you won’t miss any credits and deductions. The time saved can be used in more productive ways like improving your business operations.

5.     When you pay all your bills on time and have clean financial records, it helps in improving the credit rating of your business.

CPAs have a good financial understanding and you can use this knowledge to benefit your business. Hire a CPA for your business today! For quality accounting and financial services, contact Uhlenbrock CPA today. Call (210) 701 1040 for details. 

Tax Planning Services - Insights On Hiring a Professional

Many companies these days take advantage of the convenience offered by tax planning services. This is especially true to those who do not have the time to either keep their detailed records or learn the intricacies of a personal financial software packages and tax preparation programs.

Perhaps, you have heard of them but you are hesitant about giving them a try. Why don't you take the time to read a few of their benefits? Here they are. Firstly, they can save you from being unprepared for your due dates. Secondly, they remove the burden of computation and recording off your shoulders. Thirdly, they can help in the expansion of your profits as your liabilities are kept to a minimum. Tax planning services can do the latter by giving pieces of advice on your business structure and tracking varied details which may qualify as deductibles.

Are you now ready to hire any of these specialists? Generally, the easiest way to hunt for these service providers is through the internet. You can check online directories or simply launch a relevant search in Google.

Get the best tax preparation services in San Antonio at Uhlenbrock CPA. At Uhlenbrock CPA, Customer satisfaction is always guaranteed. if you are looking for a CPA Firm in San Antonio then Call Now:(210) 701-1040 & Get a Free Quote.

Tips on choosing a tax planning and preparation service firm?

Tips on choosing a tax planning and preparation service firm?

There are several ways to find a suitable Tax Professionals in San Antonio. Easiest is to search the internet and look for them on a B2B marketplace, Google or the Yellow pages.

There are several things to keep in mind while hiring a tax consulting firm.

• Preferably look for a tax consulting service that has previous experience in your industry.
• Ask the tax planning firm about the educational background and experience of its professionals. Also check if the firm is registered and licensed to operate in your state or country.
• If you want to hire the tax planning service for a short term assignment, make sure they have the requisite experience in the area.
• Some firms have expertise only in personal income tax service. Make sure the company you hire has enough experience in business tax services. Can they help you with business tax preparation all agencies including federal, state and the city?
• It makes sense to interview specific consultants who will work on your account. Do they have the requisite skills and experience to work for your company? Are they easy to work with and are they approachable? Are they interested in working on your account?
• Ask the tax consultant for a few references. Call previous and current clients and inquire if they were happy with the service. Did they gain from consultant's advice?
• Ask if the consultant is easily accessible. Does she take enough interest in the engagement?
• Before you make the hiring decision, ask the company to examine your business model and financial statements and provide some example as to how they can help you save money.
• If you use financial software in your company, make sure the software used by the tax preparation service is compatible with it or you will not be able to transfer any data back to your company.
• As a small business owner you may need advice regarding capital gains taxes, estate taxes, real estate taxation, incentive stock options, multi-state operations, e-commerce transactions, purchase and sale of property, business succession planning, tax dispute resolutions etc. Can the firm offer you advice in these areas?

Uhlenbrock CPA is one of the leading CPA firm in San Antonio providing the best tax preparation Services in San Antonio. Profit Maximization of client is always our main motive if you want to get free quote then just Call @ (210) 701-1040

Get Best Tax Preparation Services by Professional

Hiring a tax professional is money well spent. Tax rules have become more and more complex. Using a pro to prepare your taxes may save you from paying more tax than you should. It is probably less costly to hire a tax preparation service than a nasty tax surprise and a visit from the auditors of the taxing authority. Tax preparation need not be something to be anxious about. As long as you have the right tax consultant with you then there is nothing to worry about.

Get the best tax preparation services in San Antonio by Uhlenbrock CPA. At Uhlenbrock CPA, Customer satisfaction is always guaranteed. if you are looking for a CPA Firm in San Antonio then Call Now:(210) 701-1040 & Get Free Quote.