Tax Advisor (2)

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Tax Advisor

Taxation or paying fees is something mandated by law, and more or less proves to be an challenge every citizen encounters once a year, usually at the end of the financial yr. Sometimes, the entire process can be a nightmare virtually. The pain one has to go through to get everything removed in time is simply nerve wrenching. For an individual with a small, and single source revenue, things can be less difficult as there wont be much difficulty associated with the tax calculation. But tax computations assume daunting proportions when incomes as well as income sources improve diverse and complex tax rules come into play, producing the computation method cumbersome.

The fact that submitting tax returns has a legal tinge to it further reduces the breathing room. Any fault planned or involuntary can invite strict fees and penalties ranging from fines to incarceration. Hence 1 cannot afford to take the risk here as submitting taxes appropriately is needed. This is a situation the place where a tax advisor may extend a helping hand. This is a person who offers assistance relating to tax concerns to a client in substitution for a fee. He could be acknowledged to be a professional in the intricacies regarding tax related concerns and a veteran in the respective profession. It’s possible to feel more comfortable in seeking counsel from the experienced tax consultant, as they have seen the various facets of tax related issues in their long careers.

The tax advisors help can be sought by conference them in person or even through phone conversations. Usually, your city wont have a dearth of this professional classification. If you’re not the type who likes to walk or journey far to meet the tax advisor, you can simply recruit one online. Nowadays a taxes advisors help may also sought via the Internet, from the his professional firms site.

It is recommended that you publish all your income connected issues to the duty advisor well in advance so that he/she has enough time to have the records. Remember, an expert tax advisor will be handling more than one client at a time, and hence might be hard-pressed for time. The harder clear and correct the records are, the more accurate your duty filing may be. The past point also delivers into focus the caliber of tax filings and its complying with the original earnings. Remember, tax calculations can be very awkward and the entire handling from the issue needs expertise and skill. It is something only a skilled tax advisor are capable of doing.

Customers need to be careful when picking their tax advisor. As the taxes is a hot issue altogether, one can’t go wrong in the collection of a tax expert. The bottom line here is to experience a good tax advisor at ones disposal. That may require thorough study on the clients part prior to finding the ideal tax advisor. It is also better to request feedback through friends or present clients and undergo references. In the end almost everything should be in place. Keep in mind, the person you have chosen is going to advise you about tax issues, and simply you cannot pick a under competent player for such a sensitive issue.

Comments: 28

  1. Dylan June 17, 2013 at 1:44 pm Reply

    I want to buy an apartment building with 20 units and 2 levels.
    I want to be a landlord.

    Tell me what are the pros and cons of this.
    Isn’t it really cool that I never have to get a job again?

  2. Charline July 9, 2013 at 5:48 pm Reply

    I pay too much tax and would like to find a way to pay less. I make over $150 k and already have some real estate. Thanks.

  3. Richard August 6, 2013 at 5:10 pm Reply

    I have finished my degree which has nothing to do with finance or accountancy but I want to become a tax advisor. I haven’t had much success applying for trainee positions because I missed 2.1 class so I have decided to do further studies to beef up my CV. I am only interested in one year post grad studies though….

  4. Leo August 9, 2013 at 5:27 am Reply

    I have a website I want to sell. As the website is an e-commerce site it is basically my whole business. I carry no inventory so the website and my customer list are my business.

    What would the tax ramifications be for selling a business that is in essence, only a website? The yearly revenue for the site is in low hundreds of thousands of dollars

  5. Cristopher September 4, 2013 at 11:51 am Reply

    My best friend had a baby this year, she is not married but lives with her boyfriend. Her boyfriend carries the baby on his insurance through his job, his HR said he should claim the baby on his taxes. I think she should claim him regardless of who carries him on insurance. Is there some reason that one should claim him over the other? Is it based on who makes more?

  6. William September 28, 2013 at 8:26 pm Reply

    I went to federally licensed agent to do my taxes he informed me that he was not a CPA and he said he was a specialist. What is the difference, is one better than the other?

  7. Tressa October 20, 2013 at 2:55 am Reply

    I worked in NC till October, then moved to NJ and have been working here since. I have residency in PA. So how would I file my taxes accordingly? This would be the first time I’ve done taxes for multiple states from a different residence. Please help!

  8. Jesica October 28, 2013 at 9:38 am Reply

    I’m 17 years old and everybody I ask has a different answer. I’m claimed as a dependent to my mother, but I don’t live with her anymore. Am I old enough to file a W-2 and be a dependent on my grandmother or will that makes things go up for her? Or can I file for myself? Please answer. I need help and soon!

  9. Collette November 1, 2013 at 7:47 am Reply

    This question actually relates to both parties in this equation.
    The borrower walks, the bank writes of the loan as a loss? I imagine then the bank does this to seek some form of tax break for the loss?

    The borrower is hit with a charge off or/and foreclosure, and if the bank doesnt recoup what is owed doesnt the balance get reported as a gift or at least have some tax consequences for the borrower?
    I am stuck on both sides of this fence right now, I have private investors going belly up due to loans that have not been repaid, and I have borrowers thinking they can just walk because the banks arent exactly giving any sort of leiniancy for having always paid the loan on time. I feel for both sides but they both want answers and I dont have them. I am trying to urge them to go talk to tax advisors.

  10. Tonie November 26, 2013 at 3:26 pm Reply

    I have so far only found insurance through tax advisers who also expect you to use their services to prepare your next tax return (which often can be done quite adequately without an adviser)

  11. Phillis December 23, 2013 at 2:26 am Reply

    We recently sold a second property that we were renting for the past 3 years. We are going to sell our primary residence and purchase a new home. Do we have to pay income tax on the proceeds from the sale of either home if we purchase a new home within a certain period of time?

  12. Dorie December 23, 2013 at 2:59 am Reply

    My fiance and I just bought a home together in August. We also own a home business in which this year (since we just started in Sept, so we do have income coming in from it, but more expenses than profit since it was the start-up cost), there will be a loss in which we will need to deduct. I also have started going back to college so there are expenses with school and student loans that were taken out in 2006. We wanted to hold out and actually set a date in 2007 after the birth of our first (due in Aug), but wonder if it will be not only easier, but more of a tax break if we file single or get married in 2006 to file as marrided filing joint?

    We do plan on each seeing a tax advisor to complete our taxes in Feb/March, but not sure since there is only a few weeks remaining in 2006 if we should just go get married real quick or hold off.

    Any suggestions or ideas?
    We have been together for over 4 years, so tax puposes are not the main motivator. We will be getting married eventualy, but not sure if it would help our situation as far as taxes.

  13. Paris December 24, 2013 at 11:00 am Reply

    Or is it only people in business for themselves or independent contractors who can itemize? My question is in 2 parts , up at the top thanks.

  14. Marcellus January 2, 2014 at 4:01 am Reply

    I thought I heard him say that if you were on unemployment you would not be taxed wither the first 6 months or 1year… Does anyone know if this is true? If so, does that mean we will still owe that down the road?

  15. Johnna January 22, 2014 at 6:08 am Reply

    I seperated with my husband in May because of his drug abuse and violence, with some cheating thrown in. Tax time is coming up. I have 2 children (20 and 22) attending full time college. They are my children, not his. Would filing married but seperately adversely affect my aticipated tax refund? How would this affect doing the FASFA’s for student aid since I would need his financial info to complete them? We are not reconciling and I dont anticipate him cooperating with me on these issues. I know there are really 2 questions, but they are related

  16. Bradly February 20, 2014 at 10:54 pm Reply

    I bought a house in texas 2 years ago and paid $100K for it. now i will have to sell it for 86K…do i still have to pay taxes for the amount the bank will forgive and if yes how much?

    thanks for the help

  17. Kimberley February 21, 2014 at 7:19 am Reply

    Last year i got a return of $4600 made just below 30k, single mother with a dependant. I filed my taxes for this year and im only getting a return of $2,600 max. Im upset becuase my tax advisor said it was becuase i made over 30k, and once you make over 30k the return is less.

    Does anyone have a similar situation or does anyone know if this is true and what i can do to get back a higher return.

    I did finance a vehicle this past year…would that help?
    I also started college courses this past year. If that matters at all.

  18. Dong February 21, 2014 at 9:48 pm Reply

    These are my W-2 information. I just need what states to file. Just that, please help me I am totally confused.

    W-2’s:
    1) Fannie Mae – Headquarter is in DC, Branch in VA, I worked for VA and they sent me DC W-2 for some reason. I lived in VA also.
    2) Thomson West – NY

    My permanent address is NJ.

    My question is: I know I need to file NJ, NY, DC. Would I have to file VA also? In W-2 forms, no VA is listed whatsoever. I just lived there because I worked for VA Fannie Mae, which their W-2 form says DC.

  19. Oswaldo February 27, 2014 at 8:35 am Reply

    What kind of rollover or plan can I use so I can avoid paying taxes on my 30 year pension when I retire at age 55 ? I have been told I will have to pay penalties and taxes regardless if I am not 591/2 yrs old. Is this correct ? THanks

  20. Collen March 5, 2014 at 7:01 pm Reply

    Hi I’m looking to work at In-N-Out very soon and I’m trying to figure out how much I will be making after all the taxes are taken out. So do any tax experts know what taxes will be taken out of my paycheck. The name of the tax and the percentage would be very helpful.
    Thank you!
    I live in CA and am expecting anywhere from $8/hr.-$12/hr. depending on which job I get. I plan to work from the beginning of March to the end of the year (which I estimated 206 min. days (without working weekends and a few holidays)-306 max days. I’m a little confused about the W4 form. I cant understand how to fill out the personal allowances. I will be living with my parents for about five months then off to college. I don’t think I have any dependents (no kids, single). And my dad claims me as a dependent on his tax return. Hope this helps!
    Claiming 1 allowance

  21. Iris March 10, 2014 at 4:08 pm Reply

    I own a home that is my primary residance, I also own some Land with a Mobil home which a relitave occupies, I want to move her in with me and sell the land. Therfore I have the following questions.

    1. I understand that if I have lived on this property for 50% of the time I can declair this as a primary residance, i do not have to reinvest the money or declair this as income What type of documentaion do you need to prove this.

    2. If the above didnt work out and I had to take the total amount of money from the sale, what are my options, and tax responsibilitys

    3. Lets use 500K for a round nubmer and tell me what you would do with the money inorder to create income!

  22. Devin April 22, 2014 at 1:34 am Reply

    Obama said that cutting fuel taxes will lose thousands of jobs.

    http://news.yahoo.com/s/ap/20080503/ap_on_el_pr/democrats

    For those that watch congressional waste, such as Citizens Against Government Waste (CAGW), a non partisan, non profit group, says that is the number one pork barrel excuse that results in waste.

    “Pork” is a way of paying back friends for campaign contributions. Dicks (Dem) and Tiahrt (Rep) was named “Porker of the Month” in April by CAGW because of a no-bid contract got awarded to Boeing and later found to be fraud where one guy went to jail for setting it up. And they are the ones responsible for investigating it and exposing it.

    Obama’s advisors are not doing him any favors by telling him to say by reducing fuel taxes jobs will be lost.

    He has a terrible rating with CAGW (at 30%, unfriendly to taxpayers) but so does Hillary.

    http://www.cagw.org/site/VoteCenter?congress=109&repId=25424&session_num=0&page=legScore
    The guy’s name was Rep. Norman Dicks (D-Wash.), that Yahoo blocked. Read about it here: http://www.cagw.org/site/PageServer?pagename=news_porkerofthemonth
    Here is what the think tank, Cato Institute said about the Great Depression after their exhaustive research of what caused it:

    Roosevelt’s strategies of handouts, federal jobs,
    subsidized loans, demonizing businesses, and public works
    projects in swing states worked well politically. But
    economically, Roosevelt and his “brains trust” had no idea
    what they were doing. They attempted one failed
    intervention after another. The Great Depression was a
    disaster, and sadly an avoidable one.

    They even cite a recent History Channel documentary that said millions of jobs were created by the government. They called this a “myth” that continues to be promoted. And the very reason the depression lasted for 10 years. It took jobs away from the private sector and run by a corrupt and inefficient government.
    No janice.falk, it’s about creating jealousy so the government can steal from you. Those fuel taxes are “your” money. The fact that you hate big corporations, rich people, is what they try to instill so you will give them your money. You are willing to give them your money so the rich will be hurt. It’s all on an emotional level.

    How about you getting your taxes back at the pump and then writing a check to the government to help them along? That’s all it is about. You keeping what is yours no matter how small you claim it to be.
    =======
    No kidding BeauBiker! He even has them convinced that if it is a “small savings” that the government should keep it. This guy reminds me so much of what Carter was like it is pathetic. He threw us into the worst economic times that I’ve ever seen at anytime of my life with double-digit inflation and record high interest rates all because government could fix things better than corporations. We know that was a flop.

    This guy has a charismatic following that is based on childish emotions and no logic. He can say anything and they will be smitten so much they believe him. It’s unbelievable to me. Not that one or two will fall for it, but so many.

    Hillary is no better, but at least we know where she is coming from and she has the ‘thinking’ liberal vote.
    ==========
    Excellent Troll Hunter Too !!!!

    Most are not capable of understanding, but they are still allowed to vote.

  23. Gale April 30, 2014 at 4:54 pm Reply

    I need to sign up for unemployment and have heard that the government is NOT going to tax the money that you receive

    Have you heard of this?

    Should I have taxes taken out from the money I receive?

    Thanks

  24. Sara May 2, 2014 at 5:00 am Reply

    Hello,

    I started College in Fall 2005 and just graduated in Fall 2009.

    Fall 2005 – Spring 2006
    Fall 2006 – Spring 2007
    Fall 2008 – Spring 2008
    Fall 2008 – Spring 2009
    Fall 2009.

    So in a sense, it took me 4.5 years to completed my UNDERGRADUATE degree. Why? Because I was a transfer student to another school, and I lost some credits. Thus, taking a little longer to finish. I was at least a half-time student throughout all the semesters. So do I qualified?

    Yes I attend the university in Spring 2009, but I was billed in December 2008, but PAID in January 2009. However, my 2009 1098T form was only BILLED from Fall 2009 since Spring was billed in 2008.

    I am reading mixed answers on the Live Community.

    If it is by academic years, I know I qualified. But if its is by calendar years, I also qualified I assume since I paid in Spring 2009, but was billed in Dec 2008.

    I have read the Pub 70. Can someone refer me if you have an answer?

    Lastly, the last limitation is, you can’t claim a credit (Hope and American)in 4 prior tax year? How is this possible, since you can only claim Hope Credit TWICE, – freshmen and sophomore year, and American Tax Credit in 2009 and in 2010, with a total of 4. Thus wouldn’t this question be irrelevant since there is no way you can claim 4?

    What is a tax year, from April 2008 to 2009 or Jan 2009 – Dec 2009?

    Thank you for all your help! Much appreciate.

  25. Mariam May 9, 2014 at 2:01 pm Reply

    So the President wants to return 2% of the populations taxes to the levels they paid in the 1990s. That is enough for Republicans to cry class warfare and scream socialism “because apparently those existed in the 90s”. Right now the top bracket pays roughly 36% on income taxes. Do you know under (R) Nixon it was 70% and (R) Eisenhower 90%?

    So why are Republicans ignoring the past to misuse words like socialism? Don’t believe me?

    http://www.examiner.com/article/the-politics-of-taxes?cid=db_articles
    goku, you can’t keep the current tax rates without adding to the deficit even with spending cuts
    that 51% earn under 30,000. There was a time when they paid 11% of their income. I guess that is ok as they would be funding their own welfare at that point
    According to the article the rich pay nearly 34% less in taxes now than they did when Republican Nixon was in office. So was Nixon socialist?

  26. Karie May 15, 2014 at 8:23 pm Reply

    this is my first time filing taxes but not my first job i have two other w2’s from the past 3 years can someone tell me where online can i file back taxes as well as this years

  27. Jesica May 25, 2014 at 11:11 am Reply

    My stockbroker sold 800 shares of RD (Royal Dutch) in Dec of 05, it was reported to the IRS in the Transaction Column as a Sale Due To Merger.on my 1099, It came to roughly $49,200. 28 days later in 2006 he reinvested and, bought 400 shares of the new Royal Dutch – A (merged stock) about $24,000 and, the rest of the money he threw into a Rochester Mutual Find. I had no knowledge of the transaction. i inheretied this stock in 1999 at the time the 800 shares were worth $38,400. The big trick question ……Was this the right thing to do by the stockbroker and, how in the hell would I figure out what I owe the IRS on this ??

  28. Vivian June 13, 2014 at 11:50 am Reply

    1. What was the Kennedy Administration’s stand on tax cuts?
    2. What was their (Kennedy Administration’s) reasoning behind their stand?
    3. What was the Reagan Administration’s stand on tax cuts?
    4. What was their (Reagan Administration’s) reasoning behind their stand?

    Any answers would be appreciated. Thanks.

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