Category: personal finance

How to Find a Reputable Tax Preparer Near You | Ingram Taxes

You may want more personalized help filing your tax return this year, and you have a wide range of options and resources.

A tax expert can make sure you get all the tax breaks you deserve, especially in a year where your tax situation may be very different than it had been in the past. Many tax professionals can also help you with tax planning that can save you money in the future.

What Kind of Tax Preparer Do You Need?

When choosing between tax preparers, one of the key factors to consider is their level of experience. They usually have different tiers of services, with some completing just your federal and state returns with little or no additional help offered. But if you had a few different jobs during the year, did some freelance work, started your own business or had other complicated tax situations, then you may need more help. If you’re not really sure what expenses are deductible, an accountant would be able to help you. They might find tax breaks applicable to your business that aren’t even clear to the IRS.

Anyone with an IRS Preparer Tax Identification Number can prepare federal tax returns. But you should consider the level of their experience and qualifications. Enrolled agents, CPAs and attorneys can represent clients before the IRS in audits, payment issues and appeals. The Annual Filing Season Program helps other tax preparers who have completed a specific amount of continuing education to prepare for the tax season. There are also PTIN holders who haven’t completed these certifications and, as a result, they can prepare tax returns but can’t represent clients in front of the IRS. The IRS Directory is the best way to find quality tax preparers near you. Tax season is just around the corner, so now is the perfect time to find one! Before you hire a tax preparer, ask family and friends for their opinions on who they’ve worked with in the past. Make sure to also do some research from reputable websites on the company that has been recommended to see if there are any complaints. If everything looks promising, you can then contact them for more details on their services.

Make sure your tax preparer can meet your needs. Do you just need them to file your return, or would you like them to help you with anything else? If you’re just starting out in business, for example, it might be helpful to work with a tax specialist – such as an enrolled agent or Certified Public Accountant – who can let you know about future deductions and tax-planning strategies. If you’re nearing retirement and have a lot of money in your tax-deferred retirement savings plans, it can be a good idea to meet with a qualified advisor who’s also skilled in financial planning and tax preparation. This way you can get professional advice about the most tax efficient way to withdraw from your savings.

Ask questions about the return so you understand what they’ve done and the credits and deductions they’ve taken, which can help you know how to take the tax breaks in the future. “A good tax preparer will explain each step of the process with a taxpayer and allow them to ask questions.” 

Inquire about their back-up support if you have any questions in the future. Avoid tax preparers who only operate a few months a year and will not be there after an IRS audit. In addition to protecting your data, you want to find a tax professional who can help you year-round in case you need to amend a return or if the IRS comes back with questions.

Conclusion: As you can see, there are many benefits to hiring a tax preparer. 

When you’re done filing your own taxes, you may find yourself making the same mistakes year after year. Hiring a professional can help save time and money, while also ensuring that your taxes are filed correctly. Here at IngramTaxes.com, we’re dedicated to helping all our clients receive the best possible results when it comes to tax preparation and filing.

Contact us today for more information about how we can help you! If you are looking for the best tax filing services, we can help. Get in touch by texting/calling us at +1 866-824-1440 or email us at info@ingramtaxes.com. Our professional team is available to take care of your needs and make sure you get what is rightfully yours.

Filing LLC Taxes

Ingramtaxes.com

LLCs are a great way for entrepreneurs to make their personal and business finances separate.

But how will they be taxed?

LLC taxes are one of the first things that you need to take care of on the way to starting your own company. You will need to file both state and federal tax returns as a single-member LLC. These documents will be required for opening your new business bank accounts, so it’s best to get them done as soon as possible.

You may be able to prepare both sets of taxes on your own if you have experience with accounting software or some basic knowledge of taxes. However, there is a lot of information that you may not know about LLCs and related taxation matters, so consulting a lawyer or accountant is always a good idea before proceeding.

LLCs are taxed differently than traditional corporations. Corporate taxes are calculated by taking the company’s net income and dividing it by the total number of shares to get a “taxable income per share,” which is then multiplied by the total number of shares to determine the total corporate tax payable. 

On the other hand, LLCs are required to calculate their taxable income in a slightly different way. LLCs pay taxes on their net profit with no division into separate taxable incomes for each member.

The Internal Revenue Service (IRS) provides that an LLC member’s distributive share of the company’s profits or losses is determined in proportion to his or her percentage interest in the profits and losses of the company, without considering any adjustments for items such as capital.

Incredibly, LLCs can be taxed as a corporation or a sole proprietorship, but not as an individual.

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LLCs are taxed like a sole proprietorship or partnership. A one-member LLC is taxed like a sole proprietorship. The member reports the LLC’s income or loss on his/her individual tax return and pays taxes at his/her individual tax rate. If you are the only member of your LLC, you do not need to file an annual tax return with the IRS because you are self-employed by default.

Filing LLC taxes can be challenging for new entrepreneurs, especially if they are not sure how to prepare their tax returns. Tax attorneys can help with this process and make the entrepreneur feel more confident in their new business.

The Internal Revenue Service requires all its taxpayers to file federal income tax returns, regardless of whether or not they have any income. If you are a one-member LLC, it is very important that you follow the correct procedure to file your federal tax return so that you don’t get penalized by the IRS.

Filing LLC taxes is not as straightforward as it seems. Many people end up owing money due to errors and misspellings. It is best to hire tax professionals who specialize in the field and can save you from any penalties or fines.

You can’t file your taxes unless you have a business name. This is the only way to distinguish your company from others. The IRS allows for several different types of business names, including a sole proprietorship, partnership, corporation, or LLC.

If you are planning to start a business, then consider forming an LLC instead of a sole proprietorship or partnership. This way, you will have limited liability for your business’ mistakes andpay less taxes on your profits.

You may need to do some research before filing your taxes as an LLC if you want to find out what an LLC is and how it’s taxed. If you want peace of mind when it comes to the financial aspect of running your company, then it might be worth looking into using an accountant and/or lawyer for help with filing and organizing your taxes.

If you have any questions about how your LLC will be taxed, consult with a tax attorney.

If you have an attorney prepare your taxes for you, they will charge an hourly fee. You can also work with a CPA if you decide to do your own taxes in order to get peace of mind that they were completed correctly because CPAs have clients whose files they must review before filing them with the IRS.

Conclusion: When you’re filing LLC taxes, it’s important that you do so correctly. 

While there are a lot of things to consider, with the help of the tips provided here, you should be able to file your taxes in no time at all. If you would like more information on this subject or any other business consulting services we offer, please get in touch today by texting/calling us at +1 866-824-1440 or email us at info@ingramtaxes.com. 

Here At Ingramtaxes.com we look forward to helping you get your company set up and ready to pay taxes this year!

7 Sensational Daily Routines That Will Create Success and Build Wealth

Follow these 7 routines to motivate yourself throughout the day. Start off small and then work you way up the list, this will keep you focus and unlock your potential to build wealth.

 1.  Write down 5 things that you want

Every Morning when I wake up the first thing i do is write down 3 things that i want, i’ll simply just grab my phone and type in the “I want 15 houses” or “I want to be a millionaire by 30 years old” the more you focus on what you want, the more you will bring what you want to yourself. It’s called the Law of Attraction, you have to keep a clear and positive mind to focus on what you desire most. By writing what you want down, you’re physically writing and seeing what you want at the same time mentally speaking what you want into existence.

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2. Write down 3 things you’re grateful for

Now that we’ve taken a minute to write down what we want in life, let’s take 60 seconds to write down what we’re grateful for. It could be ” I’m grateful for my health“, it could even be “I’m grateful for my family.” As long as your showing gratitude for the life you have and what you are receiving in it you will be rewarded tenfold. Spreading Positive feelings by showing gratefulness will only attract good things into your life. In order to create success we must start our days off to a great start, and by stating how grateful we are, we will boost our spirits.

3. Read the news find out what’s going on in the world

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It’s always good to know whats going on in the world and whats going on with the economy. You don’t want to buy into real estate when the housing market is down. But if interest rates are down, you might be able to save a lot of money. The interesting question is, would you know if interest rates were down if you didn’t read or watch the news? That’s a big NO. There’s a bunch of websites or articles that you can read! There’s even blogs that can help you invest in real estate, like my last bog where you can find by (clicking here).

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4. Spend 30 minutes on the stock market

Spending at least 30-45 minutes looking at stock charts, getting a hint of how they go up and go down, can get you acclimated to how companies react to bad news and good news. Investing in stocks is a great way to earn interest and dividends on your investments. Putting your money into well-run companies, that have an excellent financial history, will set you up for success in the long run. But we must be consistent and study how the stock market operates to profit from it.

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5. Spend 30 minutes looking at real estate on Zillow or Trulia 

Next is Real Estate, I went from investing tens of thousands of dollars in the stock market to taking that money out of stocks and investing it into Real Estate. One of the greatest ways to build wealth is investing in real estate. From buying a home i was able to make money off of rental income and also building wealth as its value appreciates year by year. Before doing this, i would spend hours on zillow and trulia, looking at the numbers of different properties. Focusing all of my energy on real estate apps kept me on track of my goals and helped envision myself in a home. One book that i suggest you to read to motivate yourself is “Rich dad poor dad” by Robert kiwosaki put your money to good use and invest in educating yourself.

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6. Hit the Gym

Not only is mentally preparing yourself the key to creating success, but also Physically. Exercise or any physical activity is going to get the heart rate up and blood flowing, releasing endorphins to raise your energy level. And everyone knows when your energy is up, your able to get through your day feeling strong and ready to take on the world. So go out there, lift some weights, and boost your confidence.

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7. Invest as little as a dollar on cash app

Whats easier than taking a dollar from you bank account and transferring it into an investment account to accumulate wealth. I mean unless you don’t have the money then i understand, that’s a different story. But if you have a dollar try putting it away into your cash app, where you can invest in stocks with as little as $1. If you don’t have cash app, use my referral code https://cash.app/app/LDJRRBT to give you $5 to start your account off . Back to fractional investing, so if Apple is worth $265 you can literally buy $1 worth of Apple and if apple goes up your dollar increases as well.

Negative Interest Rates May Be Happening – This Is What To Expect If They Do – Cheaper Loans And Higher Bank Fees

Negative interest rates are something the United States has never seen before, I repeat never have seen or done before. When rates dip below 0, there are three things that generally happens. One major effect of negative rates, is banks will have to pay you to take out a loan. This is one thing I’m looking forward to as a real estate investor, because I’m currently paying 4 percent interest on my $111,636 mortgage that I owe. Which is historically low, a couple years ago you couldn’t get an mortgage rate lower than 15 percent! However these rates are hovering around 3.38. The second effect, would be that you would be charged a fee to save your money in a bank. In the long run, I would expect people to pull all of they’re money out and invest all it. The Third effect, would result in stimulating the economy.

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Negative interest rates have been around for years, just not in America. Countries such as Japan and a few other European nations have implemented the idea but in limited form. “Negative interest rates are inevitable in the U.S.,” said Bankrate’s Greg McBride. President trump has also tweeted numerous times that he suggests some form of negative rates would benefit the United States, especially in a time like this.

With the possibility of these types of rates coming, the economy may benefit from stimulation due to a increase in lending. As a result it would become more affordable to borrow, and more expensive to save. You may see a increase in gold investing and even bitcoin being that there have been talks out creating a digital dollar in the past couple of months. It is uncertain whether this would affect the nation in a positive or negative way, because simply; this has not been done.

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