You May Not Have to Pay a Penalty for Filing Late

Filing your income taxes late often results in a fine, but the IRS recognizes that there are legitimate circumstances that make it difficult or impossible to file on time and may waive the fines in those cases.

You may not need to pay a penalty if the IRS agrees you had a good reason for filing late. Some reasons the IRS accepts include: 

• A natural disaster like a tornado, or other personal disasters like a fire.
• You tried, but were unable to obtain all the records you needed for filing.
• The taxpayer or a family member died, had a serious illness or unexpected absence, or was incapacitated in some other way.

There may be other reasons that kept you from meeting your tax obligation.

Learn more on our website!

Tips for Filing 2020 Income Taxes Late

Working with the IRS can seem complicated and intimidating at times – especially when you’re facing the uncertainty that comes with filing your income taxes late. 

As soon as you know you’ll be filing late, apply for an extension using Form 4868 or from the Free File link on the IRS website. Don’t wait until after the May 17 deadline! 

It’s important to remember that:

• You must apply for the extension by the May 17 deadline. 
• An extension to file does not extend your deadline to pay, if you owe.
• You will need to file an estimate of your taxes. If you estimate owing, you should make a payment towards that amount by May 17 to avoid a penalty.

Taxes don’t have to be scary. Amador Accounting is here to help. 

Learn more on our website!

When to Report Your Tax Specialist to the IRS

Are you worried you didn’t go through a legitimate tax preparation office to file your taxes?

Do you think your information may have been compromised?

Do you suspect your tax preparer of wrongdoing?

If you suspect any misconduct by your tax preparer, you should report them to the IRS immediately. For example, you can report a tax return preparer for:

• Embezzling your refund.
• Altering your tax return documents.
• Filing a return without your consent.

For more tips, continue reading here.

Looking for More Information?

Contact Amador Accounting today! Lisa Amador is the best tax specialist in Belleville, Ann Arbor, Ypsilanti, Saline, Canton and the surrounding areas. If you have a problem and need a solution, Lisa Amador can help you get organized and provide immense value to your business. (734) 330- 0907

How Will President Trump’s New Tax Reform Affect You?

Your tax bracket could change! See the tax brackets here for single filers verses married taxpayers filing jointly. 

According to MSN Money, “In 2017, the standard deduction for a single taxpayer was $6,350, plus one personal exemption of $4,050.

The House plan would combine those into one larger standard deduction for 2018: $12,200 for single filers and $24,400 for joint filers. Under the Senate proposal, these would be slightly lower, at $12,000 for single filers and $24,000 for joint filers.”

Taxpayers will have to pay more, eliminating most itemized deductions like school loans, moving expenses, theft loss of valuables, and electric vehicles. Learn more!

Looking for More Information on Income Tax Filing in Belleville?

Schedule a free consultation with Lisa Amador, Enrolled Agent! She’ll walk you through the entire income tax filing process and will be able to customize a plan that fits your needs. Do you need help with tax preparation? She can help you organize your files and help prepare you for tax season. Call today! (734) 330-0907

What You Need to Know About Filing Your Taxes in 2018

Do you need to file?

It depends! In 2017, if you’re under age 65 and single, you must file a tax return if you earned $10,400 or more, which is the sum of the 2017 standard deduction for a single taxpayer plus one exemption. Do you meet these requirements? If so, you must file your income taxes.

Looking for More Information?

Schedule a free consultation with Lisa Amador, Enrolled Agent! She’ll walk you through the entire process and will be able to customize a plan that fits your needs. Do you need help with tax preparation? She can help you organize your files and help prepare you for tax season.

Income Tax Filing in Belleville and the Surrounding Areas.

Contact Amador Accounting today! Lisa Amador is an expert in income tax filing in Belleville, Ann Arbor, Ypsilanti, Saline, Canton and the surrounding areas. If you have a problem and need a solution, she can help you get organized and provide immense value to your business. (734) 330-0907

Red Flags for the IRS that May Trigger an Audit!

Even if there’s no funny business going on, the IRS may still run an audit on your business. Its best to be prepared as possible, and know what they are looking for, including:

• Making a lot of money
• Failing to report all taxable income received 
• Taking higher than average deductions
• Deducting large charitable donations
• Deducting business meals, travel and entertainment expenses 
• Not reporting a foreign bank account 
• Claiming 100% business use of a vehicle 
• Failing to report large gains from gambling or claiming big losses in gambling
• Claiming the home office deduction 
• Claiming the foreign earned income exclusion 

Nobody wants to be audited! Even if you’ve done everything right, you can still miss important aspects that might lead to an audit. Taxes are confusing! Don’t miss out on the chance to keep your money, get more of it back, and achieve that feeling of safety. When you hire Lisa Amador to do your taxes, she won’t miss a thing. 

Tax specialist in Belleville and the surrounding areas

Contact Amador Accounting today! Lisa Amador is the best tax specialist in Belleville, Ann Arbor, Ypsilanti, Saline, Canton and the surrounding areas. If you have a problem and need a solution, Lisa Amador can help you get organized and provide immense value to your business. (734) 330- 0907 

What has changed since last year?

Taxes are ever changing, and often it’s hard to keep up with what’s new and what no longer applies. 

Here are some changes to look out for:

• Late refunds- An act passed in 2015 says that the IRS cannot send out refunds until February 15^th when the Earned Income Tax Credit or the additional child tax credit is claimed on the return. 
• Deductions for Senior Medical Expenses- to claim a deduction for medical expenses, the expenses must be greater than 10% of your adjusted gross income. 
• Threshold adjustments - phase out for Traditional and Roth IRA’s will both rise $1000 in 2017 for single tax payers ($2000 for couples filing jointly). 
• Exemption amounts for the Alternative Minimum Tax rise to $54,300 for individual filers and $84,500 for married couples filing jointly who claim three or more qualifying children.

Tax specialist in Belleville and the surrounding areas

Contact Amador Accounting today! Lisa Amador is the best  tax specialist in Belleville, Ann Arbor, Ypsilanti, Saline, Canton and the surrounding areas. If you have a problem and need a solution, Lisa Amador can help you get organized and provide immense value to your business. (734) 330- 0907 

IRS Notices: What to Watch Out For!

Do you receive robo calls for offers that sound too good to be true?

Have you or someone you know received a phone call regarding fictitious tax bills and demands to pay by purchasing a gift card?

Are you receiving phone calls from someone telling you they’re with the IRS?

How to Know It’s Really the IRS Calling

According to the IRS, “they will initiate most contacts through regular mail delivered by the United States Postal Service. However, there are special circumstances in which the IRS will call or come to a home or business, such as:

• when a taxpayer has an overdue tax bill,
• to secure a delinquent tax return or a delinquent employment tax payment, or,
• to tour a business as part of an audit or during criminal investigations.”

Imagine your personal information getting into the wrong hands. At the least, you may spend a lot of time making frustrating calls to your bank or credit reporting bureau to make sure your information wasn’t compromised. At worst, your bank accounts could be cleaned out!

Lisa can help you get your finances under control! You need to be keenly aware of your financial situation to avoid being duped. She can help you manage and organize your records so you can make better decisions now and in the future. 

What are you waiting for? Get started today!

Tax Consultant in Belleville and the Surrounding Areas.

Contact Amador Accounting today! Lisa Amador is a tax consultant in Belleville, Ann Arbor, Ypsilanti, Saline, Canton and the surrounding areas. If you have a problem and need a solution, she can help you get organized and provide immense value to your business. (734) 330-0907

Why You Shouldn’t Wait till the Last Minute to Tax Prep!

Do you have a pile of receipts?

Do you keep your business transactions up to date?

Are you last-minute when it comes to filing your taxes each year?

Tax time can be a frustrating time for many people, especially if you own a business. There are so many numbers you need to keep track of as a business owner. 

At Amador Accounting, we recommend not waiting till the last minute to prepare your taxes. Being prepared can help you:

1. Avoid possible penalties.
2. Get the best refund possible.
3. Change to your accounts in a reasonable amount of time, if necessary.
4. Come up with payment in advance.
5. Avoid underestimating the time it takes to file.
6. Get all the forms you need ahead of time.
7. Expect the unexpected! Things can happen that you can’t predict.

If you’re tired of waiting till the last minute to tax prep and need help organizing your files, contact Lisa Amador, enrolled agent! Expert guidance when it comes to all things accounting is our specialty!  

Accounting Services in Belleville and the Surrounding Areas.

Contact Amador Accounting today! We’re the experts when it comes to accounting services in Belleville, Ann Arbor, Ypsilanti, Saline, Canton and the surrounding areas. If you have a problem and need a solution, Lisa Amador can help you get organized and provide immense value to your business. (734) 330-0907

How We Stay Relevant For Our Clients All Year!

Do you have your day-to-day transactions under control?

Are you aware of all of your business expenses?

Do you need accounting services all year around?

Imagine how relieved you’ll feel at the end of the year when you don’t have to scramble to find your financial statements. Stacks of disorganized paperwork can be overwhelming. Lisa Amador, Enrolled Agent, can help your business get on the right track!

We can stay relevant for you all year long, offering an array of useful services including:

• Entering data
• Managing day-to-day transactions
• Customer invoicing and collections
• Credit card management
• Tracking sales tax and payroll tasks
• Providing up-to-date information to help you make decisions about hiring
• Deciding which marketing strategies are working and how profitable a project or job was or could be
• Helping make year-end and tax season easier by having all your information ready

If you need help setting short term and long term strategies to improve your business operations, you need an enrolled agent on staff. Expert guidance when it comes to all things accounting is our specialty!  

Accounting Services in Belleville and the Surrounding Areas.

Contact Amador Accounting today! We’re the experts when it comes to accounting services in Belleville, Ann Arbor, Ypsilanti, Saline, Canton and the surrounding areas. If you have a problem and need a solution, Lisa Amador can help you get organized and provide immense value to your business. (734) 330-0907