Was Your Income Tax Return Selected for an Audit?

Did you know that income tax audits can be completed through the mail or in person? 

The IRS determines how to complete your audit based on certain factors, like how complex the return is. In general:

• Correspondence audits (via mail) are used for simple, individual returns (Form 1040) 
• Face-to-face audits (“office audits”) are held in IRS offices for more complex issues
• Very complex income tax returns are audited at the taxpayer’s place of business

If your return is selected for audit, you can make the process easier on yourself following these tips:

• Always maintain accurate, well organized records
• Respond to all requests for information promptly
• Only provide the requested info
• Be calm and polite

Call us for help on your income tax in the Ann Arbor area. 

Learn more on our website!

Are You Worried About an Income Tax Audit?

An audit of your income tax return doesn’t always mean there’s a problem. Returns can be selected randomly and can also be selected if a partner or investor was selected for audit. 

Even if your income tax return is selected for audit, chances are good the auditor will accept it as is — unless they question part of the return.

If your return is selected for an audit, don’t panic! As a taxpayer, you have the right to be treated courteously and with confidentiality. And, remember, IRS agents are not out to “get” anybody. They are professionals doing their jobs — correcting errors and checking facts — and want the audit to be resolved quickly, efficiently, and accurately.

Need help with an audit in the Ann Arbor area? Learn more on our website!

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!

How Does the Latest Stimulus Affect Your Family?

On March 11, the American Rescue Plan Act of 2021 was signed into law promising some economic relief to millions of Americans affected by the COVID pandemic. 

In addition to providing funding for a vaccination program, to help schools reopen, and to aid state and local government workers, among other provisions, the new package provides three ways for Americans to receive direct financial assistance from the government. 

Are you wondering how the Act will affect your family? Visit our website for more information.

Don't Leave Year-End Bookkeeping to Chance

There are probably as many different ways to store your business records as there are unique businesses. Maybe you keep your paperwork in an accordion file or drawer in your office. Maybe it’s neatly online, every receipt scanned and filed. Or some variation in between. Whether you’re high-tech or old-fashioned, chaotic or orderly, Amador Accounting can help. Your specialty is your product or service – ours is your bookkeeping. 

We don’t mind sorting through your boxes of receipts or investigating the errors in bookkeeping software, and we know exactly how to close out your year end.

When Amador Accounting takes the bookkeeping off your hands, you can focus on your business knowing we’ve got your back. Learn more

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 to Find a Good Tax Specialist in Belleville

Having a hard time finding a good tax specialist in Belleville, Michigan?

Are you worried about compromising your personal information?

What are traits you should be looking for in a good tax professional?

According to the Internal Revenue Service (IRS), you should do the following to ensure you’re working with a professional tax preparer.

1. Check the preparer’s qualifications using the IRS directory.
2. Check the preparer’s history.
3. Ask about service fees.
4. Ask to E-file.

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

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