As the old adage goes, “You can run, but you can’t hide.” The IRS is out for money, monitoring the activities and posts of suspected tax cheaters on Facebook and Twitter accounts, called data mining. Recent reports have hinted of the IRS’s intent, though mention as to how deep they will mine for data is unknown. According to the IRS, solely accounts of persons whose tax forms have signaled a red alert will be monitored. Tax evasion is a serious matter, costing taxpayers and the government billions of dollars a year.
Go ahead and tremble tax delinquents, as this the IRS is not bluffing; history proves they are not. Officials, ranging from the FBI to city police officials, have conducted social media investigations in search for clues involving a suspect’s illegal activities (e.g. gang members, sexual predators). Recently, the NYPD, created a task force specializing in social media investigations. Successful investigations have resulted in the indictment of criminals.
The price to pay for tax evasion is dire: prison time, fines and maximum repayment of owed taxes. Do not waste your time trying to cheat the IRS; auditors and agents are on the lookout.
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File a sound, justifiable tax return today to avert IRS involvement with our trusted McAllen CPAs from Gonzalez & Arrambide, Inc. Come by today or contact us at 956-447-9009 to schedule an appointment.
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According to United States law, legally blind is defined as a person who has no eyesight at all, a person whose good eye has a vision measure of 20/200 and uses corrective lenses, a person whose vision falls at or below 20 degrees. American citizens who are legally blind qualify for exclusive tax deductions to benefit from a substantial tax break, including work expenses and medical deductions.
Be sure to mark of boxes 39A and 23A on tax forms 1040 and 1040A, respectively. Discuss your options with a trustworthy accountant if you are 65 and older or are married to a visually impaired individual, as savings may increase. The medical deduction benefit represents the highest tax deduction.
If you qualify, medical deduction perks include: deducting transportation to and from the doctor’s office and pharmacies, and expenses based on the prevention, diagnosis and treatment of the illness. If legally disabled, you may also be able to deduct any optical surgical procedures, home modifications and nursing services, to name a few.
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For superior tax services in your community, contact our dependable accountants from Gonzalez & Arrambide, Inc in McAllen. Visit us or contact us at 956-447-9009 to file your tax return today.
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The art of procrastination is blissful– until the deadline arrives. Frantic procrastinators are, at this second, gathering papers and praying to make the deadline, fully aware that every minute passing means less money in your Individual Retirement Account (IRA) and Health Savings Account (HSA). Jump on the speeding bandwagon of worried retirees and health savvy Americans, or get left in the dust.
Studies show that 1 in 5 Americans procrastinate in filing their tax return. And reports indicate that procrastinators pay 33% more in tax preparation fees and receive smaller refunds than fellow early-bird taxpayers. They also miss out on non-cash charitable contributions, the American Opportunity Credit, medical expense deductions, etc. Why wait longer to only pay more? Cash in by filing earlier.
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Don’t wait any longer. Visit us today to file your tax return with our expert CPAs in McAllen from Gonzalez & Arrambide, Inc. Or call to schedule a last minute appointment at 956-447-9009.
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New data in an article of The New York Times, provided by Gallup Politics, indicated a shift in opinion on whether or not the wealthy pay enough taxes. Often attacked for “getting off easy,” the wealthy are now gaining approval from the general public in regards to paying their fair share. The poll illustrated how the majority of Americans now believe high-income people are paying their fair share of federal taxes as opposed to previous decades.
Prime example, 77 percent of Americans believed the wealthy got off easy and “paid too little” in the years 1992 and 1993, whereas today’s data demonstrated only 61 percent maintain the same opinion. Meanwhile, it seems the poor are losing support. In 1992, only 8 percent of Americans felt low-income people paid too little in taxes. The percentage more than doubled, jumping to 19 percent.
The above data ceases to match data from last fall’s New York Times data analysis, which shows how the tax rate paid by taxpayers of all income levels has “fallen since the mid-1990s.” Therefore, posing questions as to how it is the wealthy seem to be paying their fair share. Analyzers attribute the growth of the share of the nation’s total tax bill to their recent increase in yearly income. Are they paying enough or just earning more?
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For expert assistance with your tax concerns, contact the professional CPAs in McAllen of Gonzalez & Arrambide, Inc. at 956-447-9009.
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Wednesday could be the day Senate passes the Marketplace Fairness Act, forcing online retailers to collect sales tax for the state their merchandise is being shipped to, according to WashingtonPost. The online sales tax would only apply to businesses raking in annual revenue of $1 million or more, a mark many businesses fear.
Previously, states required retailers to collect taxes only if their business expanded to their state (i.e., if they had physical presence in that specific state). Now, the businesses would be responsible for collecting sales tax for every sell. It is estimated that state and local governments will see a jump in tax revenue of up to $11 million.
Affected businesses will have to invest thousands of dollars to incorporate systems and software that efficiently track and record all sales taxes. One business owner, Shannon Schmidt-Hidalgo, owner of Green Light Fire Bag, stated, “We’re meeting with our attorneys and CPAs as we speak to discuss budget cuts and analyze the financial forecast.”
While many large businesses dread the new law, small businesses embrace it, as it could potentially help their business grow. Small businesses (those who rake in under $1 million in annual revenue) will not be affected, appealing to out-of-state customers who prefer to purchase non-taxable merchandise.
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Discuss your tax and financial concerns with our experienced accountants in McAllen of Gonzalez & Arrambide, Inc. at 956-447-9009 to ensure your business continues on the path to success. We offer financial planning services formulated to suit your business needs.
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