Blog Posts

Before You Meet with Your Accountant

Meeting with an accountant for the first time can be a little nerve wracking. It can be difficult to know what to bring, especially when you don't have any financial troubles for them to solve. Starting with three year's worth of tax returns and access to your quick books is a good start, but it really does vary on what you're meeting with the accounting firm for. Tax Preparation To prepare to file your return for tax season, we will need [...]

2017 Tax File Extension Deadline is Nearing

If you filed for an extension on your 2017 taxes, October 15th, 2018 is the last day to file taxes for the 2017 year. To avoid penalties and accruing interest, jump on preparing that tax return as soon as possible. You can still e-file or mail in your tax return by yourself. In case you need assistance in filing your 2017 taxes correctly, here at Private Tax Solutions we have an entire team dedicated to helping you file your [...]

Don’t Face the IRS Without Representation

Why You Should Never Face the IRS Without Representation The IRS often takes advantage of taxpayers without representation. Taxpayers representing themselves are often caught in expensive penalty and deadline loops due to the complex documents and processes. The IRS wants taxpayers to pay off their debt in-full as soon as possible. We understand it isn’t always possible for the average taxpayer. Even if your case is simple, the IRS’s processes, documents, and deadline systems are difficult to navigate. Because of this, [...]

Real Estate Advice

Why would a Realtor use an Accountant? Did you know that every 1 in 4 real estate agents have tax problems? When you are in business for yourself there is a lot at stake when it comes to taxes. Delegating this part of your business can be key to your success. You are giving yourself more time to focus on what you do best -- which in turn builds more revenue for you. Hiring an accountant to help you make [...]

Are you embarrassed about your tax debt?

Understanding Tax Debt Embarrassment You may feel that you are alone in feeling embarrassed about your tax debt, but believe us, you are not the first to feel this way. Thousands of individuals face tax problems every year, but only those who seek for solutions find them. Some feel embarrassed about their IRS balance because they cannot pay it off, while others may feel fear that family members will be angry or scared. Whatever your fear or embarrassment may [...]

IRS Notice of Deficiency (CP3219A)

What is an IRS of Deficiency? When the IRS notices financial inconsistencies between the tax return you filed and the documents submitted by your employer/financial institutions that indicate you owe more income taxes than what you stated on your original tax return, the IRS will send you a Notice of Deficiency or also known as Notice CP3219A. While it is possible that either you or your employer/financial institution made a simple mistake, you need to confirm with the IRS that your [...]

The Risks of Not Filing Your Taxes

It's one thing to forget to file your taxes once, but after it's a habit, it becomes a major problem. The risks of not filing your taxes can be as mild as paying a penalty to losing your home or bank account to the IRS. The following explain the various types of consequences that you could be subject to if you fail to file or pay your taxes. Substitute Return If you forget to file your taxes or choose not to, [...]

How to start a Successful Business

We have seen a lot of trends in businesses. For the most part, we know what works and what doesn't work. We can help you with ideas on how to make your business succeed. The most valuable thing you can have is a positive attitude. It comes down to your attitude and mindset. Henry Ford said: Whether you think you can or you can't, either way you are right. Investors realize that. When you present your idea to an investor, they [...]

Currently Not Collectible

Currently not collectible (CNC) is a status that the IRS uses for taxpayers who owe the IRS money but do not have the capability of paying both their reasonable living expenses and their tax balance. While in this status, the IRS will not try to collect or levy the taxpayer(s) assets or income. This is not a true "pause" button though and it's important to note that the tax debts will continue to accrue interest and typically, all refunds [...]

Resolving Tax Problems Will Improve Your Life

Imagine What You Could Do with a Fresh Start Many of our previous clients have felt true despair and doubt before deciding it was time to resolve their tax troubles. Little did they know that resolving their tax problems would be the best decision and turning point in their life. Not only would resolving their tax problems result in an increased income and improved credit, but their relationships and personal lives would also flourish. You don't need to wait to [...]