Monday, April 29, 2013

Tax Assistance Program For The Self Employed!

Most businesses look for the IRS to refund monies by way of a tax assistance program. Other businesses that may owe taxes look for taxes to be lowered.  However, when we you are taking a look at the real benefits of owning a business, the tax assistance programs lie within the business deductions themselves. The article below titled (10 Tax Benefits for the Self Employed) points out the real benefits of owning your own business.  After all, who wants to pay the IRS MORE money than they did last year right? 

Some of my favorites include: 

- The Home Office Deduction - One of the more common tax assistance program deductions taken; don't forget to map out your home to get full credit for the space used. And remember the burden of proof is on the taxpayer, so be sure to keep accurate records of every penny spent.

- Meals and Entertainment - Another very common tax assistance program deduction taken falls under meals and entertainment; keep meticulous records, who was the meal shared with, for what purpose, what was discussed, etc.  Remember, the deduction is limited to 50% and can become a red flag for an audit. As long as your meals and entertainment expense isn't over half of your gross income you should be fine. 

- Education - Continuing Education, Continuing Legal Education, and Continuing Professional Education all qualify as another tax assistance program that is tax deductible.  Schooling for your profession is also allowable, however all courses taken must relate to the profession, or relate to a degree program mandatory for the profession or job. Keep receipts, keep educational material, and keep anything relating to the course to prove it relates directly to your profession. 

Remember, the IRS doesn't have to give you a refund, settle on the taxes you owe, or promise to lower taxes for you to qualify for a tax assistance program.

Check out our website at for more information! Or, feel free to call us directly at 720-398-6088. 

Wednesday, April 10, 2013

Federal Tax Levy Notices. Are You On The List?

Do you wish the IRS would remove you from their federal tax levy list? Do you continue to get federal tax levy notices from the IRS? Do you receive other notices from the IRS and want a chance to unsubscribe? There are several notices the IRS sends out to delinquent taxpayers and each notice is relevant in some way.  First piece of advice we are offering is to open and read each and every notice. The first mistake taxpayers make is not opening and reading the mail.  The mail will give you instructions on how to proceed.  Mostly the notices are intended to catch your attention with words such as "Notice of Intent to Levy", "Federal Tax Levy", "Notice of Levy", "Notice of Seizure", "Notice of Balance Due", etc.  Secondly, there are specific timelines to be adhered to with each notice.  Therefore, if you have received any of the notices mentioned, especially a notice related to an federal tax levy, pay attention, read the notice, and consult with KW & Associates, Inc.

The most important notice referencing a federal tax levy is the "Final Notice of Intent to Levy".  The particular notice comes with both a 30 day timeline giving the taxpayer the ever important appeal rights. The notice usually arrives certified and you must sign for it.  The Final Notice of Intent to Levy is important for the reason it is your last and final warning prior to a federal tax levy being issues against your bank accounts, accounts receivable,  or wages. If you have received a final notice please contact us immediately. Further, if an appeal can be filed within the timeline appropriated, time will be granted to pursue resolution.

Lastly, if you haven't been able to respond to the Final Notice of Intent to levy, be assured a federal tax levy will be issued.  A federal tax levy will freeze your assets, monies, bank accounts, wages, and keep you from being paid.  If the IRS has gone this far, they are willing to go further as the next step would be actual seizure of real property assets, vehicles, etc.  When a federal tax levy is issued, its time to take action.  Don't sit and wait for the IRS to do anything, as the IRS will not take any action to release the levy.  The IRS will simply wait to collect the monies owed to them.  In fact, the IRS will continue to issue federal tax levies until your account has been paid in full. 

If you have started to receive final notices indicating a federal tax levy will go out, or you have been levied please contact us immediately at 720-398-6088 or check out our website at

Thursday, April 4, 2013

Tax Trouble? Consider Currently Non Collectible!

Are you currently unemployed? Do you have tax trouble due to Income Tax? Did your business shut down because of the taxing authorities or other creditors? Are you left with nothing but a large trust fund tax bill?  If so, consider currently non-collectible.

Currently Non Collectible is a great option for individuals out of work, or working as a wage earner, self employed, or individuals on disability.  The IRS will require a financial review to consider currently non collectible.  The individual must fall under the national standard guidelines as far as expenses are concerned, must have limited equity in assets, and if one does have equity in a home or retirement account prove they cannot access the equity. If you are in tax trouble the IRS will recognize  the necessity for you to get back on your feet, start working again, and revisit your financial statement in 1 to 2 years.  It is a great option for individuals seeking relief, seeking a different resolution such as an offer in compromise but may not be ready to file yet, or those in the middle who's financial position may change for the better or worse down the road. 

At Highland Tax Group, Inc. we specialize in helping individuals and businesses in tax trouble.  We look for the best possible route to fully resolve the case.  However, sometimes CNC or Currently Non Collectible is the best way to go in order to put a "band-aid" on the situation until the taxpayer is ready to resolve their issues at a later date. As always, if you are in tax trouble feel free to call us at 720-398-6088 or check out our website for further details at