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Getting Money Back from the IRS

AdultInternetLaw.com
By: Adultinternet.law.com


"There are two systems of taxation in our country: one for the informed and one for the uninformed."
Judge Hand, US Appeals Court Justice

  • The IRS recently refunded 18 Billion Dollars to small businesses in a 30-month period.

    The internal revenue code allows for individuals and businesses to file amended tax returns for a period of three years. In 2001, more than 3.3 million people filed amended tax returns for refunds on excessive tax payments. Why? A large majority of taxpayers fail to claim all deductions and credits available to them in the tax code resulting in the overpayment of taxes by as much as 40%.

    It goes without saying that tax regulations are exceedingly complex. The tax code currently consists of more than 2,800,000 words, hardly a light read. When it comes to filing taxes, most treat taxes in the following manner: 1) dump their tax information on an accountant at the last moment; 2) use one of the popular tax software programs; or 3) prepare their own returns [scary]. The problem with each of these approaches is that the particulars of your business are not taken into account. This results in numerous deductions and exemptions being missed and the loss of hard-earned income to the IRS and state tax agencies.

    Accountants

    Many businesses use accountants to handle their tax filing responsibilities. Money Magazine, however, found that accountants rarely keep current on the changes in tax laws or claim all available deductions. In one study, the magazine submitted identical tax records to 46 tax preparers and received 46 different answers on the amount of taxes due! Still feel confident about your accountant's work?

    Process

    The process essential involves singing a contract with us, an IRS power of attorney form to file the amended returns, sending in your tax returns for three years and going through a phone conversation with one of our CPAs. At that point, we will know if you are due a refund and will get the amended tax returns filed with the appropriate agencies. You will note that we ask you sign a power of attorney. The power of attorney is a form issued by the IRS that allows the accountant to sign the amended tax returns for you. If the IRS takes issue with the filing, the accountant's name is on it, not yours.

    In Closing

    You work long and hard on your adult business. How much time do you spend on updates, design tweaks, attracting traffic and building reoccurring memberships or client relationships? Why throw away unnecessary money on taxes?

    To find out more, contact me by phone (858-427-2170) or email.




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