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A Wage Levy / Garnishment / Bank Levy / Vendor Levy are the most aggressive means of collection to acquire the Taxpayer's attention. The Self Employed / 1099 MISC independent contractor's ability to keep accurate recordkeeping is absolutely crucial. The search IRS or State tax representation requires an abundance of due diligence. Contacting three companies to consider representing you is good place to start and should be treated with extreme caution. Here are some helpful hints the self employed may want to consider to incorporate into the everyday grind. 1) Car & Truck Expenses: Obtain a composition book to track the transportation expenses. Log mileage at the start of the year (look at the odometer) and at the end of the year. Determine what amount of business miles were accrued for the calendar or fiscal year. A box needs to be checked on all tax returns claiming vehicle expenses, is the evidence of claim written? Should an audit or examination be conducted? That little recordkeeping book daily entries is going to save the contractor a good chunk of change. 2) Designated BUSINESS Debit Card: Open a separate bank account specifically designated for business expenses. Any and all transactions that help you conduct a trade or business to earn income must go on the debit or credit card to effectively track expenses. Business practice behavior currently not doing this is considered commingling. 3) Pay the expense of a competent bookkeeper: QuickBooks can become a quick mess if not extremely careful. Plug in accounts are despised by tax preparers and CPAs, the idea is to keep it clean and straight for tax return preparation leaving no stone unturned. DWK Tax Group is a full service tax resolution company. Tax return preparation is offered year round, often tax account compliance issues stand in the way of tax account settlement. The "Business Foundation Restructure" program offered to the self employed has been a real success for the non record keeping types. The results are beautiful where the struggling taxpayers become strong, the scared become confident and the levied become tax debt free. For real IRS Tax Help, dial 1 - 8 6 6 - 2 2 6 - 6 1 0 2 for free detailed tax analysis to understand the settlement possibilities offered under the Fresh Start programs currently being offered by both federal and state governments. Visit http://dwktaxgroup.com/ for informative articles and FAQ. Thank you for your time in advance...
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