Posts Tagged: ‘experienced Miami CPA’

How to Spot a Real IRS Debt Collection Call from a Scam

April 18, 2017 Posted by kingcade

The IRS recently announced that it will be making collection calls to collect on delinquent taxes, something they maintained for years would never happen.  Not surprisingly, scammers are making the most of the opportunity.  According to the IRS, losses have mounted to more than $20,000,000, as a result of the IRS Imposter Scam.

If you receive a call from someone claiming to be from the IRS, consider these important tips to determine if the call is real or a scam.

  • There are only four authorized firms nationwide, which include:
  1. CBE Group of Cedar Falls, Iowa;
  2. Conserve of Fairport, N.Y.;
  3. Performant of Livermore, Calif.; and
  4. Pioneer of Horseheads, N.Y.
  • If you owe taxes, only one of these firms will contact you.
  • You likely know who you are. You will not receive a call if you pay your taxes on-time and regularly. If you are delinquent in tax payments, you will receive multiple written notifications from the IRS, before your case is turned over to one of the listed debt collection firms.
  • The IRS will send a letter to notify you that your case has been turned over to one of these companies. The collection company will also send you a letter regarding their authorization to call on behalf of the IRS.
  • The company will not ask for payment to be made to them, nor will they ask for payment on a Money Card.
  • These companies will not threaten you.

If you are still unsure if you have unpaid tax debts from previous years, you can go to IRS.gov and check your account balance. If the account balance says zero that means nothing is due, and you should not be receiving calls from the IRS or one of these collection companies.

Click here to learn more on the IRS Imposter Scam.

If you are in financial crisis and considering filing for bankruptcy, contact an experienced Miami bankruptcy attorney who can advise you of all your options. As an experienced CPA as well as a proven bankruptcy lawyer, Timothy Kingcade knows how to help clients take full advantage of the bankruptcy laws to protect their assets and get successful results. Since 1996 Kingcade & Garcia, P.A. has been helping people from all walks of life build a better tomorrow. Our attorneys’ help thousands of people every year take advantage of their rights under bankruptcy protection to restart, rebuild and recover. The day you hire our firm, we will contact your creditors to stop the harassment. You can also find useful consumer information on the Kingcade & Garcia website at www.miamibankruptcy.com.

Important Tax Deductions You Probably Don’t Know About

January 31, 2017 Posted by kingcade

It’s that time of year, again.  With tax season officially upon us, do not miss out on some of these money-saving deductions.  The most recent numbers show that more than 45 million of us itemized deductions on our 1040s—claiming $1.2 trillion dollars’ worth of tax deductions.

Most taxpayers know about mortgage expense, student loans, medical expenses, and investment expense deductions, but itemized deductions do not stop there.

Here are some of the most overlooked tax deductions:

  • Subscriptions. You can deduct the cost of subscriptions when it comes to professional (as long as it is related to your job in some way) or investment-type publications.  This covers newspapers, magazines, newsletters, journals and do not forget your online subscriptions.  Keep in mind, this deduction is subject to the 2% floor, which means that you subtract 2% of your adjusted gross income (AGI) for the year from your deduction (and all other itemized deductions with the same floor).  The remainder is the amount you can claim for those deductions.
  • IRA Custodial Fees. You can deduct the administrative fees you pay for your IRA if these fees are billed as a separate transaction. This deduction applies to traditional and Roth IRA’s and is subject to the 2% AGI floor.
  • Job Search Expenses. If you looked for a new job last year, you can deduct your expenses related to job hunting (whether or not you actually got the job). This can include things like employment agency fees, preparing and sending out resumes, transportation expenses, even long-distance travel if your primary purpose in traveling was to look for a job.
  • Tax Expenses. You can deduct certain taxes you have paid from your taxable income. First, you can deduct any state and local taxes you pay, including real estate taxes and other property taxes, on your federal tax return. **Note that you can deduct state income taxes or state sales taxes, but not both.** You are allowed to deduct the full amount here, this is not subject to the 2% AGI floor limitation. Foreign income taxes and real estate taxes are also fully deductible. You can deduct any fees you pay to have your tax return professionally prepared. If you prepare your own taxes, you can deduct the cost of the software you use and any tax publications you purchased to help determine your return. These deductions are subject to the 2% AGI floor, and you can only deduct the expenses related to the return’s tax year. For example, in 2017 you would deduct tax preparation fees related to your 2016 tax return.

If you are in financial crisis and considering filing for bankruptcy, contact an experienced Miami bankruptcy attorney who can advise you of all your options. As an experienced CPA as well as a proven bankruptcy lawyer, Timothy Kingcade knows how to help clients take full advantage of the bankruptcy laws to protect their assets and get successful results. Since 1996 Kingcade & Garcia, P.A. has been helping people from all walks of life build a better tomorrow. Our attorneys’ help thousands of people every year take advantage of their rights under bankruptcy protection to restart, rebuild and recover. The day you hire our firm, we will contact your creditors to stop the harassment. You can also find useful consumer information on the Kingcade & Garcia website at www.miamibankruptcy.com

Related Resources:

http://www.foxbusiness.com/markets/2017/01/30/4-types-tax-deductions-probably-dont-know-about.html

https://turbotax.intuit.com/tax-tools/tax-tips/Tax-Deductions-and-Credits/The-10-Most-Overlooked-Tax-Deductions/INF12062.html