Advantage Tax Services, Inc. Reveals Tax Debt Resolution Service to Help Small Business Owners Get IRS Debt Relief
Kenyatta Patton, EA at Advantage Tax Services, Inc. has just revealed an IRS tax resolution service to resolve IRS problems increasingly encountered by his clients who owe more than $10,000 at both the federal and state levels.
For more information please visit.. http://www.advantagetaxdebthelp.com
This new service offered at Advantage Tax Service, Inc. resolves tax debt cases by using a special internal revenue code that ensures the best resolution possible as per options offered by the IRS.
This offering is wide ranging and covers all manner of tax issues.
When asked about the need for the company’s tax debt resolution service, Patton said, “Clients seeking our help – who are primarily small business owners – run into several types of issues with regard to the IRS, which ultimately increases their overall debt load.”
Mr Patton listed some of of these common challenges faced by smaller businesses in navigating the regulatory tax environment.
1 Failure to Receive Deductions
One of the biggest issues, according to Mr Patton, that leads to tax debt among owners of small businesses is the failure to take advantage of deductions.
Although many small business owners are experts in their respective fields, they might not be knowledgeable in the “nuances in the tax world.” This is where Tax Advantage Services steps in.
When asked to elaborate, Patton is quoted as saying, “Most accountants have a checklist of items they need to get through, but they don’t spend the extra time to get to know the client’s business needs to find out which deductions are available.”
2 Mixing Business with Pleasure
One problematic area, according to Mr Patton, is small businesses using credit cards meant for business purposes for personal needs such as grocery shopping or buying gas. If audited, this can lead to hefty IRS tax claims as business owners have “no way of substantiating the expense as a business cost.”
“This puts small business owners in peril, particularly if the IRS finds that employees of a company have commingled funds, that means the IRS can refuse the company tax credits or deductions.” Patton said.
3 Incorrect Company Structures
Another reason for avoidable taxes that Mr Patton sees among his clientele base is working in the wrong business’s structure. Each type of company such as an S Corporation or limited liability corporation has different tax categories with varying requirements.
When asked to elaborate, Mr Patton said, “A lot of people set up corporations without understanding, for example, that a C Corporation means double taxation as the money is taxed first when they earn it and again when they pay money out to shareholders,” he said.
For more information please visit.. http://www.AdvantageTaxDebtHelp.com