Free fall may be an exhilarating experience for some, but for others having a safety net would make the adventure more do-able. And when it comes to your tax return preparer, he or she should provide you with a safety net, and peace of mind that your tax concerns are properly addressed.
Don't get pushed out the door while wondering whether your "tax preparer" was truly prepared and trained to help you. What counts most in the tax world is getting down to the essentials of tax law and regulations - gathering relevant facts, researching complex issues, and zeroing in on the problem.
To assist our clients, the tax professionals in our office have gone through rigorous training. We have many years experience dealing with tax problems of all kinds - from return filing, audit assistance, answering government correspondence, tax planning, to research & resolving tax questions.
We will review a new client's prior year tax return free of charge!
Overlooked tax savings opportunities may be discovered by us and refunded to you.
We will do your 1998 tax return for if we are unable to show you how you could have saved over 10% of your 1997 income taxes.
On August 5, 1997 President Clinton signed into law the Taxpayer Relief Act of 1997. With over 800 amendments and nearly 300 new provisions (150 of which go into effect after 1997), tax professionals must assimilate an enormous number of changes before they can successfully implement innovative tax planning strategies.
Many of the provisions within the Act have gradual "phase-in" of benefits over a period of five or more years. Expert tax planners must continuously focus on long-term solutions in an ever-changing environment.
The Taxpayer Relief Act of 1997 makes sweeping changes that affect families, businesses, and investors. These changes include capital gain reductions, savings and investment incentives, alternative minimum tax reform and tax credit expansion.
Furthermore, the new tax law includes many extensions, technical corrections and revenue generating provisions. As a result, this Act will add to the complexity of the U.S. Internal Revenue Code. Obviously, Congress' previously stated goal of tax simplification has all but been abandoned.
To view this week's TAX TIP (or previous topics), please click here:
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TAX QUIZ ?? Many individuals, and even some tax preparers, do not know the important difference between a tax credit and a tax deduction. This difference could save you thousands of dollars. If you do not know the answer, please see the solution found at the conclusion of this topic.
So, do you intend to prepare your own income tax return?
Doing so might be more of a ride than you expected!
Why not consider another, less dangerous alternative? You can rely on the experience and efficiency of the tax professionals in our office to relieve you of the anxiety tax work can cause. We have helped many individuals and businesses with their return preparation needs, and we would like to assist you as well. Just give us a call so that we can explain the many services our firm provides. To schedule an appointment, please call us at 1.702.228.3499 or 1.800.NATL.TAX.
To make sure you do not miss urgent tax filing or reporting deadlines, please mark your calendar:
| January 31, 1999 | Deadline for employers or other payors to provide IRS Forms W-2's and 1099's, respectively, to payees. |
| February 28, 1999 | Deadline for payors to file Forms 1099 with the IRS. |
| February 28, 1999 | Deadline for employers to send copies of W-2's to the Social Security Administration. |
| March 16, 1999 | Deadline for 1998 tax returns for calendar year corporations. |
| March 16, 1999 | Deadline for calendar year corporations to elect S status for 1998. |
| April 15, 1999 | Deadline for 1998 calendar year partnership tax returns. |
| April 15, 1999 | Deadline for individuals to file 1998 tax returns. |
Answer to Tax Quiz Question: Deductions are subtracted from your income so that only a percentage of the total expenditure gets recouped as tax savings. To illustrate, a $100 tax deduction saves you only $28 in taxes if you are in the 28% tax bracket. A tax credit reduces your taxes dollar-for-dollar. Thus, a $100 tax credit means you will generally pay $100 less in taxes, no matter what tax bracket you are in.
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Infinity Capital Management
1050 E. Flamingo Rd. Suite E227
Las Vegas, Nevada 89119, USA
Email: info@infinitycapital.com
Phone: USA-702-228-3499
Fax: USA-702-383-5079
