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Proven Strategies Consulting - Tax Services

Did you know that the type of organizational structure you chose for your business can have a big impact on the amount of taxes you pay each year?  It also impacts your personal legal liability for the obligations of your business and your ability to borrow money?   Which business structure is best for you?  Call us at 303.429.4333.

Where you aware that a Small Business Owner can set aside up to $46,000 tax free each year for retirement?  Do you know the tax advantages of retirement plans designed specifically for small businesses to help there employees begin to save for retirement?

As a small business owner, are you deducting your Health Insurance premiums you pay each year?

These are only a few of the tax advantages available to the small business owner.  Call us for details.

Review current 2007 and 2008 tax highlights and deadlines.  Tax Highlights

Download a copy of our 2007 Tax Preparation Checklist

Did you know that an Enrolled Agent (EA) is a tax professional specifically qualified to prepare taxes and represent clients before the IRS? Its true.  EA's are  authorized by the federal government to represent clients in tax matters before the IRS.   To qualify, one must pass a two-day exam on a wide variety of tax matters and then are subjected to a rigorous background check by the IRS.   An EA is then required to secure at least 24 hours of certified, continuing professional tax education each year to keep their Enrolled Agent status current.   

 

 

 

"It was never challenged before"

Mr. & Mrs. Werts filed their 2000 Form 1040 EZ reporting their wages of over $30,000.  They did not report any portion of the $19,000+ of Social Security benefits they recieved.  IRS calculated the tax on the amount of social security benefits and sent a bill to the taxpayer.  In court the taxpayer disagreed with the IRS position because "the IRS had never challenged any prior years' returns for similar omissions".  The Tax Court ruled in favor of the IRS stating "The mere fact that omissions of such income on taxpayers' prior returns was never questioned by the IRS is not a basis for the exclusion of such income on subsequent returns. 

Lesson Learned...Know the current years tax rules before filing your tax returns.