Anthony Sykes & Company

This is Part 3 of my series on the topic 7 Tax Saving Tips. We've been filming many segments that are aired on Literary Speak a Pasadena cable show.

     Getting organized in the summer is a great way to get ready for next years tax season. Here are a few tips that may help you prepare.            1. Keep documents and receipts that you think are going to have an impact on your tax return.      2.  Bills, mileage logs, invoices, and other receipts are some things you should keep track of. Most importantly keep track of money spent on home improvements, stock and other investments, rental properties etc...     3.  If you're a small business owner you should keep track of Gross Receipts, Invoices, Bank Deposit Slips, Proof of purchases, Expense Documents, Documents to Verify your assets, etc.   All this information here will help you keep track of your tax information. Not only will it make it easier on yourself  but it will also make it easier on your tax preparer. The best part about keeping track of e...

Sykes Accounting: TEN TIPS FOR TAXPAYERS WHO OWE MONEY TO THE IRS : "No one likes to pay taxes and it seems to be more painful when you cannot pay the amount you owe to IRS in one payment. The IRS has announ..."

No one likes to pay taxes and it seems to be more painful when you cannot pay the amount you owe to IRS in one payment. The IRS has announced an effort to help struggling individuals and businesses meet their tax obligations without adding unnecessary burdens.     1. Get a loan if possible to pay your tax bill, it is cheaper than paying installments.         2.  Ask for additional time to pay. If you can pay the amount in one payment but do not have the money           readily available you can call 800-829-1040 or go to www.irs.gov .         3. You can pay by credit card if you get reward credits this may take some of the pain away knowing you  can use those reward credits for something you want. However, there are fees involved and the interest may not be deductable.     4.  You can pay by Electronic Funds Trans...

 The Internal Revenue Service announced that it will extend help to more innocent spouses by eliminating the two-year time limit that now applies to certain relief requests. What this means is that a married couple who filed a joint tax return both are liable for 50% of the tax due unless one does not pay then the other is liable for 100%. This usually happens in a year involving a divorce. Equitable Relief Under Section 6015(f ) allows for equitable relief of taxes owed when a spouse files a joint tax return and relief is not available under Section 6015(b) or (c). However there was a two year deadline to request equitable relief of taxes under subsection (f). Even though the courts have upheld the validity of the two-year deadline to request equitable tax relief the IRS launched a thorough review of the equitable relief provisions and issued Notice 2011-70 which eliminates the two-year deadline. "In recent months, it's became clear to me that we need to make significan...