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3 Habits to Help Your Tax Planning

Whether you like all the technicalities of making a tax plan, save taxes for the last minute or prefer someone else deals with it entirely, doing a bit of organizational planning ahead of time can make the whole process easier. Here are some of the best habits to build into your routine for both easier taxes and easier financial planning:

3 Habits to Help Your Tax Planning

  1. Use a tool to monitor both your spending and income. The more insight you have into your finances, the better. Using a tool that collects all of your revenue and expenses is even better, especially if you have multiple sources of income and several investment accounts. This way, you can pull all of the information from one source instead of chase down accounts and hope you remember everything. Regularly seeing your spending habits in relation to your income also keeps you have a better grasp of your finances in general.
  2. Have a centralized physical space for tax documents, too. Not everything is online, and those can be the worst factors to track down when you’re in a hurry. Set aside a box or drawer for everything tax-related that comes in through the mail. That can include W2s that you don’t receive electronic copies of, your property valuations, and any check stubs for atypical income you receive.
  3. Don’t wait until the last day. That’s trite advice that everyone offers, but it’s true for multiple reasons. Even if you avoid the usual risks — such as missing documents, unclear steps, or a down site — you’re still at a disadvantage because you can’t plan out all of your options. Taking your time and googling (or asking a tax professional, for even better answers) questions can save you hundreds of dollars this year and thousands overall.

For more tax tips and habits that can help every part of your finances, contact ASAP Tax.

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Was Your IRS Tax Refund Garnished Due to Your Spouse’s Debt?

Instead of your IRS Tax Refund, did you receive a letter stating your refund was garnished due to your spouse’s debt? If you are one of the many families who count on their refund to make ends meet, now what will you do?

Was Your IRS Tax Refund Garnished Due to Your Spouse's Debt?

Federal tax issues can be overwhelming, and downright confusing. If your filing status was “Married-Filing Jointly,” and your refund was garnished for your spouse’s past-due obligation, ASAP Tax may be able to help you. If it’s determined that you are not obligated to pay your spouse’s debt, you may be considered by the IRS to be an “Injured Spouse.” You may still qualify to receive your portion of the IRS Tax Refund.

You can trust the tax professionals at ASAP Tax to help you determine if the Injured Spouse Allocation Form is appropriate for your circumstances. We are continually sharpening our skills with professional training, and are up-to-date on IRS rules and regulations.

We will sit down with you, and go over the specifics of your and your spouse’s situation. Injured Spouse Allocation is a complex tax issue, and every case is unique. Know that we at ASAP Tax adhere to a high standard of excellence, and are here to assist you. We focus on providing high-quality service and customer satisfaction.

If you are in the Dallas area, and your IRS Tax Refund was garnished to pay your spouse’s obligations, please contact us.  You will be treated with dignity as we work to help you receive the refund you may be entitled to.

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What to Look For in A Tax Preparation Company

Our clients frequently come to us with questions about how to find a professional tax preparer they can trust to handle their finances. As a result, we thought it would be helpful to share some tips on what to look for in a tax preparation company. Below are several questions we believe you should ask potential tax preparers before you decide to work with them.

What to Look For in A Tax Preparation Company

1. Do they have a Preparer Tax Identification Number?

One of the first questions you should ask is if they have a Preparer Tax Identification Number. Anyone who files federal tax returns for other people and receives payment for their services must have a valid PTIN. You can also use the Internal Revenue Service’s online PTIN directory to verify their information.

2. What licenses do they have?

Next, find out if they are qualified to do your taxes by asking about their licenses and credentials. For example, some tax preparers are a Certified Financial Planner. This means they have passed an exam and comply with other strict rules established by the Certified Financial Planner Board of Standards. Meanwhile, some tax preparers are certified public accountants (or CPAs). It’s important to note that although some CPAs may specialize in tax preparing, they may also have experience with auditing, estate planning, and other financial services.

3. Do they have experience working with clients in similar financial situations?

Do you own multiple properties overseas? Or perhaps you own a small business? Another tip for selecting the right tax preparer is to find one with experience working with clients in similar financial situations.

Please contact us today by email or call (972) 298-2140 for more information about our tax services. You can also stop by our office if you are in the Dallas, Texas area.

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2 Key Traits to Look For in an Accountant

It would be redundant to say that any accountant you choose to hire must be a trustworthy person. Honesty aside, there are several other qualities you should look for in an accountant before you decide to hire them. In this post, we will take a look at 2 key traits you want an accountant to display before you trust them with your finances.

2 Key Traits to Look For in an Accountant Before Hiring Them

  1. Straightforwardness: If you encounter an accountant that uses lengthy, complex jargon you can’t understand, look for a different accountant. Great accountants know that their clients don’t understand the ins and outs of accounting and therefore won’t speak to their clients in a language they simply can’t comprehend without an accounting education. If an accountant speaks to you in clear and concise ways that you find easy to understand and absorb, it is a good sign that you have found the right accountant.
  2. Impeccable Organizational Skills: An accountant’s job is dealing with intricate numbers, data, and other crucial pieces of information all day long so it goes without saying that they must have above average organizational skills. If when you walk into their office you find a messy space and a desk filled with papers thrown about everywhere, walk out. If an accountant can keep their workspace clean, it demonstrates that they have the organizational skills needed to keep your financial information well-organized.

Are you looking for the right accountant to handle your taxes or do you have any questions related to taxes and accounting? Feel free to contact us today!

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Taxes – Do You Need More Time?

Life is often very uncertain. However, there is one thing you can definitely count on: paying taxes. Even though no one likes this process, it is still an obligation we must endure. But what happens if you owe the IRS but don’t have all of the required documents and need more time? There is a solution.

Taxes - Do You Need More Time?

The IRS will give a six-month extension to just about anyone who asks. Filing Tax Form 4868 by the last filing date (or earlier) instead of your 1040 will allow you the time to get your resources together. Tax Form 4868 is a document to help people who have legitimate reasons to file an extension such as complex taxes, a missing W2, or even an unexpected event. It is not meant to be a method of delaying payments on a balance due, which still must be paid on “Tax Day”; it is so that taxpayers have extra time to get their documents in order.

Should you choose to file an extension, the first thing to do is get an estimate of what you might owe and pay as much as possible so that you can avoid late fees, penalties, and interest. Then you can choose whether you want to file Tax Form 4868 electronically or on paper. However, it is always best to consult a tax professional if you have any questions. We here at ASAP Tax are professionals who provide high-quality service and customer satisfaction – we will meet or exceed your expectations. You can contact us to help you with any problems or questions.

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Dallas, Texas Tax Return Services

What if you found a vehicle of opportunity in pursuit of financial freedom, would you jump on it? Of course, you would. Aside from time, money is the one thing we all wish we had more of. Using ASAP Tax return services is one of the great ways to do just that.

Dallas, Texas Tax Return Services

You work hard to put every dime you earn into the cost of living, the cost of creating the life you’re proud of. Every year like clockwork you collect every receipt, every pay stub, your W-2, and more, all the while wishing and praying for ease, convenience, and a nice return. It seems that every year it takes more and more of your money to pay for this great country of ours and every year you try to get back as much of it as you can, and you should.

Taxes are overwhelming and frustrating for anyone. It is not always easy to figure out what you can and cannot do, what you can claim or deduct. You don’t know every tax code, loophole or income credit.

You strive to create a high standard of excellence in your life and you deserve the same type of excellence for your tax return preparation. You deserve a loyalty and trust that can only come from those dedicated to you and to your financial success. The ones who engage in continual personal growth and development are the ones that you want by your side. This is a brand of loyalty and trust that you can have faith in. Your vehicle towards financial freedom is here. The dedication and loyalty that you deserve are here. Contact us ASAP.

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4 Ways to Get Your Tax Refund Faster Next Year

Did you get your tax refund late this year? As much of an annoyance as this can be, there are ways around the long waiting period. Below are our top four ways you can get your tax refund faster.

4 Ways to Get Your Tax Refund Faster Next Year

1. File Your Return Early

As the saying goes, the early bird gets the worm. The earlier you file your tax refund, the faster you can get your return. Since most people wait until the last-minute, the IRS has fewer returns to process when January hits. This is great news for early birds like you.

2. Double Check For Errors

Making an error could mean a multi-week delay for your tax return. To avoid this, you should work on double checking your forms for your name, Social Security Number, and your bank account numbers, since those are the easiest to mess up. Call ASAP Tax for to get assistance with double checking your tax return.

3. File Online

Filing online could mean getting your return weeks earlier than filing a physical copy since they take longer to be received by the IRS. Online tax software is much more accurate and can catch any errors before you file. In fact, nearly nine out of 10 people pay their taxes online due to this. Plus, if you make $64,000 or less, you can file for free.

4. Go With Direct Deposit

Direct deposit is the easiest and fastest way to get your returns in your bank account. The IRS even allows you to deposit your funds in a number of accounts, as long as you have the correct account number and routing numbers listed.

With these four tips, you can file faster and easier than last year. One more way to get your refund faster is by hiring a tax professional to prepare and file them for you. Contact us at ASAP Tax for more information on quick and affordable tax preparation.

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