Audit protection tips? This is a very hot topic in 2020. Money are a big problem, as everyone knows. We will discuss about some credit repair recommendations finishing with the presentation of a top professional firm in US.

Automate or Outsource Tax Calculation and Filing: While the IRS has made an effort to simplify tax forms and reduce the time and complexity of filing a tax return, it remains a daunting task, especially since it occurs only once per year and is often stressful. Fortunately, companies like TurboTax and H&R Block offer sophisticated tax software programs to help filers complete the task quickly and relatively inexpensively. The IRS even offers free tax filing software for taxpayers with an adjusted gross income of $69,000 or less. To determine whether you’re eligible for the free software, check last year’s return for your adjusted gross income (AGI), which appears on line 7 of the 2018 version of Form 1040. For those with incomes greater than $69,000, the IRS provides Free File fillable forms for electronic filing. However, these forms offer only basic guidance, so you must know how to do your taxes yourself. Most of the filing programs allow you to keep track of any refund due and select your preferred method of payment – direct deposit, paper check, or holding and applying the refund for the coming tax year. When deciding whether to use a professional preparer or a software program, consider your income, the complexity of your return, unusual events that significantly affect your income or expenses, and your concern about a tax audit.

After the employee’s debt has been paid, the procedure for stopping the garnishment will vary depending on the type of garnishment. For federal levies, employers will receive a 668-D form, for child support the employer will receive a notice or letter from the state, and creditors will send employers a “Notice of Termination/Release of Wage Garnishment Order” for creditor garnishments. Employers should have a basic understanding of garnishments and a plan in place to respond when they occur. Consider working with a professional to ensure your plan and procedures are compliant with applicable laws based on your specific situation. Using a garnishment payment service can help you remit funds to the correct agency and help protect against undue liability and lawsuits.

State sales taxes: This write-off makes sense primarily for those who live in states that do not impose an income tax. You must choose between deducting state and local income taxes, or state and local sales taxes. For most citizens of income-tax-states, the income tax deduction usually is a better deal. IRS has tables for residents of states with sales taxes showing how much they can deduct. But the tables aren’t the last word. If you purchased a vehicle, boat or airplane, you get to add the state sales tax you paid to the amount shown in IRS tables for your state, to the extent the sales tax rate you paid doesn’t exceed the state’s general sales tax rate. The same goes for home building materials you purchased. These items are easy to overlook. The IRS even has a calculator to help you figure out the deduction, which varies by your state and income level. Beginning in 2018, your itemized deduction for state and local taxes is limited to $10,000 per year. You still will only be allowed to deduct either state and local sales tax or state and local income taxes, but not both. Read extra info at Credit Repair.

Make 401(k) and HSA Contributions: People can make tax deductible contributions to traditional IRAs up to April 15 of next year. However, the door closes on Dec. 31 for 401(k) and health savings account contributions. “It’s a hard stop,” says Wendy Barlin, a Los Angeles-based CPA and author of “That’s Deductible!: Simple Tips and Tricks to Find More Business Tax Deductions.” “Whatever opportunities you have at work (for retirement savings), make sure you maximize them before the end of the year,” she says. Taxpayers with a qualified high-deductible family health insurance plan can deduct up to $7,000 in contributions to a health savings account. Individuals with self-only coverage can deduct $3,500. Those age 55 or older are eligible for an additional $1,000 catch-up contribution. Tax deductible contributions to a traditional 401(k) are capped at $19,000 for 2019. Workers age 50 and older can make an additional $6,000 in catch-up contributions.

Your filing status can affect how much you owe in taxes each year, and whether or not you have to file at all. Consider whether your filing status will change during the year. For example, if you’re single but planning to get married by Dec. 31 of the current tax year, you may choose to file a joint or separate return with your future spouse when you file your taxes next year. Alternatively, you may be filing as a single taxpayer if you expect to get divorced during the year, or as head of household if you’re single and having a child or taking on another dependent. Website : https://getquickcashtoday.com.