A good business name gives a clue as to what the business actually does. Unless like Google or Yahoo, you have millions of dollars to spend on brand recognition. For small business owners like myself, I believe the name should tell potential clients exactly what we do.

I’ve seen the reaction when people hear the name 20/20 Financial Services. I notice a squint of the eye and wheels turning to figure out what exactly are Financial Services and what type might I offer. The desire to eliminate confusion is what prompted the name change.

The new name, 20/20 Tax Services accurately describes what we do best. Dealing with taxes and the IRS is not exactly a pleasure moment for most people. My job is to make it as painless as possible and to help you keep more of your hard earned money.

I have a question for Business Owners: Do you plan to stay in business?

If so, I’m sure you’ll agree that protecting your profit is a top priority. Federal Income Tax is one of the greatest threats to your profit margin.  This is one bill that should never be left until the last minute.

If you are on extension and you have not had your 2009 income tax return prepared, you are putting yourself and your business at risk.

Corporations that requested an extension of time to file their 2009  Federal Income Tax returns have until September 15^th 2010 to file.

However, if you are interested in protecting your profits, you will have your taxes prepared as soon as possible. Notice, I said prepared not filed.  Here’s why…you can 

have your taxes prepared and wait until a few days before the deadline to actually file them. In other words, your tax return will be ready to go but not gone yet.

Having your return prepared well before the deadline puts you in control and gives you the ability to make an informed decision about when to actually file the return.

You and your Tax Professional can use the extra time to review your bookkeeping and search for any additional deductions you might miss if you’re in a hurry.                     

Your hard earned money belongs to you. When it comes to taxes: Pay what is legally necessary and not a penny more.

Getting your taxes prepared early is a proven strategy to save you time and money

Corporations that requested an extension of time to file their 2009 Federal Income Tax returns have until September 15^th 2010 to file. Individuals on extension for 2009 have until October 15^th 2010.

However, if you want to SAVE TIME AND MONEY, you will have your taxes prepared as soon as possible. Notice, I said prepared not filed.  Here’s why…you can have your taxes prepared and wait until a few days before the deadline to actually file them. In other words, your tax return will be ready to go but not gone yet.

Having your return prepared early puts you in control and gives you the ability to make an informed decision about when to actually file the return. In some cases, it’s to your advantage to wait to file (i.e.  you owe more in taxes than you can afford to pay at the moment)  but you should always have your taxes prepared as early as possible, so you know exactly what your situation is and you have time to plan.

You will probably find yourself in one of the following 3 categories:

Category  1 – You have your taxes prepared and discover that you thought you owed, but you are actually due a refund (this happens a lot). In this case,  go ahead and file the return so you can get your money sooner rather than later.

Category  2 – You discover that you owe more taxes than you planned for. Don’t  file that return just yet.  You have plenty of time to search for receipts or gather any additional deductions that you may have missed.  You have time to recover any missing documents that would reduce your tax bill.  We’ve provided a  FREE Tax Organizer  for your convenience.

“ I recently had a client who was not able to obtain his w-2 from a company that had gone out of business and disappeared.  As an Enrolled Agent, I was able to quickly retrieve his missing W-2 from inside the IRS and get him his refund.” Greg Fey, EA

 Waiting until the last minute to find out that you are missing important documents can cost you money.  

Category  3 – You have your tax return prepared and the result is exactly what you expected.  Good, now you know for sure and you can confidently choose when you will actually file the return.

Your hard earned money belongs to you. When it comes to taxes : Pay what is legally necessary and not a dime more.   Getting your tax returns prepared early  is a proven strategy to save you time, money and frustration.

If you do not file a return, the IRS will file a substitute tax return for you and I seriously doubt you’ll like their version.

The return will be based only on the information the IRS has from other sources.  Most likely, the return that the IRS files for you will overstate what you actually owe in taxes.  Once the tax is assessed, the IRS will start the collection process, which can include placing a levy on wages or bank accounts or filing a federal tax lien against your property.

20/20 Financial Services is a full service tax firm located in Montrose, CA.  Greg Fey, EA has served the residents and business owners of Crescenta Valley including Glendale, Burbank and surrounding areas for 20 years.  Get help with back taxes, late tax returns, prior year returns and IRS notices.

 It is in your best interest to take control of filing your own tax return so that you are sure to take advantage of all the exemptions, credits and deductions you are entitled to. Contact our office for a free consultation on what it will take to fix your tax problem.

Imagine finding out that your spouse has been cheating and going behind your back and lying… to the IRS. 

You may not discover your spouse’s cheating ways by checking  for secret text messages or emails. But stumbling upon a  “love letter” from the IRS can be just as devastating. 

Here’s what you need to know

The IRS created Innocent Spouse Relief  because innocent parties need a way to get out from under the burden of tax debt acquired through the fault of their spouses.  You must meet certain conditions and eligibility requirements to qualify for Innocent Spouse Relief. The rules can be especially tricky in Community property states like California.  So, be sure and contact our office  to discuss the specifics of your particular situation before you take any action.

 ” I have handled many unusual tax situations requiring a knowledge of laws buried deep in the tax code. I know how to help clients who are in tough tax situations. In the case of an IRS audit, divorce or any other messy tax situation: you need a tax expert. I have helped the residents and business owners in the Crescenta Valley with their tax problems for 20 years. Give me a call and get Tax Help Today.”

Greg Fey, EA

(818)249-7865

  5 Types of Tax Preparers to avoid.

The Taxpayer (you) are legally responsible for what’s on your return even if it is prepared by someone else.  While most tax preparers are professional and provide excellent service.  There are some dishonest preparers out there who can cause big financial and legal problems for their clients.

1. Avoid any Tax Preparer who guarantees you a bigger refund than any other preparer.  If the Preparer’s fee also happens to be a percentage of your refund; consider this combination a big red flag. False deductions, unallowable deductions, inflated expenses etc. will get you a bigger refund than you are entitled to and it could also get you prison time. If your return were to get audited 3 years later, chances are the Preparer who created the bogus return will suddenly stop returning  your phone calls (assuming they are still around).

“Tax evasion is both risky and a crime, punishable by up to 5 years imprisonment and a $250,000 fine.” IRS

1. Avoid a Tax Preparer who refuses to sign the return.  This may be their way of denying any responsibility if  you receive a notice from the IRS about the return. A paid preparer is legally required  to sign your return.
2. Avoid firms who outsource the actual preparation of your return to foreign countries. Foreign countries do not have the same privacy and security laws that we have in the U.S. You have a right to know who is gong to have access to your financial records.
3. Avoid those who argue that taxes are illegal and that you do not have to file a return. According to the IRS, the courts have repeatedly rejected these arguments as frivolous and routinely impose financial penalties for raising such frivolous arguments.
4. Avoid Preparers who knowingly take on projects that they  lack the skill and experience to handle.  This is especially important for business owners or individuals with multiple activities that have an impact on their tax situation. You shouldn’t have to pay for your Preparers lack of experience.  Interview the tax professional you are considering and ask questions about their knowledge and experience in handling difficult situations.

Greg Fey, EA

Providing Tax Help to the residents and business owners of Crescenta Valley for 20 years.

 You’ve probably never heard this term, which is not surprising since I just made it up. But if you haven’t filed your taxes yet, I bet you’re a pro player. 

  Putting off filing your taxes until the very last minute can be a stressful and costly game but lots of people play it. You are not alone. 20/20 Financial Services has provided last minute Tax Help to Crescenta Valley residents and business owners for 20 years.

You need more time to file. We understand that and we know exactly what to do. Call our office today and let us know that you need to file an extension. Realize that this is an extension of time to file, NOT and extension of time to pay.  Filing  IRS form 4868,  gives you an automatic extension of time to file your 2009 federal tax return until October 15^th,.  If you owe taxes, the IRS will begin charging you interest starting April 16^th. If you don’t have the money to pay,  we will help you work out an alternative strategy.   A two minute phone call gets you peace of mind and more time to file your 2009 tax return.

If you’ve been playing the Dillydally/ Shilly-shally Tax File Game; Times up. Game over.

Get Tax Help today.  (818)249-7865

Greg Fey, EA

Though the IRS uses an innocent sounding term like “examination” notice; make no mistake, this means AUDIT.

 If you receive such a notice; contact a tax professional  BEFORE calling the IRS.

IRS auditors are trained to get more information out of you than you have a legal obligation to provide. IRS auditors know that most people fear them and are ignorant of their rights. As a result, they know they can use that fear and ignorance to their advantage.

A tax return is typically subject to audit at anytime within 3 years of being filed.  However, if the IRS suspects fraud or  criminal tax evasion, the time frame for auditing is extended. 

Common Question: “I just got a notice from the IRS in the mail but the tax place that  filed my taxes is closed until next year. What should I do?”

Answer:   Contact 20/20 Financial Services at our office in Montrose. We will schedule a FREE Consultation for you to bring in the document you received form the IRS. I will personally review your documents and give you an idea of what it will take to resolve your situation and get a good result for you. Since I am an Enrolled Agent, I can represent any taxpayer before the IRS, even if I did not prepare the return. Be aware that not all Tax Preparers are authorized to do that.

 “In most audit cases, you do not need to talk with the IRS at all. As an Enrolled Agent, I can speak to the IRS on your behalf. Rest assured, I will aggressively represent you before the IRS. I am on your side. Always.” Greg Fey, EA

According to the IRS, Americans left 1.3 billion dollars in unclaimed refunds on the table in 2006. If you did not file a federal income tax return in 2006, there is still time to claim your refund but you need to hurry. 

 If you are due a refund for 2006, you have until April 15th, 2010 to file your return. If you don’t file by this deadline, your refund becomes property of the U.S. Treasury.

The state of California has the highest number of unclaimed tax refunds for 2006. 20/20 Financial Services offers expert Tax Help at our Crescenta Valley Tax office. We are experienced at filing back taxes and getting you caught up and back in good standing with the IRS. We understand that there are other aspects to consider when reviewing your tax situation.  For example, if you are due a refund for 2006 but you have not filed since then or you owe money to the IRS, your 2006 refund will be held until you are caught up.  There are other considerations (unpaid child support, unpaid student loans etc. ).   Remember,  you do not have to figure all this out on your own.  Contact our office and get Tax Help right away. No matter what your situation is; we are not here to judge you. We are here to help you fix your tax problems.

Tax Help. Ethical. Pain Free and on your side. Always.

Call today.

Greg Fey, EA

(818)249-7865

When Lady Luck smiles in your direction, Uncle Sam is not far behind.

Whether you hit it big on the slots in Vegas or you won the Jackpot at a local Bingo tournament, there are some important things you should know about reporting gambling winnings and losses.  Here are some tips that apply to casual gamblers.

1. Gambling winnings are taxable and should be reported on Form 1040, line 21
2. Reduce the amount of tax you pay on your winnings by deducting your losses. If you itemize, you can deduct your gambling losses for the year but only up to the amount of your winnings.
3. Keep an accurate record of your gambling winnings and losses, just in case the IRS decides to question your claim.
4. A payer is required to issue you a form W-2G if you receive certain gambling winnings. Depending upon the amount of the winnings, the payer may report your winnings to the IRS and withhold federal taxes from your payout.
5. Even if you do not receive a form W-2G, you are still required to include the amount of your winnings on your Income Tax return.
6. Gambling income includes, but is not limited to, lottery winnings, horse races, raffles, casinos and raffles. Gambling income also includes the fair market value of prizes such as cars and trips.
7. Always play to win! Good luck!