Our tax professionals will do everything from entering the data on all the numerous IRS forms after vigilant analysis with the information and documents provided to us by the clients. The following are the different forms that are usually filed with IRS and also depicts the planning, preparation and filing process at Wisdom Taxes.
230 The IRS has three years from the due date of the tax return to assess any additional taxes that may be owed by issuing an Audit Letter. The IRS has the authority to examine the taxpayer’s books, papers and other records that supports the items considered on your filed tax returns. It is always a good idea to maintain the records that are relevant with respect to the filed tax returns for at least 3 years from the date on which you have filed your taxes.
Wisdom Taxes will be providing Free tax representation services Individual or Business Entity receives any audit notice from the IRS with regards to the previously filed tax returns. The taxpayer can write a Power of Attorney, Form 2848, appointing our Enrolled Agents to represent the case before the IRS, this Power of Attorney will authorize us to act on behalf of taxpayers in the tax matters only.
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An Individual Taxpayer Identification Number (ITIN) is a tax processing number issued by the Internal Revenue Service (IRS). The IRS issues ITINs to help individuals comply with the U.S. tax laws, and to provide a means to efficiently process and account for tax returns and payments for those not eligible for a Social Security Number (SSN). ITINs are issued by the IRS to certain non-resident aliens who require a number for tax treaty, tax return or other reasons. We provide assistance in applying/filing ITIN to our clients absolutely at no cost.
Register NowThe goal of tax planning is to arrange your financial affairs so as to minimize your tax liability and maximize tax benefits. You can reduce your income, increase your deductions, and take advantage of tax credit. We will help businesses grow by calculating the taxes properly and also at the same time give you suggestions in order to plan your finances in the best possible way. To help you along, we cover the major federal taxes to which you may be subject. We’ll suggest tips for avoiding problem areas and for saving your tax dollars.
We understand each client’s situation and then apply our knowledge of the changing tax rules to plan the best business and personal decisions. Our experts can efficiently prepare your tax return for filing your taxes correctly and on time as per IRS Regulations.
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All Citizens and Resident Aliens of US are required to file a statement regarding “Report of Foreign Bank and Financial Accounts (FBAR) Form TD F 90-22.1 with IRS, required under Bank Secrecy Act regulations issued by the Financial Crimes Enforcement Network, every year if any taxpayer is having a financial interest / signature authority over financial accounts, including bank(s), securities or any other type of financial accounts in a foreign country, the aggregate value of these financial accounts crosses or exceeds $10,000 at any particular time during the calendar year.
If Taxpayer(s) has more than $50,000 in foreign country as in form of Bank/Securities/Deposits, then each taxpayer has to report it to IRS.FATCA stands for Foreign Account & Tax Compliance Act, FATCA should be Reported by using Form 8938 with IRS along with Income Tax Return on or before April 15th.
Register NowAn amended tax return generally allows you to file your tax return again to correct your filing status, add or correct your income, claim or allow deductions or credits which you have missed out in your previously filed tax return.
At Wisdom Taxes we will help you to file your Amendment Tax Return in any of the following reasons
Our specialized solutions are designed to simplify the complexities of business taxation, offering tailored services that ensure accuracy, compliance, and strategic optimization. Whether you're a startup or an established corporation, our expert team is dedicated to maximizing your financial well-being, providing an efficient and accurate business tax filing experience. Choose Wisdom Taxes for a streamlined approach to business tax compliance and financial success.
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