TAX PREPARER AND OBAMACARE OPPORTUNITY   The Tax Season on 2014-2015 will now bring an additional responsibility for tax preparer: Educating their customers about the Obamacare and how it relates to their taxes.However, most tax preparer are not ready for that. Most customers are not even aware that it is a law to have insurance […]

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Due to the current budget situation, IRS had been scheduled to be closed on Furlough Days. However, The Internal Revenue Service announced it will be open on Friday, Aug. 30, following the postponement of its fifth scheduled agency-wide employee furlough day. The last Furlough Day on July 22nd was also cancelled and the IRS remained […]

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Lighter Paychecks of 2013 — Phebe Foros Social security reverted back to 6.2% from 4.2% The Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act of 2012 temporarily reduced employee’s social security contributions to 4.2%. This tax relief will not be extended into calendar year 2013. Beginning with the first paycheck of 2013 the rate will go back […]

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Volunteer Income Tax Assistance Program (VITA) — Phebe Foros VITA is a community-based partnership program managed by IRS  and run by volunteers, to provide free tax return preparation for low-to-moderate income tax payers who qualify. The free tax return preparation helpis available from mid-Janurary to April 15th. Voluntary Income Tax Assistance sites are conveniently located at community […]

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Maxim Tax Partners and Other Tax Prepares. As you are working to start the tax season it might make sense to keep a close watch and ensure your teams are always in compliance with IRS guidelines Here is a good summary of the areas where we need to watch – Summary of Preparer Penalties under […]

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By Phebe Foros Year-end bonuses bring a cloud of dilemma on high income taxpayers. The added income hits certain thresholds in adjusted gross income, which makes them lose the ability to take some carefully calculated deductions. The year-end bonus surprise has the potential to throw all income tax returns projections off track. Sometimes earning $10,000 […]

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Maxim Tax Services, generally guides all its tax partners with a Tax Season calendar. This document shows the strategies and the preparation you need to get ready to market your tax business. Maxim Tax Services wants to emphasize the importance of signing up early and doing the necessary steps so that you are not behind […]

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PARTNER EARNINGS POTENTIAL When many of our customers call us, they not only want to understand how our business works but also the income potential in the Tax preparation business. While, we want to stress on the fact that the earnings potential is dependent on many factors like marketing, location and individual efforts, we would also like to share with […]

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