DWK Tax Group - 1099 Self Employed Independent Contractor - Haven't Filed Tax Returns for Years?

July 12, 2012 - PRLog -- The 1099 Independent Contractor (IC) or the Self employed individual has to be disciplined in his or her everyday business dealings. DWK Tax often discovers tax obligations begin to spin out of control right from the very beginning of business ownership.

As an observation, on many occasions the Taxpayer riddled with Tax Debt could have been prevented by the proper business structure.

Yes, we are Americans, and yes, we certainly know how to make a buck and yes, we certainly know how to spend it...however, it’s the “in between" the in and out of funds is where caution should lie.

A little tidbit, nationwide American Credit Card debt is on the rise, again. Did we not learn our lesson in the fall of 2007?

The following is a brief summary of correctly opening a DBA (Doing Business As);  

Business Identity Foundation:

1) Ensure your business or self has a clear definition as to how you are structured. Sole Proprietor? Partnership? Corporation? Most long term tax problems stem from murky defined business identities. Various methods of ownership have tax advantages and disadvantages pending the nature of occupation / service / entity.

Tax Authority Notification:

2) Has an Employer Identification Number (EIN) been assigned to conduct your business dealings.

In House Banking:

3) Are bank accounts set up for separated business and personal bank accounts? Income or Expense money has to labeled and accounted for daily if not at the very least on a 30 day basis or quarterly basis.

Income and Expense Tracking:

4) Spend some upfront business start up money to acquire a competent accounting program, if you are a do it yourselfer. Or, hire a bookkeeper to log any all transactions affiliated with self employment or business. Your retired mother is a good option or the over bearing, in your face sister is an even better option. Keep track of what you pay them...It’s a business payroll expense.

Business Health

5) Understand the term, Profit and Loss Statement or P&L. The aforementioned term is, in our opinion the business ownership bible. The information derived from this document can provide a quick glance as to the healthy or non healthy nature of your business. The P&L is the point of reference to which tax returns are prepared. Gross business receipts (Income, Rents, Interest, Dividends or Cash) minus costs to conduct business (Materials, Inventory, Wages, Supplies, Utilities, etc.), equals Net Business Income.

6) Net Business Income then becomes personal or household income.

Depending on how the income is reported for the Self Employed or 1099 IC, usually 2 tax returns need to be filed...a business tax return and a personal tax return. Did you know that? Often, in the line of business of tax resolution, DWK Tax Group needs to understand the forensic variables that apply prior to accepting the case. DWK will be able to determine, from the outside looking in, the reasonable expectation to realize viable, tangible and sustainable tax relief.

Call us, toll free at 1 - 8 6 6 - 2 2 6 - 6 1 0 2 for a detailed tax analysis or your scenario. We will need approximately 20 minutes of your time to ascertain the ability to resolve the IRS or State Tax Problem at hand. A properly conducted analysis is impossible to conduct over email, a conversation is required.

If the Taxpayer is truly committed to putting this 'tax thing" behind you correctly, expeditiously, once and for all? Contact DWK Tax Group. We will not waste your time nor your hard earned money. Contact a managing partner today.

IRS Tax Attorney
Certfied Registered Tax Preparation (24 to 48 hours)
Reasonable rates, way below crazy industry standards
Affordable DWK Financing at "0" percent
Zero complaints, conduct your due diligence, and speak with DWK Tax before you hire anyone.
Receive a release of Wage Levy in 24 to 48 hours

Thank you for your time in advance….