BLUESTONE TAX SOLUTIONS
OUR SERVICES
Tax Preparation
One needs to fully grasp new changes in the tax law that may affect their present and future monetary circumstances. Providing inaccurate information could result in the loss of credit and unnecessary taxation. We handle hundreds of tax returns for our clients each year. We understand what to search for when your return is prepared. Some of the services offered by our taxation firm include the preparation of personal, partnership, corporate, trust, and estate tax returns.
Tax Debt/Relief
Taxpayers may owe taxes for several of reasons. Perhaps you filed as exempt and failed to pay enough taxes on your W2 income, or your company made plenty of money but failed to pay estimated taxes on time, or (likely worst-case scenario), you've been audited, and now you owe thousands of dollars for under-reporting your income. Let us design a plan to either minimize or potentially eradicate your tax problem. The IRS has several programs for dealing with tax debt and hardship.
Tax Planning
Tax planning is when a taxpayer makes use of the tax law to pay the least amount of taxes possible. Tax planning consists of the analysis of the tax payer's financial situation in order to pay the lowest tax. Taxes are an essential part of everyone's financial planning. We can assist you in developing a plan to proactively assess the tax consequences and exposures of each year's financial decisions, in addition to those arising in connection with significant life events and transactions.
Back Tax Returns
The worst thing that could happen is that you lose your refund if you fail to file your return. If you are entitled to a refund of withholding or estimated taxes, you must file your return within three years of the due date for that return. The same rule applies to a right to obtain such tax credits as the Earned Income Credit. Failing to do so will also create interest and penalties as well as complications in acquiring loans. If you are avoiding submitting your tax returns because you are owed money to the government, there are tax-exempt and installment plans for payment of taxes owed. We also have the expertise and processes in place to assist you in obtaining the tax records required to file all your past tax returns.
IRS Tax Audit
If you ever found yourself on the wrong side of the IRS through an audit letter that informed you that your income tax return has been selected for examination, you must pay attention to those notices. Audit notifications are significant and call for a response within 30 days. It further states that failure to respond to the notice will waive your right to reply. This could lead to additional tax, penalty, and interest for understating the income or genuine deductions. Bluestone Tax Solutions can appeal to the IRS on your behalf and have your penalties reduced or completely erased.
IRS Liens
The law allows the IRS to put a lien on your assets if you have refused or have not made any effort to pay your federal taxes. This means that you do not lose your property to the government simply because a tax lien notice has been placed on you. However, the lien only ensures that the IRS's interest in the particular property is protected and retains the agency's privilege to gain from the asset in the future. A federal tax lien is the government's legal claim against your property when you neglect or fail to pay a tax debt. Tax liens are also public records and will affect your credit score, making it harder to obtain loans and other credit.