The Risk of Using A Shady Tax Preparer

The Risk of Using A Shady Tax Preparer

Nobody wants to pay taxes, but unless you want to face legal repercussions you will have to. The inevitability of taxes (and death) does not prohibit you from seeking out ways to minimize your overall tax bill to whatever extent possible. While many people have very...
What is an IRS Levy?

What is an IRS Levy?

ACS (Automated Collection System) is the automated part of the collection apparatus of the IRS that handles the majority of tax collection cases.  ACS relies on mailed notices to generate taxpayer contact and will issue notices of intent to place liens and levies...
Why Is the IRS Contacting You?

Why Is the IRS Contacting You?

We all cringe when thinking of that dreaded “Notice” letter from the IRS. No urgency to worry yourself though, stay calm and understand that the analysis is a professional procedure that may be resolved by simply having the appropriate, professional representation,...
Will the IRS really Garnish your Wages?

Will the IRS really Garnish your Wages?

The Internal Revenue Service (IRS) is serious business. And if you owe taxes, the IRS can collect by garnishing your wages. The money will come out of your pay until the debt is paid in full or you manage to stop the garnishment. Difference Between IRS and Other...
What is the offer in compromise program?

What is the offer in compromise program?

Do you have an unpaid tax debt with the Internal Revenue Service (IRS)? I’ve got some great news for you! When it comes to issues on resolving your tax obligations and settling debts that you owe “Uncle Sam” you do not have to get stressed up. With...
Is it a Hobby or Business?

Is it a Hobby or Business?

If you have a fledgling or small sideline that you want to be able to call a “business” for IRS taxes, it is important to know what distinguishes a business from a hobby. A hobby may not give you deductions on your personal federal income tax return if you are perhaps...
Summer job, will my child have to file taxes?

Summer job, will my child have to file taxes?

Will My Child Need To File Taxes After Summer Employment? If there is one thing teenagers have in common, it’s the desire to become independent. Teenagers eagerly await turning 16 so that they can obtain their driver’s license. Naturally, they may also want a car of...
What is a Fuel Tax Credit?

What is a Fuel Tax Credit?

Taxes can be complicated and while we all wish we were able to do our taxes on our own, sometimes this just isn’t feasible. It is especially important to ensure that your taxes are done by a certified professional when you file a more complicated type of return....
What Is The IRS Fresh Start Program

What Is The IRS Fresh Start Program

Need Help Paying Your Tax Bill? Owing money to the IRS isn’t a good feeling. If you owe taxes but don’t have the money or ability to pay, don’t worry.  The IRS’ Fresh Start Program aids taxpayers who have difficulties paying their taxes. What is the Fresh Start...
What Are Qualified Educational Expenses?

What Are Qualified Educational Expenses?

What Are Qualified Educational Expenses? Qualified education expenses are amounts paid for tuition, fees and other related expenses for an eligible student. There are different qualified educational expenses depending upon the level of schooling the student is at....
Top 5 2018 Tax Changes for Individuals

Top 5 2018 Tax Changes for Individuals

Top 5 2018 Tax Changes for Individuals Now that tax season has finished, it is important for individuals to start to plan and know how their taxes will change going forward. The new tax bill that was signed changes many aspects for many Americans. This article will...
Bankruptcy: When to File and Start Fresh

Bankruptcy: When to File and Start Fresh

Usually one thought comes to almost everyone’s minds when they hear the word “bankruptcy” and it’s usually nothing welcoming or positive. Unfortunately, there is an extremely negative stigma surrounding the process and people tend to view it as a personal failure....
The Billionaire Mindset by Teresa Bilsky

The Billionaire Mindset by Teresa Bilsky

More than being only bean counters or tax strategists for our North Dallas clients, we make it a point to study what works well for our most successful clients, and (with all confidentiality) pass along principles we’ve seen work in various businesses. On top of...
The First Thing You Need To Do

The First Thing You Need To Do

Teresa L Bilsky here, your tax professional. I know that we haven’t posted much before, but starting this week I’m hoping that you and I can have a conversation. You see, there hasn’t been an environment like the one we’re now facing in this...
Let’s Talk About Your Business…

Let’s Talk About Your Business…

I know your business. Because we deal with clients like you all the time, I’ve got a leg up on all those “gurus”, since I’m right there in the trenches with you. Teresa L Bilsky here, your tax and accounting professional. I know that we...
Tax Paperwork Checklist

Tax Paperwork Checklist

These days, I’m often glad that it’s our busy tax filing season, so that I have an easy excuse when political conversations are happening: Oh THAT [crazy new political story]? Huh, didn’t see it — I’m too busy with tax season. With all of...