Bowens Tax Solutions

Did you all enjoy the game that they played at the Usher concert last night? My team, #TeamUsher, won. But unfortunately a lot of fans, my Husband included, went to bed last night quite disappointed that their team didn't win after that nail biter. Then there are fans EXTREMELY glad that not only did their team win but they bet on the game. Was that you? Here is my reminder that gambling winnings are taxable income, even if you didn't get a tax document. This includes if you bet on the game via an online platform like Fanduel or Draft Kings. I break down how it works and what documents you can expect from your gambling winnings in my latest article on my Tax Tips with Timalyn blog. https://lnkd.in/gxuA9XFw ❤️ Timalyn, America's Favorite EA P.S. Did you watch the game last night?

I'm giving the IRS Collections Department an A+++ today for customer service. I was having trouble with a clients account online so I gave the IRS a call. A few minutes into the call, after entering in the information and extension I was notified that I was "blessed practitioner #1" and asked if I wanted to receive a call back. I selected this option and then realized the estimated call back time was going to run right into my next appointment. I've known the client for my next appointment for a while so I asked if we could have our call earlier. That went well. Then right at the estimated time I see West Virginia pop up on my ID and I'm ready. The Revenue Agent I spoke with was so very kind but unfortunately she was not ready. She informed me that their systems were down so she couldn't actually look into the account but she could try to answer and questions I had. "For tax season's sake lady, I need to set up 2 payment arrangements!" 🤣 jk! I did NOT say that. She was so very nice and I appreciated her transparency and bubbly personality. She repeatedly apologized for the inconvenience and let me know they hoped to have the system back up in a few hours. Then she said, "I know it's tax season and you must be so busy. But may have to call back tomorrow." 🤷🏾♀️ That's life. You can't always control things. But you can control how you react. It's tax season, Congress is playing with us 🤦🏾♀️ and they may retroactively change somethings that will make it rough on tax professionals, and the IRS. The IRS is still playing catch up and upgrading their dinosaur technology. With all of the potential "chaos" you still get to choose to be sweet. Your reaction has the power to make or break someone else's day. I hope that Agent has a wonderfully blessed week! Now I get the pleasure of telling 2 clients that the IRS system is down but I've still got their back, and we'll still get it done. If you're facing an IRS bill you can't pay the IRS system won't be down forever. Book a call at www.Bowenstaxsolutions.com to see if you're a good fit for us to take care of your IRS issue too.

Which is worse, a federal tax lien or a tax levy? I don't like the idea of anyone else managing my money for me, so my answer would be a tax levy. But that doesn't mean a federal tax lien isn't bad. It can put a hiccup in your plans because it gives the government a right to your property. Check out this article to find out how a federal tax lien can affect you.

Question - What is a Tax Levy? Answer - The IRS cleaning out your bank account or seizing your property when you ignore them. But that doesn't have to be how your story ends. Check out this article to learn more about what a tax levy is and how you can stop the IRS from issuing a tax levy against you.

I know I can't be the only one! Paying your taxes quarterly can hurt...a lot! But it hurts even more when you don't make these payments and then find yourself drowning in IRS debt. Improper withholding and/or the lack of estimated tax payments are the main reasons why we see taxpayers owe the IRS $100k and multiple six figures. If you're in that situation you can book your consultation at www.Bowenstaxsolutions.com. 2023 4th Quarter estimated tax payments are due one week from today, on January 16th. If you're not sure what they are you can check out Episode 21 of the Tax Relief with Timalyn Bowens podcast, Estimated Tax Payments. If you need a video walkthrough you can find one here: https://lnkd.in/gKV9QJJY

Happy Monday! As tax season is about to begin it's important to have your past tax issues resolved. If you're searching for who can help you get your back tax situation settled you should consider an Enrolled Agent. Learn more about what an Enrolled Agent is in our latest article.

Another cycle has come and gone for my EA license. It's time for me to renew my license so I can continue to serve taxpayers across the world that owe the IRS $100,000 or more. The suffocating weight of tax debt doesn't have to take you out if you're facing a tax issue. There are options to help you negotiate a payment arrangement or possibly even settle for less than you owe. Being an Enrolled Agent, licensed through the IRS gives me the right to represent taxpayers that owe the IRS and can't pay today. Giving them a voice so that the IRS won't levy their bank accounts or other assets. Helping them take full advantage of their rights as a taxpayer. If you currently owe the IRS $100,000 or more book your paid consultation with me today at www.bowenstaxsolutions.com ❤️ Timalyn, America's Favorite EA

Business owners let's play a game. Would you rather... 1 - Pay a $10,000 fine. 2 - Serve 2 years in prison. 3 - Find out what you need to do to avoid both of the above. Well if you own any of the following you better listen up! 👉🏾 LLC 👉🏾 LLP 👉🏾 Corporation The Corporate Transparency Act is an enables the FinCEN collect more information about your business in an effort to stop money laundering, tax fraud, and other illegal activities. You could be clean as a whistle but if you don't stay in compliance with the filing requirements you could still face penalties. I'm giving a brief overview of the Act and how it will affect you tonight on my YouTube channel. Let me know if you'd like the link so you don't miss this information. . If you're already subscribed to my channel no worries, you'll get a notification when this video goes live and any other updates I give about the Corporate Transparency Act. This isn't directly tax related but just like back taxes shouldn't ruin your life, the Corporate Transparency Act shouldn't either! ❤️ Timalyn, America's Favorite EA P.S. Had you heard about this act prior to my post? I brought this up to a group of entrepreneurs a none of them had ever heard of it. Make sure you share this information with any business owners you know. They'll appreciate it!

Did you know that you can google what to do if you break your arm? You can learn how to put it back into place and what the surgery will consist of? Did you just wonder why in the world you would do that? The same thing goes for your taxes when you own your own business. Unless you specialize in that field there will be areas of opportunity that you miss. Let's say your taxes are fairly simple and you don't miss anything. Is doing a tax return that will take you 15+ hours an efficient use of your time? Probably not. How much would you make in sales if you devoted 15 hours to marketing? More than the cost of getting your return done professionally. So if you're spending time doing your return vs. hiring someone else to do it you are losing money. We aren't taking new tax preparation clients here at @Bowens Tax Solutions. However, we have a list of tax professionals that we are happy to share with you.