Types of Tax Issues Supported

The network of tax professionals that work with Cahill Taxes can provide support to you for all sorts of tax and tax preparation issues that go well beyond the normal Spring-time tax return filings. You can receive professional advice and support on:

• Estate & Inheritance Taxes: Whether you are in a position to pass an inheritance down to someone you care about or you are a person who has recently received such an inheritance, there are many things you need to know about the tax system and how it will affect you. How your estate is figured, the value of your "gross estate" including property, securities, insurance, and cash and who you will be giving the money to all figure into the possible tax calculations that will affect you.
• Earned Income Tax Credit: The Earned Income Credit (EIC) can make a significant difference in your tax burden if you are eligible for it. It can be as much as 4,824 for qualifying families in 2008 as long as your adjusted gross income is less than $38,646 single or $41,646 married filing jointly. A qualified tax professional can help evaluate your income for the previous year and determine if you qualify for an EIC.
• IRS Tax Extension: If April 15th has snuck up on you and you still aren't prepared to file your taxes, you don't have to panic. The IRS Application for Automatic Extension of Tax Form can give you the opportunity to file your taxes at a later time. Filling out this form does not extend the time you have until you pay your taxes, you must still come up with an estimate of your tax liability and send it in with the form. There are special exceptions for military members that a qualified tax professional can tell you about.
• Back Taxes & Delinquent Taxes: If, for whatever reason, you have not filed a tax return with the IRS within the last year or so, it is possible that you will owe back taxes. The idea of these back taxes tends to scare people into not wanting to file for fear of what their tg tax prepare tax liability will turn out to be, but waiting is the worst thing you can do. Over time the IRS will continue to apply penalties to the amount you owe in addition to your principle tax liability growing every day. The IRS can set up a payment plan for you if it turns out that you owe substantially on your back taxes, and Cahill Taxes can help connect you with a qualifying tax prepare to help you prepare and file your back taxes through the mail or by hand-delivery.
• Capital Gains Tax: Capital gains taxes are to be paid whenever you make a profit selling a stock or other asset that results in a net profit. If you sell an item at a loss, no tax will be due. There is a differential in how much you will have to pay on capital gains taxes based on how long you held the asset before you sold it (the cutoff is one year.
• Home Ownership: If you have recently realized the American dream of home ownership your tax burden and benefits will change substantially. Let one of the professional services available through Cahill Taxes explain your options and help you plan your taxes accordingly.