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The IRS Dirty Dozen Tax Scams: Fuel Tax Credit Scam

Each year, the Internal Revenue Service releases a list of the 12 most popular tax scams for the year. The 2008 list is out,
and I thought it would be fun to go through them individually to show
you how criminals are trying to take advantage of taxpayers. The basic
idea behind all of these scams is simple: prey on a taxpayer’s fear of
the IRS or their desire to avoid paying taxes.

Use the
information here to help avoid being taken advantage of by a scammer
who wants your money. And use this basic rule of thumb for any offer or
communication regarding taxes: If it sounds too good to be true, it
probably is. Don’t get fooled by claims regarding mysterious refunds or
tax bills. When in doubt contact the IRS directly for help with your
situation.

The federal government has a tax credit program related to certain nontaxable uses of fuel. This credit is most often legitimately used by farmers, as it was intended to be used. But there are scammers out there who may convince you that you can also claim this credit, even when you don’t really qualify for it. Be careful to
follow all the rules related to this credit, and when in doubt, contact a reputable tax professional to help you determine if you legitimately qualify for the fuel tax credit.
 

How Will You Measure Success?

New entrepreneurs obviously expect some degree of success or they wouldn’t have started businesses. The business community generally views a successful firm as one that generates significant revenue, leads its market in some way, and is profitable.  But not all entrepreneurs aim for wealth and pre-eminence. Success has to be relative to some set of goals, and different business people have different goals and priorities.

Goals are essential to defining your success, and frankly, goals can’t be vague. They need to be measurable in some terms — numbers associated with volume of sales, profit margins, market share and so on — and accomplished within a given timeframe. If breaking even after taking a modest salary is what you want, that’s OK. Just have a goal for when you’re going to accomplish that.

To some people the goal can be as simple as a happier lifestyle — perhaps working in a field that is truly rewarding or working close to home to enable spending more time with family.  OK, how do you measure that?  I measure my own success in part by eliminating 15 hours/week of commute time by starting a business that operates out of my home instead of a long stressful daily commute to an employer. For you it could be lowering your blood pressure by 20 points.

The important thing is being clear on your goals and, in fact, ranking your goals according to your own priorities. Then find some way you will be able to measure your success against these goals and identify a date when you can reasonably achieve them. You won’t be successful, by anyone’s definition, over night.  But if you check your progress against your goals regularly and keep moving in the right direction, you most probably will achieve success in your own terms. Whose terms matter more than yours?!

How can a tax investigation specialist help you?

Home » Business Tips » How can a tax investigation specialist help you?
August 16, 2016 Frank Bullock Business Tips
Many small businesses believe that only large corporations are the target of the HMRC, but this is not always the case. If a tax inspector has contacted you, and an investigation will be targeted towards your small business, then perhaps you should hire a specialist to help you through the entire process. Although frauds or tax evasions might not be the issue in your case, tax investigations are more complicated than you would expect, and it will come in handy to receive the advice of someone who has been working in this area for a long time. Here are the main reasons why hiring a tax investigation specialist could be a wise decision:

Avoiding the strain and stress

Firstly, if you have never been through a tax inspection in the past, then you are probably under a lot of pressure and stress. You probably do not know what to expect, and all your time and energy is directed towards this problem. Get your life back on track, and focus on your core business activities by leaving this issue in the hands of a pro. You will avoid the stress that comes with a tax inspection.

They have extensive experience

A specialist of this domain has sufficient past experience, meaning they have dealt with various types of tax enquires, from fraud investigations to simple checks. A vast experience gives a professional the skills and abilities necessary to handle and manage the entire investigation on your behalf. Due to their thorough knowledge of the HMRC system and tax legislation, they will manage to use and interpret the law to your advantage.

Coming up with effective tactics and communication skills

Due to their qualification, experience and expertise, such a specialist will help you come up with the best tactics and communication skills while facing the tax investigator. They will advise you on how to reach a settlement, and which action plan could be the best option in your particular situation.

As you can see, resorting to the services of an experienced tax investigation specialist can prove to be extremely useful, allowing you to avoid a lot of stress and complications. If you have been targeted by the HMRC, do not worry, and just search for the right specialist to provide you with some professional advice and guidance. You will take care of the issue in no time is you choose to have a pro by your side.

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