Business

 

If You’re a
Business

A business is incorporated and owes taxes under the business’s name and EIN. The business may be small, medium, or large, and may be one of several different business entity types. Businesses may be required to pay IRS and state payroll taxes, IRS and state income taxes, and Michigan Sales and Use taxes. ALG Tax Solutions is proud to help businesses throughout the State of Michigan and the United States with a variety of business tax services, including tax preparation, filing late tax returns, establishing new business entities such as an LLC or Corporation, resolving IRS or State of Michigan tax problems, and representing the business during an IRS or State of Michigan tax audit.

 

Common Tax Problems for Businesses:

  • The business has several years of unfiled business and payroll tax returns.
  • The business did not pay sufficient quarterly taxes and got a large tax bill at the end of the year.
  • The business did not pay payroll taxes to the IRS or State of Michigan.
  • The business did not pay sales or use taxes to State of Michigan.
  • There is a tax lien attached to property that the business would like to sell.
  • The IRS or State issued a levy notice to the main customer(s) of the business, ordering them to pay all moneys owed to the business toward back taxes.
  • The IRS or State has garnished all funds in the business bank account and/or frozen the account.
  • The business has not dealt with the back tax balances for many years.
  • The business has outstanding payroll taxes and the IRS wants to interview everyone involved in the business to determine who is responsible for paying and filing payroll taxes.
  • The business filed tax returns late and the business was charged significant penalties.
  • The business tax return is being audited. The audit could be due to unreported income, overstated expenses, a mistake on the return, or an error made by the IRS.

Self Employed

 

If You’re
Self-Employed

If you’re self employed you will have increased tax responsibilities compared to an individual wage earner because you must calculate and pay taxes on a quarterly basis all on your own. The complexity of your tax situation will depend on the nature of your business, your expenses, and whether or not your business is incorporated. ALG Tax Solutions can help with a variety of self-employed tax services, whether you need a simple tax return prepared or you owe back taxes to the IRS or state.

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Common Tax Problems If You’re Self-Employed:

  • You are unsure of how to prepare your taxes now that you are self-employed
  • You have a large tax bill because you did not pay sufficient quarterly taxes
  • You did not pay payroll taxes to the IRS or State of Michigan
  • You did not pay sales or use taxes to the State of Michigan
  • You have several years of unfiled individual or business tax returns
  • You have not dealt with your back tax balances for many years
  • Your tax return is being audited due to unreported income, overstated expenses, a mistake on your return, or even a mistake on the part of the IRS
  • There is a tax lien attached to a property you would like to sell
  • Your customer(s) have been issued a levy notice ordering them to pay all money they owe you to the IRS or state towards back taxes
  • Your bank account funds have been garnished or your bank account has been frozen by the IRS or state

 

Individual

 

If You’re an
Individual

Individuals owe taxes under their own name and SSN, not under a business name or EIN. Individuals are generally wage earners, retired, or unemployed. Individuals may also own businesses (the business taxes and individual taxes are separate), or may earn money from sources such as investment accounts or income properties. ALG Tax Solutions can help with a variety of tax services for individuals including preparing income tax returns, resolving tax problems with the IRS or State of Michigan, and representing the individual in the case of an IRS or state tax audit.

 

Common Tax Problems for Individuals

  • The individual claimed too many tax exemptions at work, so a large tax bill is owed at the end of the year.
  • One spouse owes a significant amount of taxes but the other spouse does not.
  • Both spouses owe a significant amount of taxes jointly, but they are now separated or divorced.
  • The individual is unemployed and did not withhold sufficient taxes.
  • The individual cashed out a retirement after losing his or her job. The individual uses all the money for their cost of living and paying off debt, and little to no taxes are withheld, so the individual gets a large tax bill at the end of the year.
  • The individual retired and did not do any tax planning prior or during the transition. Little to no taxes were withheld from the retirement funds, so the individual gets a large tax bill at the end of the year.
  • The individual owns or previously owned a business, which has outstanding business debt. The IRS and/or state made the individual personally responsible for the business debt owed.
  • The individual’s tax return is being audited due to unreported income, overstated expenses, a mistake on the return, or a mistake on the part of the IRS or state.
  • There is a tax lien attached to property that the individual would like to sell.
  • The IRS or state has placed a levy on wages.
  • The IRS or state has garnished all funds in the individual’s bank account and/or frozen the account.
  • The individual has not dealt with the back tax balances for many years.