http://www.ruizfinancialsolutions.com/blog/rss/feedsYour ONE stop solution for all your bookkeeping, financial consulting and tax preparation needs. Our goal is to provide you with an excellent level of service, professionalism, responsiveness and quality at a price that you can afford.Thu, 30 Apr 2026 03:06:47 -0700http://www.ruizfinancialsolutions.com/blog/post/what-you-didnt-learn-in-school-and-what-we-are-doing-to-helphttp://www.ruizfinancialsolutions.com/blog/post/what-you-didnt-learn-in-school-and-what-we-are-doing-to-help We frequently see the viral posts of life lessons you don't learn in school. Ruiz Financial Solutions has decided that we want to help others learn some of those financial life lessons. One of the things we came across various times this tax season is how to fill out a W-4 or an I-9 correctly. As a result, we will be blogging & making video blogs to focus on topics of interest throughout the year. If you wish to submit a question feel free to email us and we will respond to your inquiry. When it comes to finances and dealing with agencies like the IRS the simple fact of not knowing whether it be for personal or business does not get you off the hook. Day in and day out we work with different aspects of finances for our clients. Our ultimate goal is to help them understand the financial industry so that their personal and business finances can thrive. Speaking of education, we will be hosting the very first RFS conference of the year in the next few weeks. We are anxiously planning this year's middle of the year conference. However, before we narrow down the panel speaker, we want to know what are your struggles and challenges as business owners so we can invite speakers with valuable information.Mon, 05 Jun 2017 15:03:00 -0700http://www.ruizfinancialsolutions.com/blog/post/irs-audits--what-you-need-to-know-about-themhttp://www.ruizfinancialsolutions.com/blog/post/irs-audits--what-you-need-to-know-about-them Use code #Blog to receive 10% off your 2016 tax filing! During tax season we find a lot of people deal with audits and don't know where to go for help. We at Ruiz Financial Solutions continue to educate our clients about their finances. However, if your tax preparer, CPA, or accountant does not we still want you to be informed. In this blog, we will be going over 4 types of Types of audits and their severity. Correspondence – This type is the least severe one. This audit is mainly seen when the IRS has questions regarding your return. This can be easily resolved by submitting the information requested, assuming that your return is legitimate there should be no further problems. However, in the event that you don't have the information to back up your return; you may want to contact a professional as there are penalties and fees that could be assessed if you end up having to pay back. IRS Office Audit - This type of audit usually takes place at an IRS office by invitation. This is a little more serious they have more questions about the return. They are either not satisfied with the documentation provided or they are looking for something more substantial. In this case, it is recommended that you bring a professional whether it be an attorney, tax preparer or CPA. IRS Field Audit- This is the most severe audit you can have. In this case, the IRS is coming to either your home or office. During this audit there is no limit to particular items, they will ask for more information and items as needed. Due to the risk of this situation, we do not recommend that you enter without professional assistance. They are not only coming full force they are actively looking for something they feel or know is there. Random IRS Audit- Under this circumstance, they are not looking or auditing specifically. They will look at the whole return, and they are not looking for anything in exact. For the most part in the case, you were selected out of random selection or computer screening. Should you need help or have questions about any of the following audits feel free to contact our office. We offer FREE consultation for businesses and individuals with business plans. We want to provide you with a guide of how long you should keep your records. Please click on the Record Retention link to access the list. Record Retention Pursuant to requirements imposed by the Internal Revenue Service, any tax advice contained in this communication (including any attachments) is not intended to be used, and cannot be used, for purposes of avoiding penalties imposed under the United States Internal Revenue Code or promoting, marketing or recommending to another person any tax-related matter. Subscribe to our mailing list // Mon, 13 Feb 2017 13:39:00 -0700http://www.ruizfinancialsolutions.com/blog/post/its-tax-seasonhttp://www.ruizfinancialsolutions.com/blog/post/its-tax-seasonWe hope you are doing great this time around! Tax season can be a very stressful process, but if you have the right team on your side it makes a huge difference. With the ever-changing Tax laws we like to keep our clients up to date, therefore, we are introducing our very first blog. The IRS has officially opened and started to accept returns on Jan. 23, 2017.Documents to gather for filling for individuals include, but are not limited to: W-2'sSocialSecurity, 401K, Pension, or annuity distributionsInterest & dividend Income1099's1098's (Mortgage, Tuition, etc)Do you have a Business attached to your return? Financial StatementsIncomeExpensesMileage RecordsDue to changes in the law, starting in 2017, the IRS can’t issue refunds before Feb. 15, 2017, for returns that claim the Earned Income Credit (EIC) or the Additional Child Tax Credit (ACTC). This applies to the entire refund, not just the portion associated with these credits. As in past years, the IRS will begin accepting and processing tax returns once the filing season begins. All taxpayers should file as usual, and tax return preparers should also submit returns as they normally do. Even though the IRS cannot issue refunds for some early filers until at least Feb. 15, the IRS reminds taxpayers that most refunds will still be issued within the normal timeframe: 21 days or less, after being accepted for processing by the IRS. Source IRS.GOV The IRS officially opened Jan 23, 2017, for individuals. Proof of income - usually provided by the employer by Jan 31'st. Charitable Donation Receipts Job Expense Records: It is ok to Itemize your expenses however you need to have proper documentation. Health Insurance: If you have coverage through your job this will be in section 12 of your W-2 if not you need a 1098T. SSNs and DOBs: This is standard practice but please make sure your documentation matches your Social Security card and DOB matches your ID. Prior Year Tax Return: If you are a new client this helps with staying consistent with the IRS and what they have on file as far as the status of filling dependents etc. Do you have a Business attached to your return? Business Expense Records: It is ok to Itemize your expenses however you need to have proper documentation. Financial Statements Income Mileage Records Due to changes in the law, starting in 2017, the IRS can’t issue refunds before Feb. 15, 2017, for returns that claim the Earned Income Credit (EIC) or the Additional Child Tax Credit (ACTC). This applies to the entire refund, not just the portion associated with these credits. As in past years, the IRS will begin accepting and processing tax returns once the filing season begins. All taxpayers should file as usual, and tax return preparers should also submit returns as they normally do. Even though the IRS cannot issue refunds for some early filers until at least Feb. 15, the IRS reminds taxpayers that most refunds will still be issued within the normal timeframe: 21 days or less, after being accepted for processing by the IRS. Source IRS.GOV We appreciate your time and hope that you find this information valuable to get our monthly newsletter please subscribe below. Subscribe to our mailing list Wed, 01 Feb 2017 13:23:00 -0700