THE WILLIS FIRM, PC

As your friend in the tax business, we would hate to see you suffer the consequences of honest mistakes. Because believe us – the consequences can be BRUTAL. Just how brutal, you ask? They can range from a slap on the wrist in the form of a small payment, to criminal investigation and imprisonment (and everything in between). The take away here is: You MUST take your tax responsibilities seriously. And, find someone you trust to help you with those responsibilities. We're happy to be that someone... and we're just a DM away.

“Experience is the best teacher” – yea or nay? As patronizing as it feels, it’s objectively true with IRS audits. It only takes one bad experience before you’ll say, "I'll NEVER let that happen again." Are you currently learning tax lessons the hard way? Let's talk about how to change that.

The greatest gift we can give this season is love. Let our hearts be open not to just those who are close to us, but to ALL humanity. Let us be slow to judge, quick to forgive, and show patience and empathy. Happy Holidays from our homes to yours. What special traditions make the holidays memorable for you?

What financial milestone are you most proud of this year? Don’t be shy – let’s hear about the forward steps you’ve taken in 2024.

Social Security benefits. Buying a home. Applying for student loans. There’s one thing that could delay (or completely derail) these plans: Failing to pay your past-due taxes can seriously jeopardize your financial future. The best thing to do? Get your past-due taxes paid as soon as you can – you aren’t doing yourself any favors by procrastinating. And if you have no idea where to start, comment “help” below.

If you’ve got tax debt on your hands, holiday spending only multiplies your stress. So, how can you tighten up around the holidays? Consider these 5 things to help you lower your living costs: 1. Make a budget (or revise yours) 2. Cooking more at home 3. Energy-efficient practices 4. Dropping some of those monthly subscriptions 5. Getting a cheaper place to live Anything else you'd add to this list?

If you’re in over your head with business debt, bankruptcy is NOT your only option. Depending on your individual situation, you might be able to pursue… 🥇 Debt restructuring - modify the terms of your debts. 🥈 Debt settlement - negotiating to reduce what you owe. 🥉 Debt consolidation to make payment more doable. If you haven’t already, your immediate next step should be to hire a professional who can recommend the best path forward for you. Let's talk if you're ready to get a hold on your business debt.

Question: What’s the most important tax obligation you need to be thinking about for your business? A. Income taxes B. Self-employment taxes C. Estimated taxes D. Employment taxes E. Sales tax Answer: ALL of these. Failing to plan ahead for any of these obligations can put you in debt to the IRS. So, if that’s the situation you’re in, now is the time to get started. Comment "help" if you want to talk.

You know you should be saving for retirement – but the bills are piling up, the kids need new shoes, your car needs an upgrade soon, your property taxes have increased, and… Sound like a familiar story? If so, don’t be discouraged – catching up isn’t impossible. Here's your 4-step plan to quickly build up retirement savings: 1. Maximize your 401(k) contributions 2. Open a Roth IRA 3. Make catch-up contributions 4. Take advantage of the Saver's Credit Bonus tip: Talk to a financial advisor you can trust to get you started. We can help -- DM us or give the office a call.

IRS notices got you flailing to stay afloat?😨 Do you think the IRS may be wrong in your case? You can request an appeal. If your petition is considered by the IRS collections office, they'll kick you to the Office of Appeals. The Office of Appeals operates independently from the IRS division that assesses tax debt and ignites collection. Their office aims to resolve tax snarls impartially without litigation.