Tax Representation for Small Businesses

Enrolled Agents & Tax Attorneys in Your Corner

At Magnolia Tax Services, we take great pride in our ability to provide straightforward and effective solutions for your tax problems.

Get the Representative You Need

Our dedicated team works tirelessly on your behalf, taking the necessary steps to alleviate the pressure from the IRS and state. Our ultimate goal is to secure a resolution that not only resolves your current tax issues but also sets you on a permanent path to financial stability. You can trust us to navigate through the complexities of your situation with unwavering determination and commitment.

We guarantee there’s not a tax problem we can’t solve! 

The IRS will do whatever it takes to get their money. Let us be your advocate if you are experiencing:

  • Wage garnishment
  • Bank levies and liens
  • Request for examination
  • Tax penalties and fines

Top-Class Representation

Top-Class Representation

Our expert tax representatives will fight for your rights, ensure you are treated fairly, and protect you from potential tax increases.

Professional Advice

Professional Advice

Have a plan ready once the IRS audits you and let our tax pros handle all your tax documents and information.

Favorable Outcomes

Top-Class Representation

Resolve tax assessments by the IRS as our tax representatives work on your tax hearings, negotiations, and appeals.

Tax Representation FAQs

Underreported income is one of the most common reasons a small business would get audited. While determining whether to audit you, the IRS cross references your industry and locality to know what the typical deductions for a similar-sized business would take and how much.
You will receive notice of the IRS’s intent to audit you in the mail. The audit will happen either by mail or an in-person interview to review your records. The interview may be conducted at an IRS office or your home, place of business, or your accountant’s office.

There are four types of audits the IRS might conduct as they look into your small business finances. The four types of audits include Correspondence, Office, Field, and the Taxpayer Compliance Measurement Program.

Quarterly Estimated Tax Payment Process FAQs

What are quarterly estimated taxes?

Four times a year, anyone making a profit or has taxable income, but doesn’t have taxes being withheld simultaneously (like a W-2), may need to make quarterly estimated tax payments.

Who must make quarterly tax payments?

Individuals that receive tax forms other than a W-2 typically have to pay, but there are exemptions for specific professions, such as fishing and farming.

Who does not have to pay quarterly taxes?

Exempt industries and W-2 employees without additional income sources do not have to pay quarterly taxes.

How do you calculate quarterly estimated taxes?

Small business owners use IRS Form 1040-ES to calculate estimated tax they owe. There are three steps to calculating estimated payments.

  • Calculate your taxable income based on your marital status and income.
  • Compute any credits and deductions you may get, such as child tax credits or credits for taxes already withheld.
  • Calculate your remaining tax due.

What happens if you miss a quarterly estimated tax payment?

If you don’t make sufficient payments throughout the year or on time, then an extra penalty may be added to what you owe on your tax return. That amount will depend on how much you underpaid and exactly how late you were with your estimated payments.

How do I file quarterly taxes?

You can pay estimated taxes online or use two additional options the IRS accepts. Fees may apply depending on the method you choose.
  • Electronic
  • Phone
  • Mail

We guarantee there’s not a tax problem we can’t solve!

20
Scroll to Top