• Frequently Asked Questions About Tax Debt And Unfiled Returns

    John P Jones   |  

    Tax season is one of the least enjoyed parts of a year, but much of that lack of joy stems from a dearth of information. The truth is clients often have a ton of questions related to tax debt and unfiled returns but find answer these questions difficult to come by.

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  • Busted! Don’t Believe These Tax Myths!

    John P Jones   |  

    In one way or the other, every taxpayer in the United States has had to deal with the IRS or the Internal Revenue Service. The IRS ensures taxpayers comply with the Internal Revenue Code and those that disobey the federal tax laws face the consequences by paying their fair share.

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  • Common Mistakes Made By Self-Employed Taxpayers

    John P Jones   |  

    Common Mistakes Made By Self-Employed Taxpayers

    Self-employment has its advantages and disadvantages. On one hand, you are entitled to tax deductions and can make an unlimited amount of income. However, on the other hand, you may need to file taxes on your own which if neglected can drastically harm your personal and professional life.  

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  • Why Our Customers Love Us

    John P Jones   |  

    Why Our Customers Love Us

    At John P, Jones Inc., we prioritize customer service and satisfaction. To let you know just how committed we are to your happiness, here’s what a few delighted customers had to say about us:

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  • Common Mistakes People Make When Starting a Business

    John P Jones   |  

    Common Mistakes People Make When Starting a Business

    Success stories about people who start small businesses and eventually become millionaires may inspire us all, but those people got to realize their dream only because they made the right choices for their businesses from the beginning. Willpower and determination can only get you so far in your business, and although seeking help from the start may be a difficult decision in itself, it will save you from making some costly mistakes.  

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  • Top Five Things To Look For When Hiring A Certified Public Accountant

    John P Jones   |  

    Top Five Things To Look For When Hiring A Certified Public Accountant

    Have you ever felt the need for a better financial function for your business? Are the existing accounting system and software doing its job adequately or has your business’ financial challenges have become too great to handle without expert help? If the answer is yes, then the solution lies in hiring the services of a Certified Public Accountant (CPA).

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  • What Makes John P. Jones Inc. Stand Out

    John P Jones   |  

    What Makes John P. Jones Inc. Stand Out

    Thanks for stopping by my blog. If you’re looking for more information about John P. Jones Inc., you’ve come to the right place.

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  • Owner Spotlight: John P. Jones

    John P Jones   |  

    Owner Spotlight: John P. Jones

    I’m John Jones, proud owner of John P. Jones Inc.

    I look forward to sharing my story. I hope that you will enjoy getting to know me better.

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  • Announcing The New Website

    John P Jones   |  

    We are delighted to announce the launch of our new website!

    Our new website provides our existing and prospective clients a simple yet interactive view of our work and the services we offer.

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  • New Website Under Construction

    John P Jones   |  

    New Website Coming Soon!

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  • 16% would rather get an IRS tattoo

    John P Jones   |  

    Business Accounting Chicago IL

    That’s right. According to a survey released last month by WalletHub, 16% of the respondents said they would be willing to get an IRS taboo in exchange for a tax-free future.

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  • Yelp Marketing Event

    John P Jones   |  

    Business Accounting Chicago IL

    Had a great time last week at Yelp’s Chicago offices in the Merchandise Mart, same building where 1871 is located. Great networking event, a lot of people, good food and drink. Also, you can’t beat free head shots from Bay Area Picture Productions!

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  • Freelance Tax Workshop

    John P Jones   |  

    Business Accounting Chicago IL

    I had a great time last week discussing the challenges that face freelancers when confronted with income taxes.

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  • Bankruptcy and Income Taxes

    John P Jones   |  

    Business Accounting Chicago IL

    Contrary to popular belief, some personal income taxes can be discharged in bankruptcy. Whether a taxpayer can obtain relief from tax debts depends on a number of issues including the nature of the liability and the type of bankruptcy proceeding. During the course of its collection efforts, the IRS may have filed a lien against the taxpayer. The lien becomes a secured lien on all of the taxpayer’s property. If the lien was filed before the bankruptcy petition is filed, the taxpayer would not get any relief from the lien and all property would still be subject to the lien, even…

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  • Innocent Spouse Relief for Taxpayers

    John P Jones   |  

    Business Accounting Chicago IL

    In the vast majority of cases, it is more advantageous for married couples to file a joint return as opposed to married filing separately. Deductions and some credits are more generous on joint returns (especially if there are children claimed on the return). However, joint returns make both spouses liable for a tax debt for which only one is responsible. Perhaps one spouse fails to report income and related taxes and the other spouse does not find out until the IRS catches up with them. Both spouses are jointly and severally responsible for underpaid tax, interest and penalties in these situations.…

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  • Resolving Tax Liens

    John P Jones   |  

    Business Accounting Chicago IL

    If a taxpayer does not fully pay a tax debt in time, eventually the IRS will file a tax lien against the taxpayer’s property including real estate, personal property and financial assets in order to protect the government’s interest. A lien is not to be confused with a levy. A levy is an action the IRS will take to enforce the lien. Although the filing of a lien does not necessarily mean the IRS will take immediate action, it can cause a lot of stress in the daily lives of delinquent taxpayers. A lien attaches to the property named in the…

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  • Offers in Compromise Explained

    John P Jones   |  

    Business Accounting Chicago IL

    An Offer in Compromise (OIC) is an agreement between a taxpayer and the IRS to completely settle outstanding tax debts for less than the full amount. The usual grounds for an offer are doubt as to the collectability of the debt or doubt as whether the assessed taxes are correct. Although radio and television ads constantly make claims that these “pennies on the dollar” deals are every taxpayer’s salvation, great care and patience must be taken before to see whether a taxpayer qualifies for an offer. An OIC can be very time consuming to prepare. The IRS can take a…

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  • Installment Agreements Explained

    John P Jones   |  

    Business Accounting Chicago IL

    Installment agreements are the most common way taxpayers employ to settle their tax debts. In order to be successful in reaching an agreement, a taxpayer must be in strict compliance. All past tax returns must be filed and current year estimated taxes must be paid if required (for instance if the taxpayer is self-employed). When those past returns are filed, and accepted by IRS and the related tax liabilities accurately calculated, the ten-year statute of limitations on collections begins and an installment agreement offer can be prepared. The IRS will try to collect the entire amount owed within the statute of…

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  • How You Should Deal with Tax Debts

    John P Jones   |  

    Business Accounting Chicago IL

    There are two principle approaches to settling prior years’ tax debts: installment plans and offers in compromise. Prior to deciding on which approach, a thorough investigation can determine which course of action is appropriate. An offer in compromise (made famous in those “pennies on the dollar” radio ads) is not necessarily more advantageous than an installment agreement. For instance, if the ten-year statute of limitations on collections will come to an end in a few years on a particular tax debt, it might be better to make installment payments for a period of time and let the statute run out. In…

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  • Freelancers, Taxes and the IRS

    John P Jones   |  

    Business Accounting Chicago IL

    Identity theft – Eveyone should be concerned with identity theft in relation to taxes, but freelancers have special needs. The IRS transcript service for tax pros was hacked in early 2015. At first, unauthorized visitors hacked 15,000 accounts, then 70,000, then 100,000 and IRS shut down the service in May. Later investigations boosted that number to 300,000, then 500,000. The issue was fixed a year later, but the identity theft problem continues. Last spring the service was opened again. 237,000 taxpayers filed affidavits with IRS from January through September 2016. It is estimated the U.S. Treasury issued over $1B in…

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