Tax Defense Network recognizes that not all “small businesses” are actual brick and mortar stores, nor do all “small business owners” have employees. Sometimes, it is a single individual just getting started or running their entire organization over the internet themselves. Even more confusing are the tax returns these individuals are required to file. Vanessa Borges, Senior Manager of Tax Defense Network’s Tax Preparation Department remembers a particular client with this problem.
“One of our most notable clients that I remember working was actually a day trader, buying and selling various stocks. When we actually looked at his tax debt, he owed $3 million dollars at that point,” Vanessa explained.
Many day traders are considered self-employed if they are not affiliated with a larger trading firm, and like business owners, they are required to withhold their own taxes and are taxed at a different rate than W2 employees.
“Our tax department at Tax Defense Network specializes in preparing returns that no one else wants to touch,” said Vanessa. “By the time we were able to pull together all of the information, which was a lot of collaborative hard work, we managed to pull together cost basis proving that this client actually incurred losses on all of that stock sale. Once we prepared all of the returns, and filed them, his tax debt actually dropped to zero.”
Tax Defense Network strives to reach the most beneficial resolution it can with every small-business client, large or small, domestic or foreign.
“I just completed Japanese corporate returns and Japanese personal returns for one of my clients. That is something that a lot of accounting firms, a lot of tax preparers in general, do not want to get involved in because of the immense amount of work that goes into it. You’re looking at returns that are in another language, and dealing with different currency exchange rates,” Vanessa explains.
Tax Defense Network is a national tax relief company that has resolved over $120 million in client tax debts since its inception, while maintaining an A+ rating with Better Business Bureau. The company’s Foxhound department includes licensed tax professionals, enrolled agents, and certified public accountants with over 35 years of experience in tax debt and negotiations with the IRS.