by steve | Dec 18, 2009 | Tax Help, Uncategorized
Thousands of individuals that owe back IRS taxes have an option open to them called the “Offer in Compromise”. Most people have not heard of the “Offer in Compromise” and it is underutilized as a form of IRS tax relief. One reason the “offer in compromise” option is not often used is that most individuals and professionals have not worked these type of cases with the IRS on a regular basis. Having former employees of the IRS is a huge advantage that Fresh Start Tax has for all taxpayers who owe money on back IRS taxes and want to settle their case. There are three types of “Offers in Compromise” available to taxpayers: (1) Inability to pay the tax (2) Doubt as to the liability (3) Special circumstances exist, this option, Effective Tax Administration. Qualifying for any of these three types of “Offer in Compromise” could reduce your tax significantly.
The Effective Tax Administration program exists for all those who agree that the tax liability is correct, and there is potential to collect the full amount of the tax owed, but a special circumstance exists. A special circumstance could be having a family member that requires special medical care and any funds saved are allocated to cover the cost of future medical care. These types of special circumstances would allow the Internal Revenue Service to consider an “Offer in Compromise”. To be eligible for this type of “Offer in Compromise” program, a taxpayer must demonstrate that the collection of the tax would create an economic hardship or would be unfair and inequitable.
During these economic times, few people know that this option is open to them. Now is the time to take care of your back taxes and settle your IRS debt. The IRS understands the conditions many taxpayers are facing, but must follow their rules. It is time for you to use IRS rules to your advantage. With many individuals losing their houses and jobs, there is no better time than right now to file an “Offer and Compromise”. If you do not have the ability to pay the IRS the full amount owed or you have special circumstances, now is the time to settle your debt with the IRS.
by steve | Dec 18, 2009 | Tax Help, Uncategorized
Fresh Start Tax wants to remind car shoppers about a 2009 tax break. Take advantage of this if you can afford it .
Fresh Start Tax reminds individual taxpayers who are considering buying a new car that they have until Dec. 31, 2009 to take advantage of a tax break that may not be around in 2010. Do not forget this date.
Taxpayers or individuals who buy a qualifying “new motor vehicle this year”, after Feb. 16th, can deduct the state or local sales or excise taxes they paid on the first $49,500 of the purchase price. Why this start date, who knows? Qualifying motor vehicles include new passenger automobiles, light trucks, motorcycles and motor homes.
Individuals who itemize, as well as those who take the standard deduction can benefit from this tax break. In states without a sales tax, other taxes or fees can qualify if they are assessed on the purchase of the vehicle and are based on the vehicle?s sales price or as a per unit fee.
The deduction for taxpayers is reduced for joint filers with modified adjusted gross incomes between $250,000 and $260,000 and other taxpayers with between $125,000 and $135,000. Taxpayers with higher incomes “do not qualify”. These limitations are not fair to higher income families and should have been included in the package.
by steve | Dec 17, 2009 | Tax Help, Uncategorized
This is a question we get many times, especially during the economic downturn. The IRS is actually here to help the taxpayer and here is their ruling:
Normally, debt forgiveness results in taxable income. But under the Mortgage Forgiveness Debt Relief Act of 2007, enacted Dec. 20, taxpayers may exclude debt forgiven on their principal residence if the balance of their loan was $2 million or less. The limit is $1 million for a married person filing a separate return. Details are on Form 982 along with its instructions, available now at irs.gov.
This is great news during this down economy, otherwise, all this cancelled debt would be taxable.
by steve | Dec 17, 2009 | Tax Help, Uncategorized
Emergency Tax Relief on enforcement action.
Many times taxpayers are unaware of the enforcement action that the IRS has taken because they have moved or never received the initial correspondence. This happens more times than you think and the IRS does little to correct the situation.
If the IRS has placed you in a situation that has caused a hardship or an emergency situation you should call us immediately.
We can deal with the IRS on your behalf taking the pressure, stress, and the worry out of your life.
The most common areas of emergency situations that need immediate relief
IRS tax levy;
IRS bank levy or bank garnishment;
IRS levy on wages or commissions;
IRS levy of social security or disability;
IRS federal tax lien filing;
IRS federal summons;( 2039)
IRS letter, notice or card requiring immediate attention.
The professionals at Fresh Start Tax, which include Tax Attorneys, CPA’S and former IRS agents have been dealing with these situations for over 60 years. Over those years we have gotten thousands of people immediate tax relief.
Steps required to get immediate help.
Power of Attorney – The first thing we do at Fresh Start Tax is file a Power Attorney. That way, we talk to the IRS so you don’t have to. We answer all the questions. We find out the problem and resolve it for you, all in your best interest.
We get an immediate case history and the next step is to find out the scope of the problem. We order a transcript history of your case and make sure we are dealing with all the issues so there are no future problems or unresolved issues.
The transcript gives us your history over the last 7 years.
by steve | Dec 17, 2009 | Tax Help, Uncategorized
I have just finished reviewing the following site that the IRS has. It is called TAXWISETV. It has very helpful tips on all different subjects. Subjects range from tax tips to tax problems and are very up to date. Give this a shot, you will be very surprised.
tp://www.taxwisetv.com/presentation.asp?asx=2009-10-20.asx&
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