by Jim Magary | Jul 30, 2015 | Tax Help
No Need to Wait Until Oct. 15 Extension Deadline to File
Oct. 15 is the last day to file 2014 tax returns for most people who requested an automatic six-month extension.
However, you can file any time before Oct. 15 if you have all your required tax documents.
If you are one of the nearly 13 million taxpayers who asked for more time to file your federal tax return this year, you don’t need to wait until Oct. 15 extension deadline to file your return.
You can file now if you are ready.
As you prepare to file, here are some things that you should know:
A Refund May be Waiting.
If you are due a refund, you should file as soon as possible to get it.
Try Easy-to-Use Tools on IRS.gov. Use the EITC Assistant to see if you’re eligible for the credit.
Use the Interactive Tax Assistant tool to get answers to common tax questions, including new Health Care Law topics.
Use these interactive tools to find out if you’re eligible to claim the premium tax credit, qualify for an exemption or if you must make a payment.
Use IRS Direct Pay.
If you owe taxes the best way to pay them is with IRS Direct Pay.
It’s the simple, quick and free way to pay from your checking or savings account. Just click on the ‘Pay Your Tax Bill’ icon on the IRS home page.
Understand the Health Care Law’s effect on your taxes.
The Affordable Care Act requires you, your spouse, and your dependents to have qualifying health insurance for the entire year, report a health coverage exemption, or make a payment when you file.
If you purchased coverage through the Marketplace, you may be eligible for the premium tax credit and need to use Form 8962, Premium Tax Credit, to reconcile any advance payments made on your behalf.
If you do not file a 2014 tax return you will not be eligible for advance payments or cost-sharing reductions to help pay for your Marketplace health insurance coverage in 2016.
Filing as soon as possible, using your most current Form 1095-A, Health Insurance Marketplace Statement, will substantially increase your chances of avoiding a gap in receiving this help.
Missed Deadline?
File as Soon as You Can. If you did not request an extension by April 15, you should file and pay as soon as you can anyway. This will stop the interest and penalties that you will owe. IRS Direct Pay offers you a free, secure and easy way to pay your tax directly from your checking or savings account.
There is no penalty for filing a late return if you are due a refund. The sooner you file, the sooner you’ll get it.
Don’t Forget the Oct. 15 Deadline.
If you aren’t ready to file yet, remember to file by Oct. 15 to avoid a late filing penalty. If you owe and can’t pay all of your taxes, pay as much as you can to reduce interest and penalties for late payment.
Use the Online Payment Agreement tool to ask for more time to pay. In most cases, the failure-to-file penalty is 10 times more than the failure-to-pay penalty.
So if you can’t pay in full, you should file your tax return as soon as you can and pay as much as you can.
More Time for the Military.
Some people have more time to file. This includes members of the military and others serving in a combat zone.
If this applies to you, you typically have until at least 180 days after you leave the combat zone to both file returns and pay any taxes due.
As former IRS agents in teaching instructors we can help audit proof your tax return today. Call us for a free initial tax consultation.
by Jim Magary | Jul 30, 2015 | Tax Help
We are an “Affordable” Professional Tax Firm that has been in private practices 1982. We Know the system, A plus rated BBB
If you have any back tax issues with the Internal Revenue Service or have not filed back tax returns, we can resolve and settle your case all at the same time.
We can talk to you about settling your back tax debt with the Internal Revenue Service, file any and all back tax returns not filed, release an IRS tax levy or garnishment within 24 hours of receiving a current financial statement, place you into IRS tax plan.
We will fully review your case and go over the very best exit strategy. having worked for Internal Revenue Service for a combined 60 years we know the system.
We have over 206 years of professional tax experience in over 60 years of working directly for the Internal Revenue Service and the local, district, and regional tax offices of the IRS.
Fresh Start Tax LLC is a much different firm than other companies.
We do our own work in-house, most companies sub their work out to backend offices. You can work directly with true IRS tax experts.
We are staffed with tax attorneys, CPAs and former IRS agents. Our vast experience and knowledge with the Internal Revenue Service works in your favor.
If you want to settle your back taxes, IRS will require a current financial statement along with documentation.
IRS rules require only form 433-F, along with bank statements, copy of pay stubs, and monthly expenditures.
It is important a true professional full-out the financial statements because we know exactly what IRS is looking for and can help navigate the waters to get you achieved results.
If you have not filed tax returns we can prepare your returns with little or no records do our reconstructive methods we learned IRS.
We can remove an IRS tax or wage garnishment levy within 24 hours of receiving your current financial statement and/ or get you placed into a payment program or tax hardship depending on your situation.
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Settle Back IRS Taxes + Back Tax Returns + Fast IRS Levy’s Removals + IRS Payments Plans = Former Agents = Oklahoma City, Tulsa, Norman, Broken Arrow, Lawton
by Jim Magary | Jul 30, 2015 | Tax Help
We are an “Affordable” professional firm of former IRS agents and managers who have over 60 years working for the IRS. We know the system.
If you have an IRS tax problem call us today and we will go over the various solutions to go ahead and get IRS off your back.
If you have received an IRS final notice, received a notice of levy on your wages or your bank account has been seized, call us today and we will review the process to get immediate release of the federal tax levy.
If the IRS is filed the federal tax lien we can go over options with you to get the federal tax lien released.
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I am a former IRS revenue officer in IRS expert in collection matters.
The Internal Revenue Service is the largest collection agency in the world and has tools that can make your life miserable. Their collection computer can make your life absolutely miserable. IRS collects billions of dollars through the CADE2 computer.
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If you have received any IRS notice or letter, as a general rule, with one phone call and the filing of a power of attorney we can stop the Internal Revenue Service. You will never have to speak to IRS.
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by Jim Magary | Jul 30, 2015 | Tax Help
We are IRS specialist for the offer in compromise for those wishing to settle their IRS tax debt. Former IRS Agents, since 1982.
We are composed of former IRS agents and managers who were former employees of the Internal Revenue Service. We know the system. I am a former IRS agent and teaching instructor of the offer in compromise or tax debt settlement program along with other IRS programs and systems.
We have over 60 years of direct work experience in the local, district, and regional tax offices of the Internal Revenue Service.
You can call us today for free initial tax consultation and find out if you are a true offer in compromise tax debt settlement candidate.
Due to the new fresh start initiative set out by the Internal Revenue Service many more taxpayers are eligible for the tax debt settlement.
The Internal Revenue Service is making the offer in compromise or the IRS tax debt settlement an easier process.
As a former IRS agent I would let all individuals who are trying to settle their debt on the own to understand that this is a long process. Right now there are 7500 cases in the IRS Q. the average wait time is currently nine months. IRS is swamped with cases and they have few employees to work the volumes of offers currently in the system.
Before a taxpayer or client thinks about the filing of an offer in compromise they should check out the IRS offer in compromise pre-qualifier tool first.
It is important to know you will that all back tax returns will have to be filed, up-to-date and current on the IRS computer system before the Internal Revenue Service will accept an offer in compromise.
Last year there were 78,000 offers in compromise were filed with the Internal Revenue Service, 38% of those were accepted for an average of $6500 per case.
About 20% of all offers in compromise go to the Appellate Division for settlement.
You should know that not everyone is an offer in compromise candidate to settle their tax debt.
Make sure you are eligible
Before IRS can consider your offer, you must be current with all filing and payment requirements.
You are not eligible if you are in an open bankruptcy proceeding.
Submitting your offer
You’ll find step-by-step instructions and all the forms for submitting an offer in the Offer in Compromise Booklet, Form 656-B (PDF). Your completed offer package will include:
• Form 433-A (OIC) (individuals) or 433-B (OIC) (businesses) and all required documentation as specified on the forms;
• Form 656(s) – individual and business tax debt (Corporation/ LLC/ Partnership) must be submitted on separate Form 656;
• $186 application fee (non-refundable); and
• Initial payment (non-refundable) for each Form 656.
Selecting a payment option
Your initial payment will vary based on your offer and the payment option you choose:
• Lump Sum Cash:
Submit an initial payment of 20 percent of the total offer amount with your application. Wait for written acceptance, then pay the remaining balance of the offer in five or fewer payments.
• Periodic Payment:
Submit your initial payment with your application. Continue to pay the remaining balance in monthly installments while the IRS considers your offer. If accepted, continue to pay monthly until it is paid in full.
Understand the OIC process
While your offer is being evaluated:
• Your non-refundable payments and fees will be applied to the tax liability (you may designate payments to a specific tax year and tax debt);
• A Notice of Federal Tax Lien may be filed;
• Other collection activities are suspended;
• The legal assessment and collection period is extended;
• Make all required payments associated with your offer;
• You are not required to make payments on an existing installment agreement; and
• Your offer is automatically accepted if the IRS does not make a determination within two years of the IRS receipt date.
Please keep in mind that if you have had an offer in compromise rejected you may file another offer at any point in time.
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As a side note, taxpayers should be aware that all tax returns must be filed before they can have an improved offer in compromise. We can prepare any and all back tax returns.
Offer in Compromise + IRS Tax Debt Settlement Program + Settle Tax Debt Bill + Former IRS Offer Specialist + Oklahoma City, Tulsa, Norman, Broken Arrow, Lawton
by Jim Magary | Jul 30, 2015 | Tax Help
The Affordable Professional Tax Firm, Since 1982.
24 hours of receiving your current financial statement we can get an IRS Tax Levy, Bank Levy, Wage Garnishment levy released and your case settled with the IRS.
Because of our years of experience working at Internal Revenue Service we know the system to get immediate releases of an IRS tax levy, IRS bank levy or IRS wage garnishment.
We have worked in the system for over 60 years and understand the protocols and the internal revenue manual’s to get your levy released in your case closed with IRS.
We have worked out of the local, district, and regional tax offices of the Internal Revenue Service.
Some on our FST staff have been IRS managers, supervisors, and teaching instructors. While employed at Internal Revenue Service we taught tax law.
To get your IRS tax levy, wage levy garnishment tax levy released.
As a general rule, if taxpayers do not respond to final notice is sent by IRS, the Internal Revenue Service is required to send out a tax levy. It is important to respond to all IRS request by mail.
As a general rule, IRS sends out close to 1.9 million tax levies each year and sends out approximately 800,000 federal tax liens.
There is a difference be between an IRS federal tax levy in the federal tax lien.
A federal tax levy is a seizure a federal tax lien is a document to get placed at your courthouse.
To get your IRS tax levy or wage garnishment released it will be necessary for you to give IRS a current documented financial statement along with making sure all your tax returns are filed in on IRS’s computer system.
It will be necessary for you to fully complete an IRS form 433F (an IRS financial statement) that you can find on our website along with supplying IRS with bank statements, pay stubs and copy of all monthly expenses.
When you call our office we were thoroughly review your case, give you a free tax assessment and let you know the necessary steps to completely remove your IRS problem including releasing an IRS tax levy, or wage levy garnishment and settling your case all at the same time. We will also talk to you about the settling of your case with the offer in compromise program specifically the new fresh start initiative.
Please keep in mind if you have unfiled or back to tax returns, the IRS has the option of not releasing a federal tax levy because you are not in full compliance with tax laws.We can prepare any and all back tax returns with little or no records.
If you have any other issues are tax matters problems call us today and speak to true IRS tax professionals who know the system. We are the friendly, affordable and experienced professional tax team practicing since 1982.
We have over 206 years of professional tax experience and have an A+ rated by the Better Business Bureau.
All our work is done in-house.
IRS Tax Bank Levy, IRS Wage Garnishments + Remove & Settle NOW + Unfiled Tax Returns + Affordable, Former IRS + Oklahoma City, Tulsa, Norman, Broken Arrow,
