by Jim Magary | May 5, 2016 | Tax Help
Beauty and Barber Shops
Here are some of the topics included in this booklet or detailed on IRS.gov:
• Business Structure.
One of the first things you need to decide is the type of structure for your business. The most common types are sole proprietor, partnership or corporation.
You may have employees or rent space to someone who is self-employed.
• Report Tip Income.
All tips you receive are taxable income. If you have employees who receive $20 or more in cash tips in any one month, they must report them to you.
You must withhold federal income, Social Security and Medicare taxes on the reported tips. Learn more about these rules in the IRS video Reporting Tips.
• Business Expenses.
You can deduct ordinary and necessary expenses that you pay to run your business. An ordinary expense is a common and accepted cost for that type of business. A necessary expense is a cost that is proper for that business.
For example, cosmetologists are often required to get a license or pay for a permit or certification.
• Estimated Tax.
If you are self-employed you may need to make estimated tax payments each year. If you do not pay enough tax during the year, you may owe a penalty.
Use Form 1040-ES, Estimated Tax for Individuals to figure the tax. Direct Pay, available on IRS.gov, now offers you the fastest and easiest way to make these payments.
• Depreciation of Assets.
You can deduct the cost of some assets over a number of years. For example, if you buy equipment and furniture, you should depreciate the cost of those items since you will normally use them for more than one year.
• Filing Your Taxes.
If you have employees, the IRS offers electronic filing options for your federal payroll tax returns. IRS e-file is fast, safe and accurate.
You’ll also receive an electronic acknowledgment when the IRS accepts your e-filed return. You can use EFTPS to make any federal tax payments.
• Keeping Records.
Everyone in business must keep records. You must have good records to support the income, expenses and credits that you report.
Good records can help you keep track of your business. They can also increase the likelihood of business success.
by Jim Magary | May 4, 2016 | Tax Help
We are an AFFORDABLE local South Florida tax firm that specializes in all IRS & State tax problems, Since 1982.
As former IRS agents and managers we worked out of the local South Florida offices specifically, we worked out of the Miami, North Miami and Fort Lauderdale office.
We also worked as managers, supervisors and teaching instructors. Not only did we work in the above aforementioned positions, we are also on-the-job trainers for new IRS employees.
We know all the IRS systems inside and out we have worked both sides of any IRS problem and know the protocols and methodologies to resolve any IRS matter.
If you Haven’t Filed Back Tax Returns, you are not alone the tax gap is $450 billion.
Over 16 million tax returns were not filed timely to the Internal Revenue Service last year.
The tax gap is a figure placed on taxes that should-be been collected if all tax returns were filed.
IRS is working hard to make sure all those with unfiled tax returns are back in the system. The IRS Cade 2 computer us working hard to close the tax gap which is currently $500 billion.
Also, please keep in mind if you don’t file your back tax returns IRS has the option of filing your tax return under 6020 B of the IRC. IRS will do you no favors in filing, you will pay the highest amount allowed by law.
Filing back tax returns is not an issue for our firm. We have prepared thousands of back tax returns with or without tax records.
There is a very systematic way to do this and it is called income tax reconstruction.
We take the methodologies learned at Internal Revenue Service and apply the best practice standards to go ahead and prepare your back tax return and make sure you pay the lowest amount allowed by law.
If you are going to owe money as result of your tax filing we can settle your tax debt as well.
On cases where taxpayers have received notices, we send IRS a power of attorney so you will never have to speak to IRS and we handle all the correspondence.
From there we go ahead and start the preparation of our tax return process by pulling IRS transcripts and any available records. From there, we submit the tax returns to IRS at the same time work out a remedy or solution if you’re go to owe back tax debt.
It is important for every taxpayer to know that if they are in a position where they haven’t filed back taxes that they start making estimate tax payments or creased or withholding to cover their new IRS tax debt. Internal Revenue Service wants to make sure future compliance is not an issue.
IRS Tax Debt Settlements, I am a former IRS agent and teaching instructor of the offer in compromise.
If you need to settle your tax debt with Internal Revenue Service, as a general IRS will want to current financial statement to make a determination.
You will need to do that on the IRS form 433A or 433F.
As a general rule upon your submission of your current documented financial statement,
IRS will either place you went into:
1.currently not collectible file (hardship) or , CNC,
2. ask you for a monthly payment or installment agreement,
Many taxpayers are eligible for the offer in compromise program to settle their debt for pennies on the dollar.
Last year over 38,000 taxpayers settle their tax debt for an average of $6500 per case. Keep in mind that is just an average national average in your case is completely dependent on your current financial statement.
Before you file for offer in compromise it is wise to fill out the IRS pre-qualifier tool to make sure you were a viable candidate and don’t waste any money.
When you call our office we will be review with you the various options you have to completely and permanently remedy all your IRS tax problems once and for all.
If the IRS has filed a federal tax lien against you, when you call our office we will go over the different ways you may be able to release your federal tax lien.
The lien will stay on your record for 10 years from the date of assessment unless an offer in compromise was accepted or you got into an IRS payment agreement that met the qualifications.
We are a full-service firm that specializes in IRS tax relief. With over 206 years of professional tax experience and over 65 years of combined work experience.
We are one of the most affordable, experience, and trustworthy firms in the South Florida area. Since 1982 we have been helping South Floridians.
If you need to file tax returns, need an IRS tax settlement, need to work a payment plan, or if your experience a IRS tax hardship or need to get IRS levies and tax liens released call us today.
Call us today for a free initial tax consultation. You will speak to a true IRS tax expert, since 1982.
Unfiled Back Tax Returns + Settle IRS Tax Debt + Payment Plans + IRS Levy + Tax Liens + Payroll Tax Debt + 33180, 33179, 33162, 33160, 33169 + North Miami
by Jim Magary | May 4, 2016 | Tax Help
We are an “Affordable Professional Tax Company” that has been resolving IRS & State of Florida tax problems since 1982. A plus Rated BBB!
If you Owe IRS Back Taxes or have any IRS problem we have different affordable solutions to remedy your problem.
Being former IRS agents and managers we understand the system and can make this a simple, affordable and seamless process.
You will never speak to the Internal Revenue Service.
Our tax company handles all the tax negotiations.
We have a full tax staff. All work being done in-house.
After your free initial tax consultation you will have a better understanding on how to resolve your back tax debt problems.
We can get an IRS garnishment or levy release within 24 hours of receiving your current financial statement, talk to you about getting a release of the federal tax lien, talk to you about obtaining an IRS settlement called and offer in compromise, file any and all back tax returns or represent you for an IRS tax auditor appeals case.
We are a full-service firm experts in IRS and state tax matters.
Tax attorney lawyers available upon request:
As a general rule are tax attorneys and tax lawyers handle litigation matters only all the administrative matters are usually handled by CPAs and former IRS agents. If you engage a Tax Attorney for Tax Lawyer All Information Will Be Confidential.
Please note:
Your current financial statement is the key for resolving back IRS or state tax issues. IRS puts the greatest value on your financial statement for settling back tax issues.
We are tax experts for releases and removal IRS tax levies, provide IRS tax defense and IRS tax representation for IRS tax audit, IRS tax settlement experts, and for those wishing to make payment agreements with the Internal Revenue Service.
IRS Levy/Wage Releases: If you owe back IRS taxes and received a tax levy garnishment, have received an IRS notice of tax audit, in need of an IRS payment plan tax settlement or installment agreement call us today to hear every option available to you to get you immediate and permanent IRS tax relief.
Our former IRS agents have logged over 60 years of direct work experience in the local, district, and regional tax offices of the Internal Revenue Service. We have worked as agents, managers, and teaching instructors all within the IRS framework.
To Remove or Release a IRS Tax Levies & Wage Garnishments
IRS usually levies 1.9 million taxpayers and businesses each and every year, so have you if you have received an IRS tax levy you are not alone. IRS is the largest collection and billing machine in the world. IRS tax levy goes out systemically not a human hand touches a tax levy.
An IRS tax Levy usually comes in two forms.
1. Bank levy or a,
2.IRS wage garnishment levy.
Both IRS tax levies are different. It is important for you to understand the difference.
An IRS Bank Levy puts a freeze on your money for 21 days where an IRS wage garnishment levy is an immediate seizure of your paycheck.
The bank will send your frozen funds to IRS on the 22nd day.
The IRS will give you 21 days to work out a settlement before they receive the funds. your employer is mandated by law to send your next paycheck to the Internal Revenue Service if they have received a wage garnishment notice.
Certain exemptions apply but approximately 80% of your check will go to the Internal Revenue Service because of the IRS tax levy garnishment.
As a separate footnote IRS gets all their levy source information from your last six years of file tax returns.
If you want your money back is a result of a wage garnishment levy you will have to communicate with the Internal Revenue Service.
Within 24 hours of receiving your current financial statement, and as a general rule we can get your IRS bank tax levy garnishment released and your case settled with the Internal Revenue Service.
As former IRS Agents & Managers we understand every system necessary to make this a seamless and easy process for you. as a general rule cases are closed by Internal Revenue Service after reviewing a current financial statement.
As a general rule, IRS will close your case by putting it into a current tax hardship, asking for a monthly payment plan or the fact that you qualify for an offer in compromise to settle your tax debt for pennies on the dollar.
In some cases you can discharge your federal taxes through a bankruptcy procedure. There are certain bankruptcy chapters that allow the discharge of federal taxes.
Not only will we get your tax levy released we will settle your case at the same time. That’s right, we do both at the same time.
If you will owe money we will work out tax settlement and if necessary take your case to tax appeals are tax court if warranted.
If you are wishing for an IRS tax settlement called an offer in compromise, we will be happy to walk you through the IRS qualifier tool to see if you’re a suitable candidate before filing any offer in compromise.
Due to the new IRS fresh start initiative it is much easier for taxpayers to settle cases.
I am a former IRS revenue officer and worked the offer in compromise program as a former employee.
IRS settles 38% of all offers and compromises that are filed and settles for an average of $6500. Keep in mind this is a national average and differs because of everyone’s unique and individual financial statement.
If those who wish to make payments to the Internal Revenue Service to resolve their debt, we will walk you through the financial statement and make an affordable payment that you can live with.
We are A+ rated by the Better Business Bureau and have been in private practice since 1982. We have over 206 years of professional tax experience.
We are one of the most experienced professional tax companies.
If you have a IRS Problems, a tax Levy, Wage Garnishment, Federal Tax Lien, need to Tax Settlements, have Unfiled Tax Returns or have a IRS Tax Audit, call the experts.
Call Us Today and Find out Why We Are One of the Most Experienced, Trustworthy And Friendly Firms in South Florida.
Tax Attorney Lawyer + IRS Problems + Levy + Garnishment + Lien + Settlements + Unfiled Returns + Audits
by Jim Magary | May 4, 2016 | Tax Help
We are an affordable professional tax firm with over 65 years of direct IRS work experience. Since 1982. Local South Florida Tax Experts IRS experts.
We worked out of the local South Florida IRS offices. We worked in the audit, collections, and appeals division as well as former IRS teaching instructors.
We know the system inside and out and are some of the most affordable, trustworthy and notable experts in South Florida.
I was a former IRS agent that taught the offer in compromise program. I know all the formulas.
Last year over 78,000 offers in compromise were filed by taxpayers and over 38% of those were accepted for average of $6500 per case.
Keep in mind this is a national average in your case is completely dependent on your individual financial statement.
We will not file for an offer in compromise unless you are a true candidate for the program. There is a pre- qualifier tool.
Upon your initial tax consultation we’ll let you know if you are eligible to have an accepted offer in compromise by the Internal Revenue Service.
As a former IRS agent, I was a teaching instructor for the offer in compromise, the IRS tax debt settlement program.
Due to the new fresh start tax initiative Internal Revenue Service had made it easier to file for the program. However this program is not for everybody.
Everyone wants to settle with IRS but there is a very specific format and methodology that must be followed.
You could hear the truth about the offer in compromise program when you call us.
There are many myths about the pennies on the dollar program so you need to hear the truth before spending any money.
I know the system inside and out. As a former IRS agent I used to accept and reject offers in compromise. I have heard countless horror stories from taxpayers who called me about firms that have ripped them off promising settlements.
There is a very specific system and methodology to get an offer in compromise approved for pennies on the dollar. Last year 38,000 taxpayers had their cases accepted.
The question is pennies on the dollar possible to settle tax debt?
Yes, it is as a matter of fact, over 38,000 taxpayers got their debt settled with the Internal Revenue Service for average settlement of $6500 last year.
There were a total of 78,000 applications for the pennies on the dollar, offer in compromise program last year.
With that being said there is much to say about this pennies on the dollar program called the offer in compromise.
At our firm we will take no clients money until we are no they are a true candidate for the settlement program.
There are many myths about the offer in compromise so IRS and in their great wisdom provides a pre-qualifier tool to find out if taxpayers are eligible for the offer in compromise program so taxpayers do not give their hard-earned money to unsuspecting tax firms promising tax settlements.
I would suggest anyone who wants to go ahead and settle their tax debt through the pennies on the dollar, offer in compromise program contact an experienced an honest tax professional, have them walk them through the pre-qualifier tool before they give their money to anybody.
If you have any questions or issues about the offer in compromise program to settle your debt for pennies on the dollar, call us today and we will review your case to let you know if you are a qualified and suitable candidate.
The IRS spends a lot of due diligence before they accept an offer in compromise. It is possible for the IRS to spend over 20 hours working an offer in compromise.
Caution: On cases over $100,000 it is typical they will check your credit report for the accuracy of your financial statement. The higher the dollar case the greater the due diligence.
Many people ask why is this process not that simple. The answer is this, all accepted offers in compromise are a matter of public record for one year in the regional office where the offer was accepted.
The Internal Revenue Service does all that it can to make sure there is a matter of consistency within the offer in compromise program if not still be a tremendous public outcry.
Right now there are over 7500 cases in the offer queue to be worked by local agents.
Keep in mind the current wait time is approximately 9 months.
We are a full-service firm with an expertise in any IRS tax debt matter including offering compromise.
One base rule for the offer in compromise program. IRS is only concerned about your income and assets. this includes your equity in your home, pension plans are IRA’s.
One nice thing about the IRS accepting your offer in compromise is that once you meet the terms of the settlement they will release your federal tax lien.
Below you will find out what you need to know about the offer in compromise program.
TYPE OF OIC
• Lump Sum Cash Payment:
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.
If you meet the Low Income Certification guidelines, you do not have to send the application fee or the initial payment and you will not need to make monthly installments during the evaluation of your offer.
Understand the process of OIC
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.
Call us today for free initial tax consultation to see if you are a certified an eligible candidate for the offer in compromise program.
We call our office you will speak to a true IRS tax professional. So yes pennies on a dollar is possible, however make sure you’re a qualified candidate.
Call us today for a free initial tax consultation and speak to a true IRS expert about the offer in compromise the way to settle your tax debt for pennies on a dollar if you qualify.
When you call our office you will speak to true IRS tax expert to learn more about the offer in compromise and tax debt settlement program to reduce your IRS tax debt.
Offer in Compromise IRS + Settle Tax Debt + Reduce IRS Taxes + Debt Relief + Unfiled Back Tax Returns + 33180, 33179, 33162, 33160, 33169 + North Miami
by Jim Magary | May 4, 2016 | Tax Help
We are Affordable local professional tax firm that can stop an IRS tax levy immediately. Since 1982, we are A+ rated by the BBB.
Get Your tax levy released today. Released by Former IRS Agents that know the System. We also will settle your case at the same time.
Call us today and find out the process on how to get immediate and permanent release from an IRS tax levy.
We have over 206 years of professional tax experience and we are the affordable tax firm. Not only can we get your IRS levy released we can settle your tax debt all at the same time.
We are composed of CPAs and former IRS agents who have over 65 years of working directly for the Internal Revenue Service in the local, district, and regional tax offices of the Internal Revenue Service.
We worked out of the Ft.Lauderdale and North Miami offices
There is a very specific system used to get an IRS tax levy released, whether it be a bank levy or wage garnishment levy.
Being former IRS agents we know the system and can get immediate results.
Not only were we former IRS agents and teaching instructors we also taught new IRS agents or jobs. We understand all the systems, formulas, and all the protocols to get an immediate relief of a IRS tax levy.
Knowing the system makes this a streamlined process and is able to get faster and quicker tax relief.
Within 24 hours of receiving your current documented financial statement we can get an IRS bank levy or wage garnishment levy released and settle your case all at the same time.
To get your levy released we call IRS with the documented financial statement and settle on a disposition of the case and IRS at that time will fax or mail out the release while on the phone.
Generally, we can do this with a couple of days. Many times we can release them the same day we get the financial statement.
You will never speak to Internal Revenue Service. Simply call our Phone Number For Releases and IRS case settlements.
How IRS will close your case off the IRS Enforcement Computer
The Internal Revenue Service will want a current documented financial statement. included in that financial statement will need to be pay stubs in the last six months of bank statements. after a thorough review of your financial statement IRS will generally make a determination one of three ways.
IRS will close and settle your case generally one of three ways.
After a review of your current financial statement (433f ) IRS will place you either into :
1.currently not collectible status, this is also called hardship status.
2. ask you for a monthly payment agreement or and installment agreement,
3. you could submit an offer in compromise if you are a qualified and suitable candidate. When you call us on the phone we will go over the offer in compromise program with you.
We will review with you your options to find out which is the best fit based on your current financial condition.
Remember, your documented financial statement holds the key.
Call us today for a free initial tax consultation.
What actions must the Internal Revenue Service take before a IRS tax levy can be issued?
The IRS will usually levy only after these three requirements are met:
1• The IRS assessed the tax and sent you a Notice and Demand for Payment (a tax bill);
2• You neglected or refused to pay the tax; and
3• The IRS sent you a Final Notice of Intent to Levy and Notice of Your Right to A Hearing (levy notice) at least 30 days before the levy.
The IRS may give you this notice in person, leave it at your home or your usual place of business, or send it to your last known address by certified or registered mail, return receipt requested.
Get IRS Bank Levy + Wage Garnishment + Tax Levies Released Now + Settle Tax Debt Now + 33180, 33179, 33162, 33160, 33169 + North Miami
