by Jim Magary | Aug 19, 2015 | Tax Help
There are two ways you can take deductions: you can itemize deductions or use the standard deduction.
Deductions reduce the amount of your taxable income.
The standard deduction amount varies depending on your income, age and filing status, and changes each year.
Certain taxpayers cannot use the standard deduction:
• A married individual filing as married filing separately whose spouse itemizes deductions.
• An individual who files a tax return for a period of less than 12 months because of a change in his or her annual accounting period.
• An individual who was a nonresident alien or a dual-status alien during the year.
Nonresident aliens who are married to a U.S. citizen or resident alien at the end of the year and who choose to be treated as U.S. residents for tax purposes can take the standard deduction. For additional information, refer to Publication 519, U.S. Tax Guide for Aliens.
• An estate or trust, common trust fund, and partnership; see Code Section 63(c)(6)(D) at Law.cornell.edu.
You should itemize deductions if your allowable itemized deductions are greater than your standard deduction or if you must itemize deductions because you cannot use the standard deduction.
You may be able to reduce your tax by itemizing deductions on Form 1040, Schedule A (PDF).
Itemized deductions include amounts you paid for state and local income or sales taxes, real estate taxes, personal property taxes, mortgage interest, and disaster losses.
You may also include gifts to charity and part of the amount you paid for medical and dental expenses.
You would usually benefit by itemizing on Form 1040, Schedule A (PDF), Itemized Deductions, if you:
• Cannot use the standard deduction
• Had large uninsured medical and dental expenses
• Paid interest or taxes on your home
• Had large unreimbursed employee business expenses
• Had large uninsured casualty or theft losses, or
• Made large charitable contributions
Your itemized deductions may be limited and your total itemized deductions may be phased out (reduced) if your adjusted gross income for 2014 exceeds the following threshold amounts for your filing status:
• Single – $254,200
• Married filing jointly or qualifying widow(er) – $305,050
• Married filing separately – $152,525
• Head of household – $279,650
by Jim Magary | Aug 19, 2015 | Tax Help
If you are dealing with an IRS tax problem call us today, we are the “AFFORDABLE” professional tax firm with over 206 years of professional tax experience, since 1982.
True IRS Tax Experts! A plus Rated
We have over 60 years of direct work experience in the local, district and regional tax offices of the Internal Revenue Service.
We know the IRS system inside and out. We have worked as supervisors, as managers, and teachings instructors. As former employees we taught new IRS agents their job. You want our years of experience working for you. We know every possible solution to each and every case.
If you have any sort of IRS problem contact us today and we can review with you various solutions to go ahead and help with an IRS final notice, certified mail, intent to levy, the filing of a federal tax lien, payment plans and the settling of your case through an offer a compromise.
If you have received an IRS final notice, we can generally stop IRS today with the simple filing of a power of attorney and with a direct IRS conversation.
We will pull IRS transcripts and give you a full case evaluation.
We can talk to you about the removal or the filing a federal tax liens, work out a payment plan, release a tax levy or talk to you about settling your debt to the offer in compromise program.
Through the new IRS fresh start initiative many more taxpayers are settling their debt for pennies on a dollar, however you must be a qualified candidate.
If you are going to owe back taxes and wish a payment plan or which to reach a settlement with them call us today for a free initial tax consultation.
Notices = IRS Tax Billing Notices
If IRS sends you a document it is time sensitive and taxpayers must follow-up on all time sensitive letters. Never ignore an IRS tax notice, they will follow-up and do exactly what they say.
Once a tax return is filed or IRS initiates a tax assessment, IRS sends out a series of five notices and those notices are sent five cycles or five weeks apart.
IRS has the option, depending on the dollar amount and the history of the taxpayer to speed up those assessments.
The IRS Billing Notices for those that owe IRS Back Taxes.
These IRS tax notices are all sent out in five-week billing cycles.
1. CP 14 – This is the notice of balance due,
2.CP 501 – This is a Bill that you still owe tax,
3. CP503 – Important, Immediate Action Required
4. CP 504 – Urgent Notice – We Intend to Levy on Certain Assets, Please Respond Now
5. CP90/CP297/ – IRS Letter 1058 – Final Notice of Intent to Levy of Your Right to a Hearing
6.CP 91- CP298 -Final IRS Notice, You must answer his Notice!
IRS has the right in the option to skip certain billing notices based on the history and compliance of certain taxpayers.
IRS has the right after a review of your case to simply send you a final notice.
Please make sure you respond to all IRS final notices.
Call us today for free initial tax consultation and hear the truth about your case from true affordable tax experts.
IRS Final Notice + Certified Mail + STOP IRS NOW + Intent to Tax Levy + Payment Plans + Settle Offer in Compromise + Unfiled Tax Returns + Peekskill, Saratoga, Elmira, Scarsdale, Rye,
by Jim Magary | Aug 19, 2015 | Tax Help
Have “AFFORDABLE” former IRS agents and managers who know the system permanently resolve any IRS tax problem, since 1982. “End Your IRS Tax Problem NOW”
We are a full service tax firm that specialize in IRS and state tax services.
We specialize in IRS tax problems since 1982, true IRS and State Tax Experts.
We are tax experts for removing IRS bank and wage garnishment levies, going to appeals or tax court, preparing back tax returns and settling your cases via the offer in compromise program if you are eligible candidate for the OIC program.
Our firm has over 206 years professional tax experience and over 60 years of working directly for the Internal Revenue Service.
We also were former IRS managers.
As former IRS agents we have worked in the local, district, and regional tax offices of the IRS.
When you call our office you will speak directly to a true IRS tax professional that has years and years of experience and have successfully worked hundreds of cases.
End IRS Tax Problems = Remove IRS Tax Levies/IRS Garnishments
The Internal Revenue Service levies approximately 1.8 million taxpayers each and every year and this figure includes wage garnishments.
So you know you are not alone.
Seizing bank accounts and wage garnishments are all part of the IRS collection process.
This happens as a general rule because taxpayers fail to respond to final notices and/or the 1058 notice which has their tax rights enclosed. It is very important for taxpayers to know that they must follow-up on all IRS mail correspondence because there is no other way to stopping the IRS collection beast called the CADE 2 computer system.
The IRS files close to 700,000 federal tax liens each and every year that will both ruin and destroy your credit. There are actions you can take to stop the filing of the federal tax lien.
If you have received a final notice of intent to levy from the Internal Revenue Service make sure you follow-up on the 30 day date, if you don’t IRS will take enforcement action.
Before IRS will remove a tax levy or wage garnishment they will need a current and verifiable financial statement. Form 433F.
Once we have your current verified financial statement in hand, we can usually get your tax levy or garnishment released and your case close off the IRS enforcement computer within 24 hours.
How Your Case Will Stop IRS Collection Action
IRS usually closes a case by putting a case and tax hardship, having a taxpayer into a monthly installment agreement or telling them they may qualify for an offer in compromise your tax debt settlement.
If you have back tax returns to file, you can have former IRS agents ensure that you are paying the lowest amount of tax allowed by law.
If you going to owe tax, we can file your back tax returns and settle your debt all at the same time.
If you wish to settle your tax that we can have former IRS revenue officers who worked the offer in compromise program settle your tax debt if and only if you were a true candidate for a tax debt settlement called an offer in compromise.
Approximately 40% of all taxpayers who file an offer in compromise get accepted by the Internal Revenue Service however you must be a qualified candidate.
The average settlement on offers in compromise or $6500 per case, please keep in mind this is just the national average.
Call us today for a free initial tax consultation.
IRS Tax Problem Help Services = Remove IRS Tax Levies & IRS Wage Garnishment + File Back Tax Returns + Settle IRS Debt + Make IRS Payments + Peekskill, Saratoga, Elmira, Scarsdale, Rye
by Jim Magary | Aug 19, 2015 | Tax Help
We are “AFFORDABLE” IRS tax specialist, experts for the Offer in Compromise for those wishing to settle their IRS tax debt.
Former IRS Agents, since 1982. Former IRS OIC Specialist.
We have a combined 60 years of direct IRS work experience
We are composed of former IRS agents and managers who were former employees of the Internal Revenue Service. We know the system inside and out.
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.
I have worked many offers in compromises when I was with the Internal Revenue Service.
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.
Not everyone is eligible for the program. As a general rule you must offer your total equity and all your assets.
Due to the IRS new fresh start initiative set out by the Internal Revenue Service many more taxpayers are eligible for the tax debt settlement.
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.
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. You can walk to the pre-qualifier tool on our site or call us today to learn more about it.
We will not file an offer in compromise or accept any fee for any client unless we know they are qualified for the program.
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.
IRS Tax Statistics on Offer in Compromise/Settle & Reduce Tax Debt
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.
Keep in mind this is a national average and varies from case to case is completely dependent on your current financial statement.
Make sure you are eligible for the OIC.
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 or OIC to the Internal Revenue Service.
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 for the offer in compromise program
Your initial payment will vary based on your offer and the payment option you choose:
• IRS 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.
• IRS Periodic Payment:
Submit your initial payment with your application.
Continue to pay the remaining balance in monthly installments while the IRS considers your offer. You may not miss a payment or your offer will be nullified.
If accepted, you must continue to pay monthly until it is paid in full.
While your offer in compromise is being evaluated keep this in mind:
• 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.
Before you file an offer in compromise once again I remind everyone to walk through the pre-qualifier tool to make sure they are qualified candidate.
You can find the pre-qualifier tool directly on our website.
We are a national firm that specializes in the offer in compromise program to settle your tax debt for pennies on the dollar. Call us today for a free initial tax consultation.
IRS Offer in Compromise + Tax Debt Settlements + Settle & Reduce IRS Tax Debt + IRS Debt Forgiveness + Former IRS + Peekskill, Saratoga, Elmira, Scarsdale, Rye
by Jim Magary | Aug 19, 2015 | Tax Help
We are Affordable IRS Tax Experts. We have been in practice since 1982, Former IRS, A plus rated by the BBB.
We can resolve IRS Payroll Tax Debt. We are true Experts.
If you owe back IRS tax debt and wish to settle your case with the IRS, call us today for a free initial tax consultation. You can talk to true IRS tax experts
When you call our office you will speak directly to former IRS agents, managers and tax instructors that have over 60 years of working directly for the Internal Revenue Service in the local, district, and regional tax offices of the IRS.
Based on your set of circumstances we can accurately predict the outcome of your case.
Once FST has reviewed your current financial statement as a general rule we will tell you exactly how your case is going to close.
We can review with you the best possible way to end your payroll tax problems, make an IRS payment plan, how to remove an IRS tax levy and to represent you during an IRS tax audit.
For those of you who need to file tax returns whether current or back years, call us today and we will walk you through the process of our learning experiences that total 206 years. We can file your back tax returns with little or few records.
IRS Installment Agreements or IRS Payment Plans
Last year the Internal Revenue Service granted close to 6.5 million IRS payment plans, installment agreements and streamlined payment plans to taxpayers.
Your current financial statement will determine if you are installment agreement candidate.
It is important you have a tax professional fill out your financial statement. Keep in mind your financial statement will need to be fully documented.
Call us today for free initial tax consultation and we will walk you through the process to get you an IRS payment plan, installment agreement or tell you how to make an affordable monthly streamlined payment with the Internal Revenue Service.
Offer in Compromise/ IRS Tax Settlements/Pennies on a Dollar
We can also talk you about the possible tax solution of settling your tax debt through the offer in compromise program, that is settling your tax debt for pennies on the dollar.
The way you can settle your tax debt for pennies on the dollar is through the offer in compromise program.
The offer in compromise program is not for everyone.
When you call our office you will speak directly to a former IRS agent who both worked and taught the program for IRS. The writer of this blog is a former IRS agent and teaching instructor.
Remove an IRS Tax Levy IRS Bank Levy, IRS Wage Garnishments
If you wish to remove an IRS tax levy will need to give IRS a current financial statement on form 433F.
IRS will require that financial statement to be completely documented and verified.
Within 24 hours of receiving your current financial statement as a general rule we can get your bank or wage levy garnishment released. We will let you know about the IRS national standard program so you understand the process of how IRS settles tax debt.
Need to file back tax returns Unfiled Back Tax Return
You could have a former IRS agent who knows the system prepare your back tax returns with little or few records.
We can help audit proof your tax return.
We are A+ rated by the Better Business Bureau, since 1982.
IRS Taxes + Owe Back Payroll Taxes + Trust Fund + Payment Plans + Settlements + Past Due Tax Returns= Former IRS + Peekskill, Saratoga, Elmira, Scarsdale, Rye
