by Jim Magary | Jan 22, 2016 | Tax Help
That time again which millions of taxpayers have to answer the question which 1040 tax return should I use?
Below you will find a good summary to help you make a decision.
You can also make a better decision by using fresh start tax and having former IRS agents and managers prepare your tax return to help audit proof your return and make sure you are paying the lowest amount allowed by law.
Which 1040 Tax Form is Best for You?
Filing electronically is the easiest way to file a complete and accurate return.
Here are some tips to help you choose the right forms:
You can generally use Form 1040EZ if:
• Your taxable income is below $100,000;
• Your filing status is single or married filing jointly;
• You don’t claim dependents; and
• Your interest income is $1,500 or less.
Note: You can’t use Form 1040EZ to claim the Premium Tax Credit. Nor can you use this form if you received advance payments of the premium tax credit in 2015.
Form 1040A may be best for you if:
• Your taxable income is below $100,000;
• You have capital gain distributions;
• You claim certain tax credits; and
• You claim adjustments to income for IRA contributions and student loan interest.
You must use the Form 1040 if:
• Your taxable income is $100,000 or more;
• You claim itemized deductions;
• You report self-employment income; or
• You report income from sale of a property.
Remember, if you e-file you don’t need any paper forms to mail to the IRS.
by Jim Magary | Jan 21, 2016 | Tax Help
We are an affordable professional tax firm with over 65 years of direct IRS work experience. Since 1982.
Let’s be honest, who can be more qualified to settle your IRS tax debt than a former IRS agent teaching instructor who taught the offer in compromise program to IRS agents.As former IRS agents we accepted offers in compromise and know every facet available to this program along with some of the hidden gems.
It is important to know before you begin the process of the tax offer in compromise is to make sure you’re a true offer in compromise tax debt settlement candidate.
We know the system inside and out and are some of the most affordable, trustworthy and notable experts in South Florida.
If you want to file an offer in compromise I thought you’d like to know what the statistics are. 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. Knowing the formulas that IRS uses is the best way to settle your debt for the lowest amount possible.
We will not file for an offer in compromise unless you are a true candidate for the program.
There is an IRS pre-qualifier tool that we review with our clients before we file for the offer in compromise.
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.
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.
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.
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.
TYPEs OF OIC PAYMENTS
• 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 IRS OIC
While your IRS 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 will review with you the different criteria, the pre-qualifier tool and how to settle your tax debt for pennies on a dollar if you are qualified.
Call our office, you will speak to a true IRS tax professional.
Offer a Tax Compromise to IRS + Former IRS Offer in Compromise Specialist
by Jim Magary | Jan 21, 2016 | Tax Help
Affordable former IRS agents and managers and know the system, since 1982.
Their various solutions in dealing with IRS back tax debt and two of the most common ways are having IRS accept you as a:
1. hardship or uncollectible candidate,
2.or IRS entertaining a payment agreement.
Before you do predetermine which is the best method for you to resolve your IRS tax situation it is probably best to call our office for a free initial tax consultation and let us help you make the correct determination that will help you and your IRS problem.
It is important for you to know that certain conditions may exist to place you in a currently not collectible status or place you in the lowest possible payment agreement status with IRS.
There a lot of factors that come in the play before making a decision, some of those are your current financial statement, your future income potential, the length of your statute of limitations, and a possible exit strategy why
Over 40% of people who owe back taxes currently have their cases placed in uncollectible files or current tax hardships.
But what does that mean?
That means that the Internal Revenue Service will take your individual documented financial statement and will make a determination to find out if you can even make payments at this time.
If this is the case, IRS will put a freeze on it so no enforcement action may be taken.
About three years later, the case will come back out to the field for re-review. At that time the will make a new financial determination based on a current financial statement, pay stubs, and bank statements.
What is the downside the downside ? IRS will continue to take any refund you have available and penalties and interest run.
The other option is to enter into a monthly payment plan.
Monthly payment plans are based on the IRS review of the 433F , which is the IRS documented financial statement and documentation to support that financial statement.
Payment plans are figured out based on what the national, regional or localized averages and standards are for your current monthly expenses.
IRS simply looks at your current verified income to pay stubs and subtracts from it the national, regional localized average expenses that a taxpayer should have in the area in which you live. If there is a surplus that’s what IRS will expect for a payment agreement.
So the minimum IRS payment agreement will be determined on the financial statement and that’s why it is important that a true IRS tax expert both prepare and negotiate any payment agreement you are making with Internal Revenue Service.
It is well worth your money because many times IRS will force you into an agreement that you are never again to be able to live into.
It also should be noted that many taxpayers with installment payments are eligible for the offer in compromise program to settle their debt for pennies on the dollar.
When you call our office we will walk through the forms with you and find out is what the best available solution is for you.
Since 1982 we have been practicing tax representation for taxpayers, and businesses and individuals and corporations who owe back taxes.
Call us today learn more and speak to a true IRS tax expert.
IRS Payment Plans + What is the Minimum Amount + Former IRS + Learn the Truth
by Jim Magary | Jan 21, 2016 | Tax Help
Former IRS agents and managers who know the system, affordable, since 1982. A plus Rated.
There are various methods of taking care of back payroll tax problem, as former IRS agents and managers we know every possible solution available.
After a 10 minute conversation with you and with that free initial tax consultation, we will tell you the most affordable way to resolve the payroll tax debt with the Internal Revenue Service and deal with any residual trust fund issues.
In-Business Trust Fund Express Installment Agreement are possible.
Small businesses who currently have employees can qualify for an In-Business Trust Fund Express Installment Agreement (IBTF-Express IA).
These installment agreements generally do not require a financial statement or financial verification as part of the application process.
The criteria to qualify for an IBTF-Express IA are:
• You owe $25,000 or less at the time the agreement is established. If you owe more than $25,000, you may pay down the liability before entering into the agreement in order to qualify.
• The debt must be full paid within 24-months or prior to the Collection Statute Expiration Date (CSED), whichever is earlier.
• You must enroll in a Direct Debit installment agreement (DDIA) if the amount you owe is between $10,000 and $25,000.
• You must be compliant with all filing and payment requirements.
To apply call us today.
Owe Payroll Tax Debt + Less Than $25k + Immediate Tax Relief + Former IRS
by Jim Magary | Jan 21, 2016 | Tax Help
We are the affordable and experienced professional firm that specializes in IRS tax debt. Since 1982. A plus Rated BBB.
We are composed of CPAs and former IRS agents and managers who have logged over 65 years as former IRS employees.
With all that experience we know the system inside and out. not only were we former IRS agents and managers who are teaching instructors for new IRS agents. we know every possible program IRS as we can explain to each and every option if you owe IRS back taxes.
We understand the protocols, settlement theories, and each system IRS has to deal with your particular situation.
If you owe back IRS taxes we can explain to you the various options you have and how IRS will settle your case. There are various programs available for those who are looking for tax debt forgiveness.
Current IRS programs available to deal with those “who owe back taxes “
IRS must have a standard that they use nationwide to determine how they go ahead and settle back tax issue or back tax problems. If there was no standard it would be a free-for-all in there be a huge break down in the system. So IRS in their wisdom created an available standard and knowing the system is key to success.
IRS uses a current financial statement to determine how are they are in a deal with the back IRS tax debt.
IRS wants review of a 433F, which is their version of a financial statement, along with three months worth of bank statements and pay stubs.
They were also we want to review your current monthly expenses. There are national standards IRS uses as comparison methods.
Once IRS carefully review your financial statement there are generally two options available to you.
1. Over 40% of current cases in which taxpayers owe back taxes those cases are put into a non-collectible a hardship status which means they will stay there for two or three years, with penalties and interest running and will review the case somewhere down the road.
2. While as 6.5 million taxpayers opt for the installment or payment agreement method to pay IRS back the debt.
Once again your current financial statement along with documentation is key for resolving your IRS back taxes. IRS also has a small sundry list of options for online payments which we can determine which is best for you.
The offer in compromise program.
When you call our office to review your current financial statement and find out first if you can settle your tax debt.
Anytime a taxpayer calls our office regarding tax debt, we immediately want to find out if it can be settled to the offer in compromise.
One of the nice things about the program deserves a pre-qualifier tool so a taxpayer does not need to spend any money to find out whether they are eligible for this program.
It is important to know that all your tax returns need to be filed with the Internal Revenue Service to keep Uncle Sam happy. We can prepare your back tax returns with little or no records.
If you owe back IRS taxes call us today for a free initial tax consultation and learn the truth about dealing with IRS if you owe back taxes.
When you retain a firm like fresh start tax llc, you are retaining integrity, character, experience and affordable pricing.
When you call our office you’ll speak to a true IRS tax expert and not a salesperson who can assure that you will get the best possible settlement available with the Internal Revenue Service.
Since 1982 we have been resolving issues for those taxpayers who owe back taxes.
I Owe Back Taxes, What Are My Options + Former IRS Explains
