Stop IRS Tax Levy, Bank Levy, Wage Garnishment – Former IRS * Fast Affordable* Chicago, Springfield, Evansville

by Fresh Start Tax | Aug 26, 2014 | Tax Help

FST is the affordable Tax Firm.

We are professional tax firm that specializes in the immediate and permanent release of the IRS tax Levy, bank levy, and wage garnishment levy.

FST is comprised of tax attorneys and certified public accountants, and former IRS agents.

As a result of our 60 years of working for the Internal Revenue Service we know every system and every avenue to stop the Internal Revenue Service.

While at the Internal Revenue Service we taught tax law.

As Former IRS agents, we can settle your case and remove your IRS Tax Levy.

2 Million Tax Levies are sent every out every year by Uncle Sam.

The Internal Revenue Service sends out close to 2 million bank and wage garnishment levies each and every year.

Each tax levy is computer generated by the CADE2  computer system.  These letters are all send out systemically and not one human hand touches a tax levy.

If taxpayers do not respond to final notices, IRS is mandated to send out these tax Levy to seize paychecks and bank accounts.

How to get an IRS tax Levy, bank levy and wage garnishment levy released

To get a tax levy released IRS will require a current financial statement on form 433F.

That is the only form IRS will accept.

That financial statement will need to be fully documented and verified by the Internal Revenue Service.

We have released multitudes of tax levies. When dealing with our firm you will never speak to the Internal Revenue Service we handle all correspondence and communication.

As a general rule the Internal Revenue Service will ask for your last pay stub, your last three months bank statements, and a copy of all monthly expenses.

IRS will compare that against the national, local, and geographical standards.

Once IRS has the financial statement they will release the levy and have an exit strategy to close your case off the IRS enforcement computer.

As a general rule, IRS who either place your case into a hardship or uncollectible file, ask you for a monthly installment or payment agreement, and/or recommend you file an offer to compromise because you appear to be a suitable candidate.

Call us today for a free evaluation and consultation you can talk to a true IRS tax expert.

Keep in mind the Internal Revenue Service will conduct a full compliance check to make sure all your tax returns are current up-to-date on their computer system.

We are A+ rated by the Better Business Bureau have been in private practice since 1982.

We can represent you for any other issue you have with Internal Revenue Service .

We are a full service tax firm.

Highway Use Tax – Truckers, What You Need to Know – Return Due Sept. 2

by Fresh Start Tax | Aug 25, 2014 | Tax Help

Truckers, Highway Use Tax Return Due Sept. 2

This year’s Sept. 2 due date, pushed back two days because the normal Aug. 31 deadline falls on a Sunday, generally applies to Form 2290 and the accompanying tax payment for the tax year that begins on July 1, 2014, and ends on June 30, 2015.

Tax Returns must be filed and tax payments made by Sept. 2 for vehicles used on the road during July.

For vehicles first used after July, the deadline is the last day of the month following the month of first use.

Though some taxpayers have the option of filing Form 2290 on paper, the IRS encourages all taxpayers to take advantage of the speed and convenience of filing this form electronically and paying any tax due electronically.

Taxpayers reporting 25 or more vehicles must e-file.

A list of IRS-approved software providers can be found on IRS.gov.

Paper returns must be mailed and postmarked by midnight on Sept. 2. As usual, IRS offices will be closed on Labor Day, Monday, Sept. 1.

The highway use tax applies to highway motor vehicles with a taxable gross weight of 55,000 pounds or more.

This generally includes trucks, truck tractors and buses.

Ordinarily, vans, pick-ups and panel trucks are not taxable because they fall below the 55,000-pound threshold.

The tax of up to $550 per vehicle is based on weight, and a variety of special rules apply, explained in the instructions to Form 2290.

IRS and Back-to-School Tax Credits

by Fresh Start Tax | Aug 25, 2014 | Tax Help

IRS and Back-to-School Tax Credits

Are you, your spouse or a dependent heading off to college?

Here’s a quick tip.

Some of the costs you pay for higher education can save you money at tax time.

Here are several important facts you should know about education tax credits:

American Opportunity Tax Credit.

The AOTC can be up to $2,500 annually for an eligible student. This credit applies for the first four years of higher education.

Forty percent of the AOTC is refundable.

That means that you may be able to get up to $1,000 of the credit as a refund, even if you don’t owe any taxes.

Lifetime Learning Credit.

With the LLC, you may be able to claim a tax credit of up to $2,000 on your federal tax return.

There is no limit on the number of years you can claim this credit for an eligible student.

One credit per student.

You can claim only one type of education credit per student on your federal tax return each year. If more than one student qualifies for a credit in the same year, you can claim a different credit for each student.

Qualified expenses.

You may include qualified expenses to figure your credit.

This may include amounts you pay for tuition, fees and other related expenses for an eligible student. Refer to IRS.gov for more about the additional rules that apply to each credit.

Eligible educational institutions.

Eligible schools are those that offer education beyond high school. This includes most colleges and universities.

Vocational schools or other post secondary schools may also qualify.
Form 1098-T. In most cases, you should receive Form 1098-T, Tuition Statement, from your school.

This form reports your qualified expenses to the IRS and to you. You may notice that the amount shown on the form is different than the amount you actually paid.

That’s because some of your related costs may not appear on Form 1098-T.

For example, the cost of your textbooks may not appear on the form, but you still may be able to claim your textbook costs as part of the credit.

Remember, you can only claim an education credit for the qualified expenses that you paid in that same tax year.

Nonresident alien.

If you are in the U.S. on an F-1 student visa, you usually file your federal tax return as a nonresident alien.

You can’t claim an education credit if you were a nonresident alien for any part of the tax year unless you elect to be treated as a resident alien for federal tax purposes.

To learn more about these rules see Publication 519, U.S. Tax Guide for Aliens.
Income limits.

These credits are subject to income limitations and may be reduced or eliminated, based on your income.

Back-to-School Tax Credits, What You Need to Know