Levy Help – IRS Bank, Wage Garnishment Levy, Affordable Fast Removals – Wilkes-Barre, Scranton, Hazeltown, Williamsport

by Fresh Start Tax | Jun 3, 2014 | Tax Help

Generally, within 24 hours of receiving your current financial statement we can get your IRS bank or wage garnishment levy released and settle your case with the Internal Revenue Service.

Stop the worry today and contact former IRS agents and managers who have over 60 years with the Internal Revenue Service resolve and relinquish your IRS problem.

IRS Bank and Wage Garnishment Levies

If the IRS  issued you a bank levy you will have 21 days before the bank must send the levied funds to the Internal Revenue Service.

If you have received an IRS wage garnishment levy a good portion of your next paycheck will go to the Internal Revenue Service.  Your employer must continue to pay IRS until they get a release of Levy from the Internal Revenue Service

How to Get a Tax Levy Released within 24 hours

To get an IRS bank or wage levy released you will need to give IRS a current financial statement on form 433F.

The Internal Revenue Service will analyze your financial statement based on the national and regional standards in the area in which you live.

After a complete review of the financial statement , IRS will then enter you into a payment agreement or place you into an economic tax hardship or come up with another solution based on your current financial statement.

IRS will then send out an immediate levy release that day.

IRS will also make sure that all your tax returns are filed, a current and up-to-date.

If you need to file back tax returns we can do so within days.

IRS may often suggest you may be a tax settlement candidate for offer in compromise.

Call us today for free initial tax consultation and we can walk you through the different resolution programs that IRS has available.

We have been in private practice since 1982 and are A plus rated by the BBB.

Levy Help – IRS Bank, Wage Garnishment Levy, Fast Removals – Wilkes-Barre, Scranton, Hazeltown, Williamsport

Taxpayer Living Abroad – File Your Tax Returns by June 16th, 2014

by Fresh Start Tax | Jun 2, 2014 | Tax Help

June 16th wake up call!

Taxpayers abroad qualifying for an automatic two-month extension must file their 2013 federal income tax returns by Monday, June 16, according to the Internal Revenue Service.

The June 16 deadline applies to U.S. citizens and resident aliens living overseas, or serving in the military outside the U.S. on the regular April 15 due date.

Eligible taxpayers get one additional day because the normal June 15 extended due date falls on Sunday this year.

To use the two-month extension, taxpayers must attach a statement to their tax return explaining which of these two situations applies..

Federal law requires U.S. citizens and resident aliens to report any worldwide income, including income from foreign trusts and foreign bank and securities accounts on their federal income tax return.

Important Change in the Law

U.S. persons with foreign accounts whose aggregate value exceeded $10,000 at any time during 2013 must file electronically with the Treasury Department a Financial Crimes Enforcement Network (FinCEN) Form 114, Report of Foreign Bank and Financial Accounts (FBAR).

Form 114 replaces TD F 90-22.1, the FBAR form used in the past. It is due to the Treasury Department by Monday, June 30, must be filed electronically, and is only available online through the BSA E-Filing System website. This due date cannot be extended and tax extensions do not extend the FBAR filing due date. For details on FBAR requirements, see Report of Foreign Bank and Financial Accounts (FBAR).

Taxpayers abroad can now use IRS Free File to prepare and electronically file their returns for free.

This means both U.S. citizens and resident aliens living abroad with adjusted gross incomes (AGI) of $58,000 or less can use brand-name software to prepare their returns and then e-file them for free.

A second option, Free File Fillable Forms, the electronic version of IRS paper forms, has no income limit and is best suited to people who are comfortable preparing their own tax return.

Taxpayers who cannot meet the June 16 deadline can get an automatic extension until Oct. 15, 2014.

This is an extension of time to file, not an extension of time to pay. Interest, currently at the rate of three percent per year compounded daily, applies to any payment made after April 15, 2014.

In some cases, a late payment penalty, usually 0.5 percent per month, applies to payments made after June 16, 2014.

Taxpayers abroad, regardless of income, can use Free File to request a tax-filing extension. Alternatively, eligible taxpayers can download and file Form 4868, available on IRS.gov.

Health Coverage Tax Credit, What You Need to Know

by Fresh Start Tax | Jun 2, 2014 | Tax Help

Health Coverage Tax Credit, What You Need to Know

Question: What is the health coverage tax credit and how can I learn more about it?

Answer: The health coverage tax credit (HCTC) is a refundable tax credit that currently pays 72.5% of qualified health plan premiums for certain trade-affected workers, retirees, and their families.

The HCTC is a unique tax credit that eligible individuals can receive either monthly as their health plan premium becomes due or yearly on their federal tax return.

You can learn more about this valuable tax credit, including who is eligible for the credit, on the Health Coverage Tax Credit (HCTC) Program pages on our website.

Simply Google Health Coverage Tax Credit (HCTC) Program and have fun exploring.