by Fresh Start Tax | Apr 4, 2014 | Tax Help
As e-file Grows, IRS Receives Fewer Tax Returns on Paper, yes, we are saving trees.
As of March 28, the Internal Revenue Service has received 82 million returns through e-file, about 91 percent of returns filed this year.
Only about 9 percent, 8.3 million returns, were filed on paper.
The IRS expects to receive about 148 million individual income tax returns this year and projects that 23 million returns will be on paper, down 7 percent from last year’s total of 25 million paper returns.
IRS e-file has accomplished many goals, including reducing the amount of paper the government must process.
This reduction of paper processing allows the agency to be more efficient and use valuable resources to address other critical work.
The safest way to file
You should know and be reminded that taxpayers that e-file is the safest, fastest and easiest way to submit their individual tax returns. Since 1990, taxpayers have e-filed more than 1 billion Form 1040 series tax returns safely and securely.
E filers are Growing Every Year, The Latest Report from Fresh Start Tax LLC
by Fresh Start Tax | Apr 4, 2014 | Tax Help
Net Investment Income Tax
Starting in 2013, some taxpayers may be subject to the Net Investment Income Tax.
You may owe this tax if you have income from investments and your income for the year is more than certain limits.
Here are things from Fresh Start Tax LLC that you should know about this tax:
1. Net Investment Income Tax.
The law requires a tax of 3.8 percent on the lesser of either your net investment income or the amount by which your modified adjusted gross income exceeds a threshold amount based on your filing status.
2. Net investment income.
This amount generally includes income such as:
- rental and royalty income
This list is not all-inclusive.
Net investment income normally does not include wages and most self-employment income. It does not include unemployment compensation, Social Security benefits or alimony.
Net investment income also does not include any gain on the sale of your main home that you exclude from your income.
After you add up your total investment income, you then subtract your deductions that are properly allocable to this income.
The result is your net investment income. Refer to the instructions for Form 8960, Net Investment Income Tax for more on how to figure your net investment income or MAGI.
3. Income threshold amounts.
You may owe the tax if you have net investment income and your modified adjusted gross income is more than the following amount for your filing status:
- Filing Status Threshold Amount
- Single or Head of household $200,000
- Married filing jointly $250,000
- Married filing separately $125,000
- Qualifying widow(er) with a child $250,000
4. How to report.
If you owe this tax, you must file Form 8960 with your federal tax return.
If you had too little tax withheld or did not pay enough estimated taxes, you may have to pay an estimated tax penalty.
Net Investment Income Tax, What you need to Know, Former IRS Agents – Fresh Start Tax LLC
by Fresh Start Tax | Apr 4, 2014 | Tax Help
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by Fresh Start Tax | Apr 4, 2014 | Tax Help
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If you owe taxes to the Internal Revenue Service you are not alone.
For this fiscal year the Internal Revenue Service levied just less than 2 million people, file just over 900,000 federal tax liens.
Make sure you respond to any IRS notice that they send you. if not IRS will at some point in time follow up with collection enforcement action.
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by Fresh Start Tax | Apr 4, 2014 | Tax Help
If you have any type of IRS problem it only makes good common sense to hire former IRS agents and managers who know the systems and protocol to get you immediate tax relief.
We trained IRS Agents as Former IRS Instructors out of the Regional Training Center in Atlanta Ga.
As a result of our years of experience at the IRS we know all the systems and protocols to get you immediate tax relief on any tax issue you are having.
Fresh Start Tax LLC is comprised of tax attorneys, certified public accountants, enrolled agents, and former IRS agents, managers and tax instructors.
We have over 60 years of combined IRS work experience in the local, district, and regional tax offices of the Internal Revenue Service.
If you have IRS tax problem you are not alone, some quick tax facts:
- IRS sends over 1.8 million tax levies a year to banks and employers,
- IRS audits approximately 1% of all taxpayers,
- IRS accepts 38% of all settlement offers filed,
- Over 16 million taxpayers do not file annual tax returns.
Tax Levy Update
If you have an IRS levy and can get us a documented financial statement within 24 hours we can get your levy released.
Areas of Professional Tax Representation
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Areas of Professional Tax Practice:
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