Tax Returns – Tips for Farmers – Former IRS Agents – Fresh Start Tax LLC

by Fresh Start Tax | Apr 1, 2014 | Tax Help

 Tips for Farm Tax Returns

There are many tax benefits for people in the farming business.

Farms include:

1.plantations,

2.ranches,

3. ranges and orchards.

4. Farmers may raise livestock, poultry or fish, or grow fruits or vegetables.

Things about farm income and expenses. 

1. Crop insurance proceeds.

Insurance payments from crop damage count as income.

Generally, you should report these payments in the year you get them.

2. Deductible farm expenses.

Farmers can deduct ordinary and necessary expenses they paid for their business. An ordinary expense is a common and accepted cost for that type of business.

A necessary expense means a cost that is appropriate for that business.

3. Employees and hired help.

You can deduct reasonable wages you paid to your farm’s full and part-time workers.

You must withhold Social Security, Medicare and income taxes from their wages.

4. Sale of items purchased for resale.

If you sold livestock or items that you bought for resale, you must report the sale.

Your profit or loss is the difference between your selling price and your basis in the item. Basis is usually the cost of the item.

Your cost may also include other amounts you paid such as sales tax and freight.

5. Repayment of loans.

You can only deduct the interest you paid on a loan if the loan is used for your farming business.

You can’t deduct interest you paid on a loan that you used for personal expenses.

6. Weather-related sales.

Bad weather such as a drought or flood may force you to sell more livestock than you normally would in a year.

You may be able to delay reporting a gain from the sale of the extra animals.

7. Net operating losses.

If your expenses are more than income for the year, you may have a net operating loss.

You can carry that loss over to other years and deduct it.

You may get a refund of part or all of the income tax you paid in prior years.

You may also be able to lower your tax in future years.

8. Farm income averaging.

You may be able to average some or all of the current year’s farm income by spreading it out over the past three years.

This may lower your taxes if your farm income is high in the current year and low in one or more of the past three years.

9. Fuel and road use.

You may be able to claim a tax credit or refund of excise taxes you paid on fuel used on your farm for farming purposes.

10. Farmers Tax Guide.

For more details on this topic see Publication 225, Farmer’s Tax Guide. You can get it on IRS.gov or call the IRS at 800-TAX-FORM (800-829-3676) to have it mailed to you.

Tax Returns – Tips for Farmers –  Former IRS Agents – Fresh Start Tax LLC

IRS -Tax Audit, Levy Help, Settlement Relief, Back Tax Filing *Affordable* Adel, Moultrie, Sylvester, Fitzgerald, Americus – Tax Attorney Lawyer

by Fresh Start Tax | Apr 1, 2014 | Tax Help

Let Former IRS Agents and Managers fight your battle!

With over 60 years of direct work experience in the local, district, and regional tax offices of the Internal Revenue Service we know all the systems and protocols to get you immediate tax relief.

While employed with the Internal Revenue Service we taught tax law to new IRS agents at the Atlanta service center.

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Tax Facts:

• Over 16 million taxpayers do not file annual tax returns,
• IRS levies just under 2 million taxpayers each and every year,
• IRS files 800,000 federal tax liens every year,
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• Over 38% of all taxpayers who file for IRS settlements get accepted,
• The current IRS audit rate on individuals is .088%.

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Our staff:

• On staff, Board Certified Tax Attorney’s, IRS Tax Lawyers, Certified Public Accountants, Enrolled Agents,
• Full Service Accounting Tax Firm,
• We taught Tax Law in the IRS Regional Training Center
• Former IRS Agents, Managers and Instructors with over 60 years experience  in the local, district and regional IRS offices.
• Highest Rating by the Better Business Bureau  “A” Plus
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• IRS Tax Audits
• IRS Hardships Cases or Unable to Pay
• Payment Plans, Installment Agreements, Structured agreements
• Abatement of Penalties and Interest
• State Sales Tax Cases
• Payroll / Trust Fund Penalty Cases / 6672
• Filing Late, Back, Unfiled Tax Returns
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IRS -Tax Audit, Levy Help, Settlement Relief, Back Tax Filing *Affordable*  Adel, Moultrie, Sylvester, Fitzgerald, Americus – Tax Attorney Lawyer

IRS * Affordable Tax Help – Levy Release, Tax Audit, Settlements, Back Taxes – Camila, Blakely, Albany, Dawson – Tax Attorneys, Lawyers

by Fresh Start Tax | Apr 1, 2014 | Tax Help

As a firm we have over 206 years professional tax experience and over 60 years of working for the Internal Revenue Service in the local, district, and regional tax offices of the IRS.

While employed at the Internal Revenue Service we taught out of the Atlanta regional training center.

With over 60 years of experience at the Internal Revenue Service we know the systems, the protocols, the settlement theories to give you affordable tax help relief.

The Internal Revenue Service is the most powerful collection tool in the world.

It is a machine that runs on systematized programming.

Many times when you are contacted by the Internal Revenue Service not a human hand touches the letter.

Any individual that receives an IRS notification should immediately answer that letter.

If you have received an IRS notice of levy that generally means you did not respond to a final notice sent out by the IRS.

As a general rule the IRS will either levy  your bank account or will send a wage levy to your employer.

Before you get either levy release you will need to give the IRS a completely documented 433F financial statement.

You can find those on our website.

Once we receive your current financial statement along with documentation we can send it to the Internal Revenue Service and within 24 hours as a general rule we can get your tax levy released.

There different types of tax audits sent out by the IRS.

Approximately 1.4 million people receive IRS notice of audits.

1.1 million are mail correspondents all audits.

The others audits are office or field tax audits.

If you have received a notice of audit contact us today and we can set up the best possible tax defense for you.

If you are looking to settle your case for pennies on the dollar call our office and we walk you through the system of tax settlement.

You will be instructed to walk through the pre-qualifier tool on our website and see how you can settle your case for the lowest possible dollar amount allowed by law.

Contact us today and speak directly to a true tax professional.

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IRS * Affordable Tax Help – Levy Release, Tax Audit, Settlements, Back Taxes – Camila, Blakely, Albany, Dawson – Tax Attorneys, Lawyers

IRS Refunds, Direct Deposits, Split Refunds, Former IRS Agents

by Fresh Start Tax | Apr 1, 2014 | Tax Help

Direct Deposit and Split Refunds

Tax Fact : For 57 million Americans, the refund check is no longer in the mail; it’s already in the bank.

So far this year, the Internal Revenue Service has issued direct-deposit refunds valued at more than $170 billion, as a growing number of taxpayers are choosing the speed and convenience of direct deposit, rather than receiving a paper check.

So far this year, almost 85 percent of all refunds have been directly deposited into taxpayers’ bank accounts.

Taxpayers can have their refunds directly deposited when they e-file or by including their account information on their paper tax return.

• Banks,
• mutual funds,
• brokerage firms and
• credit unions are all eligible to receive direct deposits. Before making this choice, however, taxpayers should make sure the financial institution accepts direct deposits for the type of account chosen.

Before making this choice, however, taxpayers should make sure the financial institution accepts direct deposits for the type of account chosen.

SPLITTING REFUNDS

Taxpayers also have the option and flexibility of splitting refund deposits among two or three different accounts or financial institutions.

For instance, a refund could be split between a savings account, a checking account or an Individual Retirement Arrangement (IRA).

Taxpayers can split their refunds when they e-file or by filing Form 8888, Direct Deposit of Refund to More Than One Account.

A taxpayer’s refund should only be deposited directly into accounts that are in the taxpayer’s own name; the taxpayer’s spouse’s name or both if it’s a joint account.