by Fresh Start Tax | Mar 6, 2014 | Tax Help
Do you want to get your refund faster, tell IRS to Direct Deposit Your Refund to One, Two or Three Accounts
You have several options for receiving your federal income tax refund.
You can:
- Split your refund with direct deposits into two or three checking or savings accounts,
- Direct deposit your refund into one checking or savings account,
- Receive your refund as a paper check in the mail,
- Buy up to $5,000 in U.S. Series I Savings Bonds with your refund.
Splitting your refund is easy.
Use IRS’ Form 8888, Allocation of Refund (Including Savings Bond Purchases). Just follow the instructions on the form.
If you want IRS to deposit your refund into just one account, use the direct deposit line on your tax form.
With split refunds, you have a convenient option for managing your money, sending some of your refund to an account for immediate use and some for future savings, teamed with the speed and safety of direct deposit.
Your refund should only be deposited directly into accounts that are in your own name; your spouse’s name or both if it’s a joint account.
Whether you file electronically or on paper, direct deposit gives you access to your refund faster than a paper check.
Direct deposit also avoids the possibility that your check could be lost or stolen or returned to IRS as undeliverable.
How to Get your TAX REFUND FASTER, Former IRS
by Fresh Start Tax | Mar 6, 2014 | Tax Help
Facts about Capital Gains and Losses
When you sell a “capital asset “ the sale usually results in a capital gain or loss.
A capital asset includes most property you own and use for personal or investment purposes.
Facts you need to know about the IRS on capital gains and losses:
1. Capital assets include property such as your home or car.
They also include investment property such as stocks and bonds.
2. A capital gain or loss is the difference between your basis and the amount you get when you sell an asset.
Your basis is usually what you paid for the asset.
3. You must include all capital gains in your income.
Beginning in 2013, you may be subject to the Net Investment Income Tax.
The NIIT applies at a rate of 3.8% to certain net investment income of individuals, estates, and trusts that have income above statutory threshold amounts.
4. You can deduct capital losses on the sale of investment property.
You cannot deduct losses on the sale of personal-use property.
5. Capital gains and losses are either long-term or short-term, depending on how long you held the property.
If you held the property for more than one year, your gain or loss is long-term. If you held it one year or less, the gain or loss is short-term.
6. If your long-term gains are more than your long-term losses, the difference between the two is a net long-term capital gain.
If your net long-term capital gain is more than your net short-term capital loss, you have a ‘net capital gain.’
7. The tax rates that apply to net capital gains will usually depend on your income.
For lower-income individuals, the rate may be zero percent on some or all of their net capital gains.
In 2013, the maximum net capital gain tax rate increased from 15 to 20 percent.
A 25 or 28 percent tax rate can also apply to special types of net capital gains.
8. If your capital losses are more than your capital gains, you can deduct the difference as a loss on your tax return.
This loss is limited to $3,000 per year, or $1,500 if you are married and file a separate return.
9. If your total net capital loss is more than the limit you can deduct, you can carry over the losses you are not able to deduct to next year’s tax return.
You will treat those losses as if they happened that year.
10. You must file Form 8949, Sales and Other Dispositions of Capital Assets, with your federal tax return to report your gains and losses.
You also need to file Schedule D, Capital Gains and Losses with your return.
If you would like a former IRS agent or IRS agent manager to prepare your Tax Return, call us today. We have a combined 60 years of direct tax experience with the IRS.
by Fresh Start Tax | Mar 6, 2014 | Tax Help
What You should Know if You Barter
Bartering is the trading of one product or service for another. Yes, it is taxable, like it or not.
Often there is no exchange of cash.
Small businesses sometimes barter to get products or services they need. For example, a plumber might trade plumbing work with a dentist for dental services.There are hundreds of examples.
If you barter, you should know that the value of products or services from bartering is taxable income.
Here are facts about bartering:
1. Barter exchanges.
A barter exchange is an organized marketplace where members barter products or services.
Some of these exchanges operate out of an office and others over the Internet.
All barter exchanges are required to issue Form 1099-B, Proceeds from Broker and Barter Exchange Transactions.
The exchange must give a copy of the form to its members who barter and file a copy with the IRS.
2. Bartering income.
Barter and trade dollars are the same as real dollars for tax purposes and must be reported on a tax return.
Both parties must report as income the fair market value of the product or service they get.
3. Tax implications.
Bartering is taxable in the year it occurs. The tax rules may vary based on the type of bartering that takes place.
Barterers may owe income taxes, self-employment taxes, employment taxes or excise taxes on their bartering income.
4. Reporting rules.
How you report bartering on a tax return varies. If you are in a trade or business, you normally report it on Form 1040, Schedule C, Profit or Loss from Business.
Questions, call us today.
by Fresh Start Tax | Mar 6, 2014 | Tax Help
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IRS Tax Levy
There are generally two types of levies.
1. Bank Levy.
If you have received an IRS bank levy, the funds cannot immediately be transferred to the Internal Revenue Service .
The IRS gives you 21 days to get your bank levy released. If you not get a release from the IRS all the funds that were in the account the day the levy hit is sent to the IRS,
2. Wage Levy.
If you have received a wage levy from the IRS approximately 80 and 90% of your next paycheck will be sent to the Internal Revenue Service.
How to get a Bank or Wage Levy Released
To get a bank or wage levy release from the Internal Revenue Service, you’ll need to give them a current financial statement along with complete documentation.
IRS will then evaluate the information and release the levy. IRS however must still close the case off the IRS collection computer.
IRS will either place your case into a currently uncollectible status, ask you for a monthly payment plan, or let you know you are qualified for an IRS tax settlement.
Tax settlements
An IRS tax settlement is called an offer in compromise.
Do not get ripped off by calling different Internet firms that can claim they can save you pennies on a dollar.
Being a former IRS agent, the offer in compromise or tax settlement program is a little more complicated than people think. I urge taxpayers to call us and we will walk you through the to the pre-qualifier tool so you can find out if you are a settlement candidate.
IRS tax audits
If you’re undergoing an IRS tax audit you can call our office and speak to a former IRS audit managers who can evaluate your case and represent you so you save the most amount of money possible for your tax audit.
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by Fresh Start Tax | Mar 5, 2014 | Tax Help
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Owing money to the IRS is a scary proposition, but ignoring the agency is never a good option.
In 2013, over 66 million people received a tax refund with the amount averaging $2,827.
However, over 14 million people owed taxes.
If IRS has sent out a bank levy or wage Levy garnishment
If the IRS has served your employer or your bank a levy, contact us today. Usually within 48 hours of us receiving your current financial statement we can get all IRS levies released.
You will need to provide us with a detailed IRS financial statement along with complete documentation. You will need to complete IRS form 433-F.
The process is very easy and very same seamless. You need to be aware that you will have to file all back tax returns before IRS will process your levy release.
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If you are undergoing an IRS tax audit
If you are undergoing an IRS tax audit you can call us today and speak directly to a former IRS agent who was a tax audit manager and can walk you through the process of what you can expect and give you a pretty good idea about applicable results depending on your individual case.
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An IRS tax settlement is called an offer in compromise.
38% of all offers in compromise are accepted by IRS and they generally settle for $.14 on a dollar.
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