by Fresh Start Tax | Mar 7, 2013 | Income Tax Preparation, Tax Help
Income Tax Preparation Service, A Plus Rated, Affordable – Former IRS – Since 1982 954-492-0088
We are a professional tax firm that are experts in income tax preparation. We offer a full range of services and financial planning that benefits all your tax needs, business needs and can give you peace of mind for your financial future.
We are comprised of tax attorneys, certified public accountants, enrolled agents, and former IRS agents.
On staff are former IRS audit managers and teaching instructors that taught income tax law at the Internal Revenue Service. As a result of our years experience at IRS we can ensure and guarantee that you pay the lowest amount of tax allowed by law.
We can help audit proof your tax return so you never have the fear of IRS.
We have a combined 206 years of professional tax experience and over 60 years of working directly for the Internal Revenue Service and the local South Florida IRS offices as well as the district and regional offices of IRS.
Since 1982 we have been building long-term relationships with all our clients and please note that we are A+ rated by the Better Business Bureau.
Come by and visit our offices today and see why we are used by hundreds of South Floridians to both prepare their income tax and set up their financial planning.
Income Tax Preparation Service, Fresh Start Tax – Tips
Ten Facts about Capital Gains and Losses
The term “capital asset” for tax purposes applies to almost everything you own and use for personal or investment purposes. A capital gain or loss occurs when you sell a capital asset.
Here are 10 facts on capital gains and losses:
1. Almost everything you own and use for personal purposes, pleasure or investment is a capital asset. Capital assets include your home, household furnishings, and stocks and bonds that you hold as investments.
2. A capital gain or loss is the difference between your basis of an asset and the amount you receive when you sell it. Your basis is usually what you paid for the asset.
3. You must include all capital gains in your income.
4. You may 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 long-term or short-term, depending on how long you hold on to the property. If you hold the property more than one year, your capital gain or loss is long-term. If you hold it one year or less, the gain or loss is short-term.
6. If your long-term gains exceed 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 are generally lower than the tax rates that apply to other types of income.
The maximum capital gains rate for most people in 2012 is 15 percent.
For lower-income individuals, the rate may be 0 percent on some or all of their net capital gains. Rates of 25 or 28 percent can also apply to special types of net capital gains.
8. If your capital losses are greater than your capital gains, you can deduct the difference between the two on your tax return.
The annual limit on this deduction is $3,000, or $1,500 if you are married filing separately.
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 occurred that year.
10. Form 8949, Sales and Other Dispositions of Capital Assets, will help you calculate capital gains and losses. You will carry over the subtotals from this form to Schedule D, Capital Gains and Losses.
If you e-file your tax return, most software will do this for you.
Contact us today to learn more about our income tax preparation service. We are A+ rated by the Better Business Bureau and have been serving South Florida since 1982. We look forward to meeting you
by Fresh Start Tax | Mar 6, 2013 | Income Tax Preparation
Professional Income Tax Preparation, Former IRS – Ft.Lauderdale, Miami, Since 1982 954-492-0088
We have been preparing income tax returns in South Florida since 1982.
We are comprised of tax attorneys, lawyers, certified public accountants, enrolled agents and former IRS agents, managers and tax instructors.
We have over 60 years of direct work experience in the local South Florida IRS offices. As well as working in the local office we also worked in both the district and regional offices of the Internal Revenue Service.
Call us today and we can help audit proof your return from the Internal Revenue Service and make sure you are paying the lowest amount allowed by law.
Because of our years with Internal Revenue Service we know all the regulations, tax codes, and tax procedures to ensure you pay the lowest tax possible.
In case of an IRS tax audit we will fully defend your tax return.
Call us today for a free consultation or come by and visit our offices.
We pride ourselves in building long-term relationships with all our clients and we also can do long-range planning for any of our taxpayers that have that need.
We are A+ rated by the Better Business Bureau we are very affordable. Come by and visit our friendly staff today.
Once again, we enjoy building a long-term relationship with each and every client we have.
Tax Tips from fresh start tax llc
Take Credit for Your Retirement
Saving for your retirement can make you eligible for a tax credit worth up to $2,000. If you contribute to an employer-sponsored retirement plan, such as a 401(k) or to an IRA, you may be eligible for the Saver’s Credit.
Here are points about the Saver’s Credit:
1. The Saver’s Credit is formally known as the Retirement Savings Contribution Credit. The credit can be worth up to $2,000 for married couples filing a joint return or $1,000 for single taxpayers.
2. Your filing status and the amount of your income affect whether you are eligible for the credit. You may be eligible for the credit on your 2012 tax return if your filing status and income are:
a.Single, married filing separately or qualifying widow or widower, with income up to $28,750
b.Head of Household with income up to $43,125
c. Married Filing Jointly, with income up to $57,500
3. You must be at least 18 years of age to be eligible. You also cannot have been a full-time student in 2012 nor claimed as a dependent on someone else’s tax return.
4. You must contribute to a qualified retirement plan by the due date of your tax return in order to claim the credit. The due date for most people is April 15.
5. The Saver’s Credit reduces the tax you owe.
6. Use IRS Form 8880, Credit for Qualified Retirement Savings Contributions, to claim the credit. Be sure to attach the form to your federal tax return. If you use IRS e-file the software will do this for you.
7. Depending on your income, you may be eligible for other tax benefits if you contribute to a retirement plan. For example, you may be able to deduct all or part of your contributions to a traditional IRA.
Professional Income Tax Preparation, Audit Proof your Tax Return ,- Former IRS – Ft.Lauderdale, Miami ,- Since 1982
by Fresh Start Tax | Mar 5, 2013 | Income Tax Preparation
Ft.Lauderdale, Miami – Income Tax Preparation and Services, Former IRS 954-492-0088
The affordable local tax professionals. Hire, assessable local IRS tax experts. Check out our Bio page on our homepage link.
Come and visit us for a free tax consultation and see how we can save tax dollars for you. We are both skilled and seasoned tax professionals who want to build long-term relationships up with our clients.
We’re both friendly and affordable. We are A+ rated by the Better Business Bureau and have served South Florida since 1982.
If you are in the need of income tax preparation and services who better to hire than former IRS agents and managers who know the tax laws, tax policies and tax systems of the Internal Revenue Service.
We worked out of the local South Florida offices for over 60 years and have a direct working knowledge of the Internal Revenue Service.
We know exactly how to lower and reduce your tax bill.
While at IRS we taught tax law.
Fresh Start Tax – Four Tax Tips about Your Unemployment Benefits
If you received unemployment benefits this year, you must report the payments on your federal income tax return.
Here are four tips from the IRS about unemployment benefits.
1. You must include all unemployment compensation you received in your total income for the year. You should receive a Form 1099-G, Certain Government Payments.
It will show the amount you were paid and the amount of any federal income taxes withheld from your payments.
2. Types of unemployment benefits include:
a. Benefits paid by a state or the District of Columbia from the Federal Unemployment Trust Fund
b. Railroad unemployment compensation benefits
c. Disability payments from a government program paid as a substitute for unemployment compensation
d. Trade readjustment allowances under the Trade Act of 1974
e. Unemployment assistance under the Disaster Relief and Emergency Assistance Act
3. You must include benefits from regular union dues paid to you as an unemployed member of a union in your income. However, other rules apply if you contribute to a special union fund and your contributions are not deductible. If this applies to you, only include in income the amount you received from the fund that is more than your contributions.
4. You can choose to have federal income tax withheld from your unemployment benefits. You make this choice using Form W-4V, Voluntary Withholding Request. If you complete the form and give it to the paying office, they will withhold tax at 10 percent of your payments.
If you choose not to have tax withheld, you may have to make estimated tax payments throughout the year.
Ft.Lauderdale ,Miami- Income Tax Preparation and Services, Former IRS – Save
by Fresh Start Tax | Jan 25, 2013 | Income Tax Preparation
Income Tax Problems – Tax Solutions, Settlements, Former IRS Agents and Tax Experts 1-866-700-1040
If you are having any IRS income tax problems and are looking for the best available options to resolve your problem contact us today for free tax consultation.
You will speak directly to a Tax Attorney, CPA, or a Former IRS agent.
We are A+ rated by the Better Business Bureau.
We have over 206 years of professional tax experience and over 60 years direct working experience and knowledge of the Internal Revenue Service.
We worked out of the local, district, and regional offices of the Internal Revenue Service.
Income tax problems can come in various forms.
If you received an IRS bill, notice and need resolution we can offer the assistance you need so this does not become a worry or bother in your life. We have worked thousands of cases since 1982 and we know every available option that IRS has to make this a painless event in your life.
You need to make sure you answer all IRS letters, notices, or bills because IRS will use stepped up enforcement procedures if you do not deal with the current situation.
As a former IRS agent I will tell you from direct firsthand experience, that people that go ahead and contact IRS first have the greater chance of immediate resolution.
IRS Audit Letters or Notices
If you’ve received an IRS audit letter , you should know that we have several professional staff at our offices that have worked in the position of IRS agents, IRS managers, and former IRS instructors at Internal Revenue Service that can help negotiate any tax audit that you may have.
Owe Money to the IRS.
If you owe money to the Internal Revenue Service there are three basic options you have settling the case. After IRS receives a current financial statement with documentation IRS will either put your case and to into a tax hardship, installment agreement, or consider you for the filing of an offer compromise or IRS tax settlement.
Have not filed Back Income Tax Returns?
If you have not filed back income tax returns we can go ahead and pull IRS transcripts and reconstruct all your tax returns from little or no records.
Do not be afraid to file back tax returns because you not have the money to pay IRS.
Millions of taxpayers are in this position and sooner or later you are will have to file these back tax returns so without question start today on that process.
As a general rule IRS will ask that you filed the last six years to make sure your current in the tax year that you are in.
Fresh Start Tax L.L.C. is one of the premier tax resolution firms in the country. We deal with all types of civil cases including individuals, businesses, non-profits, partnerships and corporations.
We have staff that specialize in every facet of IRS Tax Representation.
We know all the IRS tax strategies because of our extensive IRS working backgrounds. We were Former IRS Certified Tax Instructors that taught IRS Tax Law in the IRS Regional Training Center. Some of our many specialties include the following:
Areas of Professional Tax Practice:
- Same Day IRS Tax Representation
- Offers in Compromise or IRS Tax Debt Settlements
- Immediate Release of IRS Bank Levies or IRS Wage Garnishments
- Tax Relief from a IRS Bill, Letter or Notice of “Intent to Levy”
- 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
- Tax Return Reconstruction if Tax Records are lost or destroyed
- Income Tax Problems
Our Company Resume: ( Since 1982 )
- Our staff has collectively over 205 years of Professional IRS Tax Representation Experience
- On staff, Board Certified Tax Attorney’s, IRS Tax Lawyers, Certified Public Accountants, Enrolled Agents,
- 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”
- Fast, affordable, and economical
- Licensed and certified to practice in all 50 States
- Nationally Recognized Veteran /Published Former IRS Agent
- Nationally Recognized Published EZINE Tax Expert
- As heard on GRACE 90.3 FM Monthly Radio Show-Business Weekly
Income Tax Problems – Tax Solutions, Settlements Former IRS
by Fresh Start Tax | Jan 16, 2013 | Income Tax Preparation
Office in the Home Tax Deduction – New Announcement 2013
IRS has a simplified option that many owners of home-based businesses and some home-based workers may use to figure their deductions for the business use of their homes. And it is about time!
In tax year 2010, the most recent year for which figures are available, nearly 3.4 million taxpayers claimed deductions for business use of a home (commonly referred to as the home office deduction). This is also an area that IRS tends to audit a lot because of the widespread abuse for the office in the home deduction.
The new optional deduction.
The new optional deduction is capped at $1,500 per year based on $5 a square foot for up to 300 square feet, will reduce the paperwork and record keeping burden on small businesses by an estimated 1.6 million hours annually. iI will also cut down on the number of audits that IRS will conduct for the office in the home deduction.
The new option provides eligible taxpayers an easier path to claiming the home office deduction.
They are generally required to fill out a 43-line form (Form 8829) often with complex calculations of allocated expenses, depreciation and carryovers of unused deductions. Taxpayers claiming the optional deduction will complete a significantly simplified form.
Though homeowners using the new option cannot depreciate the portion of their home used in a trade or business, they can claim allowable mortgage interest, real estate taxes and casualty losses on the home as itemized deductions on Schedule A.
These tax deductions need not be allocated between personal and business use, as is required under the regular method.
Also, business expenses unrelated to the home, such as advertising, supplies and wages paid to employees are still fully deductible.
Current Restrictions
Current restrictions on the home office deduction such as the requirement that a home office must be used regularly and exclusively for business and the limit tied to the income derived from the particular business, still apply under the new option.
The new option.
The new simplified option is available starting with the 2013 return most taxpayers file early in 2014.
Further details on the new option can be found in Revenue Procedure 2013-13, posted today on IRS.gov. Revenue Procedure 2013-13 is effective for taxable years beginning on or after January 1, 2013, and the IRS welcomes public comment on this new option to improve it for tax year 2014 and later years.
by Fresh Start Tax | Jan 16, 2013 | Income Tax Preparation
Tax Preparation, Back Tax Years – Oakland Park, Wilton Manors, Pompano – Former IRS Agents
Have former IRS agents prepare your tax return.
Fresh Start Tax LLC is a full service tax firm. We have 206 years of professional tax experience in over 60 years of working directly for the Internal Revenue Service and the local South Florida offices.
As former IRS agents we worked as former auditors, revenue agents, revenue officers, appeals officers and IRS tax instructors.
You will have your tax returns prepared by CPAs and/or former IRS agents and managers and instructors who know all the latest tax laws and will make sure that you pay the lowest amount of tax allowed by law.
Fresh Start Tax believes and building long-term relationships with their clients.
You can come by our office for free tax consultation and is our normal policy we will review the last three years of your tax returns to make sure that you had paid the lowest amount allowed by law.
We also specialize in tax planning and have an array of different financial services. We are available year-round for all our clients.
Back Tax Years
If you for any reason whatsoever have not filed the last couple years or for multiple years tax returns,contact us today and we will prepare all your back tax returns and work out a tax settlement with IRS.
Whether you have all your tax records are not, we are real tax pros in tax reconstruction of back tax returns.
After an extensive background with Internal Revenue Service we can prepare accurate tax return. So do not fret nor worry about the back years, we can handle this so you can go through life worry free.
Tax Preparation, Back Tax Years – Oakland Park, Wilton Manors, Pompano – Former IRS Agents
