by steve | Mar 5, 2011 | IRS Tax Advice, Tax News
Fresh Start Tax LLC A Professional Tax Firm specializing in income tax prep and IRS problem resolution.
Made available to our client base from IRS New Wire.
Ten Facts for Mortgage Debt Forgiveness
If your mortgage debt is partly or entirely forgiven during tax years 2007 through 2012, you may be able to claim special tax relief and exclude the debt forgiven from your income. Here are 10 facts the IRS wants you to know about Mortgage Debt Forgiveness.
Normally, debt forgiveness results in taxable income. However, under the Mortgage Forgiveness Debt Relief Act of 2007, you may be able to exclude up to $2 million of debt forgiven on your principal residence.
The limit is $1 million for a married person filing a separate return.
You may exclude debt reduced through mortgage restructuring, as well as mortgage debt forgiven in a foreclosure.
To qualify, the debt must have been used to buy, build or substantially improve your principal residence and be secured by that residence.
Refinanced debt proceeds used for the purpose of substantially improving your principal residence also qualify for the exclusion.
Proceeds of refinanced debt used for other purposes – for example, to pay off credit card debt – do not qualify for the exclusion.
If you qualify, claim the special exclusion by filling out Form 982, Reduction of Tax Attributes Due to Discharge of Indebtedness, and attach it to your federal income tax return for the tax year in which the qualified debt was forgiven.
Debt forgiven on second homes, rental property, business property, credit cards or car loans does not qualify for the tax relief provision. In some cases, however, other tax relief provisions – such as insolvency – may be applicable. IRS Form 982 provides more details about these provisions.
If your debt is reduced or eliminated you normally will receive a year-end statement, Form 1099-C, Cancellation of Debt, from your lender. By law, this form must show the amount of debt forgiven and the fair market value of any property foreclosed.
Examine the Form 1099-C carefully. Notify the lender immediately if any of the information shown is incorrect. You should pay particular attention to the amount of debt forgiven in Box 2 as well as the value listed for your home in Box 7.
by steve | Mar 5, 2011 | IRS Tax Advice, Tax News
Fresh Start Tax <>< An Affordable Professional Expert Christian Tax Firm. Hire Former IRS Agents, Managers and IRS Instructors that have over 60 years of direct work experience with the IRS at the local and regional level.
Why would you hire any one other than a former Christian IRS agents. They know all the tax strategies.
“A” Plus Rated by the Better Business Bureau Practicing Tax Law and Tax Relief since 1982. We have 140 years of professional IRS tax experience. TAXes relief, relief your tax
The professionals at Fresh Start Tax are Christians who love the Lord and live in His grace daily.
We can help you through your situation and get you back to living the life God wants you to live.
This not only is our job but also our ministry. The Ft. Lauderdale Sun Sentinel newspaper printed an article about our business stating, “this business is a marriage of love and faith.”
Our company includes Tax Attorneys, CPA’s, enrolled IRS agents and former IRS employees and instructors. We have over 140 years experience in resolving IRS tax issues of all kinds.
Fresh Start Tax is one of the premier Christian 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 representation.
We know all the IRS tax strategies because of our extensive IRS working backgrounds.
Some of our many specialties include the following:
- Immediate Tax Representation
- Offers in Compromise/Settlements
- Immediate Release of Bank Garnishments or Wage Levies
- IRS Notices/Bill of Intent to Levy or Final Notices
- IRS Tax Audits, Large and Small Dollar
- Hardships Cases, Payment Plans, Installment Agreements
- Innocent Spouse Relief
- Abatement of Penalties and Interest
- State Sales Tax Cases
- Trust Fund Penalty Cases/6672
- Non-filers, never filed, old and past due tax returns
- Tax Relief
Our Company Resume: ( Since 1982 )
- Our staff has over 140 years of professional tax representation experience collectively
- On staff, Board Certified Tax Attorney’s, Certified Public Accountants, Enrolled Agents,
- Former IRS Managers, Instructors and Trainers
- Highest Rating by the Better Business Bureau “A”
- Extremely ethical and moral
- Fast, affordable, and economical
- Licensed to practice in all 50 States
- Premium on client communication
- Nationally Recognized Veteran Former IRS Agent
- Nationally Recognized Published Tax Expert
- As heard on 90.3 FM Monthly Radio Show, You and the IRS
by steve | Mar 4, 2011 | IRS Tax Advice, Tax News
Fresh Start Tax “A” Rated by the Better Business Bureau A Local Professional South Florida Tax Firm Since 1982
Your very best chance is with Fresh Start Tax LLC. We are South Florida’s most trusted and experienced South Florida Tax Firm.
Call us today for a free consultation to remove your IRS Penalties.
We can remove or Abate Penalties and Interest on your taxes. Our job while working for the IRS was to determine which abatement’s passed the test. Let our experience work for you and save your money.
We have over 140 years of IRS tax experience and over 60 years of working for the IRS at the local South Florida IRS offices. We were former IRS Agents and Managers.
General Information
We have a team of professionals that can help you through the abatement of penalties and interest with the Internal Revenue Service. There are some things you should know from the start. We have worked penalty abatement for well over 37 years and are the true experts in this field. We probably have more success than any firm in dealing with the IRS. Here is what you need to know. While working at the IRS it was one of my jobs to make determinations on the abatement of penalties and interest. We know all the criteria and internal information used to process and accept these cases.
- Ordinary Business Care and Prudence
- Ignorance of the Law
- Mistake was Made
- Forgetfulness
- Death, Serious Illness, or Unavoidable Absence
- Unable to Obtain Records
- Undue Hardship
- Advice from third parties
- Oral Advice from IRS
- Official Disaster Area
- Service Error
Call us today to remove your IRS Penalties and Interest
by steve | Mar 4, 2011 | IRS Tax Advice, Tax News
You might be eligible for a valuable tax credit. A tax credit is a dollar-for-dollar reduction of taxes owed. Some credits are even refundable, which means you might receive a refund rather than owe any taxes at all. Here are four popular tax credits you should consider before filing your 2010 Federal Income Tax Return:
The Earned Income Tax Credit is a refundable credit for certain people who work and have earned income from wages, self-employment or farming. Income, age and the number of qualifying children determine the amount of the credit. EITC reduces the amount of tax you owe and may also give you a refund. For more information see IRS Publication 596, Earned Income Credit.
The Child and Dependent Care Credit is for expenses paid for the care of your qualifying children under age 13, or for a disabled spouse or dependent, to enable you to work or look for work. For more information, see IRS Publication 503, Child and Dependent Care Expenses.
The Child Tax Credit is for people who have a qualifying child. The maximum amount of the credit is $1,000 for each qualifying child. This credit can be claimed in addition to the credit for child and dependent care expenses. For more information on the Child Tax Credit, see IRS Publication 972, Child Tax Credit.
The Retirement Savings Contributions Credit, also known as the Saver’s Credit, is designed to help low-to-moderate income workers save for retirement. You may qualify if your income is below a certain limit and you contribute to an IRA or workplace retirement plan, such as a 401(k) plan. The Saver’s Credit is available in addition to any other tax savings that apply. For more information, see IRS Publication 590, Individual Retirement Arrangements (IRAs).
There are other credits available to eligible taxpayers. Since many qualifications and limitations apply to the various tax credits, taxpayers should carefully check their tax form instructions, the listed publications and additional information available at IRS.gov. IRS forms and publications are also available by calling 800-TAX-FORM (800-829-3676).
by steve | Mar 4, 2011 | IRS Tax Advice, Tax News
Fresh Start Tax <>< An Affordable Professional Christian Tax Firm practicing IRS Problems Resolution since 1982 <>< “A” Plus rated by the Better Business Bureau
Psalm 37:30 The godly offer good counsel, they know what is right from wrong. Get True Christian Tax Help for settling tax debt with the irs
Fresh Start Tax <>< A Professional Expert Christian Tax Firm practicing IRS Problems Resolution since 1982. We are true IRS Tax Experts in Settling Tax Debts.
On staff are former Christians that were IRS Agents, Managers and Instructors for the IRS who worked and taught in both the local and Regional offices of the IRS.
Our former IRS Instructors taught the Offer in Compromise Programs and are still certified to train other tax professionals in Tax Debt Settlement.
The IRS may accept an offer in compromise based on three grounds:
- Doubt as to Collectibility – Doubt exists that the taxpayer could ever pay the full amount of tax liability owed within the remainder of the statutory period for collection.
- Doubt as to Liability – A legitimate doubt exists that the assessed tax liability is correct. Possible reasons to submit a doubt as to liability offer include:
- the examiner made a mistake interpreting the law,
- the examiner failed to consider the taxpayer’s evidence or
- the taxpayer has new evidence.
- Effective Tax Administration – There is no doubt that the tax is correct and there is potential to collect the full amount of the tax owed, but an exceptional circumstance exists that would allow the IRS to consider an OIC. To be eligible for compromise on this basis, a taxpayer must demonstrate that the collection of the tax would create an economic hardship or would be unfair and inequitable.
Call us today for a free tax consultation.
We believe through prayer and the wisdom of the Holy Spirit we receive guidance for current life situations.
We believe Christian counsel gives a person the best chance for grace in past situations where bad decisions, or misinformation may have caused your current situation.
We also believe that God allows others to come along side of those in need to help them through these life situations.
“Blessed is the man who walks not in the counsel of the ungodly” (Psalms 1:1).
Settling IRS Back Tax Debt – Offer in Compromise + Lower Tax Debt + Back Tax Issues + Christian Tax Help Firm + Former IRS
by steve | Mar 3, 2011 | IRS Tax Advice, Tax News
Fresh Start Tax LLC A Professional Tax Firm “A” Rated by the Better Business Bureau
Click on the below link to view the new 2011 National Standards
http://www.irs.gov/individuals/article/0,,id=96543,00.html
Fresh Start Tax 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 representation.
We know all the IRS tax strategies because of our extensive IRS working backgrounds.
Some of our many specialties include the following:
- Immediate Tax Representation
- Offers in Compromise/Settlements
- Immediate Release of Bank Garnishments or Wage Levies
- IRS Notices/Bill of Intent to Levy or Final Notices
- IRS Tax Audits, Large and Small Dollar
- Hardships Cases, Payment Plans, Installment Agreements
- Innocent Spouse Relief
- Abatement of Penalties and Interest
- State Sales Tax Cases
- Trust Fund Penalty Cases/6672
- Non-filers, never filed, old and past due tax returns
Our Company Resume: ( Since 1982 )
- Our staff has over 140 years of professional tax representation experience collectively
- On staff, Board Certified Tax Attorney’s, Certified Public Accountants, Enrolled Agents,
- Former IRS Managers, Instructors and Trainers
- Highest Rating by the Better Business Bureau “A”
- Extremely ethical and moral
- Fast, affordable, and economical
- Licensed to practice in all 50 States
- Premium on client communication
- Nationally Recognized Veteran Former IRS Agent
- Nationally Recognized Published Tax Expert
- As heard on 90.3 FM Monthly Radio Show, You and the IRS
