by steve | Feb 18, 2011 | IRS Tax Advice, Tax News
Fresh Start Tax LLC 1-866-700-1040 Let former IRS Agents and Manager prepare and audit proof your tax return Since 1982 “A” Rated by the Better Business Bureau
Did you know that almost everything you own and use for personal or investment purposes is a capital asset? Capital assets include a home, household furnishings and stocks and bonds held in a personal account. When a capital asset is sold, the difference between the amount you paid for the asset and the amount you sold it for is a capital gain or capital loss.
Here are ten facts from the IRS about gains and losses and how they can affect your Federal income tax return.This comes from the IRS newsletter to Fresh Start Tax and made available to our client base.
Almost everything you own and use for personal purposes, pleasure or investment is a capital asset.
When you sell a capital asset, the difference between the amount you sell it for and your basis – which is usually what you paid for it – is a capital gain or a capital loss.
You must report all capital gains.
You may deduct capital losses only on investment property, not on property held for personal use.
Capital gains and losses are classified as long-term or short-term, depending on how long you hold the property before you sell it. If you hold it more than one year, your capital gain or loss is long-term. If you hold it one year or less, your capital gain or loss is short-term.
If you have long-term gains in excess of your long-term losses, you have a net capital gain to the extent your net long-term capital gain is more than your net short-term capital loss, if any.
The tax rates that apply to net capital gain are generally lower than the tax rates that apply to other income. For 2010, the maximum capital gains rate for most people is 15%. For lower-income individuals, the rate may be 0% on some or all of the net capital gain. Special types of net capital gain can be taxed at 25% or 28%.
If your capital losses exceed your capital gains, the excess can be deducted on your tax return and used to reduce other income, such as wages, up to an annual limit of $3,000, or $1,500 if you are married filing separately.
If your total net capital loss is more than the yearly limit on capital loss deductions, you can carry over the unused part to the next year and treat it as if you incurred it in that next year.
Capital gains and losses are reported on Schedule D, Capital Gains and Losses, and then transferred to line 13 of Form 1040.
by steve | Feb 18, 2011 | IRS Tax Advice, Tax News
Fresh Start Tax LLC “A” Rated by the Better Business Bureau A Local South Florida Professional Tax Firm 954-492-0088
IRS will be very tough on payroll tax problems. The first priority of the IRS and the local offices are the collection of payroll tax. I know this because I was a former IRS Agent and Instructor at the local South Florida IRS office. The reason for this is the payroll tax is money is being held in trust for the federal government.
We can get payment agreements on these payroll taxes liabilities for you. Call us today for a free consultation. We have set up thousands of IRS payments agreements.
We have over 140 years of IRS tax experience and have worked in the local South Florida IRS offices for over 60 years. We know all the tax systems and strategies to make this happen.
How we work payroll tax 941 cases:
Being former IRS Agents and Managers, we know exactly what IRS is looking for to successfully resolve your payroll tax case.
1. We review all necessary payroll tax records and get a good understanding of the nature of the problem.
2. We contact the IRS by sending them a power of attorney so the IRS can only speak to us.
3. We make sure you get current on your payroll tax deposits and make sure all tax returns have been filed. IRS will not work with any business behind on tax returns or deposits.
4. We prepare all financial documents IRS will need to work and close your tax case.
5. We work out a settlement payment with the IRS, one you can pay and not be to stretched.
6. We also advise you on moving forward and we do a careful analysis to make sure you will successful in the upcoming months and years.
How we work IRS Trust Funds Cases
Having worked for the IRS for over 60 years our firms staff is uniquely qualified to work trust fund cases. We have processed thousands of these cases both for the IRS and in private practice.
1. We get a complete history of the company and secure the required documentation.
2. We fill out the necessary tax forms that IRS will request.
3. We secure a status report from the IRS.
4. We secure the information in the IRS file to better equip us in handling the tax case.
5. We make decisions and recommendations on how best to resolve your case.
6. Prepare all appeals is necessary.
7. Set up a long term solution to get the problem remedied once and for all.
8. Set up payments plans or offers in compromise if necessary.
Always call former IRS Agents, Managers and Former IRS instructors for the best possible deal with the IRS.
by steve | Feb 18, 2011 | IRS Tax Advice, Tax News
Fresh Start tax LLC “A” Rated by the Better Business Bureau A Local South Florida Professional Tax Firm Principles practicing tax law and business tax relief since 1982
Fresh Start Tax LLC is the most experienced tax firm in South Florida with over 140 years of IRS tax experience. Our firm is comprised of former IRS Agents Managers and tax Instructors with the IRS. All our IRS work experience was at the local South Florida IRS Offices. We actually trained other South Florida IRS Agents. Who better to work your case than former IRS employees and instructors.
Also on staff Board Certified Tax Attorneys, Lawyers, CPAs, and other trained tax accounts. Call us today for a free tax consultation on your business tax problems.
How we work payroll tax 941 cases:
Being former IRS Agents and Managers, we know exactly what IRS is looking for to successfully resolve your payroll tax case.
1. We review all necessary payroll tax records and get a good understanding of the nature of the problem.
2. We contact the IRS by sending them a power of attorney so the IRS can only speak to us.
3. We make sure you get current on your payroll tax deposits and make sure all tax returns have been filed. IRS will not work with any business behind on tax returns or deposits.
4. We prepare all financial documents IRS will need to work and close your tax case.
5. We work out a settlement payment with the IRS, one you can pay and not be to stretched.
6. We also advise you on moving forward and we do a careful analysis to make sure you will successful in the upcoming months and years.
Call us today for a free tax consultation on IRS business tax relief.
by steve | Feb 18, 2011 | IRS Tax Advice, Tax News
Fresh Start Tax LLC “A” Rated by the Better Business Bureau A Local South Florida Professional Tax Firm Principles in practice in South Florida since 1982 954-492-0088 1-866-700-1040
Former IRS Agents and Managers know all the tax strategies because of our 60 years working at the Local IRS Office.
Fresh Start Tax LLC is your home town tax firm who have been handling IRS Problems since 1982 right here in South Florida. All the tax principles have been involved in the South Florida communities for the past 40 years.
The firms specialty are IRS tax problems and tax resolution. We can fix all income tax problems. The firm comprises of Board Certified Tax Lawyers, Attorneys, CPA’s and most of all former IRS agents and Managers who worked right here is the local South Florida IRS office for over 60 years. We have been solving income tax problems for years.
Area of expertise:
- 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
- Income tax problems
There is no South Florida tax firm more experienced that Fresh Start tax LLC. Call us today for a free tax consultation on your income tax or IRS Problems.
by steve | Feb 18, 2011 | IRS Tax Advice, Tax News
Fresh Start Tax LLC “A” Rated by the Better Business Bureau A Local South Florida Professional Tax Firm Since 1982
Fresh Start Tax LLC is a local Professional Tax Firm that specializes in IRS tax debt resolution. We are uniquely qualified to handle all your IRS Problems and tax needs. Our staff comprises of Board Certified Tax Attorneys, Lawyers, CPA’s and most importantly former IRS Agents and Managers who worked the tax debt resolution programs while they were employed at the IRS. As a matter of fact, one of our staff is a former instructor of the tax debt resolution/settlement programs at the local South Florida IRS office.
We have over 140 years of IRS experience and 60 years as former working agents for the IRS. We know all the tax strategies required for success.
How we work your case to immediately resolve your IRS matter:
1. We immediately send a power of attorney to the IRS letting them know we are now your representative. You will never have to speak to the IRS.
2. We will make sure your tax returns are filed and current. If your tax returns are not up to date, IRS will refuse to work your case. This is leverage that the IRS uses to get you compliant. We can pull tax transcripts, file and prepare your tax returns within days.
3. IRS requires a current financial statement. We will secure a required 433-F (IRS financial statement), verify the income and expenses and work out a settlement agreement. IRS will require a closing settlement method for each case.
4. Settlement agreements/ tax debt resolution can be in different forms:
a. Hardship Settlements. Cases usually go into a 3 year suspended status because of an inability to pay. This is also called currently noncollectable. Your case will go into a hardship status because you do not have the income coming in to met your current expenses. IRS will use the National Standards Program to assess hardship.
b. Payment Agreements. Cases can be closed with agreed upon monthly installment payments to the IRS. We will review the different programs IRS uses for the lowest possible amount required.
c. Offer in Compromise. There are three types of OICs:
1. 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.
2. Doubt as to Liability – A legitimate doubt exists that the assessed tax liability is correct.
3. 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.
5. Call us for a free tax consultation to get some tax debt resolution. Free video conferencing is also available.
All work in done in-house.
by steve | Feb 17, 2011 | IRS Tax Advice, Tax News
Fresh Start Tax LLC “A” Rated by the Better Bureau Bureau A Local Professional Tax Firm-South Florida 954-492-008 1-866-700-1040
If you are looking for Federal Tax Relief call us for a free tax consultation. for federal tax relief
Fresh Start Tax is comprised of Board Certified Tax Lawyers, Attorneys, CPA’s, former IRS Agents and Managers. We are very uniquely qualified to handle all your federal tax relief issues. Being former IRS Agents and Managers in the South Florida IRS Offices we know every trick and technique in the book. We use to teach Federal Tax Relief to IRS Agents when we were employed at the IRS.
There are different Federal Tax Relief Programs available. Being former IRS Agents we can find the program that best suits your need. We can do this for affordable pricing.
The Programs available and how we represent you. for federal tax Relief
1. We immediately send a power of attorney to the IRS letting them know we are now your representative. You will never have to speak to the IRS.
2. We will make sure all your tax returns are filed and current. If your tax returns are not up to date, IRS will refuse to work your case. This is leverage that the IRS uses to get you compliant. We can pull tax transcripts, file and prepare your tax returns with days even if you have lost your tax records.
3. IRS requires a current financial statement. We will secure a required 433-F (IRS financial statement), verify the income and expenses and work out a settlement agreement. IRS will require a closing settlement method for each case.
4. We review with our clients how they want to settle their case based on their current financial needs. We get them an agreement based on their current needs.
5. Settlement agreements can be in different forms:
a. Hardship Settlements. Cases usually go into a 3 year suspended status because of an inability to pay. This is also called currently noncollectable. Your case will go into a hardship status because
you do not have the income coming in to met your current expenses. IRS will use the National Standards Program to assess hardship.
b. Payment Agreements. Cases can be closed with agreed upon monthly installment payments to the IRS. We will review the different programs IRS uses for the lowest possible amount required.
c. Offer in Compromise. There are three types of OICs:
1. 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.
2. Doubt as to Liability – A legitimate doubt exists that the assessed tax liability is correct.
3. 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.
6. Call us for a free tax consultation. Free video conferencing is also available.
