Fresh Start Tax, LLC The most trusted name in tax preparation “A” Rated by the BBB Returns prepared by CPAs and Former IRS Agents and Managers.Since 1982
The Child Tax Credit is an important tax credit that may be worth as much as $1,000 per qualifying child depending upon your income. Here are 10 important facts from the IRS about this credit and how it may benefit your family.
Amount – With the Child Tax Credit, you may be able to reduce your federal income tax by up to $1,000 for each qualifying child under the age of 17.
Qualification – A qualifying child for this credit is someone who meets the qualifying criteria of six tests: age, relationship, support, dependent, citizenship, and residence.
Age Test – To qualify, a child must have been under age 17 – age 16 or younger – at the end of 2010.
Relationship Test – To claim a child for purposes of the Child Tax Credit, they must either be your son, daughter, stepchild, foster child, brother, sister, stepbrother, stepsister or a descendant of any of these individuals, which includes your grandchild, niece or nephew. An adopted child is always treated as your own child. An adopted child includes a child lawfully placed with you for legal adoption.
Support Test – In order to claim a child for this credit, the child must not have provided more than half of their own support.
Dependent Test – You must claim the child as a dependent on your federal tax return.
Citizenship Test – To meet the citizenship test, the child must be a U.S. citizen, U.S. national, or U.S. resident alien.
Residence Test – The child must have lived with you for more than half of 2010. There are some exceptions to the residence test, which can be found in IRS Publication 972, Child Tax Credit.
Limitations – The credit is limited if your modified adjusted gross income is above a certain amount. The amount at which this phase-out begins varies depending on your filing status. For married taxpayers filing a joint return, the phase-out begins at $110,000. For married taxpayers filing a separate return, it begins at $55,000. For all other taxpayers, the phase-out begins at $75,000. In addition, the Child Tax Credit is generally limited by the amount of the income tax you owe as well as any alternative minimum tax you owe.
Additional Child Tax Credit – If the amount of your Child Tax Credit is greater than the amount of income tax you owe, you may be able to claim the Additional Child Tax Credit.
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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
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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
Fresh Start Tax LLC 1-866-700-1040 A Professional Tax Firm “A” Rated by the Better Business Bureau
We have never had a complaint filed against us. We have the highest client customer satisfaction rate in the industry.
Our firm has over 140 years of tax experience and 60 years of working directly for the IRS. We have on staff Board Certified Tax Attorneys/ Lawyers, CPAs, former IRS Agents and Managers.
How we handle your IRS case:
We obtain all the information from our clients and get an accurate description of the problem.
We immediately send a power of attorney to the IRS so you never have to speak to them.
We immediately have the IRS stop all of their enforcement action with that first call.
We make sure the tax liability is correct by pulling tax transcripts and documents from the IRS’ computer.
We file any returns that the IRS needs to get you current. All tax returns must be filed before the IRS will consider any agreements.
We make sure your case is settled for the lowest possible amount allowed by law by going over all the different options that are available to you.
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
Fresh Start Tax Audit Proof your tax return with former IRS agents
Before you file your 2010 tax return, you should make sure you have all the needed documents including all your Forms W-2. You should receive a Form W-2, Wage and Tax Statement, from each of your employers. Employers have until January 31, 2011 to send you a 2010 Form W-2 earnings statement.
If you haven’t received your W-2, follow these four steps:
1. Contact your employer if you have not received your W-2, contact your employer to inquire if and when the W-2 was mailed. If it was mailed, it may have been returned to the employer because of an incorrect or incomplete address. After contacting the employer, allow a reasonable amount of time for them to resend or to issue the W-2.
2. Contact the IRS if you do not receive your W-2 by February 14th, contact the IRS for assistance at 800-829-1040. When you call, you must provide your name, address, city and state, including zip code, Social Security number, phone number and have the following information:
Employer’s name, address, city and state, including zip code and phone number
Dates of employment
An estimate of the wages you earned, the federal income tax withheld, and when you worked for that employer during 2010. The estimate should be based on year-to-date information from your final pay stub or leave-and-earnings statement, if possible.
3. File your return. You still must file your tax return or request an extension to file April 18, 2011, even if you do not receive your Form W-2. If you have not received your Form W-2 by the due date, and have completed steps 1 and 2, you may use Form 4852, Substitute for Form W-2, Wage and Tax Statement. Attach Form 4852 to the return, estimating income and withholding taxes as accurately as possible. There may be a delay in any refund due while the information is verified.
4. File a Form 1040X. On occasion, you may receive your missing W-2 after you filed your return using Form 4852, and the information may be different from what you reported on your return. If this happens, you must amend your return by filing a Form 1040X, Amended U.S. Individual Income Tax Return.
Form 4852, Form 1040X, and instructions are available at http://www.irs.gov or by calling 800-TAX-FORM
Fresh Start Tax LLC 1-866-700-1040 “A” Rated by the BBB
If you have been a victim of investment fraud Fresh Start Tax LLC can help you recover with a 165 Theft Loss Tax Deduction. On staff are board certified tax attorneys, CPA’s, former IRS Agents and Managers.
So what is a 165 Theft Loss Tax Deduction permitted by the IRS?
Victims of investment fraud have a tax recovery option under IRC Section 165(c)(2) which is an often overlooked provision from the IRS. In most instances, capital loss deductions for amounts that exceed capital gains are limited to $3,000 per year. The filing of a theft loss tax deduction can accelerate the recognition of your investment fraud losses and deduct the entire loss in the year of discovery. Essentially, the unused portion of loss deduction is applied against income earned for the prior three years which can result in a refund of taxes paid in those years. If any unused loss deduction still exists, it can be carried forward twenty years as a deduction against future income. What is the Tax Recovery Process?
The recovery of taxes paid to the IRS over the prior three years, through a theft loss deduction under IRC Section 165(c)(2) requires the coordinated effort of experienced tax and legal professionals. professionals will analyze the following factors to determine the feasibility of a theft loss tax deduction under IRC Section 165(c)(2):
1.Was the act perpetrated considered theft?
2.Did act meet legal definition of theft in state of occurrence?
3.Was the investor a victim of fraud targeted?
4.Was the investment a non-business transaction for profit?
5.Is there a reasonable prospect of recovery?
6.Cost basis of property lost due to fraud;
7.Amount of taxes paid for three years prior to theft loss;
Fresh Start Tax will amend your tax returns for the prior three years and accelerate the recognition of your theft loss tax deduction under IRC Section 165(c)(2).
