by steve | Dec 18, 2009 | Tax Help, Uncategorized
Fresh Start Tax wants to remind car shoppers about a 2009 tax break. Take advantage of this if you can afford it .
Fresh Start Tax reminds individual taxpayers who are considering buying a new car that they have until Dec. 31, 2009 to take advantage of a tax break that may not be around in 2010. Do not forget this date.
Taxpayers or individuals who buy a qualifying “new motor vehicle this year”, after Feb. 16th, can deduct the state or local sales or excise taxes they paid on the first $49,500 of the purchase price. Why this start date, who knows? Qualifying motor vehicles include new passenger automobiles, light trucks, motorcycles and motor homes.
Individuals who itemize, as well as those who take the standard deduction can benefit from this tax break. In states without a sales tax, other taxes or fees can qualify if they are assessed on the purchase of the vehicle and are based on the vehicle?s sales price or as a per unit fee.
The deduction for taxpayers is reduced for joint filers with modified adjusted gross incomes between $250,000 and $260,000 and other taxpayers with between $125,000 and $135,000. Taxpayers with higher incomes “do not qualify”. These limitations are not fair to higher income families and should have been included in the package.
by steve | Dec 17, 2009 | Tax Help, Uncategorized
This is a question we get many times, especially during the economic downturn. The IRS is actually here to help the taxpayer and here is their ruling:
Normally, debt forgiveness results in taxable income. But under the Mortgage Forgiveness Debt Relief Act of 2007, enacted Dec. 20, taxpayers may exclude debt forgiven on their principal residence if the balance of their loan was $2 million or less. The limit is $1 million for a married person filing a separate return. Details are on Form 982 along with its instructions, available now at irs.gov.
This is great news during this down economy, otherwise, all this cancelled debt would be taxable.
by steve | Dec 17, 2009 | Tax Help, Uncategorized
Emergency Tax Relief on enforcement action.
Many times taxpayers are unaware of the enforcement action that the IRS has taken because they have moved or never received the initial correspondence. This happens more times than you think and the IRS does little to correct the situation.
If the IRS has placed you in a situation that has caused a hardship or an emergency situation you should call us immediately.
We can deal with the IRS on your behalf taking the pressure, stress, and the worry out of your life.
The most common areas of emergency situations that need immediate relief
IRS tax levy;
IRS bank levy or bank garnishment;
IRS levy on wages or commissions;
IRS levy of social security or disability;
IRS federal tax lien filing;
IRS federal summons;( 2039)
IRS letter, notice or card requiring immediate attention.
The professionals at Fresh Start Tax, which include Tax Attorneys, CPA’S and former IRS agents have been dealing with these situations for over 60 years. Over those years we have gotten thousands of people immediate tax relief.
Steps required to get immediate help.
Power of Attorney – The first thing we do at Fresh Start Tax is file a Power Attorney. That way, we talk to the IRS so you don’t have to. We answer all the questions. We find out the problem and resolve it for you, all in your best interest.
We get an immediate case history and the next step is to find out the scope of the problem. We order a transcript history of your case and make sure we are dealing with all the issues so there are no future problems or unresolved issues.
The transcript gives us your history over the last 7 years.
by steve | Dec 17, 2009 | Tax Help, Uncategorized
I have just finished reviewing the following site that the IRS has. It is called TAXWISETV. It has very helpful tips on all different subjects. Subjects range from tax tips to tax problems and are very up to date. Give this a shot, you will be very surprised.
tp://www.taxwisetv.com/presentation.asp?asx=2009-10-20.asx&
comment back to us with your opinion
by steve | Dec 7, 2009 | Tax Help, Uncategorized
Trust Fund Recovery Penalty, Statute of Limitations. Few people know that this statute exists, yet it can save you thousands and thousands of dollars if you have owed back 941 and payroll taxes.
Here is the rule regarding payroll tax cases in regards to the trust fund law.
A simple review of your file can be made to see if this relates to you.
The general rule is that an assessment of tax must be made within three years from the date a return is filed, or the due date of the return, whichever is later.
Generally, this means that the tax must be posted within 3 years from the received date of the return.
This simply means that if the IRS does not set up the trust fund recovery penalty within 3 to 4 years, you no longer owe the tax.
How good that is. Because of the current IRS work load, it has been impossible to work all these cases.
This means you will not owe these back taxes or payroll tax liability. Your IRS problem is over.
by steve | Nov 30, 2009 | Tax Help, Uncategorized
From time to time we play stump the stars. How many notices do you think the IRS sends out every year? The number is staggering, so it’s a good thing their postage is free! The IRS sends out 200 million notices a year, a HUGE number. Many of them are federal tax liens and federal tax levies. Looks like somebody is pretty busy.
