by Jim Magary | Jul 9, 2015 | Tax Help
Reporting Gambling Income and Losses on Your Tax Return
Call us today and we can help audit proof your tax return. Former IRS agents and managers, since 1982.
Your gambling winnings are taxable.
Tax tips can help you at tax time next year:
1. Gambling income.
Income from gambling includes winnings from the lottery, horse racing and casinos. It also includes cash and non-cash prizes. You must report the fair market value of non-cash prizes like cars and trips.
2. Payer tax form.
If you win, the payer may give you a Form W-2G, Certain Gambling Winnings.
The payer also sends a copy of the W-2G to the IRS. The payer must issue the form based on the type of gambling, the amount you win and other factors.
You’ll also get a form W-2G if the payer must withhold income tax from what you win.
3. How to report winnings.
You normally report your winnings for the year on your tax return as “Other Income.” You must report all your gambling winnings as income. This is true even if you don’t receive a Form W-2G.
4. How to deduct losses.
You can deduct your gambling losses on Schedule A, Itemized Deductions. The amount you can deduct is limited to the amount of the gambling income you report on your return.
5. Keep gambling receipts.
You should keep track of your wins and losses. This includes keeping items such as a gambling log or diary, receipts, statements or tickets.
See Publications 525, Taxable and Nontaxable Income for rules on this topic. Refer to Publication 529, Miscellaneous Deductions for more on losses.
It also lists some of the types of records you should keep. You can download and view both on IRS.gov/forms at any time.
by Jim Magary | Jul 9, 2015 | Tax Help
Have former AFFORDABLE IRS agents and managers we can settle any IRS problem, we know the system!
We have over 206 years of professional tax experience and 60 years working directly for the Internal Revenue Service in the local, district, and teaching offices of the Internal Revenue Service.
We are A+ rated by the Better Business Bureau and have been private practice since 1982. and now have a nationwide practice since 1982.
If you owe IRS back taxes we can go over a variety of options and solutions based on your current financial statements.
Your current financial statement you determine how your case closed by the IRS.IRS will use form 433F to secure financial info.
Within 24 hours we can remove an IRS bank or wage garnishment levy as soon as IRS’s received your current documented financial statement.
Documentation to IRS must include 3 months worth of bank statements, monthly living expenses and copies of paystubs.
We can talk to you about settling your tax debt to the offer in compromise program.
As a former IRS agent I both worked and taught the tax debt settlement program called the offer in compromise.
IRS has approximately 78,000 offers filed within their system every year in approximately 40% of those cases are settled for an average of $6500 per case.This is just the national average.
We are the fast , friendly and affordable tax firm, since 1982.
Call us today for a free initial tax consult.
IRS Taxes + Owe Back Taxes + Remove Tax Levy NOW + Settle Tax Debt + File Back Tax Returns + Affordable + West Fargo, Mandan, Dickinson, Jamestown, Williston, Wahpeton
by Jim Magary | Jul 9, 2015 | Tax Help
“AFFORDABLE”IRS tax debt relief. FST can stop and resolve IRS Problems NOW!
Call us today for a free initial tax consultation. When you retain us, you will never have to speak to Internal Revenue Service. We are the AFFORDABLE tax firm.
With over 60 years of working directly for the Internal Revenue Service we know the system! As former teaching instructors we know all the systems.
Our former IRS agents have worked as supervisors, managers and tax instructors also others on staff have written part of the IRS.
If you need to resolve your tax debt call us today and speak directly to a true IRS tax expert.
When you call our office we will offer you a few different options with you to go ahead and fully resolve your tax situation. You will speak to a true affordable tax expert who will go over different options with you.
We can prepare and file old or back tax returns and provide the best possible tax audit defense for IRS.
We have a combined 206 years of professional tax experience.
Our former IRS revenue officers can help resolve any IRS tax debt our former IRS audit managers can help provide your best audit defense.
Some IRS tax facts.
The IRS audits less than 1% of all taxpayers each and every year,
the IRS settles close to 40,000 offers in compromise every year,
the IRS files 1.9 tax levies each and every year,
the IRS files close to 700,000 federal tax liens each and every year.
Call us today for free initial tax consultation.
You’ll hear the truth from former IRS agents and managers who know the system.
Resolve IRS Tax Debt + STOP IRS NOW + IRS Audit Defense + UnFiled Back Tax Returns + IRS Levy – Offer Compromise
by Jim Magary | Jul 7, 2015 | Tax Help
FST, the “AFFORDABLE” former IRS agents and managers who know the system permanently can resolve any IRS tax problem, since 1982, A+ rated BBB
We are a full service tax firm that specialize in IRS and state tax services. We’re true tax experts who’ve been practicing since 1982.
We specialize in all IRS and State tax problems, from a simple IRS notice or letter to going to tax court. You will never have to talk to IRS we handle all communication.
We are tax experts for removing IRS bank and wage garnishment levies, going to appeals or tax court, preparing back tax returns and settling your cases via the offer in compromise program if you are eligible candidate for the OIC program.
As former IRS agents we have worked on the local, district, and regional tax offices of the IRS. We have over 60 years of direct IRS work experience.
When you call our office you will speak directly to a true IRS tax professional that has years and years of experience and have successfully worked hundreds of cases.
Make sure when you are looking around for a tax resolution firm you are speaking to an actual company and not a lead generation site.
Approximately 90% of the sites on Google are no more than marketing and lead companies. you will find many tax mills and searching for IRS tax relief. Tax mills will pay between 50 and $100 for your tax information.
Make sure you check the bios out on each page to make sure you’re dealing with true tax professionals.
IRS Tax Problems = Remove IRS Tax Levies/IRS Garnishments
The Internal Revenue Service levies approximately 1.8 million taxpayers each and every year and this figure includes wage garnishments.
So you know you are not alone.
This happens as a general rule because taxpayers fail to respond to final notices.
IRS bills come out on five-week billing cycles.
You must respond to the final notice or the L 1058 letter or IRS will send a bank or wage garnishment levy out. Many taxpayers have no idea the final notice was sent out because IRS does not have their last known address.
If taxpayers do not respond to final notices IRS has the option of filing a federal tax lien.
The IRS files close to 700,000 federal tax liens each and every year that will both ruin and destroy your credit.
There are different ways to get your federal tax lien released and once we know more about your case we could speak to you on how to best get this federal tax lien released.
If you have received a final notice of intent to levy from the Internal Revenue Service make sure you follow-up on the 30 day date, if you don’t IRS will take enforcement action.
Before IRS will remove a tax levy or wage garnishment they will need a current and verifiable financial statement. Form 433F.
If the cases in the local office the revenue officer will require form 433a.
Releases of the Tax Levy
Once we have your current verified financial statement in hand, we can usually get your tax levy or garnishment released and your case close off the IRS enforcement computer within 24 hours.
It is important that your financial statement is completely documented. IRS will do a thorough review of your current financial statement along with documentation. You want to make sure you are honest and correct before sending to IRS.
IRS usually closes a case by putting a case and tax hardship, having a taxpayer into a monthly installment agreement or telling them they may qualify for an offer in compromise your tax debt settlement.
If you have back tax returns to file, you can have former IRS agents ensure that you are paying the lowest amount of tax allowed by law.
If you going to owe tax, we can file your back tax returns and settle your debt all at the same time.
If you wish to settle your tax that we can have former IRS revenue officers who worked the offer in compromise program settle your tax debt if and only if you were a true candidate for a tax debt settlement called an offer in compromise.
Approximately 40% of all taxpayers who file an offer in compromise get accepted by the Internal Revenue Service however you must be a qualified candidate.That’s good news!
The average settlement on offers in compromise or $6500 per case, please keep in mind this is just the national average.
There is an IRS pre-qualifier tool for the offer in compromise and we urge every taxpayer to walk through that before they file an offer in compromise or for a tax debt settlement.
Call us today for a free initial tax consultation.
We are the fast, friendly, and affordable professional tax firm.
We have been in private practice since 1982 and are A+ rated by the Better Business Bureau.
Affordable IRS Tax Problem Services + Remove IRS Tax Levies + File Back Tax Returns + Settle Back Tax Debt + Make IRS Payments = West Fargo, Mandan, Dickinson, Jamestown, Williston, Wahpeton
by Jim Magary | Jul 7, 2015 | Tax Help
AFFORDABLE, we can get your IRS tax levy, wage garnishment levy released within a 24-hour period of time & close your case at the same time. A plus Rated BBB, Since 1982.
We are the affordable professional tax firm that knows the system.
As former IRS agents and managers we know the system. We are former IRS teaching agents.
We have a combined 60 years of direct work experience in the local, district, and regional tax offices of the Internal Revenue Service and know exactly how to settle your case with the Internal Revenue Service.
If you are in receipt of an IRS tax levy, wage levy or bank levy garnishment contact us today and we can get your tax levy released in your case closed.
Within 24 hours of receiving your fully documented financial statement we guarantee that you will have a release of your IRS bank levy or wage garnishment levy.
As a general rule, most taxpayers can serve cases off the IRS computer by explaining they have a current tax hardship, making monthly installment agreements or the filing of an offer in compromise as a tax debt settlement.
We will speak with you about settling your tax debt to the offer in compromise program.
Our firm will not submit an offer in compromise until we walked through the offer in compromise pre-qualifier tool to make sure that you can settle your tax debt for pennies on dollar.
You should not give your money to any firm to file an offer in compromise unless they walked to this program with you. I am a former IRS offer specialist.
The Internal Revenue Service accepted 38,000 offers in compromise last year for average of $6500 per settlement.
Last year there were 78,000 offers in compromise filed. Please keep in mind this is a national average. The statistics change from year to year however these averages stay pretty much the same.
Taxpayers should be aware that there is a pre-qualifier tool for the offer in compromise program.
I suggest everyone the walk through this particular tool given by Internal Revenue Service to find out for a qualified candidate
TAX LEVY RELEASES
IRS Tax Levy, IRS Wage Garnishment Releases
The IRS filed 1.8 million the bank and wage garnishment levies last year. So if you received a bank or wage garnishment levy you are not alone.
Before IRS will release a tax levy, a wage garnishment or bank seizure, Internal Revenue Service will need a current documented financial statement.
If your case is in the automatic collection system you will be filling out and documenting form 433F which you can find directly on our website. It is the only form the Internal Revenue Service will use.
When calling our office we will complete the form, speak to the Internal Revenue Service and within 24 hours of having your fully documented financial statement we can get your IRS tax levy released.
If the cases are in the local IRS office form 433 a will be required and a much more detailed investigation will be made on your current financial statement.
If this is the case a revenue officer out of the local office will be looking at your case. The revenue officer will look at your case more in-depth than the ACS unit.
Being a former IRS agent teaching instructors gives us a huge advantage and the benefit of our experience is invaluable to our clients.
The filling out of your financial statement is critical into the settlement of your case. using former IRS agents and managers will give you a tremendous advantage.
With that current financial statement you will need to provide IRS the last three months of your bank statements, copies of your pay stubs and your monthly expenses. IRS does a thorough review of your financial statement therefore you want to make sure you are both honest and accurate.
As a general rule IRS will not release your levy until all your tax returns are filed.
We can prepare all your back tax returns with little or no records. We are tax experts for reconstruction. If the Internal Revenue Service has prepared your tax return without your knowledge we can file for a tax audit reconsideration.
Over 40% of collection cases wind up in a current tax hardship and 6.5 million other taxpayers are put into monthly installment payment plans.
It is important you file all back tax returns if not the IRS can file for you under 6020 B of the Internal Revenue Code and they will make sure you get no deductions.
IRS will not give any non-filer any deductions or exemptions that they prepare under 6020B.
IRS may fail to release an IRS tax levy wage garnishment or bank levy because taxpayers have failed to file back tax returns.
After the review of your IRS financial statement we can let you know whether you are a possible debt settlement candidate for the offer in compromise program.
One last note of interest, it is very critical all taxpayers respond to all IRS notices because IRS intends to follow-up on all the dates given on each and every notice sent.
Also be aware that IRS billing cycles are five weeks apart.
At the very least make sure you answer all final notices. If you are in receipt of an IRS final notice and do not respond to it you can use your appellate rights.
Call for free initial tax consultation and hear the truth, we are the affordable professional tax firm. A+ rated by the Better Business Bureau, since 1982.
All work is done in-house by contact professionals.
by Jim Magary | Jul 7, 2015 | Tax Help
Get Your Federal Tax Lien Discharged, Affordable!
I am a former IRS agent teaching instructor. We are tax experts for the discharge of the federal tax lien.
Call us today for free initial tax consultation and speak directly to former IRS agents and managers who know the system.
We have fast and affordable ways to get the discharge of the federal tax lien.
It is important to understand that each case is unique and we must know the facts and circumstances that apply to your dischargeability of a federal tax lien.
As a general rule you can get a federal tax lien discharged because the statute of limitations has expired or you paid your federal tax debt often full.
There are other circumstances and situations that allow for the discharge of the federal tax lien.
Understanding a IRS Federal Tax Lien
A federal tax lien is the government’s legal claim against your property when you neglect or fail to pay a tax debt. The lien protects the government’s interest in all your property, including real estate, personal property and financial assets.
A federal tax lien exists after the IRS:
• Puts your balance due on the books (assesses your liability);
• Sends you a bill that explains how much you owe (Notice and Demand for Payment); and
You:
• Neglect or refuse to fully pay the debt in time.
The IRS files a public document, the Notice of Federal Tax Lien, to alert creditors that the government has a legal right to your property.
How to Get Rid of a Lien
Paying your tax debt – in full – is the best way to get rid of a federal tax lien. The IRS releases your lien within 30 days after you have paid your tax debt.
When conditions are in the best interest of both the government and the taxpayer, other options for reducing the impact of a lien exist.
Discharge of property
A “discharge” removes the lien from specific property.
There are several Internal Revenue Code (IRC) provisions that determine eligibility.
Subordination
“Subordination” does not remove the lien, but allows other creditors to move ahead of the IRS, which may make it easier to get a loan or mortgage.
Withdrawal
A “withdrawal” removes the public Notice of Federal Tax Lien and assures that the IRS is not competing with other creditors for your property; however, you are still liable for the amount due.
Two additional Withdrawal options resulted from the Commissioner’s 2011 Fresh Start initiative.
One option may allow withdrawal of your Notice of Federal Tax Lien after the lien’s release.
General eligibility includes:
Your tax liability has been satisfied and your lien has been released; and also:
• You are in compliance for the past three years in filing – all individual returns, business returns, and information returns;
• You are current on your estimated tax payments and federal tax deposits, as applicable.
The other option may allow withdrawal of your Notice of Federal Tax Lien if you have entered in or converted your regular installment agreement to a Direct Debit installment agreement. General eligibility includes:
• You are a qualifying taxpayer (i.e. individuals, businesses with income tax liability only, and out of business entities with any type of tax debt)
• You owe $25,000 or less (If you owe more than $25,000, you may pay down the balance to $25,000 prior to requesting withdrawal of the Notice of Federal Tax Lien)
• Your Direct Debit Installment Agreement must full pay the amount you owe within 60 months or before the Collection Statute expires, whichever is earlier
• You are in full compliance with other filing and payment requirements
• You have made three consecutive direct debit payments
• You can’t have defaulted on your current, or any previous, Direct Debit Installment agreement.
How a Lien Affects You
• Assets — A lien attaches to all of your assets (such as property, securities, vehicles) and to future assets acquired during the duration of the lien.
• Credit — Once the IRS files a Notice of Federal Tax Lien, it may limit your ability to get credit.
• Business — The lien attaches to all business property and to all rights to business property, including accounts receivable.
• Bankruptcy — If you file for bankruptcy, your tax debt, lien, and Notice of Federal Tax Lien may continue after the bankruptcy.
Call us today for a free initial tax consultation and find out the different ways you can discharge of federal tax lien.
