by Jim Magary | May 13, 2015 | Tax Help
Former AFFORDABLE IRS Agents who know the system.
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Understanding your IRS LT18 Tax Notice
This letter is letting you know that the IRS has not received a response from you to our previous requests for overdue tax returns.
What you need to do:
• Mail your return to the address on the letter within 10 days from the date on the letter.
• If you’re not required to file, call the telephone number listed on the letter.
You may want to contact us today to hear different options.
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by Jim Magary | May 13, 2015 | Tax Help
If you have not filed back tax returns contact us today and we can prepare any and all back tax returns and settle your tax debt same time.
We are a team of former IRS agents and managers that can help resolve any IRS problem.
We have over 60 years of working directly for the Internal Revenue Service in you have the local, district, and regional tax offices of the Internal Revenue Service.
If you have not filed back tax returns will resolve your problem within days.
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Contact us for a free initial tax consultation today.
Understanding your LT18 Notice
This letter is letting you know that the IRS has not received a response from you to our previous requests for overdue tax returns.
What you need to do:
• Mail your return to the address on the letter within 10 days from the date on the letter.
• If you’ve already filed, call the telephone number listed on the letter.
• If you’re not required to file, call the telephone number listed on the letter.
You may want to contact us today to hear different options.
We are a full service tax firm with a tremendous expertise in IRS tax matters.
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by Jim Magary | May 13, 2015 | Tax Help
Key Points to Know about Early Retirement Distributions
Some people take an early withdrawal from their IRA or retirement plan.
Doing so in many cases triggers an added tax on top of the income tax you may have to pay.
Here are some key points you should know about taking an early distribution:
1.Early Withdrawals.
An early withdrawal normally means taking the money out of your retirement plan before you reach age 59½.
2.Additional Tax.
If you took an early withdrawal from a plan last year, you must report it to the IRS. You may have to pay income tax on the amount you took out. If it was an early withdrawal, you may have to pay an added 10 percent tax.
3.Nontaxable Withdrawals.
The added 10 percent tax does not apply to nontaxable withdrawals. They include withdrawals of your cost to participate in the plan.
Your cost includes contributions that you paid tax on before you put them into the plan.
A rollover is a type of nontaxable withdrawal. A rollover occurs when you take cash or other assets from one plan and contribute the amount to another plan. You normally have 60 days to complete a rollover to make it tax-free.
4.Check Exceptions.
There are many exceptions to the additional 10 percent tax. Some of the rules for retirement plans are different from the rules for IRAs. See IRS.gov for details about these rules.
5.File Form 5329.
If you made an early withdrawal last year, you may need to file a form with your federal tax return. See Form 5329, Additional Taxes on Qualified Plans (Including IRAs) and Other Tax-Favored Accounts, for details.
6.Use IRS e-file.
Early withdrawal rules can be complex. IRS e-file is easiest and most accurate way to file your tax return. The tax software that you use to e-file will pick the right tax forms, do the math and help you get the tax benefits you’re due. Don’t forget that with IRS Free File, you can e-file for free.
Free File is only available through the IRS website at IRS.gov/free file
by Jim Magary | May 13, 2015 | Tax Help
As former IRS agents we know the most affordable way to help you if you are dealing with an IRS payroll tax problem. We are the affordable tax firm.
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by Jim Magary | May 13, 2015 | Tax Help
We are AFFORDABLE Former IRS Agents & Managers that specialize in the removal of IRS tax levies, bank levies, and wage garnishment levies. We know the system, since 1982.
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As a general rule IRS settles case by putting them into hardship, payment agreements or the recommendation of settling your tax debt to the offer in compromise.
It is important for you to know if you owe back IRS tax debt, you will have to file all back tax returns before the Internal Revenue Service will negotiate with you.
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by Jim Magary | May 13, 2015 | Tax Help
FST is an AFFORDABLE professional tax firm that specializes in IRS Back Taxes, A plus Rated BBB, in private since 1982.
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The bottom line, is we know all the internal systems of Internal Revenue Service.
Important Note: Your Current Financial Condition
If you owe any IRS or State back taxes of any kind we can work out different tax solutions depending on your current financial condition. It is one of the sole determining factors on how you will end your case with IRS.
Your current financial statement as a general rule will determine the outcome of your case. and other factory keep in mind is that most governments have a national standard expense table that they used to determine the end result of your case.
You can find those national standards directly on our website and we will review them with you when reviewing your financial statement. These standards are used by most government agencies on collection cases including the United States trustee in bankruptcy cases.
Keep in mind your financial statement will have to be verified by the Internal Revenue Service before they will render any determination on your case. The Internal Revenue Service does a thorough review on your individual financial statement.
Included in that financial statement, the 433F, will be the last three months of canceled checks, copy of monthly expenses and a copy of pay stubs. You want to make sure you are completely honest giving any government agency a financial statement.
IRS generally closes case by putting them in hardship or asking for a payment agreement or you have the possibility of settling your debt for pennies on the dollar if you are qualified candidate.
Right now 40% of all IRS collection cases wind up in hardship at 6.5 million wind up an installment payment agreements.
Keep in mind not everybody is a settlement candidate we carefully review each and every case we get.
Over 41% of all taxpayers and apply for the offer in compromise program get accepted settlements but you must be a true qualified taxpayer for the program. The average settlement for the current year is $6500 per offer in compromise.
To find out whether you qualify for the offer in compromise program you can simply call us today or fill out the IRS pre-qualifier tool for the tax debt settlement call the offer in compromise.
FST can file all back tax returns and get this problem behind you so you can move on with your life.
Many times the Internal Revenue Service will not close your case off the system until all back tax returns are current up to date and they feel you are in compliance with your estimate or current withholding for the year we are in.
Call us today for a free initial tax consultation speak directly to a true tax expert.
Owe Back IRS Taxes + Individual, Business, Payroll Taxes + Not Filed Tax Returns, Settle Tax Debt = Affordable =Citrus Heights, Alhambra, Tracy, Livermore, Buena Park
