by Jim Magary | Apr 23, 2015 | Tax Help
Planning Now for Next Year’s Taxes
You may be tempted to forget all about your taxes once you’ve filed your tax return.
Do not give in to that temptation.
If you start your tax planning now, you may avoid a tax surprise when you file next year. Now is a good time to set up a system so you can keep your tax records safe and easy to find. Here are some IRS tips to give you a leg up on next year’s taxes:
• Take action when life changes occur.
Some life events can change the amount of tax you pay.
Some examples that can do that include a change in marital status or the birth of a child. When they happen, you may need to change the amount of tax withheld from your pay. To do that, file a new Form W-4, Employee’s Withholding Allowance Certificate, with your employer. Use the IRS Withholding Calculator tool on IRS.gov to help you fill out the form.
• Report changes in circumstances to the Health Insurance Marketplace.
If you enroll in insurance coverage through the Health Insurance Marketplace in 2015, you should report changes in circumstances to the Marketplace when they happen. Report events such as changes in your income or family size. Doing so will help you avoid getting too much or too little financial assistance in advance.
• Keep records safe.
Put your 2014 tax return and supporting records in a safe place.
If you ever need your tax return or records, it will be easy for you to get them. For example, you may need a copy of your tax return if you apply for a home loan or financial aid. You should use your tax return as a guide when you do your taxes next year.
• Stay organized.
Make tax time easier. Have your family put tax records in the same place during the year. That way you won’t have to search for misplaced records when you file next year.
• Think about itemizing.
If you claim a standard deduction on your tax return, you may be able to lower your taxes if you itemize deductions instead. A donation to charity could mean some tax savings. See the instructions for Schedule A, Itemized Deductions, for a list of deductions
by Jim Magary | Apr 23, 2015 | Tax Help
Have AFFORDABLE former IRS agents completely resolve any IRS tax issue, since 1982, A plus rated BBB.
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OWING BACK TAXES
IRS closes most of their cases by taking a current and verifiable financial statement.
The Internal Revenue Service will want their version of a financial statement usually on a form 433F or a 433A..
Let me remind you again those financial statements must be fully documentable along with bank statements, copies of pay stubs, and all expenses.
After the IRS has carefully reviewed your financial statement, as a general rule you, will close your case in one of three ways.
The Internal Revenue Service, after review of your statement may elect to;
- put you into a current non-collectible status,CNC,
- ask you to make monthly payments, or
- let you know you appear to be an IRS tax debt settlement called an offer in compromise.
It is critical you file all back tax returns or IRS will file for you, you do not want this to happen.
If you need to file back tax returns we can do so.
We can pull IRS tax transcription and file an accurate file tax return. We can prepare your back tax returns with little or few records. You want to make sure you file the returns, if you do not, IRS has the option to file for you you will not be a happy camper.
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by Jim Magary | Apr 23, 2015 | Tax Help
We are a full service affordable tax firm that specialized in IRS tax debt relief.
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The writer of this blog was a former IRS agent in teaching instructor.
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Tax Settlements
Please understand that with any possible IRS tax settlement with the Internal Revenue Service, you will need to provide IRS with the current documented financial statement.
We will analyze that and go over the best case scenario depending on your individual situation.
The Internal Revenue Service will use the national standard expenses and apply it against your current financial statement to reach a determination on your case. Whether you will owe individual or payroll taxes IRS basically works all cases the same for back tax debt.
The national standards allow certain expenses matched with certain income. The reason it is wise to use a tax professional as we understand these formulas and regulations and can get you a far better settlement and you can get by yourself.
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by Jim Magary | Apr 23, 2015 | Tax Help
We can stop an IRS tax levy, bank or wage garnishment levy. We know the system and get immediate results. We are a team of former IRS agents and managers, since 1982, A plus rated BBB.
IRS files 1.9 tax levies, wage garnishment levies, and bank levies each and every year.
You are not alone.We know the system to get fast in immediate tax relief from any IRS situation. Since 1982 we have been resolving IRS taxpayer debt with both the federal and state governments. We are true tax experts in the field of tax resolution.
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STOP, REMOVE the IRS Tax Levy, Bank Levy or Wage Garnishment Levy
There is a very methodical system that IRS uses to remove an IRS bank levy or wage garnishment Tax Levies.
There is no magic sauce but knowledge and experience.
The process involves giving IRS a current documented financial statements so they can make a determination on your case.
As a general rule within 24 hours of receiving your current documented financial statement we can get an IRS tax levy, wage garnishment or bank levy released. It will be faxed directly your employer or bank.
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The process to get your tax levy removed or released
As a general rule, the Internal Revenue Service will want a currently documented financial statement.
That financial statement that is required by the Internal Revenue Service will be on 433F. you can find that form on our website.
After a careful review of that financial statement the Internal Revenue Service will either place you into a tax hardship, ask you for a monthly payment, or let you know you could apply for the offer in compromise program to settle your tax debt for pennies on the dollar.
The process of doing that is called the offer in compromise. The Internal Revenue Service accepts 40% of all offers in compromise.
Last year the Internal Revenue Service except the 36,000 offers in compromise for a net settlement of $6500 per case.
You can see our website for more details.
Before we file an offer in compromise or secure any fees or retainer we will make sure you are a qualified candidate for the submission of the offer in compromise.
When you call our office you will have the advice of a former IRS agent who both worked and taught the IRS program call the offer in compromise.
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by Jim Magary | Apr 23, 2015 | Tax Help
If you are dealing with an IRS issue call us today, we are the affordable professional tax firm with over 206 years of professional tax experience.
We have over 60 years of direct work experience in the local, district and regional tax offices of the Internal Revenue Service. We know the system inside and out. We have worked as supervisors, as managers, and teachings instructors.
If you have received an IRS final notice, we can stop IRS today with the simple filing of a power of attorney and with a direct IRS conversation.
If you have received an IRS notice of intent to levy, we can file a collection due process hearing also to stop IRS. Received and certified mail? Do not worry!
If you are going to owe back taxes and wish a payment plan or which to reach a settlement with them call us today for a free initial tax consultation.
For over 10 years I was a former revenue officer and teaching instructor at the regional training office of the Internal Revenue Service.
Do don’t be bullied by the IRS, fight back with Former IRS Agents!
As a former IRS agent I can tell you many taxpayers do not respond to IRS mail. A time IRS send you a document it is time sensitive and taxpayers must follow-up on all time sensitive letters. When you call our office we will pull a tax transcript, review your case and work out a very definitive plan of action to get IRS permanently off your back. We have worked thousands of cases since 1982.
The system of the IRS Tax billing Notices
Once a tax return is filed or IRS initiates a tax assessment, IRS sends out a series of five notices and those notices are sent five cycles or five weeks apart.
IRS has the option, depending on the dollar amount and the history of the taxpayer to speed up those assessments.
If you are in need a professional tax help call us today and speak to a tax firm who truly knows the system they can help you with any tax problem you have.
We can stop the IRS today because we know the system we worked in the system and we have the experience within the system.
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The IRS Billing Notices
1. CP 14 – This is the notice of balance due,
2.CP 501 – This is a Bill that you still owe tax,
3. CP503 – Important, Immediate Action Required
4. CP 504 – Urgent Notice – We Intend to Levy on Certain Assets, Please Respond Now
5. CP90/CP297/ – IRS Letter 1058 – Final Notice of Intent to Levy of Your Right to a Hearing
6.CP 91- CP298 -Final
If you have received a notice, letter tax bill or tax Levy calls today and we will walk you see the process of fully resolving your tax situation, since 1982.
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by Jim Magary | Apr 22, 2015 | Tax Help
Affordable former IRS agents and managers who know the system, since 1982.
We can offer affordable IRS tax audit defense, providing different types of settlements, and if you owe back taxes, provide quick and fast affordable tax solution options. being former IRS agents we know the system and know all the available resolution options.
We taught these programs at the Internal Revenue Service as former IRS agent managers and teaching instructors.
We have over 60 years of working directly for the Internal Revenue Service in the local, district, and regional tax offices of the IRS. We are true tax professionals. We can resolve any type of IRS tax problem.
If you have received an IRS tax Levy, bank levy or wage garnishment notice, as a general rule within 24 hours of receiving your current financial statement we can close and settle your case with the Internal Revenue Service.
There are different types of settlements and we will review with you your different tax settlement options.
If you owe IRS taxes, you’ll have to fill out for IRS form 433F, it must be completely documented along with last three months of bank statements, paystubs and monthly expenses. IRS will ask for other documents as well.
IRS will then do a careful review and place your case out of the reach of the IRS enforcement computer.
There are various closing methods that IRS will use to take your case off the system.
Taxpayer or Business Cases with the Internal Revenue Service usually settle by having your account put in the currently not collectible status, asking to make a IRS payment plan or the submission of an offer in compromise to settle your back tax debt.
Just for the record, IRS levies close to 2 million taxpayers each and every year.
That is an ugly number but IRS will only levy because taxpayers failed to respond when IRS sent out final notices. It is very important that taxpayers answer all IRS correspondence because it is time sensitive information.
As former IRS agents we used to issue tax levies so it only makes sense we know the quickest process to get an IRS tax levy released. as a general rule once we file the power of attorney and communicate with IRS they will stop all IRS collection action.
One of the benefits of hiring a professional tax firm is knowing the system and how to work within it.
If you are undergoing an IRS tax audit you can have a former IRS audit manager represent your best interest in front of the Internal Revenue Service.
Approximately 1% of all taxpayers get audited by the Internal Revenue Service. As a former IRS agent I would not recommend any tax payer play the audit lottery by taking unnecessary chances hoping they don’t get a nasty gram from the Internal Revenue Service.
If you will back tax debt to the Internal Revenue Service you will required to give IRS a back financial statement along with copies of bank statements, pay stubs and your monthly bills.
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Owe IRS Taxes + Tax Problem Help = Tax Audit, Owe Back Taxes, Tax Levy, Settle Tax Debt, File Back Tax Returns + AFFORDABLE + Fullerton, Thousand Oaks, Simi Valley, Concord, Roseville
