by Jim Magary | Mar 6, 2015 | Tax Help
Have AFFORDABLE & EXPERIENCED former IRS agents and managers who know the system deal with your IRS back tax debt.
Since 1982, A plus rated BBB
We are a full service tax firm specializing in IRS tax problem help and immediate and permanent IRS tax relief. We have 206 years of combined IRS tax experience.
FST has represented thousands of individuals, businesses and corporations on both income tax, business and payroll tax matters.
Our former IRS agents have over 60 years of working directly for the Internal Revenue Service in the local, district, and regional tax offices of the Internal Revenue Service.
The IRS Collection Process of Back Tax Debt
The Internal Revenue Service requires all taxpayers who owe back tax debt an avenue to deal and closer there case with the IRS.
IRS will require a full financial statement that is verified with bank statements and copies of monthly expenses on any case in which back taxes are owing. That financial statement will be on form 433F, you can find that on our website.
Once IRS verifies your income and monthly expenses they will be prepared to settle your case and take your case off the IRS enforcement computer CADE2.
As a general rule, the Internal Revenue Service after a careful review of your financial statement will usually put a taxpayer or business in a tax hardship or ask them to make a monthly payment agreement.
Approximately 40% of all taxpayers who owe tax have their cases put into an economic tax hardship.
For those of you who wish to settle your tax debt we can examine whether you are a qualified candidate for an offer in compromise.
Last year over 78,000 offers in compromise were filed and IRS accepted 38% for an average of $.14 on a dollar.
On our staff is a former IRS revenue officer who both worked and taught the offer in compromise or tax debt settlement program at Internal Revenue Service.
Over 38% of all taxpayers who file for offers and compromises have their cases settled for an average of $.14 on the dollar.
If you are contemplating the filing of an offer in compromise for the back tax debt program to check with our former IRS agents to find out if you qualify for the program.
Do not waste your money unless you know you’re a qualified candidate.
Call us today and speak to a true IRS tax expert if you owe IRS back tax debt.
If you need to file back tax returns we can have our accounting staff and tax preparation staff bring you up-to-date.
It is necessary for all taxpayers to file all tax returns before Internal Revenue Service will work or close your case.
We are the fast, friendly and affordable professional tax firm.
IRS = Owe IRS = Back Tax Debt Help = Individual, Business, Payroll Taxes, Settlements = Minneapolis, St. Paul, Rochester, Bloomington, Duluth
by Jim Magary | Mar 6, 2015 | Tax Help
Claiming a Tax Deduction for Medical and Dental Expenses
Your medical expenses may save you money at tax time, but a few key rules apply.
Here are some tax tips to help you determine if you can claim a tax deduction:
• You must itemize.
You can only claim your medical expenses that you paid for in 2014 if you itemize deductions on your federal tax return. If you take the standard deduction, you can’t claim these expenses.
• AGI threshold.
You include all the qualified medical costs that you paid for during the year. However, you can only deduct the amount that is more than 10 percent of your adjusted gross income.
• Temporary threshold for age 65.
If you or your spouse is age 65 or older, the AGI threshold is 7.5 percent of your AGI. This exception applies through Dec. 31, 2016.
• Costs to include.
You can include most medical and dental costs that you paid for yourself, your spouse and your dependents. Exceptions and special rules apply.
Costs reimbursed by insurance or other sources do not qualify for a deduction.
• Expenses that qualify.
You can include the costs of diagnosing, treating, easing or preventing disease. The costs you pay for prescription drugs and insulin qualify.
The costs you pay for insurance premiums for policies that cover medical care qualify. Some long-term care insurance costs also qualify.
For more examples of costs you can and can’t deduct, see IRS Publication 502, Medical and Dental Expenses. You can get it on IRS.gov/forms anytime.
• Travel costs count.
You may be able to claim travel costs you pay for medical care. This includes costs such as public transportation, ambulance service, tolls and parking fees.
If you use your car, you can deduct either the actual costs or the standard mileage rate for medical travel.
The rate is 23.5 cents per mile for 2014.
• No double benefit.
You can’t claim a tax deduction for medical expenses you paid for with funds from your Health Savings Accounts or Flexible Spending Arrangements.
Amounts paid with funds from those plans are usually tax-free. This rule prevents two tax benefits for the same expense.
by Jim Magary | Mar 4, 2015 | Tax Help
The Affordable & Experienced Professional Tax Firm
We are a full-service tax firm that specializes in IRS tax relief in IRS successful tax representation. We have over 206 years of professional tax experience in dealing with IRS tax matters.
We are A+ rated by the Better Business Bureau and have been in private practice since 1982.
Due to our years of experience at the Internal Revenue Service, we understand the system.
Our former IRS agents have over 60 years of working directly for the IRS and the local, district, and regional tax offices of the IRS.
As a result of our years of experience we understand all the protocols, systems, and every possible solution to every case.
FST can have former IRS agents and managers defend you if you are going through an IRS tax audit or get an IRS tax levy released within 24 hours of receiving your current financial statement.
We can also work out tax settlement with the Internal Revenue Service if you are a true candidate to settle your tax debt through an offer in compromise.
For those of you needing to file back tax returns we can do so by pulling IRS tax transcripts or doing a reconstructive tax return to prepare your back returns and settle your tax debt if in fact that is the case.
Call us today for a free initial tax consultation and we can walk you through the different processes and resolutions to go ahead to immediately and permanently relieve your IRS tax debt.
You will never have to speak to the Internal Revenue Service as we handle all correspondence and communications.
Call us today for a free initial tax consultation and speak to a true IRS tax professional.
All work is done in-house by true tax professionals.
Affordable IRS Tax Relief + Stop Tax Levy, IRS Audits, File Back Tax Returns, Settle Tax Debt, Former IRS + Minneapolis, St. Paul, Rochester, Bloomington, Duluth
by Jim Magary | Mar 4, 2015 | Tax Help
We are composed of tax attorneys, tax lawyers, certified public accountants and former IRS agents.
Our former IRS agents and managers worked over 60 years for the Internal Revenue Service in the local, district, and regional tax office of the Internal Revenue Service.
We worked as managers, instructors, appellate agents and taught IRS tax law.
We know the system inside and out and can offer affordable IRS tax help for every tax problem you have.
FST can defend you during an IRS tax audit provide your best possible tax defense and if you will owe money we can work out a tax settlement for you. IRS audits less than 1% of all taxpayers.
If you have received an IRS bank or wage garnishment levy, within 24 hours of receiving your current financial statement we can settle and close your case. IRS sends out 1.6 million bank or wage garnishment levies every year.
If you wish to settle your IRS tax debt with Internal Revenue Service, we will walk through the offer in compromise program and let you know if you are a qualified and suitable candidate for the fresh start initiative offer in compromise program.
Details of the offer in compromise can be found on our home page under offer in compromise. In 2014 the IRS accepted 41% of all offers in compromise filed.
Before filing an offer in compromise you must be qualified for the full program or you will be wasting your money. We will review with you if you are a qualified candidate before taking any money or retainer from you.
If you have past due tax returns you wish to file, we can file those tax returns with little or few tax records.
Due to our years of experience at the Internal Revenue Service we can prepare your returns under IRS tax reconstructive methods.
Call us today for free initial tax consultation and we will give you the variety of options you have to go ahead to close and settle your IRS case.
We are the affordable tax firm A+ rated by the Better Business Bureau and we have been in private practice since 1982.
We have over 206 years of professional tax experience.
IRS Tax Attorney, Tax Lawyer + Tax Audit + IRS Levy + Settle with IRS + File Past Due Returns + Affordable IRS Help = Minneapolis, St. Paul, Rochester, Bloomington, Duluth
by Jim Magary | Mar 4, 2015 | Tax Help
FST can get your IRS tax levy, bank levy or wage levy released within 24 hours of receiving your current and verifiable financial statement. AFFORDABLE.
We can settle your case as well. We know the system!
Being former IRS agents and managers for over 60 years we know the most streamlined process to get fast and affordable removals of the IRS tax Levy, the IRS bank levy, and the IRS wage garnishment.
Contact us today for a free initial tax consultation and speak specifically to an IRS expert.
We are not an advertising company but a professional firm that gets immediate results.I would caution any taxpayer looking for a tax resolution firm to make sure they are not calling an advertising company but a true tax professional firm.
We are A+ rated by the Better Business Bureau and have been in private practice since 1982.
How to get your IRS tax Levy, Bank Levy or wage garnishment tax levy released.
The Internal Revenue Service sends out tax levies after taxpayers do not respond to final notice and bills. This is the number one cause of having an IRS Levy sent.
Internal Revenue Service sends out 1.6 million bank and wage levy garnishments each and every year.
To get your IRS tax levy released you will need to provide IRS with the current financial statement. Form 433F.
Once the Internal Revenue Service verifies everything on your financial statement they will close your case, release your levy and as a general rule will close your case in one of two ways.
The IRS will place your case into an economic tax hardship or ask you to make payments.
Many times the Internal Revenue Service will let you know if you are eligible for a tax debt settlement called an offer in compromise.
Over 41% of all taxpayers who try to settle their debt for pennies on dollars are accepted for an average of $.14.
You must be a qualified candidate for the tax debt settlement program called the offer in compromise.
Within 24 hours of receiving your current financial statement we can usually get your IRS tax levy or wage garnishment levy released and settle your case all at the same time.
FST is A+ rated by the Better Business Bureau and have been in private practice since 1982.
STOP IRS + Tax Levy, Bank Levy, Wage Garnishment, Settle Tax Debt NOW= Affordable Former Agents = Minneapolis, St. Paul, Rochester, Bloomington, Duluth
by Jim Magary | Mar 4, 2015 | Tax Help
Unemployment Benefits
If you lose your job, you may qualify for unemployment benefits.
The payments may serve as much needed relief.
But did you know unemployment benefits are taxable?
Key facts about unemployment compensation:
1. Unemployment is taxable.
You must include all unemployment compensation as income for the year.
You should receive a Form 1099-G, Certain Government Payments by Jan. 31 of the following year.
This form will show the amount paid to you and the amount of any federal income tax withheld.
2. Paid under U.S. or state law.
There are various types of unemployment compensation. Unemployment includes amounts paid under U.S. or state unemployment compensation laws.
For more information, see Publication 525, Taxable and Nontaxable Income.
3. Union benefits may be taxable.
You must include benefits paid to you from regular union dues in your income.
Other rules may apply if you contributed to a special union fund and those contributions are not deductible.
In that case, you only include as income any amount that you got that was more than the contributions you made.
4. You may have tax withheld, and you should!!!
You can choose to have federal income tax withheld from your unemployment.
You can have this done using Form W-4V, Voluntary Withholding Request.
If you choose not to have tax withheld, you may need to make estimated tax payments during the year.
