by Jim Magary | Jan 26, 2015 | Tax Help
Who Should File a 2014 Tax Return per the IRS, What You Need to Know.
Most people file their tax return because they have to, but even if you don’t, there are times when you should.
You may be eligible for a tax refund and not know it.
This 2014 year, there are a few new rules for some who must file a tax return.
Here are some top tax tips to help you find out if you should file a tax return:
1. General Tax Filing Rules.
Whether you need to file a tax return depends on a few factors. In most cases, the amount of your income, your filing status and your age determine if you must file a tax return. For example, if you’re single and 28 years old you must file if your income was at least $10,150. Other rules may apply if you’re self-employed or if you’re a dependent of another person. There are also other cases when you must file. Go to IRS.gov/filing to find out if you need to file.
2. New for 2014: The Premium Tax Credit.
If you bought health insurance through the Health Insurance Marketplace in 2014, you may be eligible for the new Premium Tax Credit. You will need to file a return to claim the credit. If you purchased coverage from the Marketplace in 2014 and chose to have advance payments of the premium tax credit sent directly to your insurer during the year you must file a federal tax return. You will reconcile any advance payments with the allowable Premium Tax Credit. You should receive Form 1095-A, Health Insurance Marketplace Statement, by early February. The new form will have information that will help you file your tax return.
3. Tax Withheld or Paid in Taxes.
Did your employer withhold federal income tax from your pay? Did you make estimated tax payments? Did you overpay last year and have it applied to this year’s tax? If you answered “yes” to any of these questions, you could be due a refund. But you have to file a tax return to get it.
4. Earned Income Tax Credit.
Did you work and earn less than $52,427 last year? You could receive EITC as a tax refund if you qualify with or without a qualifying child. You may be eligible for up to $6,143. Use the 2014 EITC Assistant tool on IRS.gov to find out if you qualify. If you do, file a tax return to claim it.
5. Additional Child Tax Credit.
Do you have at least one child that qualifies for the Child Tax Credit? If you don’t get the full credit amount, you may qualify for the Additional Child Tax Credit.
6. American Opportunity Credit.
The AOTC is available for four years of post secondary education and can be up to $2,500 per eligible student. You or your dependent must have been a student enrolled at least half time for at least one academic period. Even if you don’t owe any taxes, you still may qualify.
However, you must complete Form 8863, Education Credits, and file a return to claim the credit.
If you’d like to help audit proof your tax return today call the tax professionals at fresh start tax.
We are A+ rated in one of the best in the industry.
by Jim Magary | Jan 26, 2015 | Tax Help
We are a Christian tax firm that specializes in IRS tax relief.<><
We’ve been practicing since 1982 in our A+ rated by the Better Business Bureau.
Last year alone over 6 million taxpayers entered into IRS payment plans, installment agreement or a monthly payment options to pay Internal Revenue Service.
Call our office today and we will review with you the various programs available to pay the Internal Revenue Service including the possibility of settling your tax debt through the offer in compromise program.
There are two types of IRS payment plans and IRS installment plans/agreements.
The dollar amount you owe the IRS will determine which option you take.
Before you enter into a IRS payment plan with the Internal Revenue Service you should ask a tax professional which is the best option.
To make sure you’re not overpaying, you should consider tax representation. It will probably save you money in the long run.
Besides consulting the tax professional, you should also find out if you are a qualified candidate for the offer in compromise or tax debt settlement program all at the same time.
If you call our office today we will review your IRS options for IRS payment plan or installment plan.
Call us today for a free initial tax consultation.
Having worked for the Internal Revenue Service for over 60 years will give us a unique edge on all our competition because we understand the programming, the system and the formatting for IRS payment installment agreements.
Approximately 6 million taxpayers made IRS installment or payment plan agreements for this last year alone.
The agreement that you make with Internal Revenue Service will all depend on how much you owe in back taxes.
There are generally two types of IRS payment plans or installment agreements.
Types = Those for taxpayers owing over $50,000 and those people throwing under $50,000 people for those taxpayers owing over $50,000
As soon as you know you are going to owe back taxes you should contact us so we can review all your tax options and let you know the details about setting up an IRS installment plan repayment plan.
Here’s a quick review on the different type of installment agreements and payment plans.
Individual Installment Agreement
This payment plan applies to individuals who owe $50,000 or less in income tax, interest, and penalties.
Remember this is combined. IRS looks at your total pay off amount not your tax alone.
With an installment agreement, you can make regular monthly payments over time. Payments can be made through Direct Debit (from your bank account), check or money order, credit card, EFTPS , payroll deduction , or an Online Payment Agreement .
When you set up an installment agreement, make sure you will be able to make the monthly payments without defaulting. the reason it is very important to contact a tax professional is to make sure you can pay your back tax and not do so just because of fear of the Internal Revenue Service.
Many people cannot pay back tax he should find out about the IRS program called currently not collectible. If your income at exceeds your expenses based on the national averages IRS has the option to put your case into current hardship are currently not collectible. We review each account to find out which is the best option for the taxpayer or the business.
One simple phone telephone call to us today, believe it or not can end your problem because of our 60 years of direct working knowledge of the Internal Revenue Service Installment Agreement for Individuals
Owe Over $50,000
Individuals who fall into this category must submit Form 9465 as well as Form 433-F (Collection Information Statement).
Form 433F is used by ASC for obtaining your documented current financial information, in order to figure out how you can pay the overdue tax balance.
if your case is in the local office with a revenue officer they will insist on a verified form 433A.
You can find both 433 f and 433a on our website.
Both financial statement must include your last three months bank statements, a copy of your last paystub and a copy of all monthly expenses.
You want to make sure they’re absolutely no inconsistencies within them.
As a former IRS agent when you call our office will careful we review your financial statement for any inconsistencies. I urge cautions for all taxpayers giving IRS financial statements
3. Small Business Installment Agreement
Businesses that owe IRS back taxes of $25,000 or less in back taxes may request an “In-Business Trust Fund Express” installment agreement.
This type of payment plan usually doesn’t require a financial statement, although the business must currently have employees.
An IBTF-Express IA provides a 24-month period to fully pay the outstanding tax debt.
If the amount owed is greater than $10,000 (and below $25,000), the business must set up a Direct Debit installment agreement.
Costs for Installment or Payment Plans
Note that it costs $120 to set up a standard agreement or payroll deduction agreement, and $52 to set up a Direct Debit agreement.
If your income is below a certain level, the fee for setting up an installment agreement is $42.
To request this reduced fee, submit Form 13844 (Application for Reduced User Fee for Installment Agreements).
Call us today for a free initial tax consultation in hear the truth about dealing with IRS.
When speaking to us we will review with you the offer in compromise program to see if you’re eligible to settle your debt for pennies on the dollar.
by Jim Magary | Jan 26, 2015 | Tax Help
We are a AFFORDABLE full service tax firm that specializes in immediate and permanent IRS tax relief.
We are true tax experts who’ve been practicing since 1982.
When you contact us will never have to speak to the Internal Revenue Service.
We handle all communications and settlements on your behalf.
We are one of the most trusted, experienced and honest firms in the tax resolution business.
From private practice to a nationwide tax firm we know exactly what it takes to get IRS off your back because we know the system as former IRS agents.
As Former IRS agents we file your tax returns and get IRS off your back.
FST has over 60 years of direct work experience in the local, district, and regional tax offices of the IRS. We taught tax law and new IRS agents their jobs. We also help right part of the IRS collection division manual section 5.
Few people in the industry have the internal experience that we have been working for the IRS and almost all divisions.
We have been in private practice since 1982 are A+ rated by the BBB.
If you need to file back past due tax returns contact us today and we can bring you current with the Internal Revenue Service.
We can prepare all your back income, business or corporate tax returns filed them with Internal Revenue Service and work out a tax settlement with the Internal Revenue Service.
Over 16 million taxpayers do not file annual tax returns. So you are not alone.
IRS just wants to get you back in their system.
As a former IRS agent, I can specifically tell you that the Internal Revenue Service will make this a very easy and seamless process for you.
Most people do not file because they do not have the proper records.
We can get your information to file your tax returns.
If that is the case, we can reconstruct your tax returns and file your back or past-due returns within a matter of days.
Taxpayers have options to pay back taxes.
Taxpayers can have the option to make payments, be put in hardship or settle with the IRS.
FST can go ahead and work out a payment arrangement that’s agreeable to your current financial condition.
Last year alone the Internal Revenue Service issued close to 6 million part pay installment agreements.
If you are an offer in compromise candidate and wish to make a settlement with Internal Revenue Service we can explain to you the offer process and work out a tax settlement if you are a viable, and suitable candidate for the offer program.
I was a former revenue officer and teaching instructor of the offer in compromise program.
We will not file offers in compromise unless you’re a qualified and suitable candidate.
When you call our office we walk you through the program and find out which of the three programs you could possibly be eligible for.
Call us today for a free initial tax consultation and you could speak to a true IRS tax expert.
We are one of the honest, affordable and most trustworthy firms in the tax resolution and tax relief business.
We can file your back, past-due tax returns, help you get out of payment agreement or have your your case written off is currently uncollectible if you truly are having a financial crisis at the present time.
We can also determine if you are a tax debt settlement candidate for the offer in compromise program.
File Back, Past Due Tax Returns, Make Payments to IRS, Settle with IRS = AFFORDABLE EXPERTS = Little Rock, Fort Smith, Fayetteville, Springdale, Jonesboro
by Jim Magary | Jan 26, 2015 | Tax Help
We can get you an immediate release of an IRS bank levy, wage garnishment levy and settle your case all at the same time.
We are a full-service tax firm that specialized in IRS tax levy help relief.
FST has over 60 years of working directly for the Internal Revenue Service in the local, district, and regional tax offices of the IRS.
We work as former IRS agents, managers and tax instructors.
Some on our staff even wrote some of section 5 dealing with the Internal Revenue Service collection provisions as it applies to taxpayers.
We know the system and how to get immediate and permanent tax relief.
Call us today for a free initial tax consultation.
To get an IRS tax levy, bank levy or wage garnishment released you will need to give IRS a current and documented financial statement.
We will walk you through the process, call Internal Revenue Service and get your case off the IRS enforcement computer and get your money back from the Internal Revenue Service.
We will also review your case to find out if you are a tax settlement candidate with the offer in compromise program.
One person on our staff was a former revenue officer and taught the offer in compromise program at Internal Revenue Service.
Call us today for free initial tax consultation.
You will never have to speak to the IRS.
You can get your IRS tax Levy, Bank Levy, wage garnishment levy released within 24 hours upon contacting us and us receiving your current financial statement.
We are one of the most experience, honest and professional tax firms in the industry.
IRS Tax Levy Relief = Bank Levy, Wage Garnishment Removal = Fast Affordable, Former IRS = Little Rock, Fort Smith, Fayetteville, Springdale, Jonesboro
by Jim Magary | Jan 22, 2015 | Tax Help
We are a full service tax firm that specialize in IRS tax debt relief.
We’ve been practicing since 1982 and are A+ rated by the Better Business Bureau.
We 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. We know the system!
We specialize in any type of IRS tax debt including individual, corporate, payroll and business employment taxes.
You can contact us today for a free initial tax consultation and speak to us about the possibility of settling your tax debt for pennies on a dollar, making a payment plan or installment agreement and filing back tax returns .
If you have any back tax issues and need immediate relief we are the firm to do that we are fast and affordable.
Some quick tax facts.
Over 16 million taxpayers do not file annual tax returns.
Over 6 million taxpayers are on current payment plans.
The Internal Revenue Service received 76,000 offers in compromise for tax debt settlements last year and accepted close to 42%.
If you need to file back tax returns or are undergoing a IRS tax audit we can have former IRS agents walk you through the process and settle your tax debt for the lowest possible amount.
If you have fewer little tax records the file we can reconstruct your tax returns with no problem.
Please keep in mind when you’re dealing with the Internal Revenue Service on any individual, business or payroll tax problem it is critical that you are current with withholding deposits and estimated payments.
Also you will have to have all tax returns filed in on the IRS system.
Call us today for free initial tax consultation.
Affordable Representation = Lakeland, Arlington, Collierville, Millington
by Jim Magary | Jan 22, 2015 | Tax Help
Premium Tax Credit
Your 2014 Income Tax Returns and the premium tax credit
When filing your 2014 federal income tax return, you will see some changes related to the Affordable Care Act.
Millions of people who purchased their coverage through a health insurance Marketplace are eligible for premium assistance through the new premium tax credit, which individuals chose to either have paid upfront to their insurers to lower their monthly premiums, or receive when they file their taxes.
When you bought your insurance, if you chose to have advance payments of the premium tax credit, the Marketplace estimated the amount based on information you provided about your expected household income and family size for the year.
If you received the benefit of advance credit payments, you must file a federal tax return and reconcile the advance credit payments with the actual premium tax credit you are eligible to claim on your return.
You will use IRS Form 8962, Premium Tax Credit (PTC) to make this comparison and to claim the credit. If your advance credit payments are in excess of the amount of the premium tax credit you are eligible for, based on your actual income, you must repay some or all of the excess when you file your return, subject to certain caps.
If you purchased your coverage through the Health Insurance Marketplace, you should receive Form 1095-A, Health Insurance Marketplace Statement from your Marketplace. You should receive this form by early February.
Form 1095-A will provide the information you need to file your taxes, including the name of your insurance company, dates of coverage, amount of monthly insurance premiums for the plan you and other members of your family enrolled in, amount of any advance payments of the premium tax credit for the year, and other information needed need to compute the premium tax credit.professional assistance
Using tax preparation software is the best and simplest way to file a complete and accurate tax return as it guides individuals and tax preparers through the process and does all the math.
Electronic filing options include IRS Free File for taxpayers who qualify, free volunteer assistance, commercial software.
