by Fresh Start Tax | Aug 11, 2014 | Tax Help
The Affordable Professional Company
We are a full service tax firm that specializes in IRS and state tax resolution.
Our firm especially designed to handle all IRS and state tax issues.
We can file all back returns and if you owe back taxes we can work out a tax settlement.
We are A+ rated by the Better Business Bureau and have been in private practice since 1982.
We are affordable tax firm that can end the misery of your tax problems today.
Being former IRS agents and managers we understand the systems and the protocols to get your case settled with the Internal Revenue Service if you are a candidate for the offer in compromise program.
Before we try to settle any case we will walk you through the IRS pre-qualifier tool and find out how much is the lowest amount that IRS will take to settle your case.
If you’re not a tax settlement candidate we will go through the different various programs available to you.
If you have not filed back tax returns and have little or no records we can easily reconstruct your tax returns.
If you owe any back IRS taxes we can offer you a call for different solutions that you can live with based on your current financial needs.
Because of our experience , we can end your IRS problem.
All work is done in-house by true tax professionals who are the affordable choice.
We are A+ rated by the Better Business Bureau.
File Back Tax Returns, Owe Back Taxes & Tax Settlement, Former IRS – Kettering, Lakewood, Euclid, Middletown
by Fresh Start Tax | Aug 11, 2014 | Tax Help
Stop Your IRS Levy Today.
As former IRS agents and managers we can stop an IRS tax levy, bank levy or wage garnishment levy within 24 hours.
We have a combined 60 years of direct work experience in the local, district, and regional tax offices of the Internal Revenue Service.
Due to our voluminous tax experience at the Internal Revenue Service we know the systems and the protocols to stop the IRS tax levy and work out a tax settlement all at the same time.
What is needed to stop the IRS tax Levy.
If you want to stop the IRS tax Levy immediately the Internal Revenue Service will need a fully completed and verified current financial statement.
They will compare your financial statement with that against the national, regional, and local standards.
After a review of your financial statement the internal revenue service usually has one of two closing strategies.
They were either place your case into a temporary hardship or they will ask for a monthly payment based on your current and verifiable financial statement.
The reason you need a tax professional is to fill out your financial statement because they know the system and what expenses can be included in the national standards to help your case.
IRS will expect all your tax returns to be filed, current and up-to-date in filing.
You can call us today for a free initial tax consultation and we will get your IRS tax levy or wage garnishment stopped and work out a tax settlement all at the same time.
We are a full-service tax firm that specializes in IRS and state tax resolution.
We have been in private practice since 1982 in are A+ rated by the Better Business Bureau.
STOP IRS Tax Levy, Bank Levy, Wage Garnishment *Affordable* Kettering, Lakewood, Euclid, Middletown
by Fresh Start Tax | Aug 11, 2014 | Tax Help
Tax Tips about Hobbies
Millions of people enjoy hobbies that are also a source of income.
Some examples include stamp and coin collecting, craft making, and horsemanship.
Important – You must report on your tax return the income you earn from a hobby.
The rules for how you report the income and expenses depend on whether the activity is a hobby or a business.
There are special rules and limits for deductions you can claim for a hobby.
Here are tax tips you should know about hobbies:
1. Is it a Business or a Hobby?
A key feature of a business is that you do it to make a profit. You often engage in a hobby for sport or recreation, not to make a profit. You should consider nine factors when you determine whether your activity is a hobby. Make sure to base your determination on all the facts and circumstances of your situation. For more about ‘not-for-profit’ rules see Publication 535, Business Expenses.
2. Allowable Hobby Deductions.
Within certain limits, you can usually deduct ordinary and necessary hobby expenses. An ordinary expense is one that is common and accepted for the activity. A necessary expense is one that is appropriate for the activity.
3. Limits on Hobby Expenses.
Generally, you can only deduct your hobby expenses up to the amount of hobby income.
If your hobby expenses are more than your hobby income, you have a loss from the activity.
You can’t deduct the loss from your other income.
4. How to Deduct Hobby Expenses.
You must itemize deductions on your tax return in order to deduct hobby expenses.
Your expenses may fall into three types of deductions, and special rules apply to each type. See of Publication 535 for the rules about how you claim them on Schedule A, Itemized Deductions.
Hobby Losses and How they Effect your Tax Return, Former IRS
by Fresh Start Tax | Aug 1, 2014 | Tax Help
IRS Notices and Bills, Penalties and Interest Charges
We can help!
General Information
April 15 is the deadline for most people to file their individual income tax returns and pay any tax owed.
Tax returns are checked for mathematical accuracy. If there is any money owed, you will be sent a bill.
Generally, interest is charged on any unpaid tax from the due date of the return until the date of payment.
The interest rate is determined quarterly and is the federal short-term rate plus 3 percent. Interest is compounded daily.
If you file a return but don’t pay all amounts shown as due on time, you will generally have to pay a late payment penalty of one-half of one percent for each month, or part of a month, up to a maximum of 25%, on the amount of tax that remains unpaid from the due date of the return until the tax is paid in full.
The one-half of one percent rate increases to one percent if the tax remains unpaid 10 days after the IRS issues a notice of intent to levy.
For individuals who file by the return due date, the one-half of one percent rate decreases to one-quarter of one percent for any month in which an installment agreement is in effect.
If you owe tax and don’t file on time, the total failure to file penalty is usually five percent of the tax owed for each month, or part of a month that your return is late, up to five months. If your return is over 60 days late, the minimum penalty for late filing is the lesser of $135 or 100 percent of the tax owed.
You must file your return and pay your tax by the due date to avoid interest and penalty charges.
Often the funds necessary to pay your tax can be borrowed at a lower effective rate than the combined IRS interest and penalty rate.
To ensure your payment on a bill for tax is credited properly, be sure to return the tear-off stub on your bill and use our return envelope, if provided.
Please make your check or money order payable to the United States Treasury.
Enter the primary social security number or employer identification number, the tax year and form number, and your telephone number on your check or money order.
The penalties for filing and paying late may be abated if you have reasonable cause and the failure was not due to willful neglect.
If you’re billed for penalty charges and feel you have reasonable cause, send your explanation along with the bill to your service center, or call the IRS at 800-829-1040 for assistance.
In addition, making a late payment as soon as you are able may help to establish that your initial failure to pay was due to reasonable cause and not willful neglect.
Generally, interest charges are not abated; they continue to accrue until all assessed tax, penalties, and interest are paid in full.
There are possible exceptions to the general deadlines for filing a return and paying tax.
- One possible exception is if you are a member of the armed forces and are serving in a combat zone. Refer to Publication 3, Armed Forces’ Tax Guide, for additional information and qualifications.
- Another is if you are a citizen or resident alien working abroad. Refer to Publication 54, Tax Guide for U.S. Citizens and Resident Aliens Abroad, for details. The IRS also has the authority to extend filing and payment deadlines in certain disaster situations. For more information, enter “disaster” in the search box on IRS.gov.
Errors on Your IRS Notice
If you believe there is an error on your notice or bill, write to the IRS office that sent it to you within the time frame given. You should provide photocopies of any records that may help correct the error.
Also, you may call the number listed on your notice or bill for assistance. If you are correct, we will make the necessary adjustment to your account and send you a corrected notice.
by Fresh Start Tax | Aug 1, 2014 | Tax Help
Have former IRS agents and managers represent you if you owe back tax debt.
Due to our 60 years of experience at IRS we know all the protocols, all the codes, all the settlement theory’s and all the fastest ways to resolve tax debt.
We’ve been in private practice since 1982 in our A+ rated by the Better Business Bureau.
If you owe back tax debt to the Internal Revenue Service you will have to make sure that all back tax returns are filed, current and up-to-date.
The Internal Revenue Service will work with no one with unfiled tax returns.
If you need to file your back tax returns we can do so with little or tax records due to our experience in the reconstruction of tax returns.
If you will owe back tax debt with the Internal Revenue Service we will take a current financial statement and we will show you the various financial options you have available to settle your case with the Internal Revenue Service. IRS always requires a financial statement.
The Internal Revenue Service accepts 38% of all offers in compromise file for average of $.14 on the dollar.
Let our former IRS agents and managers review your case and let you know the best and most affordable options to remedy your tax problem problem situation.
Let our 60 years of direct IRS experience work for you.
IRS – Owe Back Tax Debt, File Back Tax Returns, Settle Tax – Former IRS – Mansfield, Mentor, Strongville, Fairfield
by Fresh Start Tax | Jul 31, 2014 | 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 are A+ rated by the Better Business Bureau and have been in private practice since 1982.
We 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.
IRS Tax Relief Tax Levy, Tax Audits, File Back Tax Returns, Tax Debt *Affordable* Mansfield, Mentor, Strongville, Fairfield
IRS Tax Relief Tax Levy, Tax Audits, File Back Tax Returns *Affordable* Mansfield, Mentor, Strongville, Fairfield
