by Fresh Start Tax | Apr 26, 2014 | Tax Help
Nothing like Planning Ahead to save tax dollars
Make Plans Now for Next Year’s Tax Return.
Most people stop thinking about taxes after they file their tax return.
But there’s no better time to start tax planning than right now. And it’s never too early to set up a smart record keeping system.
Here are six tips to help you start to plan for this year’s taxes from Fresh Start Tax LLC:
1. Take action when life changes occur.
Some life events, like a change in marital status, the birth of a child or buying a home, can change the amount of taxes you owe.
When such events occur during the year, you may need to change the amount of tax taken out of your pay.
To do that, you must file a new Form W-4, Employee’s Withholding Allowance Certificate, with your employer. Use the IRS Withholding Calculator on IRS.gov to help you fill out the form.
If you receive advance payments of the premium tax credit it is important that you report changes in circumstances, such as changes in your income or family size, to your Health Insurance Marketplace.
2. Keep records safe.
Put your 2013 tax return and supporting records in a safe place.
That way if you ever need to refer to your return, you’ll know where to find it. For example, you may need a copy of your return if you apply for a home loan or financial aid.
You can also use it as a guide when you do next year’s tax return.
We recommend cloud storage space through some Internet provider.
3. Stay organized.
Make sure your family puts tax records in the same place during the year.
This will avoid a search for misplaced records come tax time next year.
4. Shop for a tax preparer.
If you want to hire a tax preparer to help you with tax planning, start your search now. Choose a tax preparer wisely.
You are responsible for the accuracy of your tax return no matter who prepares it.
5. Think about itemizing.
If you usually 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.
6. Keep up with changes.
Subscribe to IRS Tax Tips to get emails about tax law changes, how to save money and much more. You can also get Tips on IRS.gov or IRS2Go, the IRS’s mobile app.
The IRS issues tips each weekday in the tax filing season and three days a week in summer.
Remember, a little planning now can pay off big at tax time next year.
Tax Return Planning, Prepare For Next Year, Former IRS Agent, Fresh Start Tax LLC
by Fresh Start Tax | Apr 25, 2014 | Tax Help
If you are having a problem with the Internal Revenue Service or the state of Florida, Department of revenue, Sales Tax Division, contact us today for a free initial tax consultation and speak directly to a former IRS auditor or IRS state agent.
We’ve been in practice since 1982 and are A+ rated by the Better Business Bureau.
We have over 78 years of both IRS and state of Florida government experience.
Our staff has worked in the local, district, and regional tax offices of the Internal Revenue Service and Florida Sales Tax.
The FST staff is comprised of tax attorneys, tax lawyers, certified public accountants, former IRS agents and managers, and former state of Florida Department of revenue tax auditors.
We have over 206 years of professional tax experience.
What is an IRS or State Tax Return audit?
An IRS audit is a examination of an organization’s or individual’s accounts and financial information to ensure information is being reported correctly, according to the tax laws, to verify the amount of tax reported is accurate.
Why you may have been selected to a IRS or State Tax Audit
Selecting a federal or state tax return for audit does not always suggest that an error has been made.
Tax returns are selected using a variety of methods including:
1. Random selection and computer screening, sometimes returns are selected based solely on a statistical formula.
2. Document matching ,when payor records, such as Forms W-2 or Form 1099, don’t match the information reported.
3. Related examinations, tax returns may be selected for audit when they involve issues or transactions with other taxpayers, such as business partners or investors, whose returns were selected for audit.
4. You may have been turned in by a third party such as a spouse or employee.
5. Some time is it a cross reference audit, example of this is a corporate return is being audited in the IRS or state feels the individual’s tax return should be altered as well.
6. Your tax return has fallen out of the national norms.
IRS or State Tax Return Audit Methods
An audit may be conducted by mail or through an in-person interview and review of the taxpayer’s records.
The interview may be at an IRS or State office (office audit) or at the taxpayer’s home, place of business, or accountant’s office (field audit).
The IRS/State will tell you what records are needed.
Audits can result in no changes or changes. Any proposed changes to your return will be explained.
IRS & State Tax Return Audit Notification
Should your account be selected for audit, you will be notified in two ways:
1. By mail, or
2. By telephone
In the case of a telephone contact, the IRS will still send a letter confirming the audit. E-mail notification is not used by the IRS or the State at this time.
Your Rights During an IRS or State Tax Audit
Publication 1, Your Rights as a Taxpayer, explains your rights as a taxpayer as well as the examination, appeal, collection, and refund processes.
These rights include:
- A right to professional and courteous treatment by IRS/State employees.
- A right to privacy and confidentiality about tax matters.
- A right to know why the IRS/State is asking for information, how the IRS /State will use it and what will happen if the requested information is not provided.
- A right to representation, by oneself or an authorized representative.
- A right to appeal disagreements, both within the IRS/State and before the courts.
Usual Tax Audit Lengths
The length of each audit varies depending on the type of audit, the complexity of items being reviewed, the availability of information being requested, the availability of both parties for scheduling of meetings and your agreement.
Call us today for a free initial tax consultation on IRS or state tax return audit.
We are the affordable tax experts who can represent and defend your best interest.
IRS & State Tax Return Audits – Affordable Expert Representation Help – Jacksonville, Tax Attorneys, Former IRS, State Agents
by Fresh Start Tax | Apr 25, 2014 | Tax Help
We are the AFFORDABLE Florida specialty firm that specialize in IRS Tax Problem Help and Tax Debt Relief.
We have practiced in the state of Florida since 1982 and are A+ rated by the Better Business Bureau.
We have over 60 years of directly working for the Internal Revenue Service and the state of Florida.
We have worked in a local, district, and regional tax offices of the IRS.
We know all the systems, strategies and formula used by the IRS because we taught them to new IRS agents.
We know what they know.
How to Settle Back Tax Debt with the IRS, former IRS Agent
I am a former revenue officer and teaching instructor and have worked in Florida’s IRS office.
To settle any back debt with the Internal Revenue Service you will need to submit a current financial statement along with all documentation. Form 433-F
Along with that financial statement IRS will need to review current monthly expenses. copy last three months of bank statements, and copy in your last pay stub.
Once IRS reviews your financial statement they will make a determination on how they will proceed and work with your case.
As a general rule, after a financial analysis the Internal Revenue Service will either place you into an economic tax hardship, insist on a monthly payment agreement or let you know you are a qualified candidate for offer in compromise or a tax debt settlement.
It is important you have a qualified professional fill out your current financial statement.
Please find below information regarding the offer in compromise or tax debt settlement.
Offer in Compromise – Tax Debt Relief
An offer in compromise allows you to settle your tax debt for less than the full amount you owe. It may be a legitimate option if you can’t pay your full tax liability, or doing so creates a financial hardship.
IRS considers all your unique set of facts and circumstances such as:
1. Ability to pay;
2. Income;
3. Expenses; and
4. Asset equity.
IRS generally approves an offer in compromise when the amount offered represents the most IRS can expect to collect within a reasonable period of time.
The Offer in Compromise program is not for everyone.
Make sure you are eligible.
Check out the pre qualifier toll on our website.
Before IRS can consider your offer, you must be current with all filing and payment requirements.
You are not eligible if you are in an open bankruptcy proceeding. Use the Offer in Compromise Pre-Qualifier to confirm your eligibility and prepare a preliminary proposal.
Submit your offer
You’ll find step-by-step instructions and all the forms for submitting an offer in the Offer in Compromise Booklet, Form 656-B (PDF).
Your completed offer package will include:
1. Form 433-A (OIC) (individuals) or 433-B (OIC) (businesses) and all required documentation as specified on the forms;
2. Form 656(s) – individual and business tax debt (Corporation/ LLC/ Partnership) must be submitted on separate Form 656;
3. $186 application fee (non-refundable); and
Initial payment (non-refundable) for each Form 656.
Selecting a payment option
Your initial payment will vary based on your offer and the payment option you choose:
Lump Sum Cash:
Submit an initial payment of 20 percent of the total offer amount with your application. Wait for written acceptance, then pay the remaining balance of the offer in five or fewer payments.
Periodic Payment:
Submit your initial payment with your application.
Continue to pay the remaining balance in monthly installments while the IRS considers your offer. If accepted, continue to pay monthly until it is paid in full.
Call us today for free initial tax consultation and we can walk you through the different strategies to resolve any IRS tax problem you have and settle your back tax debt that you have and get you immediate and permanent tax relief.
by Fresh Start Tax | Apr 25, 2014 | Tax Help
If you owe back taxes to the Internal Revenue Service it only makes sense to hire former IRS agents and managers who knows the system of tax debt relief.
Being former IRS collection agents we know all the strategies, settlement formulas, and the various ways to get immediate and permanent tax relief if you owe back taxes to the IRS.
We are comprised of tax attorneys, certified public accountants, and former IRS agents, A+ rated by the Better Business Bureau
You can call us today for a free initial tax consultation we will review your case and give you a free evaluation based on your current financial condition and statement
The process to get tax relief if you owe back taxes
There are different remedies.
If you owe back taxes to the Internal Revenue Service or any government agency for that matter, they will always want to secure a current financial statement based on the last tax year.
The Internal Revenue Service’s financial statement is on IRS form 433F that you can find on our website.
IRS will require that that financial statement be accurate, signed under penalties of perjury, and fully documented along with bank statements, pay stubs, and the taxpayer must be able to prove all monthly business expenses.
The IRS and all government agencies have national norms that they expect expect taxpayers to spend for monthly expenses should you exceed those monthly expenses as a general rule, the government will disallow any payments or overages to those things they consider, simply not necessary necessary.
Warning
Before you contact any government agency it is important you contact a true tax professional who understands the national standard test that will be applied for any type of IRS or state tax settlement.
It is important for the taxpayer to know how the government analyzes the financial statement before submitted the financial to any government agency.
As former IRS agents and revenue officers we are reviewed thousands of IRS financial statement since 1982. We know the system.
If you want to go ahead settle a tax debt, declare for economic tax hardship, or qualify for an offer in compromise, contact us today for free initial consultation we will go over your current financial situation and let you know the different settlement strategies necessary to go ahead in resolve this matter once and for all.
You must also be aware that anyone planning to settle a debt or work on any type of deal with the IRS will have to have all tax returns filed and up-to-date.
IRS will also make sure that your current withholding is sufficient so you not continue to owe back tax.
If you need to file your back tax returns simply call us today we can prepare all your back tax returns with little or no back tax records.
We do this through reconstructive methods that we learned at the Internal Revenue Service.
IRS Tax Debt Relief, Owe Back Taxes, Offer in Compromise Settlement,Jacksonville, Tax Attorneys, Former IRS
by Fresh Start Tax | Apr 25, 2014 | Tax Help
Being comprised of tax attorneys, CPAs, and former IRS agents we know how to get immediate relief from IRS bank or wage garnishment levy.
As former IRS agents, specifically revenue officers, we have filed thousands of IRS levies when employed by the Internal Revenue Service and there’s a very specific process to get an IRS bank or wage levy released.
We know the system.
How to Stop the IRS Levy
If the Internal Revenue Service has already sent to your bank or to your employer a notice of levy you will have to contact the issuing agent ASAP.
As a general rule, this levy was served because the taxpayer failed to contact the IRS and IRS is just wanting closing their case off the IRS computer enforcement system called the CADE2.
The IRS agent to close your case will need an exit strategy to take your case off computer system.
Two things are needed before that can be done.
1. IRS will need a current financial statement on form 433-F. That form will need to be accurate, completely documented, and I recommend faxed to the agent working your case.
We can usually get your levy released within 24 hours of receiving your accurate and documented financial statement.
2. The Internal Revenue Service will also want to make sure all your tax returns are current and up-to-date. We can prepare all back returns for you if necessary with little or no records.
When the IRS has your current financial statement in hand, upon there review they will make one of three determinations to close your case and then go ahead and release the bank or wage levy.
1. IRS based on your current financial statement will either place you into a currently non-collectible or hardship file,
2. IRS will make a determination to have you enter into an installment of monthly payment, or
3. IRS may recommend you file an offer in compromise because you will appear to be a suitable candidate.
Once the IRS has determined a closing method that fit there criteria strategy they will release your wager bank levy.
It’s a good idea to have the fax number of the person who has the ability to release the funds belonging to you.
Be prepared to give that to the agent over the phone, they can instantly release or Stop the Levy. If you wait for IRS to mail it can take days.
Need immediate help contact us today to speak directly to a tax professional.
IRS Levy Help, Stop Bank or Wage Levy Right Now – Jacksonville – Affordable – Back Tax Debt Help, Tax Attorneys, Former IRS
by Fresh Start Tax | Apr 25, 2014 | Tax Help
Stop the nightmare with the IRS today.
We are comprised of tax attorneys, tax lawyers, and former IRS agents, managers and tax instructors.
Fresh Start Tax LLC is a specialty firm that has over 206 years professional tax experience and over 60 years of working directly for the Internal Revenue Service in Florida’s IRS offices.
As former employees of the Internal Revenue Service, we taught tax law to new IRS agents as well as tax policy regarding the collection, audit,and appeals divisions of Internal Revenue Service.
We have been in practice since 1982 and are A+ rated by the Better Business Bureau.
There are many excellent firms to choose from when making a choice to resolve your IRS problems.
Make sure you check out the firm’s credentials, their bios, and the ratings, and complaint histories.
Beware of Internet Marketing Companies
If you are surfing the Internet to find a firm or tax resolution company to represent you, be aware that about 95% of all advertising done on the internet is by marketing lead generation’s companies that sell your information to third parties.
I warn the consumer to make sure you are speaking specifically to a true professional tax firm when dealing with your current IRS problems.
All work in our tax firm is done in-house and we can help resolve all back tax issues.
We can help file all your back tax returns, represent you during IRS tax audit or work out of effective tax settlement called an offer in compromise if you qualify for the program.
You may find an IRS pre-qualifier tool on our website and find out what the lowest possible settlement that you can get on your case.
If you are right now under a current IRS tax Levy as a result of a levy served on your bank or wages, as a general rule, within 24 hours of receiving your accurate and documented IRS financial statement we can obtain a levy release and settle your case.
Call us today for free initial tax consultation.
