by steve | Sep 17, 2009 | Tax Help, Uncategorized
Some interesting facts about the first timers from the IRS SITE. News release September 17, 2009.
Many taxpayers who purchase a home this year will qualify for an $8,000 federal tax credit. The refundable first-time home buyer credit is a major tax provision in the American Recovery and Reinvestment Act of 2009.
But time is running out to qualify for this credit.
Here are ten things the IRS wants you to know about the first-time home buyer credit:
To be considered a first-time home buyer, you ? and your spouse if you are married ? must not have jointly or separately owned another principal residence during the three years prior to the date of purchase.
You cannot claim the credit before there is a completed sale and purchase of the residence. The sale and purchase are generally completed at the time of closing on the purchase.
To qualify for the credit, the completed purchase must occur before December 1, 2009.
The home must be located in the United States.
The credit is either 10 percent of the purchase price of the home or $8,000, whichever is less.
The amount of the credit begins to phase out for taxpayers whose modified adjusted gross income is more than $75,000 or $150,000 for joint filers.
The credit is fully refundable. A home buyer with no taxable income, who qualifies for the credit, may file for the sole purpose of claiming the credit and receive a refund. The credit will be paid out to eligible taxpayers, even if they owe no tax or the credit is more than the tax owed.
The credit is claimed on IRS Form 5405, First-Time Home buyers Credit.
Taxpayers can claim the credit for a qualified 2009 purchase on either their 2008 or 2009 tax return. For those who have filed a 2008 return, a Form 1040X, Amended U.S. Individual Income Tax Return can be filed in order to get a refund in 2009.
The credit for qualified 2009 purchases does not have to be repaid, as long as the home remains your main home for 36 months after the purchase date.
Qualified taxpayers who have been considering a main home purchase may find extra incentive from this tax credit to buy now so they can complete the purchase before the December 1 deadline.
For more information on this and other key tax provisions of the Recovery Act visit the official IRS Website at IRS.gov/Recovery.
by steve | Sep 17, 2009 | Tax Help, Uncategorized
The IRS wage garnishment Levy has devastating effects on taxpayers.
It not only causes problems with their personal finances and raises concerns to the Internal Revenue Service and also presents problems for individual taxpayers and their bosses and payroll departments.
Many times their credibility has been ruined by the IRS wage garnishment tax levy.
Observations about this levy that arrives at your employer.
I advise almost all my clients to go into their boss or the human resources department and let them know that you have hired a professional company.
This lets them know that you are aware of and seriously taking care of the problem.
Employers may feel that this levy can detract from your job quality, so by going in and talking with them you can deflect any issues they may have.
You will have to get your own feeling about your own situation about contacting management.
If you are a person that handles money at your job, the employer could have serious doubts about what this could effect.
Be up front and open.
Many times we actually call the employer and let them know you have hired a professional tax company.
To get an IRS wage garnishment released /removed.
You’ll have to call IRS with a verifiable financial statement usually on form 433F.
You will have to include pay stubs, bank statements and a copy of all monthly income and expenses.
The Internal Revenue Service will analyze at current financial statement and as a general rule place you into a currently not collectible file or monthly payment agreement.
Your financial statement will determine how IRS will close your case.
It is very possible to get an IRS wage levy garnishment released within 24 hours.
As a rule a professional tax firm can make that happen.
If you are looking for true IRS tax experts to settle your case and get your IRS wage garnishment released and removed immediately call us today for a free initial tax consultation.
We are A+ rated by the Better Business Bureau.
How to Get a IRS Wage Garnishment Tax Levy Released/Removed ASAP + Form 668W, Former IRS Revenue Officer
by steve | Sep 14, 2009 | Tax Help, Uncategorized
We have spent a lot of time doing research on many many companies. What I wanted to find out was this, ” do they know what they were talking about”. What I found is this, the smaller companies do a better job because more seasoned personnel seemed to be doing the work.
The quality if answers they gave were very impressive and were answered correctly.
The big hit the industry takes is the way it advertises.
Promises in exchange for a check is not necessarily true.
by steve | Sep 14, 2009 | Tax Help, Uncategorized
Over 40% of all IRS collection cases are placed into hardship because taxpayer simply do not have the financial means at the current time to go ahead and pay IRS right now.
Taxpayers who wish to have their case be put into non-collectible or hardship status will have to give IRS a current financial statement, usually form 433F with all documentation.
The Internal Revenue Service will compare your financial statement with that of the national and regional norms.
If your expenses exceed your current income and you meet the national and regional norms, IRS can place your case into a non-collectible or hardship status.
If you need professional tax representation contact us today for free initial tax consultation and we will walk you through the process to find out if you are an eligible candidate to be put in non-collectible or hardship status.
Please keep in mind this usually is not a full-time remedy to solve your tax problem.
This is only temporary relief.
Cannot Afford To Pay the IRS Right Now = Ask to be put in a Non-Collectable or Hardship Status
by steve | Sep 14, 2009 | Tax Help, Uncategorized
This is a question we get all the time. Just what is exempt from a federal tax levy? The Restructuring Act of 1998 gave us a new list of exemptions. They are as follows:
Modification of Certain Levy Exemption Amounts
The Code currently prohibits the Service from seizing personal belongings of the taxpayer up to certain dollar amounts. I.R.C. § 6334. The Act increases this dollar amount as to specific items. Effective for levies issued after July 22, 1998, the date of enactment, the Code now exempts from collection (1) fuel, provisions, furniture and personal effects valued up to $6,250 (previously $2,500) and (2) books and tools of the taxpayer’s trade, business or profession valued up to $3,125 (previously $1,250). The new amounts are indexed for inflation. Act § 3431 amending I.R.C. § 6334.
This list is subject to change from time to time.
by steve | Sep 14, 2009 | Tax Help, Uncategorized
Under the Internal Revenue Service Restructuring Act of 1998, more than attorney’s can have attorney-client privileges. The service extended the benefit to anyone who can legally practice before the IRS.
See the enclosed ruling as set forth by the IRS:
The attorney-client privilege is now applicable to communications between taxpayers and individuals authorized to practice before the Service. The privilege is not extended to criminal tax matters or proceedings nor to communications regarding corporate tax shelters. Act § 3411(a) adding I.R.C. § 7525(a)(2). The amendment is effective with regard to communications made on or after, July 22.
This privilege exists today.
