Showing posts with label Expert tax resolution services. Show all posts
Showing posts with label Expert tax resolution services. Show all posts

Tuesday, September 22, 2020

Tax debt relief

When Can I Expect to Get My Tax Refund?

 Tax Refund


With 2018 behind us, it’s time to start thinking about filing your tax return for the 2018 tax year. If you’re wondering when you’ll get your tax refund, here’s what you need to know about tax processing time lines and other aspects of making sure your refund isn't inadvertently delayed.



When the IRS Starts Accepting Tax Returns: Even if you have a fairly simple return and all of your documents ready, you can’t file your tax return the second a new year begins. The IRS normally announces the first day it will accept tax returns by mid-late November, but at the time of writing, a start date is still unannounced. While the recent passage of the GOP tax bill will not affect 2018 tax returns, other tax provisions are set to expire, so Congress has not approved a start date yet. Under normal circumstances, however, tax season officially commences in the third week of January (fourth if it’s a year when tax provisions are expiring, which approximates a late start around January 29th this year.)


Processing Time frames and Common Causes of Delays: For a vast majority of taxpayers, 90% to be precise, you’ll get your refund in 21 days or less from the time that the IRS finishes processing your return. If you electronically file and request direct deposit, this significantly speeds things up. Filing on paper and/or requesting a refund check adds a lot more time to the wait, about four weeks for processing a paper return and another 10 days to issue a refund check from the processing date.



While longer and more complex returns take more time to process, a common cause for delayed processing is if the information is missing from your tax return. Make sure that your name is spelled correctly and matches your other tax records, and that your Social Security number also matches. Changes to your household or marital status that you neglect to mention when filing this year’s tax return can also cause delays, such as if you’re using Single status instead of Head of Household if you’re unmarried but have a dependent child now. If you've been a victim of identity theft, whether you’re aware of this or not, you may experience significant delays in processing and receiving your refund.


Mandated Refund Hold for Additional Child Tax Credit and EITC Recipients:  If you are eligible for the Earned Income Tax Credit (EITC) and/or Additional Child Tax Credit, you can file your tax return after the IRS opens for return acceptance, but your refund will be held until February 15th to verify your information. If you are unsure whether you will qualify for EITC, the IRS’ EITC Assistant can provide further guidance. The Additional Child Tax Credit is for taxpayers with three or more dependent children, or if your income and deductions result in a refundable portion of the Child Tax Credit.



Tuesday, September 15, 2020

Individual Tax Saving Ideas

Individual Tax Saving Ideas







But when it comes to your taxes, it can seem like you're stuck paying the amount you are told to pay. However, this is simply not the case.




While the tax code is rigid and there are a lot of rules to follow, the truth is that many people don't take the time to learn how the rules work and how they can work to their advantage. 





Often, there are rules that can help to lower your annual gross income so that you're not only lessening your taxes, but also getting a larger return for that vacation you've always wanted to take. First of all, what you need to realize is that there are two different kinds of deductions that are listed in tax law – deductions and tax credits. Deductions are those costs that are subtracted from your gross income on the front side of a tax form before anything else is taken off. These help to lower your tax bracket first along with the standardized deductions that everyone has on their forms. Tax credits are those deductions that come directly off of the amount you are to be taxed. Obviously, these are much more significant and will help to dramatically lower your owed taxes. When you look at a basic 1040 form, which the usual form that most individuals use, you will notice that on the front of the form, you can take deductions for the following:


Exemptions


That is, those people who are dependent on you. You get a tax break for them. This is generally going to be one or two if you don't have any children (single or married correspond with one and two). You might also reduce the taxes you owe at the end of the year by reducing the exemptions you claim on your initial W-2 form. Instead of claiming '1,' you might want to claim '0.' This maximizes the amount of taxes that are taken from your paycheck. There are also standard deductions that everyone can take. Some of these include (for the 2007 tax year):



·         Single deduction: $5350

·         Married, filing separately deduction: $5350

·         Married, filing jointly: $10700

·         Head of Household: $7850

·         Widow(er): $10700


Each year these deductions seem to go up and help ease the burden of taxes on everyone in some way. These deductions will go on Schedule A to help reduce your gross income:


Medical deductions


If you have a lot of medical expenses, you will want to keep receipts and make sure to enter in the totals here. What can and can not be included in this total varies per year, so you will want to check with the IRS to see what the current rules are. These costs can not be something that was reimbursed by your health insurance company or by another else.

Taxes that you already paid


If you already paid estimated taxes, you will want to make sure that you are listing that total. This can be money that you sent the IRS to help with this section or it can be associated with a business.


Owe $8,000 or more in IRS back taxes?

If you’re suffering from tax problems with the IRS and owe $8,000 or more in back taxes, penalties, and interest. 


tax debt


We’ll make sure you understand your rights and explore all the tax relief options available to identify the best course of action for your needs and circumstances.


tax relief

When taxpayers try to deal with the IRS on their own, the results are usually stress and frustration but if you enlist our help, all that worry will go away. We’ll negotiate directly with the IRS on your behalf to set up an affordable payment plan or take advantage of a suitable tax relief program. 

tax settlement



Having tax disputes is not easy to deal with by yourself, you need a trusted tax expert. Tax resolution X-perts are certified tax accountant, tax attorney, EA, CPA on your side. MOST PEOPLE GET THEMSELVES INTO EVEN DEEPER PROBLEMS’ JUST BECAUSE THEY DO NOT KNOW HOW TO DEAL WITH THE IRS. IRS tax issues can be resolved even if you owe hefty sums, and even if you haven't filed your taxes in years. If the problem is blown out of proportion, the IRS may file a federal tax lien, levy your bank account and wages, confiscate and sell your car, home or business. Reaching a tax resolution with the IRS can avert such catastrophic consequences. Do you owe $10,000 or more in back tax debt? 






Do you owe $10,000 or more in back tax debt? Call 877-541-6901 right now! 

Thursday, September 10, 2020

Are you suffering from tax problems?

If you’re suffering from tax problems with the IRS and owe $8,000 or more in back taxes, penalties, and interest. 


We’ll make sure you understand your rights and explore all the tax relief options available to identify the best course of action for your needs and circumstances.

When taxpayers try to deal with the IRS on their own, the results are usually stress and frustration but if you enlist our help, all that worry will go away. We’ll negotiate directly with the IRS on your behalf to set up an affordable payment plan or take advantage of a suitable tax relief program. 




Having tax disputes is not easy to deal with by yourself, you need a trusted tax expert. Tax resolution X-perts are certified tax accountant, tax attorney, EA, CPA on your side. MOST PEOPLE GET THEMSELVES INTO EVEN DEEPER PROBLEMS’ JUST BECAUSE THEY DO NOT KNOW HOW TO DEAL WITH THE IRS. IRS tax issues can be resolved even if you owe hefty sums, and even if you haven't filed your taxes in years. If the problem is blown out of proportion, the IRS may file a federal tax lien, levy your bank account and wages, confiscate and sell your car, home or business. Reaching a tax resolution with the IRS can avert such catastrophic consequences. Do you owe $10,000 or more in back tax debt? 






Monday, August 24, 2020

Solving Income Tax Issues


The majority of income tax issues including unfilled returns and unpaid liabilities are best resolved using one of the following five methods: 

                         

If your debt is very large, you can apply for an Offer in Compromise with the IRS.



Tax debt relief is opted for by people who have somehow failed to file their returns, which in result have made them liable to pay a repayment of back taxes. This is no doubt a severe and frightening state of affairs. This may occur due to various reasons


Call (855) 336-0719 for tax consultation. If your debt is very large, you can apply for an Offer in Compromise with the IRS.

 Preparing an Installment Agreement. 

 Placement into Currently Not Collectible (“CNC”) Status. 

 Preparing a Partial Pay Installment Agreement (“PPIA”). 

 Preparing an Offer in Compromise (“OIC”). 

 Filing for Bankruptcy - (under the 3-year rule, 2-year rule or 240-day rule.



Tuesday, July 14, 2020

SUFFERING FROM TAX PROBLEMS



In some cases, you can reach a tax resolution and settle for far less than the amount you owe. This is known as an Offer in Compromise


An offer in compromise is a tax resolution settlement of a delinquent tax account for less than the original amount owed. However, you will not get such an Offer approved without specialized assistance. As per the data available, in the year 2004 only sixteen percent of Offers were accepted. 


If you are the having tax disputes with the IRS, tax professionals like experienced Enrolled Agents (EAs), Certified Public Accountant (CPAs), and tax attorneys can help you reach a tax resolution. Tax resolution encompasses a wide variety of settlements which includes IRS audits, Federal Tax Liens (IRS Liens), bank levies or wage garnishments, IRS penalty abatement, innocent spouse defense, bankruptcy discharge analysis, Offer in Compromise, un-filed or delinquent tax returns, and IRS collection statute of limitation analysis. 




Thus, it is advisable to seek services of professionals (like EAs, CPAs or tax attorneys) specializing in solving tax problems or negotiating a tax resolution. You should get in touch with these professionals if you are involved in tax disputes like un-filed tax returns, missing records, threat of tax levy, or, if you need a tax resolution like Installment Agreement or an Offer in Compromise or want to be declared Currently Not Collectible. 




For taxpayers, who are not able to reach a tax resolution immediately, an installment agreement can be a reasonable payment alternative. Installment agreements permit the full payment of the tax debt in smaller, more manageable amounts for the taxpayer. Currently Not Collectible is another tax resolution strategy, which implies that an individual has no ability to repay his or her tax debts. The IRS can affirm a person as "currently not collectible" after the IRS receives concrete substantiation that the individual has no capacity to pay. Once the IRS proclaims an individual as "currently not collectible", the IRS discontinues its recovery or collection activities, including levies and garnishments. However, the IRS sends an annual statement to that taxpayer stating the amount of tax still owed. 



While currently in not collectible status, the ten-year statute of limitations on tax debt collection remains in force. If the IRS cannot collect its tax dues within the ten-year statutory period, the tax debt expires. The IRS is perennially, under tremendous pressure to recover the billions of dollars, currently outstanding. Therefore, it will seriously consider all the reasonable offers to recover its debts and try to reach a tax resolution or close cases in all these areas.