Showing posts with label AND HELP WITH LIENS AND LEVIES. Show all posts
Showing posts with label AND HELP WITH LIENS AND LEVIES. Show all posts

Thursday, November 5, 2020

Trucker Tax Help


Keep your receipts – a credit card statement and bank statement is not enough to prove an IRS tax deduction. If you buy fuel at a gas station the IRS does not know if you purchase food, beer or fuel without the receipt. The fuel receipt will prove that you purchased fuel. Therefore your receipt is evidence of your purchase. The IRS requires the credit card statement or bank statement and the Keep all of your receipts. Do you owe $10,000 or more in back tax debt


 
Receipts fade over time make copies of your receipts. Many stores today give receipts that fade over time and once they fade they cannot be read. If you have a receipt that has faded you have lost your IRS evidence to prove your tax deduction. I strongly recommend that every few weeks you take the time to copy all of the receipts that could possible fade. Copy as many receipts as you can fit on a page and then staple the original receipts to the copy. Therefore if you original receipt fades the copy of the receipt qualifies as IRS evidence of your purchase. Make copies of your receipts. Do you owe $10,000 or more in back tax debt?


 

Best Evidence for a tax deduction – The best evidence for any tax deduction is a copy of a cancelled check with the bank statement and the receipt or a copy of the credit card statement and the receiptDo you owe $10,000 or more in back tax debt? Call 866-562-2800 right now!
 

Do not pay for business expenses in cash – Try to pay all of your expenses with a credit card or check and get a receipt because this creates a paper trail to prove your tax deduction. If you have to pay in cash get a receipt and be aware that if you lose the receipt you lose your tax deduction. Do you owe $10,000 or more in back tax debt?

 
File your tax return even if you do not have the money to pay the IRS tax – The IRS imposes a Failure to File penalty and a Failure to Pay penalty. Therefore everyone should file the tax return even if you do not have the money to pay the tax to avoid the Failure to file penalty which can increase your tax liability by up to 25% over time. Remember you can always set up a monthly payment play with the IRS to pay the tax. So file your tax return on time. Keep in mind that if you do not pay your tax on time you will incur interest charges and Failure to pay penalty charges. Do you owe $10,000 or more in back tax debt?

 
Form 1099 for contract labor – The IRS requires that form 1099 be issued to any contract labor that is paid over $600. Therefore if you pay lumpers over $600 you are required to issue a form 1099. I strongly recommend that you obtain a copy of the lumper’s driver’s license, copy of their social security card and a receipt from the lumper. Also pay lumpers with a check not cash. If you do not get this information from the lumper your tax deduction for this expense will not be allowed by the IRS. Do you owe $10,000 or more in back tax debt?

Expenses under $25 – The IRS does not require a receipt for expenses that are under $25, however you are required to keep a diary and list what was purchased, the price and the name of the store that you made the purchase. If you do not keep a diary then get the receipt.
 
Keep a Diary – Keeping a daily dairy is an excellent way to keep track of your expenses, locations of your overnight travel for your Per Diem and a summary of your business. Having a diary is a huge help for you to remember things during an IRS audit. You can also list purchases that are under $25 so you do not need a receipt. I strongly recommend that you maintain a daily diary for your business.

 
Truck Expenses – Almost anything that you purchase for your truck is a tax deduction this includes but is not limited to: TV, microwave, coffee maker, computer, printer, car vacuum, pillow, bed sheets, tools, cleaning materials, load chains, GPS unit, jumper cables, air cleaner, CB radio, heater, fan, etc. keep in mind that these expenses add up to a lot of money over the year but if you do not keep track of your expenses you lose them. Do you owe $10,000 or more in back tax debt?


 

Consider hiring a bookkeeping service – Want to avoid all the hassles of keeping track of your business expenses and receipts, hire a bookkeeping service. You can find a bookkeeping service for under $100 per month and this service could save you thousands of dollars in taxes. Consider buying a Fujitsu Scansnap iX500 high speed scanner for about $400 to scan all your receipts into your computer and you can email the receipts to your bookkeeper. Even if you do not have a bookkeeper this scanner is an excellent way to keep track of your receipts and business documents. 

Independent Trucker Tax Help


Keep your receipts a credit card statement and bank statement is not enough to prove an IRS tax deduction. If you buy fuel at a gas station the IRS does not know if you purchase food, beer or fuel without the receipt. The fuel receipt will prove that you purchased fuel. Therefore your receipt is evidence of your purchase. The IRS requires the credit card statement or bank statement and the Keep all of your receipts. 




Receipts fade over time make copies of your receipts. Many stores today give receipts that fade over time and once they fade they cannot be read. If you have a receipt that has faded you have lost your IRS evidence to prove your tax deduction. I strongly recommend that every few weeks you take the time to copy all of the receipts that could possible fade. Copy as many receipts as you can fit on a page and then staple the original receipts to the copy. Therefore if you original receipt fades the copy of the receipt qualifies as IRS evidence of your purchase. Make copies of your receipts.



 

Best Evidence for a tax deduction – The best evidence for any tax deduction is a copy of a canceled check with the bank statement and the receipt or a copy of the credit card statement and the receipt.


 

Do not pay for business expenses in cash – Try to pay all of your expenses with a credit card or check and get a receipt because this creates a paper trail to prove your tax deduction. If you have to pay in cash get a receipt and be aware that if you lose the receipt you lose your tax deduction. 

 
File your tax return even if you do not have the money to pay the IRS tax – The IRS imposes a Failure to File penalty and a Failure to Pay penalty. Therefore everyone should file the tax return even if you do not have the money to pay the tax to avoid the Failure to file penalty which can increase your tax liability by up to 25% over time. Remember you can always set up a monthly payment play with the IRS to pay the tax. So file your tax return on time. Keep in mind that if you do not pay your tax on time you will incur interest charges and Failure to pay penalty charges. 

 
Form 1099 for contract labor – The IRS requires that form 1099 be issued to any contract labor that is paid over $600. Therefore if you pay contractor over $600 you are required to issue a form 1099. I strongly recommend that you obtain a copy of the lumper’s driver’s license, copy of their social security card and a receipt from the lumper. Also pay contractor with a check not cash. If you do not get this information from the lumper your tax deduction for this expense will not be allowed by the IRS. 
Expenses under $25 – The IRS does not require a receipt for expenses that are under $25, however you are required to keep a diary and list what was purchased, the price and the name of the store that you made the purchase. If you do not keep a diary then get the receipt.
 
Keep a Diary – Keeping a daily dairy is an excellent way to keep track of your expenses, locations of your overnight travel for your Per Diem and a summary of your business. Having a diary is a huge help for you to remember things during an IRS audit. You can also list purchases that are under $25 so you do not need a receipt. I strongly recommend that you maintain a daily diary for your business.

 
Truck Expenses – Almost anything that you purchase for your truck is a tax deduction this includes but is not limited to: TV, microwave, coffee maker, computer, printer, car vacuum, pillow, bed sheets, tools, cleaning materials, load chains, GPS unit, jumper cables, air cleaner, CB radio, heater, fan, etc. keep in mind that these expenses add up to a lot of money over the year but if you do not keep track of your expenses you lose them. 

 

Consider hiring a bookkeeping service – Want to avoid all the hassles of keeping track of your business expenses and receipts, hire a bookkeeping service. You can find a bookkeeping service for under $100 per month and this service could save you thousands of dollars in taxes. Consider buying a Fujitsu Scansnap iX500 high speed scanner for about $400 to scan all your receipts into your computer and you can email the receipts to your bookkeeper. Even if you do not have a bookkeeper this scanner is an excellent way to keep track of your receipts and business documents. 

Offer in Compromise

An Offer in Compromise is a negotiated contract between the taxpayer and the IRS that allows taxpayers to settle their tax debt for less than the full amount owed. 

Tax debt

See how tax relief can help you; Call 855-336-0719 now for free tax consultation at no cost to you.

The IRS may accept an Offer in Compromise for three reasons, There are several reasons the IRS will accept such a compromise. 

Call 855-336-0719 now for free tax consultation at no cost to you.

Doubt as to Conductibility

- The IRS doubts that the taxpayer would ever have the financial capability to pay the full amount owed within the time frame of the statutory period for collection (typically ten years from date of assessment).

Doubt as to Liability

- There is doubt that the amount of tax liability assessed is correct. There are several reasons doubt may exist: Among them, the tax examiner may have been incorrect in interpreting the law; the tax examiner did not consider the taxpayer's evidence or; there is new evidence available from the taxpayer. The tax is correct but an exceptional circumstance exists to demonstrate that the collection of the unpaid tax would create an economic hardship or would be unfair or inequitable. IRS collection, enforcement measures, and taxpayer remedies are based on federal law. That is why it's vital that you have a team of experienced tax relief specialists and attorneys working alongside you - professionals who understand how to make the law work for you - so you can secure the most favorable tax resolution possible. Request your free tax relief consultation from tax relief professionals and attorneys by using the form on this page.

Call 855-336-0719 now for free tax consultation at no cost to you.

Tuesday, September 22, 2020

5 Tax Saving Ideas

tax debt

Individual Tax Saving Ideas Saving money is always a good thing. 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. Home mortgage interest and points

Wednesday, September 16, 2020

Tax Debt Installment Agreement

If you owe the IRS or State more than you can afford to pay, you are allowed to make payments over a given period of time.


Streamlined installment agreement allows you to pay your tax debt balance in full over a 72-month period. Call (855) 913-0249 for free tax consultation.



Some Installment Agreements require the full payment of the tax liability which is set into monthly installments paid over time. Other Installment Agreements allow you to partial pay your liability in monthly installments over time.



If you cannot fully pay off your balance you may claim hardship where you make payments based on your ability to pay and not on the amount you owe. If the circumstances apply, you may not need to pay anything.




We know what the IRS will and will not allow. By planning properly and creating a comprehensive package to submit to the taxing agencies, we ensure that if you enter into an installment agreement, it will be for an amount you can comfortably afford over an extended period of time.

Tuesday, September 15, 2020

IRS Form 433-A

The purpose of IRS Form 433-A is to provide the IRS with information about your income, expenses, and assets. IRS Form 433-A is a form filled out by a taxpayer who has been asked by the IRS to provide financial information in order that the IRS can begin to calculate how that taxpayer can pay off an outstanding tax debt.  


Tax debt



IRS Form 433-A should be used by taxpayers who are wage earners, or who are self-employed individuals who file a Schedule C. If you own a business and do not file a Schedule C (for example, if you own a corporation or are a partner in a partnership), then you will need to complete IRS Form 433-B as well. A professional tax company can provide IRS tax help with questions or with the filing of either form.


tax debt

You may be asked to complete an IRS Form 433-A by an IRS Revenue Officer or another official who wants to establish your ability to pay your existing balances with the IRS. Completing the IRS Form 433-A may allow you to establish that you are suffering a complete or partial financial hardship. On the other hand, by filing out IRS Form 433-A, you will also provide to the IRS information that they may not otherwise have about you.


Tax debt


Certain sections of IRS Form 433-A are filled out only by taxpayers who are self-employed. Usually, IRS Form 433-A is filled out when applying to the IRS for a tax debt repayment plan, such as an Installment Agreement (IA), an Offer in Compromise (OIC), or when applying for a Currently not Collectible (CNC) status, and has no other impact.



Tax debt

You should also be aware that if the IRS cannot verify the information provided on IRS Form 433-A (for example, by comparing your information to the W-2s sent to the IRS by your employer), then you may be asked to provide verification of the income, expense, and asset information. You can also expect the IRS to ask you for verification if your living expenses are particularly large when compared between the general cost of living in your county and the information given on IRS Form 433-A.


Tax debt

A tax professional can help you fill out IRS Form 433-A to make sure that you have provided all the necessary information and substantiating documentation. This is most helpful if you don’t have clear proof of some of your expenses (for example, if you pay rent, food, or utilities by cash). A tax professional will be able to walk you through the income and expense verification process the IRS will use, and help you decide how you want to prove your income, expenses, and assets on IRS Form 433-A. Visit the IRS website for form locations or to download a copy of IRS Form 433-A. Call Community Tax today for IRS tax help with forms and getting out to tax debt.

Thursday, September 10, 2020

Tax debt relief

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. 


tax debt

This may occur due to various reasons. It might be an emergency such as individual or family illness, death in a family, change in economic condition, and lack of budgeting or lavish lifestyle. 



In these situations failure to pay the money or underpayment are the two most common things to happen. And if this thing really occurs one should fix it as early as possible that is because some forms of non-payment are liable to be punished by imprisonment for every year of taxes that has not been paid.




Tax debt relief is the best solution that one can go for if he or she has failed to pay the taxes in time. There are several tax debt relief agencies that offers tax settlement plans so that their clients may come out of their debt quickly. They have specialized professionals who work round the clock to help out their clients. Government also on the other hand has many provisions for the people who have their taxes due. Call 855-336-0719 for free tax consultation. An underpayment is easier to pay back than the person who has just refused to pay the money. With the help of a professional mediator one can reduce his or her payable amount to a smaller fee, which will enable the government to get back a portion of the money that is owed.




Tax debt relief may often call for legal proceeding that is why a proficient lawyer who is qualified in this field is indispensable. The professional attorney can help to get the relief without imprisonment. Call 855-336-0719 for free tax consultation. Whatever the reasons be, taxes due are always offensive in the eyes of law. The tax collectors in the first hand send legal notifications which if not answered leads to the prosecution and the professionals best handle these situations.



Conditions that lead to inescapable delinquency are always unacceptable but not beyond negotiation which can be done with the help of a professional tax debt relief help. A proper Tax debt relief program provides quite a few pertinent assistance such as embellished salary, bank charges, bankruptcy among other circumstances. A responsible citizen should never ignore to pay tax. Even if he or she failed in first position, a solution should be tried to find out and the amount should be paid back. Call 855-336-0719 for free tax consultation. The person who has failed to pay his or her tax for the first time shall also have to plan certain things for future so that it might not happen again. A tax debt relief might work first time but it should be kept in mind that government is always willing to help people but those who commit the same mistakes again and again shall be considered irresponsible and be put on trial. That is why it is always advised to have a certified help plan for the future payments.

IRS offer in compromise formula

The IRS offer in compromise formula works like this: 





The IRS will figure out how much they think you can pay them every month in an installment agreement. They do this by asking for your paystubs or, if you are self-employed, a recent profit and loss statement from your business.







We consider your unique set of facts and circumstances:
  • Ability to pay;
  • Income;
  • Expenses; and
  • Asset equity.

Select 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. If your offer is accepted, you will receive written confirmation. Any remaining balance due on the offer is paid 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.
If you meet the Low Income Certification guidelines, you do not have to send the application fee or the initial payment and you will not need to make monthly installments during the evaluation of your offer. See your application package for details.

Monday, August 24, 2020

Trucker Tax Help


Keep your receipts a credit card statement and bank statement is not enough to prove an IRS tax deduction. If you buy fuel at a gas station the IRS does not know if you purchase food, beer or fuel without the receipt. 


                                           


The fuel receipt will prove that you purchased fuel. Therefore your receipt is evidence of your purchase. The IRS requires the credit card statement or bank statement and the Keep all of your receipts.


Receipts fade over time make copies of your receipts. Many stores today give receipts that fade over time and once they fade they cannot be read. If you have a receipt that has faded you have lost your IRS evidence to prove your tax deduction. I strongly recommend that every few weeks you take the time to copy all of the receipts that could possible fade. Copy as many receipts as you can fit on a page and then staple the original receipts to the copy. Therefore if you original receipt fades the copy of the receipt qualifies as IRS evidence of your purchase. Make copies of your receipts. Call 855-913-0249 to speak with a CPA about your tax problem.



 

Best Evidence for a tax deduction – The best evidence for any tax deduction is a copy of a canceled check with the bank statement and the receipt or a copy of the credit card statement and the receiptCall 855-913-0249 to speak with a CPA about your tax problem.



 

Do not pay for business expenses in cash – Try to pay all of your expenses with a credit card or check and get a receipt because this creates a paper trail to prove your tax deduction. If you have to pay in cash get a receipt and be aware that if you lose the receipt you lose your tax deduction. 

 
File your tax return even if you do not have the money to pay the IRS tax – The IRS imposes a Failure to File penalty and a Failure to Pay penalty. Therefore everyone should file the tax return even if you do not have the money to pay the tax to avoid the Failure to file penalty which can increase your tax liability by up to 25% over time. Remember you can always set up a monthly payment play with the IRS to pay the tax. So file your tax return on time. Keep in mind that if you do not pay your tax on time you will incur interest charges and Failure to pay penalty charges. 

 
Form 1099 for contract labor – The IRS requires that form 1099 be issued to any contract labor that is paid over $600. Therefore if you pay contractor over $600 you are required to issue a form 1099. I strongly recommend that you obtain a copy of the lumper’s driver’s license, copy of their social security card and a receipt from the lumper. Also pay contractor with a check not cash. If you do not get this information from the lumper your tax deduction for this expense will not be allowed by the IRS. 
Expenses under $25 – The IRS does not require a receipt for expenses that are under $25, however you are required to keep a diary and list what was purchased, the price and the name of the store that you made the purchase. If you do not keep a diary then get the receipt.
Keep a Diary – Keeping a daily dairy is an excellent way to keep track of your expenses, locations of your overnight travel for your Per Diem and a summary of your business. Having a diary is a huge help for you to remember things during an IRS audit. You can also list purchases that are under $25 so you do not need a receipt. I strongly recommend that you maintain a daily diary for your business.

 
Truck Expenses – Almost anything that you purchase for your truck is a tax deduction this includes but is not limited to: TV, microwave, coffee maker, computer, printer, car vacuum, pillow, bed sheets, tools, cleaning materials, load chains, GPS unit, jumper cables, air cleaner, CB radio, heater, fan, etc. keep in mind that these expenses add up to a lot of money over the year but if you do not keep track of your expenses you lose them. 

 

Consider hiring a bookkeeping service – Want to avoid all the hassles of keeping track of your business expenses and receipts, hire a bookkeeping service. You can find a bookkeeping service for under $100 per month and this service could save you thousands of dollars in taxes. Consider buying a Fujitsu Scansnap iX500 high speed scanner for about $400 to scan all your receipts into your computer and you can email the receipts to your bookkeeper. Even if you do not have a bookkeeper this scanner is an excellent way to keep track of your receipts and business documents.