Showing posts with label Are you tired of suffering from tax problems?. Show all posts
Showing posts with label Are you tired of suffering from tax problems?. Show all posts

Thursday, November 5, 2020

Tax resolution

Tax resolution X-perts helps businesses and individuals prepare unfilled tax returns, settle un-paid taxes for a fraction of the tax debt. 




Luckily, there are several ways other than bankruptcy to clear you tax debt without ruining your credit. If you can afford it, the easiest way is to set up an installment plan. Make sure that you have a clear idea of how much you can afford to pay each month. Setting up an installment plan only takes about two hours. Basically, you tell them what amount you can afford to pay each month, and they accept monthly payments until the debt is paid. This is the simplest plan, but it is only available to those who owe less than $10,000, and can pay off the debt fully within three years. 



Partial Payment Plans: If you don't meet the criteria for an installment plan, you can try a new option, the partial payment plan. This is a rather complicated plan, requiring numerous forms and lots of documentation, so you probably want a tax professional to help you. Under a partial payment plan, you agree to pay a certain monthly payment, based on what you can afford, for some number of years, also based on your financial situation. As long as you pay the agreed-upon amount for the required time, the remainder of you tax debt will be forgiven. 

Offers in Compromise: Another strategy which is similar to the partial payment plan is an offer of compromise. This gives you the option to pay a reduced sum, but you can choose whether you want to make payments, or pay a lump sum. There are subtle differences between an offer of compromise and a partial payment plan, so consult your tax professional if you think you may want to choose one of these plans. He or she will gather information such as how much you can pay a month, and how many months you want your payments to span, and steer you towards the right program for you. 

Currently Not Collectible: The last plan available for dealing with your tax debt is to be declared "currently not collectible." This is a good plan for you if you have no ability to pay your bill, but are not burdened by other debts. If you are over your head in debt to many companies, you may be forced to declare bankruptcy. However, if you are current on your other bills, but are currently not earning enough income to pay the IRS a monthly stipend, you can be considered "currently not collectible." Under this plan, you will receive yearly statements on the amount you owe. Your situation will be evaluated periodically, but if you are unable to pay for ten straight years, your debt will be discharged. The guidelines for being declared currently not collectible are strict, so consult your tax professional to be sure that you qualify.



It's not hard to deal with your tax debt. If you currently owe the IRS, don't wait! The IRS tacks on late fees and penalties frequently. If you make a plan to deal with your debt, those fees will stop mounting, so you will have an easier time climbing out of the hole.

Wednesday, November 4, 2020

Why Get Tax Lien Help from a Licensed Tax Professional?

A licensed tax professional makes it easier to deal with the IRS or state. They have the knowledge, experience, and dedication you need to get your tax lien and your tax debt resolved. If you owe more than $10,000 in back taxes



Receive a free, no-obligation consultation by calling or utilizing the form above during the complimentary consult, an enrollment agent or a tax professional will review your financial situation. A financial review includes understanding your assets, income, liabilities or expenses. Next, they will ask you about your tax situation including the tax lien. Did you file all tax returns? Did you receive any letters? When was the tax lien field and for how much? 


Next, the agent will get a better understanding of your goals. Are you trying to discharge or subordinate a tax lien? Release or withdraw it? Are you trying to appeal a Notice of Federal Tax Lien?

Finally, the agent will provide your information to one of the licensed tax professionals on staff to give you an idea of what you need to do to resolve your tax situation and resolve your tax lien issues. You will also be provided the fees to complete the proposed action(s) if you decide you want professional help. In some cases, with your authorization, your tax records may be retrieved to provide you a better idea of your tax options and the corresponding fees.



When the IRS or state is continuously sending you letters or calling you, that can get scary and intimidating. If you’re dealing with the situation on your own, you have to fill out lots of forms and spend a lot of time on hold, waiting to talk with some home. A tax professional can take that burden off your shoulders.

Tax Professionals Know Your Rights One of the worst parts of dealing with the IRS or State on your own is that you may not know your rights. A tax resolution specialist understands your rights, and they always have your best interest in mind. They never release too much information to the IRS, and they know how to negotiate the best deal possible on your tax debt. Tax Professionals Can Withdraw, Release, Discharge or Subordinate a Tax Lien. A tax lien hurts your credit (or a business’s) and your finances, but tax professionals know exactly how to get tax liens resolved. They can help you file the right forms and take the correct steps. That minimizes the potential damage to your credit and financial reputation.


Thursday, October 22, 2020

TAX RESOLUTION PROCESS

1. Tax Issues Analysis: After your free consultation, we offer you the choice of hiring us as your tax resolution consultant. New clients sign our engagement letter as well as a Power of Attorney (IRS form 2848). Your tax resolution consultant interviews you further in the effort to complete your financial profile. 


2. Discovery - Investigate: Your tax resolution consultant will immediately get the details of your tax history from the IRS. We will discover your precise tax debt condition by adding this tax history to the information which you already presented to us. We then begin to lay the groundwork for your client-centered solution. 


3. Tax resolution Implementation: We examine various resolution alternatives for their possible inclusion in the overall plan and select several that roughly fit your tax debt condition. We blend parts of various solutions into the working tax resolution plan for your case. At this point we also make sure that you are current with your filing of tax returns. 


4. Negotiation with IRS: We present your proposed tax resolution plan to the IRS. We check the progress of this plan throughout. Usually, the IRS will seek added information. 


5. Tax Settlement: The final resolution will usually settle most tax debts for a fraction. If the final resolution is unsatisfactory, we will advise you of alternatives.


Resolve Tax Problems - File Back Taxes Call 866-218-5924 for free tax relief consultation.

How Tax Relief Services Work? 


Tax Relief

Many Americans have issues with their back taxes. Owing taxes to the IRS and/or State taxation authorities can be stressful and failure to take action to resolve the problem will quickly worsen the situation. A trusted tax company can help you obtain the optimal agreement with the taxation authorities by using one of or a variety of proven strategies. An experienced tax company understands how the tax system works and can find the best solution for the client and not what the best solution is for the taxation authorities. 



Tax Relief

Xpert tax services can help individuals file un-filed tax returns, obtain maximum deductions and credits, stop bank levies, stop wage garnishments, help with audits, possibly remove or lower tax penalties, possibly lower tax debt amount owed, get the taxpayer back into full tax compliance and most importantly prevent future actions from the taxation authorities while keeping your best interest and financial situation in mind. 


Tax Relief



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.


Tuesday, September 22, 2020

There is good news for people feeling the weight of tax debt.

You have several different options for handling your debt to the IRS, and you can often do so without sustaining a black mark on your credit. 


If you have less than $10,000 in outstanding tax debt, you can consider handling your debt on your own. However, if you have more that that, especially more than $25,000 it is highly recommended that you find a tax professional to help you negotiate your debt with the IRS.




A tax professional is a certified public accountant (CPA), an "enrolled agent," or a tax attorney. Call (844) 449-8473 now for free tax relief quote. These are the only tax professionals that are allowed to appear before the IRS to argue your case. An enrolled agent can practice in any state, but CPAs and attorneys can only practice in the state where they are licensed. If you have state tax debt from more than one state, find an enrolled agent to help you. Otherwise, you will be fine with a local CPA or attorney.



You did not commit fraud or tax evasion: Your debt must arise from a legitimate accident or a simple inability to pay. Your debt is at least three years old: You cannot discharge IRS debts unless they are at least three years old at the time you file your bankruptcy. Call (844) 449-8473  now for free tax relief quote. You filed a tax return for the years in which the back taxes are owed: Non-filers receive no clemency. You pass the "240-day" rule: This means that your tax debt must have been assessed at least 240 days prior to your bankruptcy, or it has not been assessed yet. If you do not meet all of the above criteria, then you will still owe the IRS 100% of what's due following a Chapter 7 bankruptcy. Tax debts can be part of a Chapter 13 bankruptcy, but you do not get to lower the total amount due - you will still owe the outstanding balance at the completion of your Chapter 13 program. In short, it is much better to pursue one of the options outlined below if you have overwhelming tax debt.


Tuesday, September 15, 2020

Small business accounting practices.

Practically every small business has receivables that it cannot obtain from clients. If your small business doesn't have any such receivables, consider yourself lucky. 




For those small businesses that suffer from uncollected receivables, solace can be taken from the fact you can claim a tax deduction. 





Bad Debt Tax Deduction: A small business can write-off bad debt losses if it meets nominal requirements. To claim such a tax deduction, the following must be shown: 


A. The existence of a legal relationship between the small business and debtor;






B. The receivables are worthless; and


C. The small business suffered an actual loss.
Proving there is a legal relationship between the small business and debtor is fairly simple. You must simply show that the debtor has a legal obligation to make a payment. Most businesses issue invoices or sign contracts with debtors and these documents suffice to prove the legal relationship. If you are not putting your business relationships in writing, you should begin doing so immediately.





Proving receivables are worthless is slightly more complex. A small business is required to show that the debt has become both worthless and will remain so. You must also show that you took reasonable steps to collect the receivables, but you are not necessarily required to go to court to meet this requirement. A clear example where you would meet this requirement is if the debtor filed bankruptcy. While proving that you suffered a loss may sound like the easiest requirement to meet, the issue is a bit more complicated. The Tax Code defines the loss as an amount that is included in your books as income, but is never collected. A classic example of such a situation would be a manufacturer that provides products to retailers on credit. The manufacturer can show a real loss if the retailer files bankruptcy. Unfortunately, there is almost no way to claim a loss if you provide hourly services and use a cash accounting method. The IRS does not consider the expenditure of time and effort to be a sustained economic loss. Small businesses suffer all to often from uncollected receivables. If you failed to claim such losses as a tax deduction during your last three tax filing years, you should file amended tax returns to get a refund. 



Friday, September 11, 2020

How to Discharge of an IRS Tax Lien?

How to Discharge of  an IRS Tax Lien?



You need to submit form 14135, Application for Certificate of Discharge of Property from Federal Tax Lien at least 45 days before the sale or settlement meeting. Publication 783 provides the instructions for completing form 14135. 



You will need to describe the property, its appraised value, and other information. Most importantly, you need to provide a basis for the discharge of the IRS tax lien. When the IRS grants a lien discharge, it is doing you a favor. You need to give them a reason why they should grant your request. 




As stated above, the IRS will approve the discharge of a tax lien on a specific piece of property or properties with good reason. Taxpayers may use the following as a basis for a lien discharge: Your other property subject to the IRS tax lien is worth twice as much as your tax liability. For example, if your total tax liability is $45,000, you will need to have at least $90,000 worth of assets subject to the Federal tax lien after the IRS grants the lien discharge for the requested property. You pay the IRS an amount equal to their lien interest in the property being discharged. If you pay the IRS the same amount they could receive from their lien interest, they may give you a lien discharge. The IRS interest may be less than the full value of your property because other creditors, such as a mortgage lender, may have interests that are superior to the IRS tax lien. The mortgage lender’s interest is superior to the IRS tax lien, so the government’s interest in your property has no value You agree to sell your property and hold the funds subject to the IRS tax lien in escrow. You can use the sales proceeds to pay off a creditor with a superior interest to the IRS. In many cases, this could be a mortgage lender. But the rest of the funds have to stay in escrow subject to the IRS tax lien.



  • A third party provides a deposit or bond equal to the IRS lien interest in the property. If a third party owns property subject to your IRS tax lien, they can get a lien discharge by paying a deposit to the IRS. The third party has to file an action in district court challenging the lien interest within 120 days, or they forfeit the deposit.

Wednesday, August 26, 2020

Secrets To Understanding And Filling Your Taxes Like A Pro!

Secrets To Understanding And Filling Your Taxes Like A Pro! 

tax debt


If you own a home, you can reduce your income by adding in the interest that you paid on your mortgage. This is taken off along with any points associated with your mortgage value. Charitable contributions The trick with charity is that you really do have to give a lot in order to make a difference on your taxes. 



Tax resolution

You also need to be sure that you are giving to registered charities in order to have it 'count' with the IRS. Make sure that you get the receipts from all of your donations and place the total here. Casualty and theft losses If you were a victim of theft, you might be able to recuperate some of the losses here. 



Tax resolution



This can be a difficult deduction to justify, so be sure you have the help of a professional tax preparer before you fill in this section yourself. Job expenses Outside of a small business, if you work for someone else and you can deduct costs for supplies associated with your job here. This can also include education costs associated with getting more training for your job or for a future job in which you could make more money. While tax credits can't help you to increase your refund, they can eliminate the tax you owe. Various tax credits that you can take off of individual taxes include: 
 Earned income tax credit This is a credit that you can qualify for if you have dependents and your income level falls below a certain level. 
 Child care tax credit Like the earned income credit, this is taken if your income falls below a certain level..
Tax resolution



Hope tax credit/Lifelong Learning Credit This is a tax credit that helps people who are returning to school pay for their costs. 
 Elderly tax credit If you are 65 or older, you can qualify for this credit. You can also help reduce your overall taxes by: 
 Getting the alternative energy tax credit for installing certain environmentally friendly energy producers When you install solar panels and begin to create your own source of energy, it's the law that anything additional you make can be sold to the local energy companies for a profit. 

Tax resolution


Talk with a CPA or a tax professional about how this can work in your favor. Not only are you cutting down on your energy costs, but the tax breaks come from the initial investments you make in the very expensive equipment. 
 Buying a hybrid car While these deductions are slowly being phased out, you might want to still check to see if you can qualify with your hybrid car purchase or upgrades. 
 Paying interest on your student loans If you began to pay off your student interest before you were out of school, you were doing yourself a tax favor. In addition, if you are making payments that not only attack the principle, but also the interest, the interest payments are all deductible. 

Tax resolution

The government will send you a ticket at the end of the year of the total amount. 
 Investing in your company's 401K plan as this cost comes off of your income before taxes While this isn't actually a deduction, when you put money toward a savings plan before taxes, you are reducing the amount of money to be taxed and thus reducing your taxes owed.

Tax resolution




Buying into your company's health insurance plan as this cost comes off of your income before taxes This is the same deal as when you pay into your company's 401K plan. Talk with your tax preparer to see what else you might qualify for in order to reduce your taxes.




Monday, August 24, 2020

IRS is threatening to garnish my wages

TAX RESOLUTION F.A.Q. 


Question: What if the IRS is threatening to garnish my wages or already has? Call 855-913-0249 to speak with a tax resolution expert. 


Answer: If you have a threat of garnishment, you must act quickly. Generally speaking, you may have less than 30 days before garnishment begins. Our tax professionals can prevent this from happening, but only if we take immediate action. If your wages are already being garnished, relief is just a call away. We specialize in garnishment releases, often times before your next paycheck. 



Question: Is it true that the IRS requires you to be up to date on filing past taxes before they will negotiate a resolution? 


Answer: Yes, the IRS does require by law that taxpayers must be in compliance prior to any negotiated resolution. In fact, failure to file can be considered criminal. However, we offer complete tax solutions and can have all your missing or incomplete tax returns prepared by our attorneys. We will even pull the master file directly from the IRS to review what has been reported to ensure you’re not paying a penny more than required.


Question: Can I really settle my unpaid taxes with the IRS for pennies on the dollar? Call 855-913-0249 to speak with a tax resolution expert. 

Answer: Yes, this is known as an Offer in Compromise (OIC). However, beware of companies that promote this as the solution to every taxpayer’s issue. This is a great program but only for those that can qualify. During your free consultation our tax professionals will determine your ability to qualify. The good news is there are several programs that may offer a solution to your tax problem.



Free consultation! We offer a free no obligation analysis of your tax situation. Don’t delay. The time is now to fight back with the power of Accelerated Tax Solutions at your side.