Showing posts with label BACK TAXES. Show all posts
Showing posts with label BACK TAXES. 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. 

Owe $10,000 or more in IRS back taxes

Do you owe $10,000 or more in IRS back taxes you need a tax resolution expert on your side.

He would teach you quite a number of techniques on how to save on taxes, how to proceed with things and avoid undue tax obligations at the same time, and how to get out of tax messes which you might have gotten yourself into. 


Now this advisor won’t charge measly cents for their services, that’s a given. Theirs is a highly specialized field made more worthy by their skills. You pay for their knowledge, and their knowledge is (usually) comprehensive and even awe-inspiring at times.

But again, do you need a tax advisor? Will he say something new about your plight? How big of a help would he be? And how much would his services cost? These are perfectly valid questions you should ask yourself before accepting the necessity of hiring a tax advisor. 


* You don’t need a tax advisor if you’re expecting to deal with a projected income, where the tax burden is low and applicable reductions won’t even be noticeable.
* You don’t need a tax advisor if you’re interested with the subject yourself, and would like to learn a thing or two by reading up on some theories and applying them in the real world by practicing your own tax tips.



* You don’t need a tax advisor if you already know the ins and outs of taxation.
* You don’t need a tax advisor if you have been paying a relatively regular tax imposition for some years now, which should have given you the chance to know the ins and outs of this field. Knowing why you don’t need a tax advisor would hopefully also show you the reasons why you, indeed, may need their services some time in the future.


Thursday, October 22, 2020

Tax Resolution Lawyers in Chicago, IL

“People who complain about taxes can be divided into two classes: men and women”. If you are the complainant 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.




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 Internal Revenue Service 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.



Internal Revenue Service 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. 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 actually accepted. 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 returns, missing records, threat of levy, or, if you need a tax resolution like Installment Agreement or an Offer in Compromise, or want to be declared Currently Not Collectible.



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.

Thursday, October 1, 2020

American Institute of Certified Public Accountants

If you're not sure whether you have a simple tax return you can do yourself or you wonder about missing significant tax advantages or are concerned that you might be making mistakes, use the checklist below from the American Institute of Certified Public Accountants to help you decide whether you should hire a certified public accountant to help you prepare your tax return. Call (877) 541-6901 for free tax consultation.



Bought or sold a home. You'll want to take all allowable deductions and make certain you qualify for the personal residence exclusion. Got married, divorced or your spouse died. Only a competent tax professional can guide you through the complex tax rules that pertain to assets passing through estates. Call (877) 541-6901 for free tax consultation.





Had a baby or adopted a child. A CPA can explain in plain English the sometimes dumbfounding array of investment options for saving for a child's college education, as well as details about the child credit, child care credit and earned income credit. Call (877) 541-6901 for free tax consultation.







Have a retirement plan, such as an IRA, 401(k), Keogh plan, a pension or an annuity. Recently bought or started a business, own a business or work from home. A CPA can advise you on whether you should operate as a corporation, partnership or sole proprietorship.



Acquired rental property or have rental income. A CPA understands the complex tax rules that apply. Have needs for estate planning and need to understand all the ramifications of property taxes. Like your doctor, your tax preparer knows a lot about your personal situation, so continuity of service is also an important factor. That's why, for many individuals, choosing a CPA is the right choice. 




CPAs are college-educated, licensed professionals certified by the states in which they practice. They have passed a rigorous licensing exam and are required to adhere to strict ethics standards, as well as to stay current with evolving tax laws and regulations. They are not part-timers who took a crash course in a few basic tax rules, operating out of a storefront. Finally, if a dispute arises about your tax return, only CPAs, attorneys or enrolled agents are authorized to represent you before the IRS. Call (877) 541-6901 for free tax consultation.


​Income tax help for those who have no idea of what's going on during tax time. Income tax is a tax paid on income, unfortunately no matter how little it is. It's paid by employees and people who are self-employed and may also be payable if you are not working but you have an income, such as a retirement pension or an occupational pension. Not all types of income are taxable, and it will seldom be the case that all your income is taxed. 



There is no minimum age at which a person becomes liable to pay income tax. What matters is your income. If this is below a certain level, no tax is payable. There is no single definition in tax law of income. Income tax law divides various types of income into schedules. If an item comes within a schedule it counts as income and income tax must be paid on it. The way the tax must be paid will depend on which schedule it falls into. The most common schedules are Schedule E for employees and Schedule D for the self-employed.Call (877) 541-6901 for free tax consultation.





Tuesday, September 22, 2020

Settlements with the IRS

Many times citizens try to negotiate their own settlements with the IRS flat out get rejected because the paperwork is complicated to fill out correctly and they don't know all the allowable expenses and deductions they are entitled to. 

Due to this many end up defaulting again which leaves them far worse off than when they started. So even when it seems like you 'won', you actually lost. 



The settlements and payment plans we work out for our clients, sometimes can save you up to 40-95%, LITERALLY PENNIES ON THE DOLLAR! Now I'm not saying that's always possible, but again, you owe it to yourself to find out what type of tax relief you may qualify for. 



In reality, our experience shows that very few people that negotiate with the IRS work out a significant settlement for themselves. Very often they end up worse off than when they started, sometimes much worse off, because in the process of negotiating they show all their cards, revealing too much to the IRS. Again, when you reveal more than you are required to they just turn around and use it against you. This happens all the time! And again, even when you do have "success" most times the amount you are able to negotiate with the IRS is so small it provides no real relief. 


Unless there is a big change in circumstances, almost everyone that negotiates them self with IRS agrees to such bad terms that they end up behind the eight ball and default again because they got bullied by the IRS. When that happens you are in more hot water than when you started because now you not only owe your original tax debt but you have penalties, interest and maybe even a default penalty along with the original debt! It's really frustrating and on top of that the IRS returns to putting levies and liens in place and goes back to garnishing your wages, the things you tried to avoid when you originally contacted them to resolve things. 


We negotiate tax debt settlements and payment plans that actually significantly benefit our clients. We can say this for a certainty because if we can't help you we won't even take your case. And did I mention that the evaluation to find out is free?


Congress forced the IRS to create various tax relief programs and the IRS can be forced to comply with them, but only if you are properly and fully armed by understanding the options and the correct application to your particular situation! But again, beware, the IRS isn't going to explain this to you when you call. They don't hesitate to keep citizens in the dark in respect to these tax debt relief programs. 



Usually the IRS settlements and payment plans we negotiate will cover our fee within the first few payments. After that the savings are all "icing on the cake" so to speak. It could turn out in the long run, that the IRS' bullying you into seeking help was the best thing that ever happened when it saves you thousands, tens of thousands or even millions of dollars based on how much you really owe!


So you can negotiate your own tax debt relief with the IRS but it's probably not in your best interests to do so. Would you try to be your own lawyer in any other situation? (most tax relief programs require an IRS tax attorney).

Wednesday, September 16, 2020

Settle Tax Debt from IRS Back Taxes. 855-913-0249

X-pert Tax Resolution solves tax problems for businesses and individuals everyday. 


Do you owe tax debt from IRS, Tax Resolution X-perts can assist you in settling your tax debt for a fraction of the owed amount. Call 855-913-0249 to speak with a CPA about your tax problem.



Don’t try to solve tax problem on your own, IRS doesn't make solving tax problem easy for taxpayers. Dealing with the IRS is a bit stressful and confusing for a novice to handle. Stop trying to resolve these complex issues on your own. 



Are you experiencing tax problems with IRS? Do you owe $1000 or more to IRS or State on back taxes? The ideas of trying to pay off growing tax penalties, finding the missing paperwork to file your back taxes, or facing an IRS inspection can seem like too much. If you are in this situation, don't hesitate to get tax relief, turn to Tax Resolution X-perts today. Don’t be afraid of the IRS anymore. If you owe more than $1000, back taxes do not hesitate to call Tax Debt Relief professional team to stop levies, seizures, or wage garnishments and to solve your tax problem as appropriate and available for your situation.





We have tax resolution expert that get tax relief for both individuals and businesses. We can get tax penalties reduced, file delinquent tax returns and negotiate a number of a different payment option to pay off your tax debt like an offer in a compromise or an installment agreement. 




Our service includes:
IRS audit assistance
Releasing tax liens and levies
Filing back taxes
Tax penalty abatement
Resolving payroll tax problems
Tax relief solution for business and individuals
Preparing offers in compromise.


Tuesday, September 15, 2020

Do you owe tax debt? IRS will Bank Levies - Wage Garnishments



There a good chance that you are reading this article because a taxing agency has either levied your bank account, garnished your wages.



Tax Levies and garnishments while effective, are not done with the intent to collect unpaid taxes in full. Rather, these methods are used as effective calls to action. A bank levy is accomplished by freezing the available funds in one’s bank account or accounts. After a waiting period (21 days for the IRS), the funds will be remitted to the taxing agency unless the taxpayer can (1) prove they do not owe the money, (2) prove they qualify for hardship status or (3) in some instances enter into an alternative agreement to pay. Keep in mind that upon levy, the money is tied up and is for all intents and purposes in the taxing agency’s “court”. We say, “whoever has the money…wins”. Simply asking for the money back rarely works. A bank levy is a one-time occurrence but new levies can recur indefinitely.

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! 

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.