Wednesday, January 30, 2013

IT IS COSTLY TO OWE THE IRS!

If you owe the IRS and fail to file a return by the deadline, you will have to pay a Failure to File penalty, a Failure to File penalty and interest on the balance due. By timely filing the return, you can avoid the Failure to File Penalty. Balance due returns can be electronically filed, with or without a payment.

FAILURE TO FILE PENALTY 1. This penalty only ap...plies if you have a balance due. If you are eligible for a refund, there is no penalty.
2. Penalty is 5% of the amount due each month the return is late, up to a maximum of 25%.
3. If your tax return is more than five months late, simply multiply your balance due 25% to calculate the penalty.

FAILURE TO PAY PENALTY
1. PENALTY IS 0.5% of the amount you owe for each month the tax is not paid in full.
2. There is no maximum limit to the Failure-to-Pay penalty.
3. The penalty is calculated from the original payment deadline (April 15) until the balance due is paid in full. The extension to October 15 is only an extension to file, not an extension to pay.

INTEREST
The IRS 2012 interest rate on underpayment of tax is 3%.
Interest is calculated for each day your balance due is not paid in full.

Note: An extension of time to file or pay does not change the date for computing interest or the penalty for filing late.

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Tuesday, January 15, 2013

***BUSINESS USE OF YOUR HOME

If you use part of your home for business, you may be able to deduct expenses for the business use of your home. These expenses may include mortgage interest, insurance, utilities, repairs and depreciation. To qualify, you must meet both of the following tests.

1. The Business part of your home must be used exclusively and regularly for your trade or business. However,... there are exceptions for daycare facilities or storage of inventory/product samples

2. The business part of your home must be:
- Your principal palace of business, or
- A Place where you meet or deal with patients, clients or customer in the normal course of your trade or business, of
- A seperate structure(not attached to your home) used in connection with your trade or business.

For full explanation of your tax deduction for your home office contact:

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*** DEDUCTIBLE BUSINESS EXPENSE (RENT)

RENT or LEASE: Rent is any amount paid for the use of property not owned by the taxpayer. The following rules apply to rent or lease payments;

1. Rent is deductible as a current expense if the taxpayer does not receive equity or title to the property being rented.

2. If an amount is paid to cancel a business lease, the amount is deductible as rent.

3. A ...rental deduction for unreasonable rent is not allowed. Ordinarily,the issue of unreasonableness arises only if the taxpayer and lessor are related. Rent is not unreasonable just because it is figured as a percentage of gross sales.

4. If rent is paid in advance, deduct only the amount that applies to the use of the rented property during the year. The rest of the rent payment is deductible over a period to which it applies.

5. If the Taxpayer is leasing business property, the taxpayer is can treat taxes paid on property as deductible rent.

6. The cost of getting a lease is amortized over the term of the lease.

ADVANCE TAX RELIEF LLC - WE SOLVE YOUR TAX PROBLEMS
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*** BUSINESS EXPENSES (CLUB DUES)

CLUB DUES; Amounts paid to or incurred for membership in any club organized for business, pleasure, recreation, or any other social purpose are not deductible [IRC Ss274(a)(3)]. Examples includes country clubs, golf and athletic clubs, hotel clubs, sporting clubs, airline clubs, and clubs operated to provide meals under circumstances generally considered to be c...onducive to business discussions. Exceptions: Board of trade, business leagues, chambers of commerce, civic or public service organizations, professional organizations, such as bar and medical associations, real estate boards, and trade organizations are not treated as subject to the nondeductible club dues rule, unless their main purpose is to conduct entertainment activities for members and their guest.

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***IRS AUDIT ADVICE

By Law, the IRS normally has three years to audit you after you file a tax return. So, if the year on your notice is more than three years ago, either the IRS made a mistake or the IRS suspects you of fraud or substantially understating your income. If you believe its a mistake, call the number on the notice and ask that the audit be cancelled. If you're told its no mistake, then head straight for a tax professionals office

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IRA WITHDRAWAL PENALTY

Under which circumstance may an IRA Account Holder make an early withdrawal without incurring the 10% penalty?

Answer: To pay emergency medical expenses...

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Thursday, January 3, 2013

IRS PROBLEMS? WE CAN HELP!

 FREE CONSULTATION 1(800)790-8574

1. UNFILED TAX RETURNS
2. WAGE GARNISHMENTS
3. SCARY IRS LETTERS
4. AUDIT REPRESENTATION
5. TAX LIEN RELEASE etc

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Speak to an Enrolled Agent, CPA or Attorney today!

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