Sunday, December 3, 2017

THE TOP 5 TAX CHANGES IN 2018

SOCIAL SECURITY MAXIMUM TAXABLE EARNING LEVEL ROSE

Last, but not least, the maximum taxable earnings cap associated with Social Security's payroll tax is rising once again. The increase will affect about one out of 10 working Americans.

Need IRS Help? Call (800)790-8574
ADVANCE TAX RELIEF LLC
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In 2017, all earned income between $0.01 and $127,200 was subject to Social Security's 12.4% payroll tax, with income above and beyond $127,200 not subject to the tax. Next year, this earnings cap will be increasing by $1,500 to $128,700. That means well-to-do folks could owe up to $93 or $186 in additional payroll taxes. The difference will depend on whether they're employed by someone else, which would mean their employer covers half of the 12.4% payroll tax, or if they're self-employed and responsible for all 12.4% of the tax.




The $6,318 tax bonus millions of Americans completely overlook
Taxes can be confusing and downright miserable. But a handful of "tax tricks" could help millions of Americans save thousands of dollars. That's free money you could be leaving on the table. For example: the IRS believes that a full 20% of eligible Americans miss out on a tax break worth up to $6,318... each year!


THE ANNUAL GIFT EXCLUSION ROSE BY A SIZABLE AMOUNT

Passing money along to friends and family is about to get a little bit easier. In 2017, you could gift up to $14,000 to any person without creating any individual tax liability. This is known as the "gift exclusion." In 2018, up to $15,000 can be given as a gift to any person without triggering any tax implications. That's a $1,000, or 7.1%, increase.

It's also worth mentioning that the estate tax exemption increased. In 2018, you'll be able to leave up to $5.6 million without having the estate tax kick in. That's up from a $5.49 million basic exclusion in 2017.

THE ALTERNATIVE MINIMUM TAX EXEMPTION AMOUNTS RISE ON PAR WITH INFLATION

Most Americans might not be familiar with the alternative minimum tax, or AMT, but it's designed to ensure that wealthier Americans pay their fair share of taxes given the copious number of deductions and credits available.

Next year, the income exemption limits tied to the AMT will be rising once more, since the AMT is now permanently tethered to the inflation rate. In 2018, the income exemption threshold rises to $55,400, up from $54,300 in 2017 for single filers. Married couples filing jointly will see ther income exemption rise to $86,200 in 2018 from $84,500 this year. The AMT begins to phase-out for single filers at $123,100 in 2018, and $164,100 for married couples.

MINOR UPDATE TO THE TAX BRACKETS

The change that most Americans are interested in is the one that'll most directly affect their paycheck: the 2018 tax schedule. As expected, inflation left its impact on the 2018 tax brackets, with the income ranges for each bracket increasing by right around 2%.

That would suggest that any salaried employees who didn't receive a raise are likely to owe a bit less in federal taxable income in 2018, deductions and credits being equal, than they did in 2017.

It's also worth pointing out that the 2018 tax schedule affects your earnings in 2018 and will have nothing to do with the taxes you prepare for your 2017 earnings early next year.
Curious to see how things changed? Here's a quick comparison of the 2017 tax schedule:

A BOOST IN THE PERSONAL-EXEMPTION ALLOWANCE

On the other hand, those of you who do itemize are also getting a boost. The personal-exemption allowance is rising by $100 in 2018, to $4,150 from $4,050 in 2017.

Personal exemptions are particularly popular among wealthier taxpayers, meaning the phase-out income limits and complete exemption increases for 2018 are important to know. In 2017, phase-outs for the personal exemption began at adjusted gross incomes (AGIs) of $261,500 for single filers and $313,800 for married filers, while ending completely at $384,000 for single filers and $436,300 for married couples.

Next year, these phase-outs increase to AGIs of $266,700 for single filers and $320,000 for married filing jointly, and they end completely at $389,200 for single filers and $442,500 for married filing jointly. In other words, the rich have a little extra wiggle room in 2018 for claiming a personal exemption.

GET TAX RELIEF HELP TODAY

If you think that you may qualify for a penalty waiver, you may want to partner with a reputable tax relief company who can help you make the best case to the IRS. Advance Tax Relief helps many individuals just like you work with the IRS to solve a wide variety of issues, including penalty waivers. Call our team today at 800-790-8574 for more information. For a free consultation, schedule an appointment with us online.

If you live in Los Angeles, contact us locally https://www.inglewoodtaxlawyers.com/ and if you live in houston, contact us here www.advancetaxrelief.com. However, it doesn’t matter where you live, we service taxpayers nationwide.

Advance Tax Relief is a BBB Accredited A+ Rated Business.

Saturday, December 2, 2017

IRS TAX PENALTY FORGIVENESS : How to Make Sure You Qualify

When you owe back taxes to the Internal Revenue Service (IRS), the idea of paying your actual debt plus a large sum in penalties and interest is very difficult to swallow.  In some cases, however, you may qualify to have the penalties waived.  Does this penalty waiver apply to you?  Below are the circumstances that may help you determine if you qualify.



Penalty Relief Due to Reasonable Cause

The IRS can review certain facts and circumstances which may have impacted your ability to file your tax return. This most often relates to small businesses and those who are self-employed.  
Typical issues that are considered include:
Natural disaster, casualty or fire
Death, a serious injury or illness
Other reason which shows that you used all ordinary business care to meet your tax obligations but were still unable to do so.

As you might expect, you’ll have to share information with the IRS about the situation that kept you from being able to pay your taxes and/or file your return.  You will want to be ready to provide specific facts about the event and exactly why it impacted your ability to pay.  You may be asked to share hospital records, court records, doctor’s letter, or documentation of a natural disaster or other devastating event.  Also, keep in mind that even if you are able to qualify for an IRS penalty waiver, you will likely not be able to get the interest on your late payment waived.  Interest is generally not waived for reasonable cause and accrues until your tax bill is paid in full.

 

Other IRS Penalty Waiver Policies


If you don’t qualify for a penalty waiver due to reasonable cause, you may want to see if one of these other situations applies to you:
Statutory Exception: If you think that you have received incorrect written advice from the IRS and received a penalty as a result, you can request that the penalty be waived.
First Time Penalty Abatement: It is possible that you may qualify for a penalty waiver under the IRS First Time Penalty Abatement policy. You must meet specific criteria including that you have no tax penalties for the 3 years before the penalty, you must be current on your required returns and you must have paid, or arranged to pay, any tax due.
Innocent Spouse Relief: In some unique cases, a spouse may make the case that they are not equally responsible for taxes and penalties assessed during their marriage. This is most often applicable when one spouse is unaware of significant tax problems/debt.  You can apply for equitable relief or separation of liability relief depending on your situation.


Get Tax Relief Help Today

If you think that you may qualify for a penalty waiver, you may want to partner with a reputable tax relief company who can help you make the best case to the IRS.  Advance Tax Relief helps many individuals just like you work with the IRS to solve a wide variety of issues, including penalty waivers. Call our team today at 800-790-8574 for more information. For a free consultation, schedule an appointment with us online.
If you live in Los Angeles, contact us locally https://www.inglewoodtaxlawyers.com/ and if you live in houston, contact us here www.advancetaxrelief.com. However, it doesn’t matter where you live, we service taxpayers nationwide.
Advance Tax Relief is a BBB Accredited A+ Rated Business.

Friday, December 1, 2017

4 WAYS TO GET ORGANIZED FOR THE 2018 TAX SEASON

With tax season finally over (unless you asked for a tax extension), this is good time to reflect on what you can do for next year in order to make preparing your returns a more pleasant experience.
Need Help? Call Advance Tax Relief LLC (800)790-8574
Preparing tax returns, gathering the necessary documentation, and double-checking that everything you filled out is correct can stress out even the most organized person. This is even more important if you are in a little need of upgrading your organizational skills, and let's face it, we could all stand to be a little more organized.


One of the best tips that I can offer someone who is looking to reduce their stress levels around tax time and concerning their tax return is to try to get more organized for the coming year. An often-cited phrase and mindset is that the more organized your surroundings are, the better you will feel, and the better you will perform workplace activities. Especially with everything, and everyone, clamoring for our attention, focus, and energy on an almost daily basis, it can be difficult to decide what items to actually prioritize.
Figuring out what your priorities are in life is not something I can advise on, but what I can say for certain is that picking these priority items, including your finances, will help you become more organized, less stressed, and more confident come tax time.
Tax time only comes once a year, but it can feel like it lasts for months -- here are a few of my favorite ways to reduce the stress and time spent on tax, and financial documentation in general.

DETERMINE WHETHER OR NOT TO ITEMIZE

As an individual, you basically have two options, itemized deductions or a standard deduction, with how you want to file your individual 1040, and making that decision now will help your figure out what you need to save and keep track of during the year. One thing to keep in mind is that not every dollar you spend will be deductible -- for the 2017 tax years (filing in 2018), the expenses you are seeking to itemize  (specifically medical) must exceed 10 percent of your adjusted gross income (AGI).
Another thing to remember is that everyone, whatever your filing status, is eligible for a standard deduction. For single filer taxpayers, the standard deduction is $6,300 -- it is important to work with your CPA or tax professional to make sure you do not end up getting less. Fortunately, the IRS has a form that helps you figure out if you are better off itemizing or taking the standard deduction.
If you choose to itemize your deductions you will, in general, have to keep track of more documentation during the year. Some of the most common itemized tax deductions include, but are not limited to medical expenses, charitable contributions, state and local taxes, foreign taxes, mortgage interest deductions, mortgage points, health insurance if you are self employed, and losses related to natural disasters. There are many more options out there, so be sure to work with your tax adviser to stay current.
 TRACK YOUR DONATIONS AND DUES:
If you donate to different charitable organizations and groups, or even pay dues for professional organizations, which can range from animal rights groups to dues paid for for realtors and even CPAs, you might be able to take that contribution, or a portion of it, as a tax deduction. You will either receive an email at the end of the year letting you know how much you had donated, or will receive a receipt explaining how much of your payment or contribution is tax deductible. In my experience these organizations are very good at providing this documentation, but if you have not received your documentation by the end of January I would follow with an email or phone call.

FILE YOUR FINANCE DOCUMENTS

We all get way too many emails during the course of the year, but taking a little time to auto-file where these emails go can save you a lot of stress come next tax season. Bank e-statements, credit card e-statements, retirement account information, and any business expenses should either be stored in a tax file in your inbox, or put in a tax folder during the year. A little time now will save you a lot of time next tax season.

 

KNOW THE TAX DATES AND DEADLINES

April is well-known as tax month, but there are several other dates that are important during the year. Quarterly taxes for your business, for example, are due the 15th of April, June, September, and January, so make sure to file and pay if you need to. Lastly, you should have received all of your tax documents, including W-2's and any 1099's, by January 31st. If you find yourself missing documentation be sure to reach out to keep yourself from falling behind. Your outreach efforts might include your IRA program manager, former employers, or companies you did some consulting for during the year. Again, most organizations in my experience are very good at getting these documents out the door, but it is important to keep an eye on where these documents are.
Sometimes the most painful time during tax season is opening a shoebox full of mismatched and unorganized documentation, and trying to make sense of it. That is stressful for both you and your tax preparer, and might actually result in your missing out on an important deduction or credit that you are due. Taking some time during the year to get, and stay, financially organized can really pay off the next time tax season, or some other big financial occasion, comes around.

Get Tax Relief Help Today

If you think that you may help filing your 2017/2018 tax return, you may want to partner with a reputable tax relief company who can help you get the max refund.  Advance Tax Relief has a offices in Houston, TX and Los Angeles, CA and helps many individuals just like you work with the IRS to solve a wide variety of issues, including penalty waivers. Call our team today at 800-790-8574 for more information. For a free consultation, schedule an appointment with us online.
If you live in Los Angeles, contact us locally https://www.inglewoodtaxlawyers.com/ and if you live in houston, contact us here www.advancetaxrelief.com. However, it doesn’t matter where you live, we service taxpayers nationwide.
Advance Tax Relief is a BBB Accredited A+ Rated Business.

Thursday, November 30, 2017

STRATEGIES TO HELP YOU LOWER YOUR TAXES IN 2018 - ADVICE FROM TOP TAX ATTORNEYS

Some strategies can help you lower your taxes, sometimes by thousands of dollars. Some help you save time and money when preparing your tax return.
Other strategies help you avoid costly penalties and interest on both federal and state taxes. All in all, these 10 steps will lower your blood pressure while keeping more money in your pocket:

1. CONTRIBUTE TO RETIREMENT ACCOUNT

If you haven’t already funded your retirement account for 2017, do so by April 17, 2018. That’s the deadline for contributions to a traditional IRA, deductible or not, and to a Roth IRA.




However, if you have a Keogh or SEP and you get a filing extension to October 15, 2018, you can wait until then to put 2017 contributions into those accounts. To start tax-free compounding as quickly as possible, however, don’t dawdle in making contributions.

Making a deductible contribution will help you lower your tax bill this year. Plus, your contributions will compound tax-deferred. It’s hard to find a better deal.
If you put away $5,000 a year for 20 years in an investment with an average annual 8 percent return, your $100,000 in contributions will grow to $247,000.
The same investment in a taxable account would grow to only about $194,000 if you’re in the 25 percent federal tax bracket (and even less if you live in a state with a state income tax to bite into your return).

To qualify for the full annual IRA deduction in 2017, you must either:
not be eligible to participate in a company retirement plan, or
if you are eligible, you must have adjusted gross income of $62,000 or less for singles, or $99,000 or less for married couples filing jointly.
If you are not eligible for a company plan but your spouse is, your traditional IRA contribution is fully-deductible as long as your combined gross income does not exceed $186,000.

For 2017, the maximum IRA contribution you can make is $5,500 ($6,500 if you are age 50 or older by the end of the year). For self-employed persons, the maximum annual addition to SEPs and Keoghs for 2017 is $54,000.

Although choosing to contribute to a Roth IRA instead of a traditional IRA will not cut your 2017 tax bill—Roth contributions are not deductible—it could be the better choice because all withdrawals from a Roth can be tax-free in retirement.

Withdrawals from a traditional IRA are fully taxable in retirement. To contribute the full $5,500 ($6,500 if you are age 50 or older by the end of 2017) to a Roth IRA, you must earn $118,000 or less a year if you are single or $186,000 if you’re married and file a joint return.

The amount you save for making a contribution will vary. If you are in the 25 percent tax bracket and make a deductible IRA contribution of $5,500, you will save $1,375 in taxes the first year. Over time, future contributions will save you thousands, depending on your contribution, income tax bracket, and the number of years you keep the money invested.

2. MAKE A LAST-MINUTE ESTIMATED TAX PAYMENT

If you didn’t pay enough to the IRS during the year, you may have a big tax bill staring you in the face. Plus, you might owe significant interest and penalties, too.

How could that happen? Withholding on your paycheck may be out of whack, or you may have received a big gain from selling stock. According to IRS rules, you must pay 100% of last year’s tax liability or 90% of this year’s tax or you will owe an underpayment penalty.

If your adjusted gross income for 2016 was more than $150,000, you have to pay more than 110 percent of your 2016 tax liability to be protected from a 2017 underpayment penalty. If your tax payments were a bit light, you may be stuck.
If you make an estimated payment by January 15, though, you can erase any penalty for the fourth quarter, but you still will owe a penalty for earlier quarters if you did not send in any estimated payments back then.

But if your income windfall arrived after August 31, 2017, you can file Form 2210: Underpayment of Estimated Tax to annualize your estimated tax liability, and possibly reduce any extra charges.

A note of caution: Try not to pay too much. It’s better to owe the government a little rather than to expect a refund. Remember, the IRS doesn’t give you a dime of interest when it borrows your money.

3. ORGANIZE YOUR RECORDS FOR TAX TIME

Good organization may not cut your taxes. But there are other rewards, and some of them are financial. For many, the biggest hassle at tax time is getting all of the documentation together. This includes last year’s tax return, this year’s W-2s and 1099s, receipts and so on.

How do you get started?
Print out a tax checklist to help you gather all the tax documents you’ll need to complete your tax return.

Keep all the information that comes in the mail in January, such as W-2s, 1099s and mortgage interest statements. Be careful not to throw out any tax-related documents, even if they don’t look very important.

Collect receipts and information that you have piled up during the year.
Group similar documents together, putting them in different file folders if there are enough papers.

Make sure you know the price you paid for any stocks or funds you have sold. If you don’t, call your broker before you start to prepare your tax return. Know the details on income from rental properties. Don’t assume that your tax-free municipal bonds are completely free of taxes. Having this type of information at your fingertips will save you another trip through your files.

4. FIND THE RIGHT TAX FORMS

You won’t find all of them at the post office and library. Instead, you can go right to the source online. View and download a large catalog of forms and publications at the Internal Revenue Service Web site or have them sent to you by mail. You can search for documents as far back as 1980 by number or by date.

The IRS also will refer you to a private Web site that lists state government sites where you can pick up state forms and publications.

5. ITEMIZE YOUR TAX DEDUCTIONS

It’s easier to take the standard deduction, but you may save a bundle if you itemize, especially if you are self-employed, own a home or live in a high-tax area.

It’s worth the bother when your qualified expenses add up to more than the 2017 standard deduction of $6,350 for singles and $12,700 for married couples filing jointly.

Many deductions are well known, such as those for mortgage interest and charitable donations.

However, taxpayers sometimes overlook miscellaneous expenses, which are deductible if the combined amount adds up to more than 2% of your adjusted gross income. These deductions include tax-preparation fees, job-hunting expenses, business car expenses and professional dues.

You can also deduct the portion of medical expenses that exceed 10% percent of your adjusted gross income.

6. DON'T SHY AWAY FROM A HOME TAX DEDUCTIONS

The eligibility rules for claiming a home office deduction have been loosened to allow more filers to claim this break. People who have no fixed location for their businesses can claim a home office deduction if they use the space for administrative or management activities, even if they don’t meet clients there.

Doctors, for example, who consult at various hospitals, or plumbers who make house calls, can now qualify. As always, you must use the space exclusively for business.

Many taxpayers have avoided the home office tax deduction because it has been regarded as a red flag for an audit. If you legitimately qualify for the deduction, however, there should be no problem.

You are entitled to write off expenses that are associated with the portion of your home where you exclusively conduct business (such as rent, utilities, insurance and housekeeping). The percentage of these costs that is deductible is based on the square footage of the office to the total area of the house.

A middle-class taxpayer who uses a home office and pays $1,000 a month for a two-bedroom apartment and uses one bedroom exclusively as a home office can easily save $1,000 in taxes a year. People in higher tax brackets with greater expenses can save even more.

One home office trap that used to scare away some taxpayers has been eliminated. In the past, if you used 10% of your home for a home office, for example, 10% of the profit when you sold did not qualify as tax-free under the rules that let homeowners treat up to $250,000 of profit as tax-free income ($500,000 for married couples filing joint returns).

Since 10% of the house was an office instead of a home, the IRS said, 10% of the profit wasn’t tax-free. But the government has had a change of heart. No longer does a home office put the kibosh on tax-free profit. You do, however, have to pay tax on any profit that results from depreciation claimed for the office after May 6, 1997. It’s taxed at a maximum rate of 25%. (Depreciation produces taxable profit because it reduces your tax basis in the home; the lower your basis, the higher your profit.)

7. PROVIDE DEPENDENT TAXPAYER IDS ON YOUR TAX RETURN

Be sure to plug in Taxpayer Identification Numbers (usually Social Security Numbers) for your children and other dependents on your return. Otherwise, the IRS will deny the personal exemption of $4,050 in 2017 for each dependent and the $1,000 child tax credit for each child under age 17.

Be especially careful if you are divorced. Only one of you can claim your children as dependents, and the IRS has been checking closely lately to make sure spouses aren’t both using their children as a deduction.

If you forget to include a Social Security number for a child, or if you and your ex-spouse both claim the same child, it’s highly likely that the processing of your return (and any refund you’re expecting) will come to a screeching halt while the IRS contacts you to straighten things out.

The $1,000 child tax credit begins to phase out at $110,000 for married couples filing jointly and at $75,000 for heads of households.

After you have a baby, be sure to file for your child's Social Security card right away so you have the number ready at tax time. Many hospitals will do this automatically for you. If you don’t have the number you need by the tax filing deadline, the IRS says you should file for an extension rather than sending in a return without a required Social Security number.

8. FILE AN PAY ON TIME

If you can’t finish your return on time, make sure you file Form 4868 by April 17, 2018. Form 4868 gives you a six-month extension of the filing deadline until October 15, 2018. On the form, you need to make a reasonable estimate of your tax liability for 2017 and pay any balance due with your request.

Requesting an extension in a timely manner is especially important if you end up owing tax to the IRS. If you file and pay late, the IRS can slap you with a late-filing penalty of 4.5 percent per month of the tax owed and a late-payment penalty of 0.5 percent a month of the tax due. The maximum late filing penalty is 22.5 percent and the late-payment penalty tops out at 25 percent. By filing Form 4868, you stop the clock running on the costly late-filing penalty.

9. FILE ELECTRONICALLY

Electronic filing works best if you expect a tax refund. Because the IRS processes electronic returns faster than paper ones, you can expect to get your refund three to six weeks earlier. If you have all your documents in order, go ahead and file electronically in January by calling Advance Tax Relief LLC.

You can have your refund deposited directly into your bank account or IRA, the waiting time is even less.

There are other advantages to e-filing besides a fast refund. The IRS checks your return to make sure that it is complete, which increases your chances of filing an accurate return. Less than one percent of electronic returns have errors, compared with 20 percent of paper returns. The IRS also acknowledges that it received your return, a courtesy you don’t get even if you send your paper return by certified mail. That helps you protect yourself from the interest and penalties that accrue if your paper return gets lost.

If you owe money, you can file electronically and then wait until the federal tax filing deadline to send in a check along with Form 1040-V. You may be able to pay with a credit card or through a direct debit.

With a credit card, expect to pay a service charge of as much as 2.5 percent.
With direct debit, you may delay the debiting of your bank account until the actual filing deadline..

10. DECIDE IF YOU NEED HELP

Advance Tax Relief can handle the most complex returns with ease (and allow you to file your taxes electronically for a faster refund). You just need to answer simple questions, such as whether you've had a baby, bought a home or had some other life-changing event in the past year.
An Attorney at Advance Tax Relief will then fill out all the right forms for you. so that you are professionally represented in the event of an audit. If you are concerned about preparing your own return, these services will give you added confidence and peace of mind.

Get Tax Relief Help Today
If you think that you may help filing your 2017 tax return, you may want to partner with a reputable tax relief company who can help you get the max refund.  Advance Tax Relief has a offices in Houston, TX and Los Angeles, CA and helps many individuals just like you work with the IRS to solve a wide variety of issues, including penalty waivers. Call our team today at 800-790-8574 for more information. For a free consultation, schedule an appointment with us online.

If you live in Los Angeles, contact us locally https://www.inglewoodtaxlawyers.com/  and if you live in Houston, TX contact us here www.advancetaxrelief.com. However, it doesn’t matter where you live, we service taxpayers nationwide.

Advance Tax Relief is a BBB Accredited A+ Rated Business.

Tuesday, November 7, 2017

HOW TO GET AN IRS FRESH START - IRS HELP


At Advance Tax Relief, we have seen our share of clients who have received audit letters from the Internal Revenue Service (IRS) informing them that they owe a substantial amount of money that seemed impossible to pay off.





With our help, we have helped clients alleviate their tax debt with the IRS. Getting a fresh start with the IRS isn’t an easy process, which is why you need the help of a professional tax relief service. Dealing with the IRS takes a considerable amount of persistent communication, patience, and organization.

DON’T TRY TO DO IT YOURSELF - GET PROFESSIONAL HELP

It’s not uncommon for taxpayers to try and take care of their tax debt on their own, and while many are successful at this, others aren’t. The result of such failed efforts is more

IRS PROBLEMS OR NEED PAST DUE TAX PREPARATION HELP? CONTACT US
ADVANCE TAX RELIEF LLC – Serving All 50 States
www.advancetaxrelief.com
Call (713)300-3965 - Free Consultation
BBB A+ RATED
**Over 10 Million in Tax Debt and Penalties Forgiven for our clients

debt due to mistakes that lead to delays triggering late filing and payment fees, which only snowball on top of the building interest.

As you can see, tax debt can get out of hand pretty quick and as the balance increases, oftentimes, so does the anxiety. When anxiety builds, it’s kind of challenging to get everything in order. That’s why it’s usually best to hire at tax relief professional to take care of tax debt issues to help you get a fresh start.

WHATS INVOLVED WITH GETTING AN IRS FRESH START

There are two main things that can help you get a fresh start with the IRS:

Installment Agreements
Offers in Compromise

INSTALLMENT AGREEMENTS - AFFORDABLE PAYMENT ARRANGEMENTS

This solution is a one-shot kind of a deal. The IRS will work with you so that you can pay your tax debt off in monthly installments. This may sound easy enough, but bear in mind, chances are that your issues with the IRS could be due to not being disciplined enough to manage your finances, as is the case with many taxpayers, respectively.

So when you initiate a monthly installment agreement with the IRS, know that they have zero tolerance when it comes to late or missed payments. For whatever reason, if you miss a payment or even if you’re late, the agreement is forfeited and you’ll be required to pay the full amount, interests, penalties and all.

OFFER IN COMPROMISE - TAX DEBT SETTLEMENT

An Offer in Compromise allows you to pay less than half of what you owe. The catch here is that you must qualify for such an agreement. A thorough application process will have to take place and if approved, even the reduced amount will have to be paid within a certain period of time.

The IRS’ Fresh Start Program helps you to avoid tax liens and even imprisonment. Taxpayers who qualify for this program must owe at least $10,000. There may be some exceptions, but its all contingent on a case-by-case basis. It’s highly recommended to consult a professional tax relief representative to guide you the right way.

Call  Advance Tax Relief online for a free consultation, or call 800-790-8574 today!

Monday, November 6, 2017

STEPS TO REMOVE A STATE TAX LIEN FROM YOUR CREDIT REPORT - TAX HELP CALL ADVANCE TAX RELIEF (800)790-8574

Getting a state tax lien removed from your credit report is no easy task. For some, it may be next to impossible. However, it can be done.



First, you need to understand the importance of how serious a tax lien is. It’s like having a huge fat red ‘F’ on your credit report that translates to: “Don’t ever, ever, ever give this person a line of credit!”

IRS PROBLEMS OR NEED PAST DUE TAX PREPARATION HELP? CONTACT US
ADVANCE TAX RELIEF LLC – Serving All 50 States
www.advancetaxrelief.com
Call (713)300-3965 - Free Consultation
BBB A+ RATED
**Over 10 Million in Tax Debt and Penalties Forgiven for our clients

We’d like to say that we’re exaggerating here, but we’re not.

If there’s anything you can do to avoid getting a tax lien on your credit report, the professional tax experts at Advance Tax Relief encourage you to do whatever is legally in your power to avoid it.

Talk to the IRS and try to negotiate a payment plan. If you need to, hire a professional tax relief firm to assist you. In the long run, it will cost you less than hiring someone to help you remove a lien on your credit report.

Don’t wait until your tax debt situation goes from bad to worse!
FIRST, EDUCATE YOURSELF

Know that there are two different kinds of tax liens:
1) Federal Tax Lien
2) State Tax Liens

HOW LONG CAN A LIEN STAY ON YOUR CREDIT REPORT?

A federal tax lien can stay on a credit report for a certain period of time depending on when the creditors reported the case to the credit bureau. It can stay on your credit report from anywhere between 7-10 years. A state tax lien has no requirement to remove a case from your report, even if you’ve paid the debt in full.

A state tax lien is public records. Anyone can access them and find out what kind of derogatory debts you have. This is not a good thing if you’re trying to acquire a line of credit to buy a house, car, or some personal loan.
Four Types of Tax Lien Statuses:

Unpaid – Self-explanatory
Paid or Released Tax Lien – You’ve made a deal to pay or settle
Removal – Occurs 7 years from the day release, which means it starts on the day you paid the debt off, not when it was originally file.
Withdrawn – Removed from your credit report immediately. This is what you want!
SO HOW DO I GET MY TAX LIEN WITHDRAWN?

It’s difficult if it’s state. However, federal will do it from the Fresh Start Policy. This is what you need to do for state:

Step 1:            Get a copy of your credit report.
Step 2:            Find the lien and confirm the balance with the state tax office.
Step 3:            Establish a repayment plan
Step 4:            Keep a record of all documents pertaining to the payment plan.
Step 5:            Be sure to get a “paid in full” letter once the tax debt is paid off.
Step 6:            Send this document to all of your creditors.

After the debt is paid, you can then petition to have the lien withdrawn. Get a copy of the document and provide it to the creditors.
Bonus

Step 7: Get Help!
If this all seems like too much, the let the professionals at Advance Tax Relief assist you. Contact us today for a free consultation online or call 800-790-8574.

DO YOU NEED HELP?
We are tax relief experts specializing in IRS back tax help, Audit Help, Installment Agreements, Tax Lien Help, Wage Garnishment Release, IRS Offer in Compromises, Tax Debt Forgiveness and a whole lot more. Get a free consultation from an experienced tax relief expert today (800)790-8574

Some Recent Tax Settlements:
Mr. Gonzalez - CA Owed $85790, IRS settled for $2500
Mr. Woods - DC Owed $48714, IRS settled for $500
Mr. Cody - NY Owed $560231, IRS settled for $7500
Ms. Sherrie - TX Owed $31,914, IRS settled for $1800
Mr. Johnson -TX Owed $19,000, IRS settled for $500
Ms Bates - CA Owed $11,000, IRS settled for $150

Owe the IRS and need help? Call us to discuss your unique situation with Top Tax Attorney or IRS Enrolled Agent (800)790-8574 or visit www.advancetaxrelief.com

Connect with us:
BBB PAGE:
https://www.bbb.org/houston/business-reviews/taxes-consultants-and-representatives/advance-tax-relief-llc-in-houston-tx-90024857/reviews-and-complaints

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https://plus.google.com/+ADVANCETAXRELIEFLLCHouston

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#IrsHelp
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STOP THE IRS FROM SEIZING YOUR BANK ACCOUNT AND GARNISHING YOUR WAGES - CALL (800)790-8574

STOP THE IRS FROM SEIZING YOUR BANK ACCOUNT AND GARNISHING YOUR WAGES - CALL (800)790-8574

Unless you relocate quite frequently, it really shouldn’t come to a surprise to discover that the Internal Revenue Service (IRS) has levied your bank account.

IRS PROBLEMS OR NEED PAST DUE TAX PREPARATION HELP? CONTACT US
ADVANCE TAX RELIEF LLC – Serving All 50 States
www.advancetaxrelief.com
Call (713)300-3965 - Free Consultation
BBB A+ RATED
**Over 10 Million in Tax Debt and Penalties Forgiven for our clients

Before the IRS takes an extreme measure like this, they will have already given you every opportunity to prevent this. However, if you’ve already made it to this point, the question is not about how to prevent it—it’s about how to make all of this to go away!




Advance Tax Relief is a tax relief firm with two locations based in Houston, Texas and Los Angeles, CA. We have over 25 years of experience alleviating the tax debt of taxpayers just like you.
We have a proven history of reducing or even eliminating the total amount of tax dollars owed to the IRS. Most importantly, we have experience helping taxpayers when they’re in the middle of a nasty tax debt situation such as a frozen bank account.

HOW TO END THE NIGHTMARE OF A BANK ACCOUNT SEIZURE OR LEVY:

PAY THE DEBT OFF:
Sorry. We know that if it were that easy, you might not be in this situation in the first place. However, it’s worth saying.

Everyone’s tax situation is different. Some people may find themselves with a levied bank account simply because they neglected to take care of their tax responsibility. Money might not even be a problem. It could just be the lack of discipline it takes to file the papers. In a case like this, we can help you take care of all of the necessary paperwork. All you need to do is pay the balance—plus interest and penalty fees.

FILE FOR A FINANCIAL HARDSHIP:
If you are at a financial point where the quality of your lifestyle could leave you in poverty, then you can try to file for financial hardship. According to the IRS, “If the levy on your bank account is creating an immediate economic hardship, the levy may be released.”

MAKE PAYMENT ARRANGEMENTS:
Not everyone knows that you can negotiate an affordable monthly payment plan with the IRS. They’re reasonable. All you have to do is make the initiative to communicate your intentions to pay your debt. If the IRS agrees to make a payment arrangement with you, then they will release the levy on your bank account, but the moment you default, they’ll reissue the levy and you’re right back where you started!

FILE FOR AN OFFER IN COMPROMISE / TAX DEBT SETTLEMENT
In most cases, installment agreements have a deadline. Depending on how much money you owe the IRS, not even the most generous monthly payment will clear your tax debt. In a case like this, you just need to get the amount reduced. When you file for an Offer in Compromise, you might be eligible to reduce the amount you owe to less than half! This definitely something worth looking into!

Consult a professional tax relief consultant to help you start the application process. Call 800-790-8574 today!

DO YOU NEED HELP?
We are tax relief experts specializing in IRS back tax help, Audit Help, Installment Agreements, Tax Lien Help, Wage Garnishment Release, IRS Offer in Compromises, Tax Debt Forgiveness and a whole lot more. Get a free consultation from an experienced tax relief expert today (800)790-8574

Some Recent Tax Settlements:
Mr. Gonzalez - CA Owed $85790, IRS settled for $2500
Mr. Woods - DC Owed $48714, IRS settled for $500
Mr. Cody - NY Owed $560231, IRS settled for $7500
Ms. Sherrie - TX Owed $31,914, IRS settled for $1800
Mr. Johnson -TX Owed $19,000, IRS settled for $500
Ms Bates - CA Owed $11,000, IRS settled for $150

Owe the IRS and need help? Call us to discuss your unique situation with Top Tax Attorney or IRS Enrolled Agent (800)790-8574 or visit www.advancetaxrelief.com

Connect with us:
BBB PAGE:
https://www.bbb.org/houston/business-reviews/taxes-consultants-and-representatives/advance-tax-relief-llc-in-houston-tx-90024857/reviews-and-complaints

GOOGLE PAGE:
https://plus.google.com/+ADVANCETAXRELIEFLLCHouston

YELP:
https://www.yelp.com/biz/advance-tax-relief-houston

TWITTER:
https://twitter.com/irstaxpro?lang=en

FACEBOOK:
https://www.facebook.com/advancetaxrelief/

#IrsHelp
#BackTaxes
#OweTaxes
#TaxRelief
#TaxAttorneysNearMe
#IRSFreshStartInitiative
#IOweMoneytotheIRS
#banklevy.
#TaxesOwed
#FederalTaxLien
#TaxAttorney
#TaxResolutionServicesCompany
#TaxPreparation
#IRSWageGarnishments
#FileBankruptcy
#IncomeTaxDebts
#InnocentSpouseRelief
#IRSdebtrelief
#SettleYourIRSTaxDebt
#CreditCardDebtSettlement
#houstontaxrelief
#houstontaxattorneys
#irstaxrelief
#taxestaxes
#taxservices
#irstaxhelp
#cpaattorney
#cantheirs

Friday, November 3, 2017

HOW TO UNDERSTAND AN IRS FEDERAL TAX LIEN: AVOID A CREDIT DISASTER - IRS HELP IS AVAILABLE (800)-790-8574

HOW TO UNDERSTAND AN IRS FEDERAL TAX LIEN: AVOID A CREDIT DISASTER - IRS HELP IS AVAILABLE (800)-790-8574

A federal tax lien is the government’s legal claim against your property when you neglect or fail to pay a tax debt. The lien protects the government’s interest in all your property, including real estate, personal property and financial assets. A federal tax lien exists after:

The IRS:
Puts your balance due on the books (assesses your liability);
Sends you a bill that explains how much you owe (Notice and Demand for Payment); and

You:
Neglect or refuse to fully pay the debt in time.

The IRS files a public document, the Notice of Federal Tax Lien, to alert creditors that the government has a legal right to your property.


ADVANCE TAX RELIEF LLC – Serving All 50 States
www.advancetaxrelief.com
Call (713)300-3965 - Free Consultation
BBB A+ RATED
**Over 10 Million in Tax Debt and Penalties Forgiven for our clients


HOW TO GET RID OF AN IRS TAX LIEN

PAYING YOUR TAX DEBT - in full - is the best way to get rid of a federal tax lien. The IRS releases your lien within 30 days after you have paid your tax debt.
When conditions are in the best interest of both the government and the taxpayer, other options for reducing the impact of a lien exist.

ADVANCE TAX RELIEF LLC – Serving All 50 States
www.advancetaxrelief.com
Call (713)300-3965 - Free Consultation
BBB A+ RATED
**Over 10 Million in Tax Debt and Penalties Forgiven for our clients

DISCHARGE OF PROPERTY

A "discharge" removes the lien from specific property. There are several Internal Revenue Code (IRC) provisions that determine eligibility. For more information, refer to Publication 783, Instructions on How to Apply for Certificate of Discharge From Federal Tax Lien .

SUBORDINATION

"Subordination" does not remove the lien, but allows other creditors to move ahead of the IRS, which may make it easier to get a loan or mortgage. To determine eligibility, refer to Publication 784, Instructions on How to Apply for a Certificate of Subordination of Federal Tax Lien

WITHDRAWAL OF A TAX LIEN

A "withdrawal" removes the public Notice of Federal Tax Lien and assures that the IRS is not competing with other creditors for your property; however, you are still liable for the amount due. For eligibility, refer to Form 12277, Application for the Withdrawal of Filed Form 668(Y), Notice of Federal Tax Lien (Internal Revenue Code Section 6323(j)) (PDF) and the video Lien Notice Withdrawal.
Two additional Withdrawal options resulted from the Commissioner’s 2011

FRESH START INITIATIVE
One option may allow withdrawal of your Notice of Federal Tax Lien after the lien’s release.

General eligibility includes:
-Your tax liability has been satisfied and your lien has been released; and also:
-You are in compliance for the past three years in filing - all individual returns, business returns, and information returns;
-You are current on your estimated tax payments and federal tax deposits, as applicable.
-The other option may allow withdrawal of your Notice of Federal Tax Lien if you have entered in or converted your regular installment agreement to a Direct Debit installment agreement. General eligibility includes:
-You are a qualifying taxpayer (i.e. individuals, businesses with income tax liability only, and out of business entities with any type of tax debt)
-You owe $25,000 or less (If you owe more than $25,000, you may pay down the balance to $25,000 prior to requesting withdrawal of the Notice of Federal Tax Lien)
-Your Direct Debit Installment Agreement must full pay the amount you owe within 60 months or before the Collection Statute expires, whichever is earlier
-You are in full compliance with other filing and payment requirements
-You have made three consecutive direct debit payments
-You can’t have defaulted on your current, or any previous, Direct Debit Installment agreement.

HOW A FEDERAL TAX LIEN AFFECTS YOU:
Assets — A lien attaches to all of your assets (such as property, securities, vehicles) and to future assets acquired during the duration of the lien.
Credit — Once the IRS files a Notice of Federal Tax Lien, it may limit your ability to get credit.
Business — The lien attaches to all business property and to all rights to business property, including accounts receivable.
Bankruptcy — If you file for bankruptcy, your tax debt, lien, and Notice of Federal Tax Lien may continue after the bankruptcy.

AVOID A FEDERAL TAX LIEN:
You can avoid a federal tax lien by simply filing and paying all your taxes in full and on time. If you can’t file or pay on time, don’t ignore the letters or correspondence you get from the IRS. If you can’t pay the full amount you owe, payment options are available to help you settle your tax debt over time.

LIEN VS LEVY
A lien is not a levy. A lien secures the government’s interest in your property when you don’t pay your tax debt. A levy actually takes the property to pay the tax debt. If you don’t pay or make arrangements to settle your tax debt, the IRS can levy, seize and sell any type of real or personal property that you own or have an interest in.

DO YOU NEED HELP?
We are tax relief experts specializing in IRS back tax help, Audit Help, Installment Agreements, Tax Lien Help, Wage Garnishment Release, IRS Offer in Compromises, Tax Debt Forgiveness and a whole lot more. Get a free consultation from an experienced tax relief expert today (800)790-8574

Some Recent Tax Settlements:
Mr. Dillard - CA Owed $6884, IRS settled for $400
Mr. Batiste - LA Owed $18513, IRS settled for $2972
Mr. Johnson - CA Owed $21,378, IRS settled for $4500
Ms. Gonzalez - TX Owed $28,816, IRS settled for $1700
Mr. Anthony - NY Owed $14,000, IRS settled for $900
Mr. Wilkes - CA Owed 32,211, IRS settled for $1250

Owe the IRS and need help? Call us to discuss your unique situation with Top Tax Attorney or IRS Enrolled Agent (800)790-8574 or visit www.advancetaxrelief.com

Connect with us:
BBB PAGE:
https://www.bbb.org/houston/business-reviews/taxes-consultants-and-representatives/advance-tax-relief-llc-in-houston-tx-90024857/reviews-and-complaints?section=reviews

GOOGLE PAGE:
https://plus.google.com/+ADVANCETAXRELIEFLLCHouston

YELP:
https://www.yelp.com/biz/advance-tax-relief-houston

TWITTER:
https://twitter.com/irstaxpro?lang=en

FACEBOOK:
https://www.facebook.com/advancetaxrelief/

#IrsHelp
#BackTaxes
#OweTaxes
#TaxRelief
#TaxAttorneysNearMe
#IRSFreshStartInitiative
#IOweMoneytotheIRS
#banklevy.
#TaxesOwed
#FederalTaxLien
#TaxAttorney
#TaxResolutionServicesCompany
#TaxPreparation
#IRSWageGarnishments
#FileBankruptcy
#IncomeTaxDebts
#InnocentSpouseRelief
#IRSdebtrelief
#SettleYourIRSTaxDebt
#CreditCardDebtSettlement
#houstontaxrelief
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Thursday, November 2, 2017

IRS WAGE GARNISHMENT AND BANK SEIZURE HELP - ADVANCE TAX RELIEF LLC

Few things are more overwhelming than living with the fear of having your possessions and assets being taken away at a moment's notice.

Your tax debt burden may feel endless, but once the Internal Revenue Service (IRS) gets ahold of a lifetime investment, such as your home, the full weight of your financial situation could devastate you.

ADVANCE TAX RELIEF LLC – Serving All 50 States
www.advancetaxrelief.com
Call (713)300-3965 - Free Consultation
BBB A+ RATED
**Over 10 Million in Tax Debt and Penalties Forgiven for our clients

Every day, people choose to live with the pain of debt and the fear of having their property taken away from them. You do not have to live like this.




Do not hold on to the stress any longer; choose to seek relief! You could find a solution to your tax problems with the help of Advance Tax Relief. It is our goal to help you toward a path that could lead to a long-lasting peace of mind and financial freedom!

FUNCTIONS OF IRS LEVIES

Levies can do a lot of damage and can even ruin your life. A levy is the IRS's way of getting your immediate attention. When you continuously ignore notices from the IRS, they may try to pursue you in other ways, such as through an IRS levy. Levies are used to seize your wages and whatever other assets you may have. If you own it, the IRS can take it. The IRS can seize and sell any type of property that you own in order to settle a debt.

Such assets and actions could include:
Any real estate property you hold
Any property that is yours but is held by someone else
Your home, car(s), motorcycle(s), or boat
Wage garnishment, or garnishment of income or commission
Your retirement account
Your rental income
Your bank accounts
Dividends
Your licenses
Cash value of insurance
Your accounts receivable, if you own a business
If you want to avoid an IRS levy and protect your assets, you need to speak immediately with Top Tax Local Attorneys and IRS Enrolled Agents! A levy could have potentially devastating consequences, but I am ready to help you eliminate your tax debts and avoid a tax levy.

DO YOU NEED TAX HELP? RELIED IS JUST A PHONE CALL AWAY

I know that the unexpected happens and may cause financial problems down the line. Once a levy is placed on your assets, there is not much that you can do to stop the IRS from taking your property. For homeowners, IRS levies can seem like nightmares. Just imagine waking up one day to discover that the IRS took hold of your bank accounts and liquidated all of your assets, leaving you and your family with nothing.

Unfortunately, tax levies sometimes do not completely satisfy the IRS. If the amount that the IRS took from you did not cover the amount that is owed to them, the IRS could continue to take your money until your assets cover your tax liability. The IRS will go after your bank accounts first because they know that your account can be easily liquidated into cash assets to pay off your debts more quickly.

The IRS will not take into consideration that your checks may bounce or that you have other bills to pay. If you have a debt to the IRS, they will pull out all stops to take the money that is owed to them.

If a levy was imposed against you by the IRS, there may be a way to release the levy. I am often able to help my clients who are facing IRS levies. By petitioning on my client's behalf under the provisions of the Internal Revenue Code Section 6343, all wages, salary and other income owed to or becoming payable to the taxpayer can be released from an IRS levy.

Tax relief by ending a tax levy can provide invaluable peace of mind. I have helped hundreds of people with cases similar to yours, so do not think that your financial matters are too big or too complex. For more information visit our website www.advancetaxrelief.com.

DO YOU NEED HELP?
We are tax relief experts specializing in IRS back tax help, Audit Help, Installment Agreements, Tax Lien Help, Wage Garnishment Release, IRS Offer in Compromises, Tax Debt Forgiveness and a whole lot more. Get a free consultation from an experienced tax relief expert today (800)790-8574

Some Recent Tax Settlements:
Mr. Dillard - CA Owed $6884, IRS settled for $400
Mr. Batiste - LA Owed $18513, IRS settled for $2972
Mr. Johnson - CA Owed $21,378, IRS settled for $4500
Ms. Gonzalez - TX Owed $28,816, IRS settled for $1700
Mr. Anthony - NY Owed $14,000, IRS settled for $900
Mr. Wilkes - CA Owed 32,211, IRS settled for $1250

Owe the IRS and need help? Call us to discuss your unique situation with Top Tax Attorney or IRS Enrolled Agent (800)790-8574 or visit www.advancetaxrelief.com

Connect with us:
BBB PAGE:
https://www.bbb.org/houston/business-reviews/taxes-consultants-and-representatives/advance-tax-relief-llc-in-houston-tx-90024857/reviews-and-complaints?section=reviews

GOOGLE PAGE:
https://plus.google.com/+ADVANCETAXRELIEFLLCHouston

YELP:
https://www.yelp.com/biz/advance-tax-relief-houston

TWITTER:
https://twitter.com/irstaxpro?lang=en

FACEBOOK:
https://www.facebook.com/advancetaxrelief/

#IrsHelp
#BackTaxes
#OweTaxes
#TaxRelief
#TaxAttorneysNearMe
#IRSFreshStartInitiative
#IOweMoneytotheIRS
#banklevy.
#TaxesOwed
#FederalTaxLien
#TaxAttorney
#TaxResolutionServicesCompany
#TaxPreparation
#IRSWageGarnishments
#FileBankruptcy
#IncomeTaxDebts
#InnocentSpouseRelief
#IRSdebtrelief
#SettleYourIRSTaxDebt
#CreditCardDebtSettlement
#houstontaxrelief
#houstontaxattorneys
#irstaxrelief
#taxestaxes
#taxservices
#irstaxhelp
#cpaattorney
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#losangelestaxattorneys
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