TIPS FOR TAXPAYERS WHO MISSED THE TAX DEADLINE - ADVANCE TAX RELIEF LLC

If you missed the April 15 tax filing deadline, don’t panic.

Here’s some advice from the Advance Tax Relief LLC:

File as soon as you can. If you owe taxes, you should file and pay as soon as you can. This will help minimize the interest and penalty charges. There is no penalty for filing a late return if you are due a refund. Please contact Advance Tax Relief LLC for assistance with filling your back tax returns.

IRS E-file is still available. IRS e-file is available through Oct. 15. E-file is the easiest, safest and most accurate way to file your taxes. With e-file you receive confirmation that the IRS received your tax return. If you e-file and choose direct deposit of your refund, you’ll normally get it within 21 days.

Pay as much as you can. If you owe tax but can’t pay it all at once, try to pay as much as you can when you file your tax return. Pay the remaining balance as soon as possible to stop further penalties and interest. If you can't afford to pay, contact Advance Tax Relief LLC.

A refund may be waiting. If you’re due a refund, you should file as soon as possible to get it. Even if you are not required to file, you may still get a refund. This could apply if you had taxes withheld from your wages or you qualify for certain tax credits. If you don’t file your return within three years, you could forfeit your right to the refund.

OWE THE IRS? WE CAN HELP!

If you are facing financial difficulties and cant pay your tax bill, you should call (800)790-8574 for a free consultation or visit us via web.

ADVANCE TAX RELIEF LLC
www.advancetaxrelief.com

(800)790-8574
BBB Accredited Business

TIPS FOR SELF-EMPLOYED TAXPAYERS - ADVANCE TAX RELIEF LLC

If you are an independent contractor or run your own business, there are a few basic things to know when it comes to your federal tax return. Here are six tips you should know about income from self-employment: Self-employment income can include income you received for part-time work. This is in addition to income from your regular job.

You may have to pay self-employment tax as well as income tax if you made a profit. Self-employment tax includes Social Security and Medicare taxes. Use Schedule SE, Self-Employment Tax, to figure the tax. Make sure to file the schedule with your tax return.

You may need to make estimated tax payments. People typically make these payments on income that is not subject to withholding. You may be charged a penalty if you do not pay enough taxes throughout the year.

You can deduct some expenses you paid to run your trade or business. You can deduct most business expenses in full, but some must be ’capitalized.’ This means you can deduct a portion of the expense each year over a period of years.

You can deduct business costs only if they are both ordinary and necessary. An ordinary expense is one that is common and accepted in your industry. A necessary expense is one that is helpful and proper for your trade or business.

IRS PROBLEMS? WE CAN HELP!

ADVANCE TAX RELIEF LLC
www.advancetaxrelief.com

Phone:(800)790-8574
BBB Accredited Business

“COMMUNITY PROPERTY” DEFINED - ADVANCE TAX RELIEF LLC

Community property is a classification-based system that divides all marital assets into one of two categories:

(1) community property; and (2) separate property.

The general rule is that all property, real or personal, acquired by a married person during the marriage while domiciled in a community property state is community property. The term “property” refers to both real and personal property of all types, including stocks, bonds, jewelry and cash.

Example.

John and Mary were married in 2010. They live in Washington, a
community property state. In 2012, the couple purchased a home in Washington. Both John and Mary work outside the home. John is a sales manager with an annual salary of $100,000. Mary is a nurse with an annual salary of $70,000. The home and the salaries of each spouse are community property.

Most importantly, if you believe you may have trouble paying your tax bill, contact Advance Tax Relief LLC immediately. In many cases, there are steps we can take to help ease the burden or settle the tax debt for a small fraction of what is owed.

We advise also that you file your tax returns even if you are unable to pay to help avoid possible additional penalties.

Have IRS Problems? Contact Us!

The analysis is free (800)790-8574 or contact us via web

Click here: http://advancetaxrelief.net/Contact_Us.html

ADVANCE TAX RELIEF - We Solve Tax Problems
www.advancetaxrelief.net

BBB Accredited Business
We Assist Taxpayers Nationwide