CLAIMING DAY-TRADING LOSSES ON SCH C? IRS AUDIT RED FLAG

Those who trade in stocks and securities have significant tax advantages compared with investors. The expenses of traders are fully deductible and traders’ profits are exempt from self-employment tax. Losses of traders who make a special section 475(f) election are fully deductible and aren’t subject to the $3,000 cap on capital losses. And there are other tax benefits.

But to qualify as a trader, you must buy and sell securities frequently and look to make money on short-term swings in prices. And the trading activities must be continuous.

The IRS knows that many filers who report trading losses or expenses on Schedule C are actually investors, who profit mainly on long-term appreciation and dividends, hold their securities for longer periods and sell much less often than traders, and can only report their expenses as a miscellaneous itemized deduction on Schedule A, subject to an offset of 2% of adjusted gross income.

So the IRS is pulling returns and checking to see that the taxpayer meets all of the rules to qualify as a bona fide trader.

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

MAKING TOO MUCH MONEY - IRS AUDIT RED FLAG! (ADVANCE TAX RELIEF LLC) CALL 8007908574

Although the overall individual audit rate is only about one in 100, the odds increase dramatically as your income goes up. Recent IRS statistics show that people with incomes of $200,000 or higher had an audit rate of 3.26%, or one out of every 30 returns. Report $1 million or more of income? There's a one-in-nine chance your return will be audited.

We're not saying you should try to make less money—everyone wants to be a millionaire. Just understand that the more income shown on your return, the more likely it is that you'll be hearing from the IRS.

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

FAILING TO REPORT ALL TAXABLE INCOME? READ BEFORE ITS TOO LATE!

The IRS gets copies of all 1099s and W-2s you receive, so make sure you report this income. IRS computers are pretty good at matching the numbers on the forms with the income shown on your return. A mismatch sends up a red flag and causes the IRS computers to spit out a bill. If you receive a 1099 showing income that isn't yours or listing incorrect income, get the issuer to file a correct form with the IRS.

"My husband lost his job and the IRS was garnishing my wages. I called advance tax relief for help, my wage garnishment was released and we settled with the IRS for $1,200 on a $48k debt. Our family is very grateful" - Shirley W, Tampa FL.

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

MAN OWING $330K THREATENED IRS AGENTS LIFE (ADVANCE TAX RELIEF LLC)

A man has been convicted of threatening to kill an Internal Revenue Service agent and rape and kill the agent's wife over a $330,000 tax bill.

A federal judge on Friday found Cranston resident Andrew A. Calcione guilty of threatening to assault and murder an IRS revenue agent and his family.

Prosecutors say Calcione left voice mail messages in the Warwick IRS office on July 15 threatening that if the agent called him again, he would torture the agent, rape and kill his wife and injure his daughter while the agent watched. He said he would then kill the agent.

Tax agents estimated that Calcione owed $330,000 for 2008, 2009 and 2010.The 49-year-old Calcione faces up to 20 years in prison when he's sentenced Sept. 11

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

SINGER DIONNE WARWICK TAKES TAX DEBT TO BANKRUPTCY

Singer Dionne Warwick owes a staggering amount in back taxes 
and has asked a judge to discharge the debt in bankruptcy proceedings. 

According to reports by celebrity news website TMZ, a
bankruptcy trustee recommended that Warwick, whose star as a singer began to rise in the 1960's, have $10.7 million in debts discharged. Of the large debt, the majority, more than $7 million, is owed to the IRS. 

Warwick filed Chapter 13 bankruptcy in 2013. At the time, she’d
already earned a solid reputation for being a delinquent taxpayer.

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

SOME FACTS ABOUT PENALTIES FOR FILLING AND PAYING LATE - ADVANCE TAX RELIEF LLC

April 15 is the tax day deadline for most people. If you’re due a refund there’s no penalty if you file a late tax return. But if you owe taxes and you fail to file and pay on time, you’ll usually owe interest and penalties on the taxes you pay late. Here are eight facts that you should know about these penalties.

If you file late and owe federal taxes, two penalties may apply. The first is a failure-to-file penalty for late filing. The second is a failure-to-pay penalty for paying late.

The failure-to-file penalty is usually much more than the failure-to-pay penalty. In most cases, it’s 10 times more, so if you can’t pay what you owe by the due date, you should still file your tax return on time and pay as much as you can. You should try other options to pay, such as getting a loan or paying by credit card. 

The failure-to-file penalty is normally 5 percent of the unpaid taxes for each month or part of a month that a tax return is late. It will not exceed 25 percent of your unpaid taxes.

If you file your return more than 60 days after the due date or extended due date, the minimum penalty for late filing is the smaller of $135 or 100 percent of the unpaid tax.

The failure-to-pay penalty is generally 0.5 percent per month of your unpaid taxes. It applies for each month or part of a month your taxes remain unpaid and starts accruing the day after taxes are due. It can build up to as much as 25 percent of your unpaid taxes.

If the 5 percent failure-to-file penalty and the 0.5 percent failure-to-pay penalty both apply in any month, the maximum penalty amount charged for that month is 5 percent.

If you requested an extension of time to file your income tax return by the tax due date and paid at least 90 percent of the taxes you owe, you may not face a failure-to-pay penalty. However, you must pay the remaining balance by the extended due date. You will owe interest on any taxes you pay after the April 15 due date.

You will not have to pay a failure-to-file or failure-to-pay penalty if you can show reasonable cause for not filing or paying on time.

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

UNPAID DEBT CAN AFFECT YOUR REFUND - ADVANCE TAX RELIEF LLC (713)300-3965

If you owe a debt that’s past-due, it can reduce your federal tax refund. The Treasury Department’s Offset Program can use all or part of your refund to pay outstanding federal or state debt.

Here are A few facts to know about tax refunds and ‘offsets.’

The Bureau of Fiscal Service(BFS) runs the Treasury Offset Program.

Debts such as past due child support, student loan, state income tax or unemployment compensation may reduce your refund. BFS may use part or all of your tax refund to pay the debt.

You’ll receive a notice if BFS offsets your refund to pay your debt. The notice will list the original refund and offset amounts. It will also include the agency that received the offset payment and their contact information.


If you believe you don’t owe the debt or you want to dispute it, contact the agency that received the offset. You should not contact the IRS or BFS.

If you filed a joint tax return, you may be entitled to part or all of the refund offset. This rule applies if your spouse is solely responsible for the debt. To request your part of the refund, file Form 8379, Injured Spouse Allocation.

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

STATE TAX AGENCIES: WHO'S AGGRESSIVE? WHO'S NOT? HOW CAN THEY HELP YOUR IRS CASE?

If you live in one of the 43 States that have an individual income tax, you might also be delinquent on State taxes as well as the IRS. The good news - is that your state tax payments on back taxes - are now factored in when determining an Offer in Compromise for the IRS as you can see HERE.

Whereas a few years ago they were NOT allowed.

Here's a basic rundown of State collection agencies as we see it from the offices of Advance Tax Relief LLC:

Very Aggressive:

Franchise Tax Board - California - very aggressive - particularly on older years ('90's). They are also not inclined to release levies.
Alabama.
Mississippi - Pursuing a client of ours for a 1993 tax liability - STILL!
South Carolina
Arizona
North Carolina
Maine

Aggressive but Workable:

New York State Dept of Taxation -
Maryland
Oregon
Louisiana
New Mexico
Massachusetts
Minnesota
Idaho

Sleepy and Not Visibly Aggressive:

Georgia- the collection's branch in Georgia is very weak and not organized in our opinion - this is A PLUS FOR YOU!
Utah
Arkansas
Virginia
Pennysylvania - big time sleepy agency - never seen an aggressive case in years...

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