Wednesday, March 30, 2016

ADVANCE TAX RELIEF LLC - REPORTING FOREIGN INCOME - www.advancetaxrelief.com

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Did you receive income from a foreign source in 2015? Are you a U.S. citizen or resident who worked abroad last year? If you answered ‘yes’ to either of those questions, here are eight tips to keep in mind about foreign income:

  1. Report Worldwide Income. By law, U.S. citizens and residents must report their worldwide income. This includes income from foreign trusts and foreign bank and securities accounts.
  2. File Required Tax Forms. You may need to file Schedule B, Interest and Ordinary Dividends, with your U.S. tax return. You may also need to file Form 8938, Statement of Specified Foreign Financial Assets. In some cases, you may need to file FinCEN Form 114, Report of Foreign Bank and Financial Accounts. Visit IRS.gov for more information.
  3. Review the Foreign Earned Income Exclusion.  If you live and work abroad, you may be able to claim the foreign earned income exclusion. If you qualify, you won’t pay tax on up to $100,800 of your wages and other foreign earned income in 2015. See Form 2555, Foreign Earned Income, or Form 2555-EZ, Foreign Earned Income Exclusion, for more details.
  4. Don’t Overlook Credits and Deductions.  You may be able to take a tax credit or a deductionfor income taxes paid to a foreign country. These benefits can reduce your taxes if both countries tax the same income.
  5. Additional Child Tax Credit. You cannot claim the additional child tax credit if you file Form 2555, Foreign Earned Income, or 2555-EZ, Foreign Earned Income Exclusion.
  6. Tax Filing Extension is Available.  If you live outside the U.S. and can’t file your tax return by the April 18 due date, you may qualify for an automatic two-month extension until June 15. This extension also applies to those serving in the U.S. military abroad. You will need to attach a statement to your tax return explaining why you qualify for the extension.
  7. Get IRS Tax Help.  Check the international services site for the types of help the IRS provides, including how to contact your local office internationally. All IRS tax tools and products are available at IRS.gov.

ADVANCE TAX RELIEF LLC 





BBB Accredited Business - As Seen on TV!



Have tax problems? Call (800)790-8574






Testimonial: 



"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.
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ADVANCE TAX RELIEF is not a Traditional CPA or Law Firm.
 We are a Professional Tax Organization. 
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ADVANCE TAX RELIEF LLC - AVOID ERRORS; FILE AN ACCURATE RETURN www.advancetaxrelief.com

The IRS encourages you to file an accurate tax return. Take extra time if you need it. If you make an error on your return then it will likely take longer for the IRS to process it. That could delay your refund. You can avoid many common errors by filing electronically. 

Here are nine common tax-filing errors to avoid:
  1. Wrong or Missing Social Security Numbers.  Be sure you enter all SSNs on your tax return exactly as they are on the Social Security cards.
  2. Wrong Names.  Be sure you spell the names of everyone on your tax return exactly as they are on their Social Security card.
  3. Filing Status Errors.  Some people use the wrong filing status, such as Head of Household instead of Single. The Interactive Tax Assistant on IRS.gov can help you choose the right status. If you e-file, tax software helps you choose.
  4. Math Mistakes.  Math errors are common. Tax preparation software does the math for e-filers.
  5. Errors in Figuring Tax Credits or Deductions.  Many filers make mistakes figuring their Earned Income Tax Credit, Child and Dependent Care Credit, and the standard deduction. If you’re not e-filing, follow the instructions carefully when figuring credits and deductions. For example, if you’re age 65 or older or blind, be sure you claim the correct, higher standard deduction.
  6. Incorrect Bank Account Numbers.  Choose direct deposit for your refund. It’s easy and convenient.  However, be sure to use the right routing and account numbers on your return. The fastest and safest way to get your tax refund is to combine e-file with direct deposit.
  7. Forms Not Signed.  An unsigned tax return is like an unsigned check – it’s not valid. Both spouses must sign a joint return. You can avoid this error by e-filing your taxes since you must digitally sign your tax return before you send it to the IRS.
  8. Electronic Filing PIN Errors.  When you e-file, you sign your return electronically with a Personal Identification Number. If you know last year’s e-file PIN, you can use that. If you don’t know it, enter the Adjusted Gross Income from the 2014 tax return that you originally filed with the IRS. Do not use the AGI amount from an amended return or a return that the IRS corrected.
  9. Health Care Reporting Errors. The most common health care reporting errors that taxpayers make involve failing to claim a coverage exemption and not reconciling advance payments of the premium tax credit. If you don’t have qualifying health care coverage but meet certain criteria, you might be eligible to claim an exemption from coverage and avoid an unnecessary payment when you file your tax return. If you enrolled in health coverage through the Health Insurance Marketplace and received advance credit payments, you must file a tax return to reconcile the advance payments made on your behalf with the amount of your actual premium tax credit.

ADVANCE TAX RELIEF LLC 





BBB Accredited Business - As Seen on TV!



Have tax problems? Call (800)790-8574






Testimonial: 



"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.
Connect with us: 


ADVANCE TAX RELIEF is not a Traditional CPA or Law Firm.
 We are a Professional Tax Organization. 
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Tuesday, March 29, 2016

ADVANCE TAX RELIEF LLC - IRS LETTER 3174 - ADVANCE TAX RELIEF LLC www.advancetaxrelief.com (800)790-8574

If you missed filing the appeal, there are virtually no restrictions on the IRS’s ability to levy your wages, bank accounts, etc. Which leads to the second sign that levy action could occur: IRS Letter 3174, New Warning of Enforcement.
The IRS does not have to issue Letter 3174 before levying – but by their own administrative rule (Internal Revenue Manual 5.11.1.2.2.7), the IRS does send a second warning in certain circumstances. The purpose of Letter 3174 is to provide a refresher to taxpayers if a long time has passed since the Final Notice of Intent to Levy was issued. As an alternative to sending the letter, a Revenue Officer can also give the notice intended by Letter 3174 verbally. This is an IRS administrative courtesy. The point here is to recognize the signs of when levy may be imminent.
      

It is important to recognize the circumstances that will lead to the IRS sending Letter 3174, New Warning of Enforcement. Of course, there has to first be the Final Notice of Intent to Levy. And you should not receive Letter 3174 from the IRS Automated Collection Service (ACS) – just IRS Revenue Officers. Automated Collection Service letters are all computer generated – no human function involved. Letter 3174, New Warning of Enforcement is generated by a Revenue Officer. So, expect to receive Letter 3174 only if you are working with a local IRS Revenue Officer, who will manually generate the warning letter. In most every other situation, it is unlikely you will get a refresher notice after a Final Notice of Intent to Levy has been issued.
There is also a time frame that Revenue Officers that follow in issuing the refresher levy warning notice. Revenue Officers are instructed to issue Letter 3174 if more than 180 days have passed since the Final Notice of Intent to Levy was issued, and no enforcement action or warning of enforcement has occurred in that time frame.
If you receive Letter 3174, it is important to call your Revenue Officer within 15 days of the date on the letter. it is best to have Advance Tax Relief 800-790-8574 call the IRS for you, that is the window the IRS provides before starting enforcement again. In most cases, all you need to do is make contact with the Revenue Officer, find out what it is he/she needs from you (i.e., a financial statement), and set a date to provide it. You should not need to resolve the case in 15 days, just make efforts to communicate with the Revenue Officer. Not responding to the notice will likely result in levy action against your wages and bank accounts

ADVANCE TAX RELIEF LLC 





BBB Accredited Business - As Seen on TV!



Have tax problems? Call (800)790-8574






Testimonial: 



"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.
Connect with us: 


ADVANCE TAX RELIEF is not a Traditional CPA or Law Firm.
 We are a Professional Tax Organization. 

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Monday, March 28, 2016

ADVANCE TAX RELIEF LLC - TAX REFUND OFFSETS - www.advancetaxrelief.com

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If you can’t pay your taxes in full, the IRS will work with you. Past due debts like taxes owed, however, can reduce your federal tax refund. The Treasury Offset Program can use all or part of your federal refund to settle certain unpaid federal or state debts, to include unpaid individual shared responsibility payments. Here are five facts to know about tax refund offsets. 
                    
  1. Bureau of the Fiscal Service. The Department of Treasury’s Bureau of the Fiscal Service, or BFS, runs the Treasury Offset Program.
  2. Offsets to Pay Certain Debts. The BFS may also use part or all of your tax refund to pay certain other debts such as:
    • Federal tax debts.
    • Federal agency debts like a delinquent student loan.
    • State income tax obligations.
    • Past-due child and spousal support.
    • Certain unemployment compensation debts owed to a state.
  3. Notify by Mail. The BFS will mail you a notice if it offsets any part of your refund to pay your debt. The notice will list the original refund and offset amount. It will also include the agency that received the offset payment. It will also give the agency’s contact information.
  4. How to Dispute Offset. If you wish to dispute the offset, you should contact the agency that received the offset payment. Only contact the IRS is your offset payment was applied to a federal tax debt.
  5. Injured Spouse Allocation. You may be entitled to part or the entire offset if you filed a joint tax return with your spouse. This rule applies if your spouse is solely responsible for the debt. To get your part of the refund, file Form 8379, Injured Spouse Allocation. If you need to prepare a Form 8379, you can prepare and e-file your tax return for free using IRS Free File.
Health Care Law: Refund Offsets and the Individual Shared Responsibility Payment. While the law prohibits the IRS from using liens or levies to collect any individual shared responsibility payment, if you owe a shared responsibility payment, the IRS may offset your refund against that liability.

ADVANCE TAX RELIEF LLC 





BBB Accredited Business - As Seen on TV!



Have tax problems? Call (800)790-8574






Testimonial: 



"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.
Connect with us: 


ADVANCE TAX RELIEF is not a Traditional CPA or Law Firm.
 We are a Professional Tax Organization. 
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ADVANCE TAX RELIEF LLC - SAVERS TAX CREDIT - www.advancetaxrelief.com 800-790-8574

If you contribute to a retirement plan, like a 401(k) or an IRA, you may be able to claim the Saver’s Credit. This credit can help you save for retirement and reduce the tax you owe. Here are some key facts that you should know about this important tax credit:

  • Formal Name.  The formal name of the Saver’s Credit is the Retirement Savings Contribution Credit. The Saver’s Credit is in addition to other tax savings you get if you set aside money for retirement. For example, you may also be able to deduct your contributions to a traditional IRA.
  • Maximum Credit.  The Saver’s Credit is worth up to $4,000 if you are married and file a joint return. The credit is worth up to $2,000 if you are single. The credit you receive is often much less than the maximum. This is partly because of the deductions and other credits you may claim.
  • Income Limits.  You may be able to claim the credit depending on your filing status and the amount of your yearly income. You may be eligible for the credit on your 2015 tax return if you are:
    • Married filing jointly with income up to $61,000
    • Head of household with income up to $45,750
    • Married filing separately or a single taxpayer with income up to $30,500
  • Other Rules.  Other rules that apply to the credit include:
    • You must be at least 18 years of age.
    • You can’t have been a full-time student in 2015.
    • No other person can claim you as a dependent on their tax return.
  • Contribution Date.  You must have contributed to a 401(k) plan or similar workplace plan by the end of the year to claim this credit. However, you can contribute to an IRA by the due date of your tax return and still have it count for 2015. The due date for most people is April 18, 2016.
  • Form 8880.  File Form 8880, Credit for Qualified Retirement Savings Contributions, to claim the credit.



ADVANCE TAX RELIEF LLC 





BBB Accredited Business - As Seen on TV!



Have tax problems? Call (800)790-8574






Testimonial: 



"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.
Connect with us: 


ADVANCE TAX RELIEF is not a Traditional CPA or Law Firm.
 We are a Professional Tax Organization. 
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ADVANCE TAX RELIEF LLC - CHARITABLE DONATION - SIX FACTS - www.advancetaxrelief.com

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  1. Qualified Charities. You must donate to a qualified charity. Gifts to individuals, political organizations or candidates are not deductible. An exception to this rule is contributions under the Slain Officer Family Support Act of 2015. To check the status of a charity, use the IRSSelect Check tool.

  2. Itemize Deductions. To deduct your contributions, you must file Form 1040 and itemize deductions. File Schedule A, Itemized Deductions, with your federal tax return.
  3. Benefit in Return. If you get something in return for your donation, you may have to reduce your deduction. You can only deduct the amount of your gift that is more than the value of what you got in return. Examples of benefits include merchandise, meals, tickets to an event or other goods and services.
  4. Type of Donation. If you give property instead of cash, your deduction amount is normally limited to the item’s fair market value. Fair market value is generally the price you would get if you sold the property on the open market. If you donate used clothing and household items, they generally must be in good condition, or better, to be deductible. Special rules apply to cars, boats and other types of property donations.
  5. Form to File and Records to Keep. You must file Form 8283, Noncash Charitable Contributions, for all noncash gifts totaling more than $500 for the year. If you need to prepare a Form 8283, you can prepare and e-file your tax return for free using IRS Free File. The type of records you must keep depends on the amount and type of your donation. To learn more about what records to keep see Publication 526.
  6. Donations of $250 or More. If you donated cash or goods of $250 or more, you must have a written statement from the charity. It must show the amount of the donation and a description of any property given. It must also say whether you received any goods or services in exchange for the gift.

ADVANCE TAX RELIEF LLC 





BBB Accredited Business - As Seen on TV!



Have tax problems? Call (800)790-8574






Testimonial: 



"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.
Connect with us: 


ADVANCE TAX RELIEF is not a Traditional CPA or Law Firm.
 We are a Professional Tax Organization. 
Posted by at No comments:
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