Thursday, April 28, 2016

ADVANCE TAX RELIEF - CAN THE IRS LEVY MY SPOUSE'S IF I'M LIABLE? - www.advancetaxrelief.com

The IRS cannot take collection action against the separate income of a non-liable spouse.

If separate tax returns are filed, only the person who signed and filed the return is legally obligated to pay the taxes. If your spouse did not sign or file a joint return with you, then the IRS cannot collect from him or her.

If joint returns were filed during a prior marriage, the IRS cannot collect your old liability from your new spouse.

Even if a joint return was filed, the IRS has innocent spouse rules to protect a spouse who claims “innocence” as to the liability.
Innocence generally means the spouse did not know or had no reason to know of the liability and received no benefit from the unpaid taxes. If the IRS grants relief, it will not collect from the innocent spouse even if a joint return was filed.

The IRS also cannot take any separate assets of your spouse, like cars and real estate. However, if the asset is yours and you place it in your spouse’s name, the IRS can pursue your spouse for recovery.

ADVANCE TAX RELIEF LLC

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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.

Wednesday, April 13, 2016

ADVANCE TAX RELIEF - AMENDING YOUR TAX RETURN - www.advancetaxrelief.com

You can fix mistakes or omissions on your tax return by filing an amended tax return. If you need to file one, these tips can help.

1. Must be filed on paper. Use Form 1040X, Amended U.S. Individual Income Tax Return, to correct your tax return. It can’t be e-filed. You can get the form on IRS.gov/forms at any time. See the Form 1040X instructions for the address where you should mail your form.

2. Amend to correct errors. File an amended tax return to correct errors or make changes to your original tax return. For example, you should amend to change your filing status, or to correct your income, deductions or credits.

3. Don’t amend for math errors, missing forms. You normally don’t need to file an amended return to correct math errors on your original return. The IRS will automatically correct those for you. Also, do not file an amended return if you forgot to attach tax forms, such as a Form W-2 or a schedule. The IRS will mail you a request for them in most cases.

4. Form 1095-A, Health Insurance Marketplace Statement, errors.Some taxpayers may receive a second Form 1095-A because the information on their initial form was incorrect or incomplete. If you filed a 2015 tax return based on the initial Form 1095-A and claimed the premium tax credit using incorrect information from either the federally-facilitated or a state-based Health Insurance Marketplace, you should determine the effect the changes to your form might have on your return. Comparing the two Forms 1095-A can help you assess whether you should file an amended tax return, Form 1040X.

5. Three-year time limit. You usually have three years from the date you filed your original tax return to file Form 1040X to claim a refund. You can file it within two years from the date you paid the tax, if that date is later. That means the last day for most people to file a 2012 claim for a refund is April 18, 2016 (April 19 for taxpayers in Maine and Massachusetts). See the Form 1040X instructions for special rules that apply to some claims.

6. Separate forms for each year. If you are amending more than one tax return, prepare a 1040X for each year. You should mail each year in separate envelopes. Note the tax year of the return you are amending at the top of Form 1040X. Check the form’s instructions for where to mail your return.

7. Attach other forms with changes. If you use other IRS forms or schedules to make changes, make sure to attach them to your Form 1040X.

8. When to file for corrected refund. If you are due a refund from your original return, wait to get it before filing Form 1040X to claim an additional refund. Amended returns take up to 16 weeks to process.

9. Pay additional tax. If you owe more tax, file your Form 1040X and pay the tax as soon as you can to avoid possible penalties and interest from being added to your account. Use IRS Direct Pay to pay your tax directly from your checking or savings account.

10. Track your amended return. You can track the status of your amended tax return three weeks after you file with ‘Where’s My Amended Return?’ It is available in English, Spanish, Chinese, Vietnamese and Russian. The tool can track the status of an amended return for the current year and up to three years back. If you have filed amended returns for multiple years, you can check each year, one at a time.

ADVANCE TAX RELIEF LLC

www.advancetaxrelief.com

BBB Accredited Business - As Seen on TV!

Have tax problems? Call (800)790-8574

Tuesday, April 12, 2016

ADVANCE TAX RELIEF (IRS vs VINATIERI) www.advancetaxrelief.com

GETTING THE IRS TO RELEASE A LEVY: UN-FILED TAX RETURNS.

When the IRS levies your wages or accounts, it is usually to get your attention.

There is something the IRS wants that you have not provided – it could be a financial statement, estimated tax payments, or getting in compliance on un-filed tax returns.

And to get the levy released, the IRS is usually going to condition it on, say, getting your un-filed tax returns in first. The IRS tells you that they operate on a “compliance first, levy release second” basis.

But what if you cannot get the unfiled tax returns prepared quickly enough to get the levy released when you need it, which is now?

The levy is causing an economic hardship to you – preventing you from paying your bills – while you work to get the tax returns prepared.

But the IRS does not care – the are standing pat – all returns filed, no exceptions, no levy release.

There is help out of this bind.

The U.S. Tax Court, in the case of Vinatieri v. Commissioner, 133 T. C. 892 (2009), held that the IRS is required to release levies even if tax returns are not filed, provided it can be proven to the IRS that the levy is causing an economic hardship to you.

In the Vinatieri case, the IRS sent Kathleen Vinatieri a Final Notice of Intent to Levy, putting her on notice that they wanted to levy her assets. Ms. Vinatieri responded by telling the IRS that any levy would prevent her from paying her bills. She requested a hearing with an IRS appeals officer, known as a Collection Due Process Appeal.

At the hearing, the Ms. Vinatieri provided financial information to the IRS verifying that if her income was levied, she would be in economic distress. The IRS appeals officer agreed that Ms. Vinatieri could not afford a levy, or to make any payments to the IRS on her debt, and that a levy would create an economic hardship to her. This qualified Ms. Vinatieri’s account to be placed in currently un-collectible status, with the IRS leaving her alone and not levying.

ADVANCE TAX RELIEF LLC

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Have tax problems? Call (800)790-8574

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ADVANCE TAX RELIEF is not a Traditional CPA or Law Firm.

We are a Professional Tax Organization

Monday, April 4, 2016

ADVANCE TAX RELIEF LLC - TIP INCOME - www.advancetaxrelief.com

Tip Income; How It Affects Your Taxes

If you get income from tips, you should know some things about tips and taxes. Here are a few tips from the IRS to help you file and report your tip income correctly:

Show all tips on your return. You must report tip income. This includes the value of non-cash tips such as tickets, passes or other items.
All tips are taxable. You must pay tax on all tips you received during the year. This includes tips directly from customers and tips added to credit cards. This also includes your share of tips received from a tip-splitting agreement with other employees.
Report tips to your employer. If you receive $20 or more in any one month, you must report your tips for that month to your employer by the 10th day of the next month. Only include cash and check and credit card tips you received. Your employer must withhold federal income, Social Security and Medicare taxes on the reported tips.
Keep a daily log of tips. Use Publication 1244, Employee's Daily Record of Tips and Report to Employer, to record your tips. This will help you report the correct amount of tips on your tax return.

ADVANCE TAX RELIEF LLC

www.advancetaxrelief.com

BBB Accredited Business - As Seen on TV!

Have tax problems? Call (800)790-8574

ADVANCE TAX RELIEF is not a Traditional CPA or Law Firm.

We are a Professional Tax Organization.

ADVANCE TAX RELIEF LLC - IRS AT MY DOOR? ADVICE!! (www.advancetaxrelief.com 800-790-8574)

I received a call this week from a small businessman in California who had an IRS Revenue Officer sitting in his living room. Technically, he did not have to let the Revenue Officer in his house, but he did. I am glad he called me.

My client handled the situation correctly – professional, courteous and honest. This was the Revenue Officer’s first impression – and when your head is in the mouth of the bear, it is important to say nice bear.

A polite “I will get answers to your questions and help you do your job, but I would like to consult an atttorney first” is a good way to handle these uncomfortable situations.

When the Revenue Officer started asking financial questions – where do you bank? who owes you money? how much can you pay the IRS back every month? – my client stopped and called me. The desire to please the Revenue Officer conflicted with an inner message of caution.

An IRS Revenue Officer needs your financial information and is entitled to it. And asking for it on the spot is the best way for them to get it without delay. But disclosure on the spot – off the top of your head – can result in providing information that is both incorrect and harmful to your case. Presenting your financial information in the best light possible is too important not to take time to think it through and do it right without pressure.

I knew the Revenue Officer in this case, and spoke to him on the phone while he was at my client’s house. Later that day, I provided him a power of attorney authorizing my representation. I requested and was granted 14 days to provide the financial information he was seeking.

Incidentally, my client had a large account receivable at the time of the Revenue Officer’s visit. The time permitted us to prepare an accurate financial statement, but also allowed my client to legitimately collect the receivable first and solve his discomfort with disclosing the source of payment.

Handle unannounced IRS visits with respect, but always keep in mind your rights to representation before disclosure.

ADVANCE TAX RELIEF LLC

www.advancetaxrelief.com

BBB Accredited Business - As Seen on TV!

Have tax problems? Call (800)790-8574

Friday, April 1, 2016

ADVANCE TAX RELIEF LLC - FACTS - HEALTH CARE LAW FORMS - www.advancetaxrelief.com

As you’re wrapping up your tax return, the IRS wants to help you understand the differences among forms and documents related to the Affordable Care Act. Here are five tips for individuals navigating the filing requirements related to the health care law.

1. Don’t send health care information forms or proof of coverage to the IRS when you file your tax return

You may receive one or more forms providing information about the health care coverage that you had or that your employer offered in 2015. These forms provide information you may need when you prepare your individual income tax return. However, you should not attach any of these forms to your tax return.

The information forms are:

Form 1095-A, Health Insurance Marketplace Statement
Form 1095-B, Health Coverage
Form 1095-C, Employer-Provided Health Insurance Offer and Coverage

You will not need to send the IRS proof of your health coverage. However, you should keep any documentation with your other tax records. This includes records of your family’s employer-provided coverage, premiums paid, and type of coverage.

2. Consider health coverage exemptions to avoid paying more than necessary

If you do not have health coverage but meet certain criteria, you will be exempt from the coverage requirement under the individual shared responsibility provision and will not have to make a shared responsibility payment when you file your federal income tax return.

You can claim most exemptions when you file your tax return and do not have to file an application with the Marketplace for most exemptions. However, you must apply for certain exemptions in advance through the Health Insurance Marketplace. This includes coverage exemptions for certain hardship situations and for members of certain religious sects.

Claim or report coverage exemptions on Form 8965, Health Coverage Exemptions, and file it with Form 1040, Form 1040A, and Form 1040EZ. Each of these forms can be filed electronically.

3. Don’t confuse Form 8962 and Form 8965

If you received the benefit of advance credit payments, you must file a tax return and file Form 8962, Premium Tax Credit, with your tax return. Use Form 8962 to reconcile the amount of advance credit payments made on your behalf with the amount of your actual premium tax credit.

File Form 8965 to claim a coverage exemption on your tax return or to report a coverage exemption granted by the Marketplace.

If you have to make a payment, you can use the worksheets located in the instructions to Form 8965, Health Coverage Exemptions, to figure the shared responsibility payment amount due.

4. File electronically

Taxpayers and their tax professionals should consider filing returns electronically. Using tax preparation software is the best and simplest way to file a complete and accurate tax return as it guides individuals and tax preparers through the process and does all the math. There are a variety of electronic filing options, including free volunteer assistance, IRS Free File for taxpayers who qualify, commercial software, and professional assistance.

5. Learn more about the health care law on IRS.gov/aca

View our questions and answers for details about health care information forms. Use our interactive tax assistance tool to determine if you are eligible for a coverage exemption. Find answers to your questions about the health care law and filing your 2015 income tax return on IRS.gov/aca.


ADVANCE TAX RELIEF LLC 

www.advancetaxrelief.com


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:

BBB PAGE: http://www.bbb.org/houston/business-reviews/taxes-consultants-and-representatives/advance-tax-relief-llc-in-houston-tx-90024857/

TWITTER: https://twitter.com/IRSTAXPRO

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ADVANCE TAX RELIEF is not a Traditional CPA or Law Firm.

We are a Professional Tax Organization.

ADVANCE TAX RELIEF LLC - TIPS ABOUT THE HOME OFFICE DEDUCTION www.advancetaxrelief.com

If you use your home for business, you may be able to deduct expenses for the business use of your home. If you qualify, you can claim the deduction whether you rent or own your home. You may use either the simplified method or the regular method to claim your deduction. Here are six tips that you should know about the home office deduction:

1. Regular and Exclusive Use. As a general rule, you must use a part of your home regularly and exclusively for business purposes. The part of your home used for business must also be:

Your principal place of business, or
A place where you meet clients or customers in the normal course of business, or
A separate structure not attached to your home. Examples could include a garage or a studio.

2. Simplified Option. If you use the simplified option, multiply the allowable square footage of your office by a rate of $5. The maximum footage allowed is 300 square feet. This option will save you time because it simplifies how you figure and claim the deduction. It will also make it easier for you to keep records. This option does not change the rules for claiming a home office deduction.

3. Regular Method. This method includes certain costs that you paid for your home. For example, if you rent your home, part of the rent you paid may qualify. If you own your home, part of the mortgage interest, taxes and utilities you paid may qualify. The amount you can deduct usually depends on the percentage of your home used for business.

4. Deduction Limit. If your gross income from the business use of your home is less than your expenses, the deduction for some expenses may be limited.

5. Self-Employed. If you are self-employed and choose the regular method, use Form 8829, Expenses for Business Use of Your Home, to figure the amount you can deduct. You can claim your deduction using either method on Schedule C, Profit or Loss From Business. See the Schedule C instructions for how to report your deduction.

6. Employees. You must meet additional rules to claim the deduction if you are an employee. For example, your business use must also be for the convenience of your employer. If you qualify, you claim the deduction on Schedule A, Itemized Deductions.

For more on this topic, see Publication 587, Business Use of Your Home. You can view, download and print IRS tax forms and publications on IRS.gov/forms anytime.

Each and every taxpayer has a set of fundamental rights they should be aware of when dealing with the IRS. These are your Taxpayer Bill of Rights. Explore your rights and our obligations to protect them on IRS.gov.


ADVANCE TAX RELIEF LLC 

www.advancetaxrelief.com


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.