Friday, August 26, 2016

Tax Effects of Divorce or Separation - ADVANCE TAX RELIEF - www.advancetaxrelief.com

If you are divorcing or recently divorced, taxes may be the last thing on your mind. However, these events can have a big impact on your wallet. Alimony and a name or address change are just a few items you may need to consider. Here are some key tax tips to keep in mind:
  • Child Support.  Child support payments are not deductible and if you received child support, it is not taxable.
  • Alimony Paid.  You can deduct alimony paid to or for a spouse or former spouse under a divorce or separation decree, regardless of whether you itemize deductions. Voluntary payments made outside a divorce or separation decree are not deductible. You must enter your spouse's Social Security Number or Individual Taxpayer Identification Number on your Form 1040 when you file
  • Alimony Received.  If you get alimony from your spouse or former spouse, it is taxable in the year you get it. Alimony is not subject to tax withholding so you may need to increase the tax you pay during the year to avoid a penalty. To do this, you can make estimated tax payments or increase the amount oftax withheld from your wages.

  • Spousal IRA.  If you get a final decree of divorce or separate maintenance by the end of your tax year, you can’t deduct contributions you make to your former spouse's traditional IRA. You may be able to deduct contributions you make to your own traditional IRA.
  • Name Changes.  If you change your name after your divorce, be sure to notify the Social Security Administration. File Form SS-5, Application for a Social Security Card. You can get the form on SSA.gov or call 800-772-1213 to order it. The name on your tax return must match SSA records. A name mismatch can cause problems in the processing of your return and may delay your refund.  Health Care Law Considerations.
  • Special Marketplace Enrollment Period.  If you lose health insurance coverage due to divorce, you are still required to have coverage for every month of the year for yourself and the dependents you can claim on your tax return. You may enroll in health coverage through the Health Insurance Marketplace during a Special Enrollment Period, if you lose coverage due to a divorce.
  • Changes in Circumstances.  If you purchase health insurance coverage through the Health Insurance Marketplace, you may get advance payments of the premium tax credit. If you do, you should report changes in circumstances to your Marketplace throughout the year. These changes include a change in marital status, a name change, a change of address, and a change in your income or family size. Reporting these changes will help make sure that you get the proper type and amount of financial assistance. This will also help you avoid getting too much or too little credit in advance.
  • Shared Policy Allocation. If you divorced or are legally separated during the tax year and are enrolled in the same qualified health plan, you and your former spouse must allocate policy amounts on your separate tax returns to figure your premium tax credit and reconcile any advance payments made on your behalf. Publication 974, Premium Tax Credit, has more information about the Shared Policy Allocation. For more on this topic, see Publication 504, Divorced or Separated Individuals. You can get it on IRS.gov/forms at any time.
If you have tax problems or owe the IRS and cant afford to pay, contact us 800-790-8574.

Advance Tax Relief LLC is a full service Tax Relief firm in which includes tax professionals, IRS enrolled agents and Tax Attorneys.
We are tax relief experts specializing in IRS back tax help, Installment Agreements, tax lien help, wage garnishment release, IRS Offer in Compromises and a whole lot more. Get a free consultation from an experienced tax relief expert today (800)790-8574 or visit ourwww.advancetaxrelief.com

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





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ADVANCE TAX RELIEF is not a Traditional CPA or Law Firm. We are Professional Tax Organization of Tax Attorneys, IRS Enrolled Agents, Tax Professionals and Ex IRS employees that help struggling Taxpayers settle or resolve that back tax problems. Call us (800)970-8574 for a free consultation.
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Wednesday, August 24, 2016

IRS PENALTIES AND INTEREST - SOME FACTS - ADVANCE TAX RELIEF - www.advancetaxrelief.com

When the IRS hits you or your business with a tax bill, it usually adds penalties and interest. These charges can be shocking - an old $6000 tax bill could have a $15000 tax penalty and interest charge added.


Some penalties, such as late payments, are added automatically by IRS computers. Or the IRS may impose penalties if they find that you violated a tax code provision or filed a late return. 

Tax penalties are non tax deductible when you pay them. 

1. Whenever the IRS find a business or its owner was late in filling a return.
2. if you or your business is hit with a penalty, it may be cancelled if you can show "reasonable cause" 
3. You are entitled to a full explanation from the IRS of any penalty imposed and how it was added
4. It is more difficult, but not impossible, to get the IRS to drop the interest then the penalties on your tax bill 

THREE COMMON REASONS FOR PENALTIES
1. INACCURRACIES: The IRS can hit you with a 20% penalty if you were negligent (unreasonable careless) or substantially understated your taxes. 

2. CIVIL FRAUD: If the IRS finds that you under reported your income with a fraudulent intent, a fine of 75% can be added or your case could go criminal. If you have major skeletons in your closet, call us (800)790-8574 or text 657-777-2084 to schedule a phone appointment. 

3. LATE FILING: If you're late in filing income tax returns or other forms, the IRS can penalize you an additional 5% per month on any balance due. However, the penalty can be applied only for the first five months and up to a 25% maximum charge.

If you have tax problems or owe the IRS and cant afford to pay, contact us 800-790-8574.

Advance Tax Relief LLC is a full service Tax Relief firm in which includes tax professionals, IRS enrolled agents and Tax Attorneys.
We are tax relief experts specializing in IRS back tax help, Installment Agreements, tax lien help, wage garnishment release, IRS Offer in Compromises and a whole lot more. Get a free consultation from an experienced tax relief expert today (800)790-8574 or visit ourwww.advancetaxrelief.com

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/…/advance-tax-relief-llc-in-houston-tx-…/
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ADVANCE TAX RELIEF is not a Traditional CPA or Law Firm. We are Professional Tax Organization of Tax Attorneys, IRS Enrolled Agents, Tax Professionals and Ex IRS employees that help struggling Taxpayers settle or resolve that back tax problems. Call us (800)970-8574 for a free consultation.
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5 THINGS IRS AUDITORS LOOK FOR WHEN AUDITING A SMALL-BUSINESS - ADVANCE TAX RELIEF - www.advancetaxrelief.com

The IRS training manual tells its auditor that they are examining you, not just your tax return.
The Auditor wants to see how you match up with the income reported on your tax return.
1. DID YOU REPORT ALL OF YOUR BUSINESS SALES OR RECEIPTS? If you know that you "forgot" to report significant business income - $10,000 or more. I'll strongly advise hiring Advance Tax Relief (800)790-8574 or contact your tax pro. For your own safety, remove yourself the process all together because if the IRS AUDITOR find this kind of income and it looks intentional, the Auditor may call the IRS Criminal Investigation Team. Trust me, you will not want your case getting forwarded for criminal investigation.


2. DID YOU WRITE OFF PERSONAL LIVING COST AS BUSINESS EXPENSES? The IRS knows that every small-time operator has likely claimed a personal expense as a business one. For little things, the IRS wont get too excited. But if you deducted $2000 in repairs on your motor home during a trip to Yellowstone. An IRS Auditor may figure this out by looking at your credit card statements- and disallow it, with penalty added.

3. IF YOU HIRE PEOPLE YOU CALL "INDEPENDENT CONTRACTORS" ARE THEY REALLY EMPLOYEES?
Auditors are always on the lookout for employees misclassified as Independent Contractors.

4. DID YOU CLAIM PERSONAL ENTERTAINMENT, MEALS OR VACATION COST AS BUSINESS EXPENSES?
Travel and entertainment business expenses are another area where the IRS knows it can strike gold. Document all travel and entertainment deductions.

5. DID YOU WRITE OFF PERSONAL AUTO EXPENSES AS BUSINESS? Personal use of your business set of wheels is so common that auditors expect to find it. IRS Auditors don't believe you use your one-and-only vehicle for business and never run to the grocery store or the dentist...etc
If you have tax problems or owe the IRS and cant afford to pay, contact us 800-790-8574.

Advance Tax Relief LLC is a full service Tax Relief firm in which includes tax professionals, IRS enrolled agents and Tax Attorneys.
We are tax relief experts specializing in IRS back tax help, Installment Agreements, tax lien help, wage garnishment release, IRS Offer in Compromises and a whole lot more. Get a free consultation from an experienced tax relief expert today (800)790-8574 or visit ourwww.advancetaxrelief.com

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/…/advance-tax-relief-llc-in-houston-tx-…/
FOURSQUARE:
https://foursquare.com/v/advance-t…/54e8a112498ecdc6df298ad7

ADVANCE TAX RELIEF is not a Traditional CPA or Law Firm. We are Professional Tax Organization of Tax Attorneys, IRS Enrolled Agents, Tax Professionals and Ex IRS employees that help struggling Taxpayers settle or resolve that back tax problems. Call us (800)970-8574 for a free consultation.
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Thursday, August 18, 2016

What to Expect at Tax Time if You Rent Out Your Vacation Home - ADVANCE TAX RELIEF - www.advancetaxrelief.com


Renting out a vacation property to others can be profitable. If you do this, you  must normally report the rental income on your tax return. You may not have to report the rent, however, if the rental period is short and you also use the property as your home. Here are some tips that you should know:
  • Vacation Home.  A vacation home can be a house, apartment, condominium, mobile home, boat or similar property.
  • Schedule E.  You usually report rental income and rental expenses on Schedule E, Supplemental Income and Loss. Your rental income may also be subject to Net Investment Income Tax.
  • Used as a Home.  If the property is “used as a home,” your rental expense deduction is limited. This means your deduction for rental expenses can’t be more than the rent you received. For more about these rules, see Publication 527, Residential Rental Property (Including Rental of Vacation Homes).
  • Divide Expenses.  If you personally use your property and also rent it to others, special rules apply. You must divide your expenses between rental use and personal use. To figure how to divide your costs, you must compare the number of days for each type of use with the total days of use.
  • Personal Use.  Personal use may include use by your family. It may also include use by any other property owners or their family. Use by anyone who pays less than a fair rental price is also considered personal use.
  • Schedule A.  Report deductible expenses for personal use onSchedule A, Itemized Deductions. These may include costs such as mortgage interest, property taxes and casualty losses.
  • Rented Less than 15 Days.  If the property is “used as a home” and you rent it out fewer than 15 days per year, you do not have to report the rental income. In this case you deduct your qualified expenses on Schedule A.
  • Use IRS Free File.  If you still need to file your 2015 tax return, you can use IRS Free File to make filing easier. Free File is available until Oct. 17. Free File is available only through the IRS.gov website.
If you have tax problems or owe the IRS and cant afford to pay, contact us 800-790-8574.
Advance Tax Relief LLC is a full service Tax Relief firm in which includes tax professionals, IRS enrolled agents and Tax Attorneys.
We are tax relief experts specializing in IRS back tax help, Installment Agreements, tax lien help, wage garnishment release, IRS Offer in Compromises and a whole lot more. Get a free consultation from an experienced tax relief expert today (800)790-8574 or visit ourwww.advancetaxrelief.com
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/…/advance-tax-relief-llc-in-houston-tx-…/
FOURSQUARE:
https://foursquare.com/v/advance-t…/54e8a112498ecdc6df298ad7
ADVANCE TAX RELIEF is not a Traditional CPA or Law Firm. We are Professional Tax Organization of Tax Attorneys, IRS Enrolled Agents, Tax Professionals and Ex IRS employees that help struggling Taxpayers settle or resolve that back tax problems. Call us (800)970-8574 for a free consultation.
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Wednesday, August 10, 2016

Failure to File or Pay Penalties: Eight Facts - ADVANCE TAX RELIEF LLC - www.advancetaxrelief.com

The number of electronic filing and payment options increases every year, which helps reduce your burden and also improves the timeliness and accuracy of tax returns. When it comes to filing your tax return, however, the law provides that the IRS can assess a penalty if you fail to file, fail to pay or both.

Here are eight important points about the two different penalties you may face if you file or pay late.
  1. If you do not file by the deadline, you might face a failure-to-file penalty. If you do not pay by the due date, you could face a failure-to-pay penalty.
  2. The failure-to-file penalty is generally more than the failure-to-pay penalty. So if you cannot pay all the taxes you owe, you should still file your tax return on time and pay as much as you can, then explore other payment options. The IRS will work with you.
  3. The penalty for filing late is usually 5 percent of the unpaid taxes for each month or part of a month that a return is late. This penalty will not exceed 25 percent of your unpaid taxes.
  4. If you file your return more than 60 days after the due date or extended due date, the minimum penalty is the smaller of $135 or 100 percent of the unpaid tax.
  5. If you do not pay your taxes by the due date, you will generally have to pay a failure-to-pay penalty of ½ of 1 percent of your unpaid taxes for each month or part of a month after the due date that the taxes are not paid. This penalty can be as much as 25 percent of your unpaid taxes.
  6. If you request an extension of time to file by the tax deadline and you paid at least 90 percent of your actual tax liability by the original due date, you will not face a failure-to-pay penalty if the remaining balance is paid by the extended due date.
  7. If both the failure-to-file penalty and the failure-to-pay penalty apply in any month, the 5 percent failure-to-file penalty is reduced by the failure-to-pay penalty. However, if you file your return more than 60 days after the due date or extended due date, the minimum penalty is the smaller of $135 or 100 percent of the unpaid tax.
  8. You will not have to pay a failure-to-file or failure-to-pay penalty if you can show that you failed to file or pay on time because of reasonable cause and not because of willful neglect.
If you have tax problems or owe the IRS and cant afford to pay, contact us 800-790-8574.
Advance Tax Relief LLC is a full service Tax Relief firm in which includes tax professionals, IRS enrolled agents and Tax Attorneys.
We are tax relief experts specializing in IRS back tax help, Installment Agreements, tax lien help, wage garnishment release, IRS Offer in Compromises and a whole lot more. Get a free consultation from an experienced tax relief expert today (800)790-8574 or visit ourwww.advancetaxrelief.com

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/…/advance-tax-relief-llc-in-houston-tx-…/




FOURSQUARE:
https://foursquare.com/v/advance-t…/54e8a112498ecdc6df298ad7






ADVANCE TAX RELIEF is not a Traditional CPA or Law Firm. We are Professional Tax Organization of Tax Attorneys, IRS Enrolled Agents, Tax Professionals and Ex IRS employees that help struggling Taxpayers settle or resolve that back tax problems. Call us (800)970-8574 for a free consultation.

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Wednesday, August 3, 2016

CONTESTING AN IRS LEVY - ADVANCE TAX RELIEF - www.advancetaxrelief.com

Congress provides procedural protections for taxpayers threatened with IRS levy actions. (Internal Revenue Code ss 6330). Before the IRS can seize your property or money, it must give you a written notice of intent to Levy with a Letter 1058 explaining your appeals rights.
The must be (1) personally delivered, (2) left at your home, or (3) sent by certified or registered mail to your last known address.


The notice must be given at least 30 days before my seizure is actually made(except in rare circumstances).
The standard IRS Intent to Levy letter explains the tax debt and levy process, your collection alternatives, and your right to an appeals office hearing before the levy takes place. You have 30 days to file an appeal.
If the appeals office turns you down, you may continue to challenge in the U.S Tax Court or a federal district court.
If you have tax problems or owe the IRS and cant afford to pay, contact us 800-790-8574.
Advance Tax Relief LLC is a full service Tax Relief firm in which includes tax professionals, IRS enrolled agents and Tax Attorneys.
We are tax relief experts specializing in IRS back tax help, Installment Agreements, tax lien help, wage garnishment release, IRS Offer in Compromises and a whole lot more. Get a free consultation from an experienced tax relief expert today (800)790-8574 or visit ourwww.advancetaxrelief.com

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/…/advance-tax-relief-llc-in-houston-tx-…/




FOURSQUARE:
https://foursquare.com/v/advance-t…/54e8a112498ecdc6df298ad7






ADVANCE TAX RELIEF is not a Traditional CPA or Law Firm. We are Professional Tax Organization of Tax Attorneys, IRS Enrolled Agents, Tax Professionals and Ex IRS employees that help struggling Taxpayers settle or resolve that back tax problems. Call us (800)970-8574 for a free consultation.

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