Friday, February 24, 2017

Tax Benefits for Parents - ADVANCE TAX RELIEF

Taxpayers with children may qualify for certain tax benefits. Parents should consider child-related tax benefits when filing their federal tax return:
  • Dependent. Most of the time, taxpayers can claim their child as a dependent. Taxpayers can generally deduct $4,050 for each qualified dependent. If the taxpayer’s income is above a certain limit, this amount may be reduced.
  • Child Tax Credit.  Generally, taxpayers can claim the Child Tax Credit for each qualifying child under the age of 17. The maximum credit is $1,000 per child. Taxpayers who get less than the full amount of the credit may qualify for the Additional Child Tax Credit.
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  • Child and Dependent Care Credit. Taxpayers may be able to claim this credit if they paid for the care of one or more qualifying persons. Dependent children under age 13 are among those who qualify. Taxpayers must have paid for care so that they could work or look for work.
  • Earned Income Tax Credit. Taxpayers who worked but earned less than $53,505 last year should look into the EITC. They can get up to $6,269 in EITC. Taxpayers may qualify with or without children.
  • EITC and ACTC Refunds. Because of new tax-law change, the IRS cannot issue refunds before Feb. 15 returns that claim the Earned Income Tax Credit (EITC) or the Additional Child Tax Credit (ACTC). This applies to the entire refund, even the portion not associated with these credits. The IRS will begin to release EITC/ACTC refunds starting Feb. 15. However, the IRS expects the earliest of these refunds to be available in bank accounts or debit cards during the week of Feb. 27, as long as there are no processing issues with the tax return and the taxpayer chose direct deposit. Read more about refund timing for early EITC/ACTC filers
  • Adoption Credit. It is possible to claim a tax credit for certain costs paid to adopt a child. For details, see Form 8839, Qualified Adoption Expenses.
  • Education Tax Credits. An education credit can help with the cost of higher education. Two credits are available: the American Opportunity Tax Credit and the Lifetime Learning Credit. These credits may reduce the amount of tax owed. If the credit cuts a taxpayer’s tax to less than zero, it could mean a refund. Taxpayers may qualify even if they owe no tax.
  • Student Loan Interest. Taxpayers may be able to deduct interest paid on a qualified student loan. They can claim this benefit even if they do not itemize deductions. Use the Interactive Tax Assistant to determine if interest paid on a student or educational loan is deductible. For more information, see Publication 970
  • Self-employed Health Insurance Deduction. Taxpayers who were self-employed and paid for health insurance may be able to deduct premiums paid during the year. See Publication 535, Business Expenses, for details.   
Owe the IRS and need help? Get a free consultation from an experienced tax relief expert today (800)790-8574 or visit our www.advancetaxrelief.com
Testimonials:  “If you’re in serious tax debt, I recommend these guys completely, 100 percent. It’s not a scam, it’s not fake, it’s real. They will really take care of you.” - A. Ortiz
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Thursday, February 23, 2017

IRS REVENUE OFFICER CAME TO YOUR HOUSE? WHAT TO DO! ADVANCE TAX RELIEF

IRS Revenue Officers are the most experienced and sophisticated collection employees within the IRS. They work high dollar cases identified by the IRS to be of significance.  Focus is often given to business cases, employment tax liabilities, repeat offenders and non-filers.
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The Revenue Officer function is localized, with their offices located near your home or business.  Revenue Officers are “field agents,” meaning they are expected to get out of the office and get into the “field.”
If your case has been assigned to an IRS Revenue Officer, expect an initial unannounced visit to your place of business or residence.  These visits are known to occur on Fridays and often before holiday weekends. If you are not in your office or at home, the Revenue Officer will leave a “calling card” in the door, requesting that you contact them by a set date.  If you do not voluntarily comply, the Revenue Officer has the power to summons your attendance at an IRS office.

If there is a lack of cooperation on your end, expect the Revenue Officer to start procedures to take your bank accounts, wages, retirement accounts, receivables and in some cases, seize your home or shut down your business.  Revenue Officers can also seize any equity you have in cars, autos and business equipment, but these are usually last resorts in severe cases.
If you have been contacted by the IRS or have IRS tax problems, Get a free consultation from an experienced tax relief expert today (800)790-8574 or visit our www.advancetaxrelief.com

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Wednesday, February 22, 2017

THE CHILD TAX CREDIT - ADVANCE TAX RELIEF

The Child Tax Credit is a tax credit that may save taxpayers up to $1,000 for each eligible qualifying child. Taxpayers should make sure they qualify before they claim it.
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Qualifications. For the Child Tax Credit, a qualifying child must pass several tests:
1) Age. The child must have been under age 17 on Dec. 31, 2016.
Relationship. The child must be the taxpayer’s son, daughter, stepchild, foster child, brother, sister, stepbrother, stepsister, half-brother or half-sister. The child may be a descendant of any of these individuals. A qualifying child could also include grandchildren, nieces or nephews. Taxpayers would always treat an adopted child as their own child. An adopted child includes a child lawfully placed with them for legal adoption.
Support. The child must have not provided more than half of their own support for the year.
Dependent. The child must be a dependent that a taxpayer claims on their federal tax return.
Joint return. The child cannot file a joint return for the year, unless the only reason they are filing is to claim a refund.
Citizenship. The child must be a U.S. citizen, a U.S. national or a U.S. resident alien.
Residence. In most cases, the child must have lived with the taxpayer for more than half of 2016.
The IRS Interactive Tax Assistant tool – Is My Child a Qualifying Child for the Child Tax Credit? – helps taxpayers
determine if a child is a qualifying child for the Child Tax Credit.
2) Limitations. The Child Tax Credit is subject to income limitations. The limits may reduce or eliminate a taxpayer’s credit depending on their filing status and income.
3) Additional Child Tax Credit. If a taxpayer qualifies and gets less than the full Child Tax Credit, they could receive a refund, even if they owe no tax, with the Additional Child Tax Credit.
Owe the IRS and need help? Get a free consultation from an experienced tax relief expert today (800)790-8574 or visit our www.advancetaxrelief.com
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Tuesday, February 21, 2017

FIVE REASONS TO FILE A TAX RETURN FOR 2016 - ADVANCE TAX RELIEF

Most people file a tax return because they have to. Even if a taxpayer doesn’t have to file, there are times they should. They may be eligible for a tax refund and not know it.
Here are five tips on whether to file a tax return:
General Filing Rules.  In most cases, income, filing status and age determine if a taxpayer must file a tax return. Other rules may apply if the taxpayer is self-employed or a dependent of another person. For example, if a taxpayer is single and under age 65, they must file if their income was at least $10,350.
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Tax Withheld or Paid.  Did the taxpayer’s employer withhold federal income tax from their pay? Did the taxpayer make estimated tax payments? Did they overpay last year and have it applied to this year’s tax? If the answer is “yes” to any of these questions, they could be due a refund. They have to file a tax return to get it.

Earned Income Tax Credit.  A taxpayer who worked and earned less than $53,505 last year could receive the EITC as a tax refund. They must qualify and may do so with or without a qualifying child. They may be eligible for up to $6,269.
Additional Child Tax Credit.  Did the taxpayer have at least one child that qualifies for the Child Tax Credit? If they do not qualify for the full credit amount, they may be eligible for the Additional Child Tax Credit.
American Opportunity Tax Credit.  To claim the AOTC, the taxpayer, their spouse or their dependent must have been a student enrolled at least half time for one academic period to qualify. The credit is available for four years of post-secondary education. It can be worth up to $2,500 per eligible student. Even if the taxpayer doesn’t owe any taxes, they may still qualify. Complete Form 8863, Education Credits, and file it with the tax return.
Get a free consultation from an experienced tax relief expert today (800)790-8574 or visit our www.advancetaxrelief.com
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Monday, February 20, 2017

IRS GARNISHMENT ON SOCIAL SECURITY BENEFITS - Advance Tax Relief

Lately, we have seen an increase in calls to our office from retirees who have received an IRS levy on their Social Security benefits.  In most every case, the levy (1) relates to conduct from self-employment when they were younger, and that conduct has long ago ended and (2) creates a substantial hardship for the retiree, who needs the levied money for to pay for prescriptions, food, utilities and rent.
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The IRS is authorized to levy on Social Security benefits under section 6331(h) of the Internal Revenue Code.  These levies are continuous and take 15% of Social Security benefit, a real hardship to those on a fixed budget.

The IRS makes the levy by matching its records against those of the government’s Financial Management Service.  Once a match is made, the IRS will send a Final Notice Before Levy on Social Security Benefits (CP 91).  If no action is taken within 30 days as to the notice (i.e, collection appeal), the IRS electronically transmits the levy to FMS for a reduction in the benefit.

The IRS had previously used a income filter to systematically exclude those with income below a specified threshold.  The Government Accountability Office (GAO) found the filter flawed, and in 2006 the IRS eliminated it.

If your social security wages is being garnished, call our office for a quick release and a possible tax settlement.  

Get a free consultation from an experienced tax relief expert today (800)790-8574 or visit our www.advancetaxrelief.com

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Tuesday, February 14, 2017

IRS Levy Notice CP504 vs. LT11 - Must Know!!!

A lot of IRS collection letters look the same, and those looks can often be very misleading.

One of the biggest offenders is the IRS Notice of Intent to Levy IRS Notice CP504.

As part of its collection process, the IRS sends two different letters, each called a Notice of Intent to Levy.  On their surface, these two letters are indistinguishable to a layperson, and look the same. But they are very different in what they permit the IRS to do.

Before the IRS can levy you, they have to send the Notice of Intent to Levy.  This is law under Internal Revenue Code Section 6330 – the IRS must notify you in writing before levying, and tell you about your rights to file an appeal within 30 days in response.  If an appeal is filed, the IRS cannot levy until it is resolved.
In other words, in most situations, the IRS is not permitted to levy by surprise.  But the letters they send to permit you to prevent it are camouflaged.
Needless to say, it is extremely important to be able to distinguish between the real Notice of Intent to Levy and the wannabe.  Your rights to protect your property can depend on it.
The wannabe Notice of Intent to Levy is identified as a CP504; the real one is identified by the IRS as an LT11 (sometimes it will be a L1058).
Only the Notice of Intent to Levy identified as an LT11 actually permits the IRS to do so; the other (CP504) is, well, a dummy letter.
The LT11 Notice of Intent to Levy follows the law and notifies you of the right to file an appeal action to stop the levy.
Only the LT11 provides notification of the rights to file a Collection Due Process action.  It even includes enclosures and forms to file the Collection Due Process Appeal.  No such forms are included with the CP504 because, well, it is not what it appears to be.  It provides no appeal rights, and as a result, does not standing alone permit the IRS to levy.
Only the LT11 permits the IRS to levy your wages, commissions, bank accounts, car, and home.
In most cases, expect the IRS to send the CP504 immediately before the LT11.  To be sure the IRS has not sent the LT11/L1058 out of order, I recommend that you hire Advance Tax Relief (800)790-8574 to confirm.  An IRS account transcript will state if a real Final Notice has been sent, and when.
If the IRS cannot levy after sending the CP504, one thing is for sure:  Your case is active in the IRS collection system.  That means the IRS is coming.
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 our webpage www.advancetaxrelief.com
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Wednesday, February 8, 2017

CHOOSING IRS DIRECT DEPOSIT - ADVANCE TAX RELIEF

Direct Deposit is Easy, safe and fast. It is the best way to get a tax refund. Currently, 80% of taxpayers choose this option every year. The IRS knows taxpayers have a choice of how to receive their refunds. 

IRS Direct Deposit:
Is Fast. The quickest way for taxpayers to get their refund is to electronically file their federal tax return and use direct deposit. You can also use direct deposit for paper tax returns as well.
Is Secure. Since refunds go right into a bank account, there’s no risk of having a paper check stolen or lost in the mail. This is the same electronic transfer system used to deposit nearly 98 percent of all Social Security and Veterans Affairs benefits into millions of accounts.
Is Convenient. There’s no need to wait for a refund check to come in the mail.
Is Easy. Choosing direct deposit is easy. With e-file, just follow the instructions in the tax software. For paper returns, the tax form instructions serve as a guide. Make sure to enter the correct bank account and routing number.
Has Options. Taxpayers can split a refund into several financial accounts. These include checking, savings, health, education and certain retirement accounts. The U.S. Treasury Department offers a retirement account. It’s called a MyRA account. Designate all or a part of a refund to a new MyRA account. Simply mark the “savings” box in the refund section of the return.
Use IRS Form 8888, Allocation of Refund (including Savings Bond Purchases), to deposit a refund in up to three accounts. Do not use Form 8888 to designate part of a refund to pay tax preparers.
Taxpayers should deposit refunds into accounts in their own name, their spouse’s name or both. Avoid making a deposit into accounts owned by others. Some banks require both spouses’ names on the account to deposit a tax refund from a joint return.
Taxpayers should check with their bank for direct deposit rules. There is a limit of three electronic direct deposit refunds made into a single financial account or pre-paid debit card. The IRS will send a notice and a refund check in the mail to taxpayers who exceed the limit
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 our www.advancetaxrelief.com

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THREE SIGNS OF IDENTITY THEFT - ADVANCE TAX RELIEF

Direct Deposit is Easy, safe and fast. It is the best way to get a tax refund. Currently, 80% of taxpayers choose this option every year. The IRS knows taxpayers have a choice of how to receive their refunds.


IRS Direct Deposit:

Is Fast. The quickest way for taxpayers to get their refund is to electronically file their federal tax return and use direct deposit. You can also use direct deposit for paper tax returns as well.

Is Secure. Since refunds go right into a bank account, there’s no risk of having a paper check stolen or lost in the mail. This is the same electronic transfer system used to deposit nearly 98 percent of all Social Security and Veterans Affairs benefits into millions of accounts.
                                                                                   
Is Convenient. There’s no need to wait for a refund check to come in the mail.

Is Easy.  Choosing direct deposit is easy. With e-file, just follow the instructions in the tax software. For paper returns, the tax form instructions serve as a guide. Make sure to enter the correct bank account and routing number.

Has Options. Taxpayers can split a refund into several financial accounts. These include checking, savings, health, education and certain retirement accounts. The U.S. Treasury Department offers a retirement account. It’s called a MyRA account.  Designate all or a part of a refund to a new MyRA account. Simply mark the “savings” box in the refund section of the return.

Use IRS Form 8888, Allocation of Refund (including Savings Bond Purchases), to deposit a refund in up to three accounts. Do not use Form 8888 to designate part of a refund to pay tax preparers.

Taxpayers should deposit refunds into accounts in their own name, their spouse’s name or both. Avoid making a deposit into accounts owned by others. Some banks require both spouses’ names on the account to deposit a tax refund from a joint return.

Taxpayers should check with their bank for direct deposit rules. There is a limit of three electronic direct deposit refunds made into a single financial account or pre-paid debit card. The IRS will send a notice and a refund check in the mail to taxpayers who exceed the limit
                                                             
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 our www.advancetaxrelief.com

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