WHEN TO AMEND YOUR FORM 1040 TAX RETURN

Amend Tax Return

So, you need to amend your tax return. Well, we all make mistakes. And sometimes documents show up after you try to be proactive about filing your tax return. 

That’s OK. Amending a tax return isn’t any worse than doing your taxes in the first place. All you need is the right IRS form and a little time. However, there are a few things you should know before you send it off.

Here’s what you need to know.

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When to Amend a Return

You should amend your return if you need to any of the following:

 

To correct your filing status

To correct the number of dependents you claimed

To correct the deductions or credits you claimed (or forgot to claim)

To correct your total income

To correct for claimed premium tax credits

To fix any error other than simple math or clerical errors

That last point should bring relief if you think you just miscalculated or made a typo. The IRS will go ahead and fix those for you. You don’t have to send yet more paperwork for them to process. 

 

What about total income — why would you need to correct that? Sometimes, W-2s and 1099s show up late. You already filed your return, and now you have this extra money that didn't get counted. And the IRS knows about it. 

 

Not to worry. An amended return can fix it. 

 

But what is this thing about a premium tax credit? It may mean you forgot to include Form 8962, Premium Tax Credit, so you can get a credit to help cover your health insurance premiums from the insurance you bought through the Health Insurance Marketplace. It’s a refundable credit available to eligible individuals and families. 

 

If you receive a letter from the IRS regarding Form 8962, don’t panic. Just follow all the instructions in the letter. 

 

BTW — if you need to amend your federal tax return, don’t forget to amend your state tax return, too, if applicable.

 

When Do You NOT Have to Amend a Return?

As we mentioned above, if you made some simple math errors, don’t sweat it. The IRS usually corrects those errors when processing your original return. They even accept some clerical errors and even a few missing forms and schedules. 

If the IRS needs something, they’ll let you know through the US Mail. They won’t call or email you. If you receive a phone call or email claiming to be from the IRS, it’s highly likely to be a scam. Don’t fall for it.

Another time you don't have to amend your return is if you receive a corrected Form 1095-A Health Insurance Marketplace Statement. Suppose you or anyone on your return is enrolled in qualifying healthcare coverage through the Health Insurance Marketplace. In that case, you should receive Form 1095-A around the same time you receive your other tax documents. 

If you filed based on the original 1095-A and receive a corrected one, don’t worry about it. There’s no need to amend your return for that, even if it shows you would owe additional taxes based on the new information. However, you can file one anyway if you like. It may lower the amount you owe or increase your refund. It’s up to you.

 

How to Amend a Tax Return

Amend a tax return using Form 1040-X. That sounds ominous, doesn’t it? Form 1040X amends a previously filed tax return. You can use it to amend any of the following tax forms:

 

1040

1040-SR

1040A

1040EZ

1040-NR

1040-NREZ

If you initially filed using tax software, you can probably use the same electronic service to file the 1040X. 

Also, starting with the tax year 2019, you can e-file the 1040X. Any returns before 2019 need to be done the old-fashioned way — with paper, an envelope, and stamps. You will have to mail it through the US Postal Service.

Of course, you could do it that way if you choose for 2019 and after. It’s always an option.

Be sure to check the form to ensure you mail it to the correct address.

 

Form 1040X

Form 1040X is used to:

 

Amend a previously filed federal tax return

To amend a return to change amounts the IRS previously adjusted

Make sure to check the box at the top that indicates the tax year you are amending. The form has three columns.

 

Column A - for the amount of the original return

Column B - where you show the net increase or decrease for the amounts you change

Column C - for the corrected amounts 

Now, flip the form over and explain what you are changing and why. 

 

While you are amending your original return, go back over it with an eye toward anything else you might need to fix, like deductions, credits, withholding, exemptions, or income you might have missed the first time. It’s best to get everything at one go. 

Also, attach Form W-G2 and 1099 to support changes in any income tax withheld. Otherwise, the IRS must delay processing your amendment.

If you changed any other forms or schedules to arrive at your correction, attach them to the 1040X, including any W-2s you received after filing your original return.

Amending Because You Owe More (Ugh)

If you need to pay additional taxes, file the amendment, and pay up as soon as possible. Waiting until the IRS processes your original return can add interest and penalties to the amount you owe. 

 

Amending More Than One Return

If you must amend more than one tax return, fill out a separate 1040X for each year. Attach the appropriate documents and mail each one separately. The easier you can make it on the IRS, the better off we all are.

When to File Your Amended Return - Timing

Unlike amending because you owe more, if you find you are due a bigger refund, you should wait until you receive your original refund to send 1040X. Otherwise, your taxes might get in a muddle during processing. 

Go ahead and cash your refund check while you wait for the 1040X to be processed. The IRS could take anywhere from 16 weeks to 20 weeks to get to it, especially now due to the pandemic. You will receive a check for the rest of what they owe you.

Claiming Additional Refunds

You can only file an amendment for an additional refund no more than three years from the date you filed your original return. Also, you can file no more than two years from the date you originally paid taxes if that date is later than the three-year rule.

If you received an extension on your taxes, the filing date is the actual date you filed your return within the extension period. Otherwise, the filing date is the tax deadline if you filed the return after the extension expired.

Contact Advance Tax Relief to Help Deal with Back Taxes

Seeking professional help when handling back taxes can help you avoid the discussed errors. At Advance Tax Relief, we offer specialized tax resolution services to help you deal with IRS debt.

Our experts can help rectify erroneous tax bills and guide you in picking a suitable repayment program. Contact us today (713)300-3965 for back tax filing and tax relief services.

 

Advance Tax Relief is rated one of the best tax relief companies nationwide.

 

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HELPFUL SMALL BUSINESS TAX PREPARATION TIPS

Taxes are complex. Tax laws are constantly changing. Keeping on top of these rules can seem like an uphill struggle. Small business owners face numerous challenges while preparing and filing taxes. They have limited resources and have to juggle multiple tasks.

Many last-minute tax filers scramble to make the deadline. They make mistakes and end up earning the wrath of the IRS.

They say preparation is half the battle. Tax preparation does not have to be time-consuming or complex. Start preparing your taxes early to avoid last-minute confusion and ensuing chaos. Break down large tasks into bite-sized tasks. Carry out a task every day.

Here are some tips to help you prepare your taxes effectively.

1. Get Organized

Open a savings account specifically for taxes. You can use account funds to meet your tax obligations as a business owner. Start making estimated quarterly tax payments, or you may be subject to penalties. Keep your business and personal accounts separate.

Effectively track business expenses. Get sufficient documentation for them (for example, travel expense vouchers for travels that occurred during the financial year). Keep personal, and business expenses separate. To reduce paperwork, digitize receipts.

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2. Hire a Professional

Preparing taxes can feel like an insurmountable task. You need to check transactions appearing in your books and verify and validate them. This is a time-consuming task. As a business owner, you have better things to do than maintain your financial records.

If you have too much on your plate, consider hiring a professional such as a CPA, Enrolled or Tax Attorney. These professionals keep on top of tax rules and regulations. Your Tax Professional will prepare your taxes, help you identify ways to minimize your tax liability and ensure tax compliance.

3. Leverage Technology

If you rely on traditional paper-based methods, you will end up getting bogged down by paperwork. Paper-based methods are inefficient, and you need physical space to store your files and documents. Paper documents can be easily misplaced, stolen, or damaged.

Automate your document management processes. Using electronic statements is a great way to eliminate paper for good.

Use accounting software. Accounting software will allow you to access accounting data anytime, anywhere, foster collaboration, improve accounting security, and improve bookkeeping and accounting accuracy.

4. Stay Informed

Stay up-to-date on industry developments. Follow eminent people in the financial world and affinity groups that publish articles, information, and opinions.

Do not give attention to preposterous rumors. It is best to hear it straight from the horse’s mouth (in this case, the IRS) so you are sure it is true. Visit the IRS website to watch videos and participate in webinars.

Contact Advance Tax Relief to Help Deal with Back Taxes

Seeking professional help when handling back taxes can help you avoid the discussed errors. At Advance Tax Relief, we offer specialized tax resolution services to help you deal with IRS debt.

Our experts can help rectify erroneous tax bills and guide you in picking a suitable repayment program. Contact us today at (713)300-3965 for back tax filing and tax relief services.

Advance Tax Relief is rated one of the best tax relief companies nationwide.

#FreshStartInitiative

#OfferInCompromise

#TaxPreparation

#TaxAttorneys

#TaxDebtRelief

#TaxHelp

#TaxRelief

#BestTaxReliefCompanies

IRS TAX FRESH START PROGRAM

Offer In Compromise, Tax Debt Help, Tax Relief 

 

People are usually fearful of the IRS. A letter from the IRS is enough to fill them with fear, especially if they have an unpaid tax bill. They might end up in debt to the IRS and think that there is no way out of this. Thankfully, the IRS Fresh Start Program to help the taxpayers with tax resolution. Even if you have owed a debt for years, this program can help you get the tax relief.

 

The IRS Fresh Start Program is a tax resolution option from the IRS. The program makes it easy for taxpayers to pay their tax debt without having a levy on their assets. This is not a new initiative. It has been in place for several years. The program started in 2008 to help the taxpayers during the recession. In 2012, thanks to the changes introduced by the IRS, it became easier for the taxpayers with financial hardship to get their tax debt reduced.

 

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Recently, the program was expanded to help people who are struggling with their tax debt. The IRS had made changes to their tax code for alleviate tax bills and help out the taxpayers. The aim of this program is to provide tax resolution options to taxpayers. It allows them to pay back their debt without any excess fees or liens. The IRS might even forgive a certain amount of past debts or eliminate penalties for late fees.

 

Eligibility criteria for the IRS Fresh Start Program

Owe $50,000 or less money in tax debt.

Self-employed individuals who had a 25% or more drop in their gross income.

Married couples who are filing joint-returns must have income less than $200,000 in a year. In this case, the amount earned by an individual taxpayer should be less than $100,000. 

Repayment options offered through the IRS Fresh Start Program

Extended Installment Agreement

This tax resolution option reduces the fees and penalties imposed on the taxpayers. However, this need not be confused with the regular payment option.

 

The regular payment option is for taxpayers who are unable to pay their tax debt before the deadline, but the extended installment agreement is for taxpayers who are unable to pay penalties and other fees associated with debt before the deadline. 

 

There are two forms of installment plans. 

The first one is the short-term plan that is available without any fee for late payment. Also, there won’t be any fee for setting up this installment plan. These are for a period of 120 days and have penalties associated until the complete debt is paid off.

 

The second form is the long-term installment plan that will include some setup fees. It will depend on whether the payment is made by the taxpayers or if it is deducted automatically for the bank account.

 

The Fresh Start Program offers different tax resolution payment arrangements like stair-step, partial-pay, debt installment, or streamlined installment agreement. Now even though there are arrangements available, all taxpayers have to negotiate directly with the IRS for determining whether they are eligible for this or not. Depending on this, they might have to pay a certain amount over time through monthly payments. Regardless of the plan approved by the IRS, you have to ensure that every installment is paid in full and on time. Failure to do so will nullify the arrangement. 

It is important to know that these payments are accompanied by a fee. In cases of debt of $50,000 or more, it requires taxpayers to submit Form 9465 and Form 433-F via mail or in-person.

 

Offer in Compromise

If you are unable to pay off your debt in full, there is an Offer in Compromise option offered by the IRS. For this, you will need the help of tax experts.  Getting the IRS to agree to let you pay a reduced amount is a tricky process and requires the help of tax experts. There are several tax resolution services that can help you negotiate with the IRS.

 

To get your request for an Offer in Compromise accepted, you’ll have to prove to the IRS that paying their taxes will result in financial hardship. 

To determine whether you are qualified for this tax resolution option, the IRS will be checking your current and future income and expenses. Also, the IRS will first determine if the reduced amount from the offer in compromise is more or at least equal to the amount they expect to receive from the taxpayer through the collection actions. 

Here are the three criteria that can determine your eligibility:

Credibility

If the IRS thinks that they won’t be able to get any money from you through collection actions, they might accept your ‘offer in compromise’ request. If they think that you have assets that might get them a higher amount of money, they won’t accept your OIC. Please note that a levy on a lien can impact your credit score, affecting your ability to buy any assets or apply for a loan.

 

2. Liability and accuracy

 

This includes proving that you don’t owe the money the IRS is claiming. If you think that there was an error during tax preparation, IRS might agree to let go of the initial owed amount and take your offer. For this, you need to take the help of tax resolution services.

 

3. Effective tax administration

 

When the IRS believes that paying the complete amount will lead to severe financial hardship for you, they might accept your offer in compromise.

 

The IRS very rarely accepts the Offer in Compromise. To make sure that you even have a slight chance at this tax resolution option, you need the help of tax experts. Once your offer is accepted, all the payments should be made in time. Failure to do so will nullify your OIC, and you will have to pay the complete amount.

 

Tax resolution is a way to make the process of paying taxes easier for people undergoing hardships. However, if you earn well and have assets, the IRS won’t be accepting your request. If you are going through a financial hardship, you need the help of tax resolution services to help you get back on your feet.

Contact Advance Tax Relief to Help Deal with Back Taxes

Seeking professional help when handling back taxes can help you avoid the discussed errors. At Advance Tax Relief, we offer specialized tax resolution services to help you deal with IRS debt.

Our experts can help rectify erroneous tax bills and guide you in picking a suitable repayment program. Contact us today (713)300-3965 for back tax filing and tax relief services.

 

Advance Tax Relief is rated one of the best tax relief companies nationwide.

 

#FreshStartInitiative

#OfferInCompromise

#TaxPreparation 

#TaxAttorneys

#TaxDebtRelief

#TaxHelp 

#TaxRelief

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DIFFERENCE BETWEEN IRS WAGE GARNISHMENT AND BANK LEVY

Bank Levy, Wage Garnishment

If you owe federal back taxes, the law empowers the IRS to take extraordinary measures to recover these taxes by claiming your known assets. This is likely to happen if you have not taken steps to explain your circumstances and/or set up a payment plan if you are unable to pay the taxes in full. Bank levies and wage garnishments are two methods that the IRS can use to recover taxes owed by individuals or businesses. 

Most people mistake one for the other, and yet they don’t operate in the same way. Learn more about the differences between bank levies and wage garnishments in the article below.

 

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What Is a Bank Levy?

An IRS bank levy is a legal process of seizing an individual’s money (in a bank account) to recover the person’s tax liabilities (tax, interest and penalties). The bank must comply with the IRS and will often freeze your account until you have sorted out the liability with the IRS. The IRS can freeze and enforce a levy on any type of bank account, including overseas bank accounts. Bank levies are usually a last resort for delinquent tax evaders, and they tend to occur as a one-time event. The IRS will seize the amount that satisfies your tax liability, and they can seize all the funds in your account. If the funds in the account are insufficient, the IRS can move to recover other assets, including homes, vehicles, and other personal property. 

 

Before enforcing a bank levy, the IRS issues a levy notice to the taxpayer, stating that they have ignored or defaulted on their tax repayment plan. The bank levy may persist to all monies coming into the bank account until you repay your tax liability in full, or the statute of limitations on the debt expires.

 

What Is A Wage Garnishment?

Conversely, wage garnishment does not happen as a one-time event, although it is also enforced to repay tax liabilities. With this method of tax recovery, the IRS approaches your employer to deduct a portion of your earnings before they even reach your bank account. This recovery continues until your debt is paid in full, or you take steps to prevent the garnishment order/settle the debt. 

Unlike bank levies, you can contest a wage garnishment order. If you find yourself facing wage garnishment, it is best to hire a tax debt relief professional, as they can help you negotiate with the IRS to prevent extreme action. For example, when negotiating an Offer in Compromise (OIC), the IRS must cease collection efforts until the process is complete – whether or not the taxpayer succeeds.

 

What to Do About Bank Levies and Wage Garnishment

Once you receive a notice from the IRS stating their intention to enforce a bank levy, it is best to contact a tax relief professional and find out your options. Such options include pursuing tax relief programs such as:

Tax installment agreement – pay in manageable installments

Offer in compromise – pay a fraction of what you owe to clear the debt

Currently Not Collectible status – put temporary reprieve until you are in a better financial position

Penalty abatement – remove the penalties for nonpayment with valid reasons

A tax professional will assess your current and future financial obligations and advise you on the best way to negotiate with the IRS. They can also make the applications and negotiate on your behalf to maximize your chances of getting a suitable outcome.

 

Find Help for Your Tax Liability

The worst thing you can do, whether facing a bank levy or wage garnishment, is to ignore the notice and do nothing. Instead, contact our reputable and experienced tax relief professionals to work out the best way to deal with your tax debt. Call us today to schedule your initial consultation.

Contact Advance Tax Relief to Help Deal with Back Taxes

Seeking professional help when handling back taxes can help you avoid the discussed errors. At Advance Tax Relief, we offer specialized tax resolution services to help you deal with IRS debt.

Our experts can help rectify erroneous tax bills and guide you in picking a suitable repayment program. Contact us today (713)300-3965 for back tax filing and tax relief services.

 

Advance Tax Relief is rated one of the best tax relief companies nationwide.

 

#FreshStartInitiative

#OfferInCompromise

#TaxPreparation 

#TaxAttorneys

#TaxDebtRelief

#TaxHelp 

#TaxRelief

#BestTaxReliefCompanies

WHAT TO KNOW ABOUT THE IRS ONE TIME FORGIVENESS PROGRAM

When you owe the Internal Revenue Service (IRS), you may wonder whether there is a way to avoid accumulating penalties and fines. Besides that, you may want to invest but fear that your tax lien will damage your financial credibility.

Luckily, the IRS offers a One Time Forgiveness program to help people deal with tax liability. Using this initiative, you can evade the negative consequences of owing taxes. You may also get enough time to organize your finances and repay the debt without causing significant financial problems.

Read on to discover several things you need to know about the One Time Forgiveness program. We will also explain how you can determine the most suitable tax relief program based on your needs and financial status.

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How Many Options Does the One Time Forgiveness Program Have?

The IRS offers several options under the IRS One Time Forgiveness program. These include Innocent Spouse Relief, Installment Agreements, and Currently Not Collectible. Innocent Spouse Relief allows you to avoid paying penalties, taxes, and interests if your current or former spouse provided wrong information when filing back taxes.

For instance, if they did not disclose some of their income sources, which led to a penalty, you may apply for relief. This initiative is applicable if the IRS can only collect the amount due from the spouse. Besides that, you can only qualify if:

The penalties are from self-employment taxes

You can prove you did not know about the inaccuracy

You and your spouse have not transferred money in a fraudulent scheme

Sometimes, your financial situation may make it very challenging to pay the taxes you owe. In such a case, you may apply for a Currently Not Collectible status. In case you qualify, the IRS will stop penalizing your debt and refrain from collection activities.

An Installment Agreement is a tax forgiveness program that allows you to repay your debts with a schedule. If you cannot remit the entire amount due to various issues and owe a debt of less than $50,000, you may benefit from the initiative.

Offer in Compromise (OIC) Tax Relief Option

OIC is a One Time Forgiveness relief program that is rarely offered compared to the other options. This initiative is an ideal choice if you can afford to repay some of your debt in a lump sum. Once you qualify, the IRS will forgive a significant portion of the total taxes and penalties due.

They will then provide a payment schedule allowing you to clear the remaining amount in installments. The payment period is usually a maximum of 72 months, whereby the IRS will require you to remit a specific figure without fail or delay for the entire period.

How Does One Time Forgiveness Work?

The One Time Forgiveness program you qualify for will mainly depend on your financial situation. However, determining the most suitable option may be challenging without professional help. It is advisable to consult with a tax resolution expert before applying for any relief program. By taking this step, you enhance the chances of qualifying and ensure you provide the IRS with correct information.

Once you apply for the IRS One Time Forgiveness program, the IRS will assess your situation and evaluate eligibility. If they accept the application, they will provide a detailed repayment schedule.

Depending on the program you chose, you may send the amended debt in installments or a lump sum. The IRS will also require you to remit all your taxes within the stipulated time moving forward. Other than that, they may perform periodic assessments on your financial status as needed.

Contact Advance Tax Relief to Apply for Debt Relief

Each option in the IRS One Time Forgiveness program has several qualifications you must meet to be eligible. Unfortunately, gathering all the details you need to apply for this initiative may be frustrating if you do not have extensive knowledge about taxation.

At Advance Tax Relief, we offer professional tax resolution services to help you deal with debt. Our experts can assess your situation to help you apply for the most suitable One Time Forgiveness option. Reach out to us today for reliable tax debt relief services. Due to the complex US tax systems, you may still have some questions about liability and relief programs. At Advance Tax Relief, we have a team of experts specialized in resolution services. With their help, you can debunk common tax myths and understand how to avoid getting into trouble with the IRS. They can also guide you in applying for relief programs to clear your debt and prevent consequences like wage garnishment. Reach out to us today to consult a tax expert.

Frequently Asked Questions About One Time Forgiveness Program

1. Does the IRS Have a Tax Forgiveness Program?

When owing the IRS, you are likely to wonder if it offers a tax forgiveness program. The short answer is yes, but it is important to note that having a debt is not a guarantee that you qualify for forgiveness. Before requesting tax relief, you should understand the options available. This way, you can determine which one you qualify for and know how to apply. The tax forgiveness programs offered by the IRS are an offer in compromise (OIC), innocent spouse relief, currently not collectible (CNC), and installment agreements. Each of these categories has specific requirements for eligibility. Consulting a tax professional is the best way to check if you qualify and increase the chances of the IRS considering your application.

2. When Can You Use IRS One Time Forgiveness?

If you cannot pay tax penalties due to circumstances beyond your control, you might qualify for IRS one-time forgiveness. One type of this debt relief program is a reasonable cause, available to those unable to meet their obligations due to health issues or an act of God like floods or fires. First-time penalty abatement is another one-time forgiveness program that allows the IRS to waive all fines and penalties you owe. The qualification requirements are:

No tax debts for the last three years

Filing all returns in time

Making prior arrangements to pay outstanding taxes

The final type of one-time forgiveness is a statutory exception. This relief program only applies if the IRS sends you an incorrect invoice after a tax debt caused by advice provided by their officials.

3. How Much Does the IRS Usually Settle For?

The value the IRS settles for will depend on the amount of debt. It also varies according to the type of tax relief program you use for repayment. For instance, if you select and qualify for an offer in compromise, you first need to pay a lump sum equal to 20% of your debt.

On the other hand, after an installment agreement, the IRS will ask how much you can afford to pay each month. They may also request you to remit a specific amount monthly by dividing

4 . How Do I Ask for Forgiveness From the IRS?

When planning to settle your tax debt, you can call the IRS to talk to their personnel. Another option is to mail them a tax relief program application alongside the needed supporting documents. Since you must prove eligibility when requesting IRS one time tax forgiveness, it is always advisable to get professional help. With the guidance of a liability expert, you can file all past returns and submit the proper documents. Besides, it will be easier to negotiate favorable repayment terms.

5. Does the IRS Forgive Debt After 10 Years?

The IRS can forgive debts that exceed ten years under certain circumstances. However, it is important to note that you may not qualify if you keep failing to pay your debt for subsequent years. This forgiveness duration can also be longer if you sign agreements and waivers that allow the IRS to extend it.

Contact Advance Tax Relief to Help Deal with Back Taxes

Seeking professional help when handling back taxes can help you avoid the discussed errors. At Advance Tax Relief, we offer specialized tax resolution services to help you deal with IRS debt.

Our experts can help rectify erroneous tax bills and guide you in picking a suitable repayment program. Contact us today (713)300-3965 for back tax filing and tax relief services.

Advance Tax Relief is rated one of the best tax relief companies nationwide.

#FreshStartInitiative

#OfferInCompromise

#TaxPreparation

#TaxAttorneys

#TaxDebtRelief

#TaxHelp

#TaxRelief

#BestTaxReliefCompanies