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Posts by Thelma

The Difference Between Tax Relief and Tax Break: Why Get Tax Relief Now Instead of Later

The Difference Between Tax Relief and Tax Break: Why Get Tax Relief Now Instead of Later

By on Dec 12, 2019 in IRS, Payroll Tax Problems, Tax Resolution | 0 comments

Tax Relief is defined as any type of program designed to reduce the amount of taxes that an individual or business owes. As a result, it is one of the most coveted things taxpayers salivate over during the tax season, hoping they qualify. Definitions: Tax Relief and Tax Break Yet, tax relief is more than just getting a tax break. It’s also about receiving the service of getting a tax break. Sometimes, to get a tax break, it’s not as easy as entering numbers on a tax software system. If only! Often times, getting tax relief assistance can be a bit complicated depending on each taxpayer’s situation. When one thinks of getting tax relief assistance, the thought of being millions of dollars in debt, often comes to mind. It is usually dismissed as celebrity problems that Martha Stewart, Wesley Snipes, reality star Teresa Giudice—people with ‘real’ money have. Yet, that is not so. Seeking tax relief service is not designated only for the rich and is nothing to be ashamed of. In fact, one can benefit from tax relief service even if they are not in debt to the Internal Revenue Service (IRS).  What Kind of Issues Applies for Someone to Need Tax Relief?  There are a number of combinations that can lead to someone needing tax relief. It can be argued that if you qualify as a taxpayer, then you need assistance regardless of the amount you owe! At any rate, let’s take a look a few reasons why some may want to get tax relief now instead of later:  Missed a Year Filing Annual Taxes  Whether one has neglected to file their annual taxes or just honestly forgot, the IRS doesn’t really care! They want their money! The good news is if this is you and you haven’t received a letter from the IRS, you are in good shape. There is still time to rectify this issue by simply calling the IRS and letting them know your situation. You can expect to pay a late fee and other penalties, but the sooner you address this, the better for you and your financial situation.  Self-Employed Being self-employed gives you the freedom to be your own boss…and accountant! However,...

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IRS Form Guide: Form 2210 – Underpayment of Estimated Tax 

IRS Form Guide: Form 2210 – Underpayment of Estimated Tax 

By on Dec 4, 2019 in Tax Tips | 0 comments

Certain forms of income require that you pay an estimated tax on them. These include rent, alimony, contest winnings such as the lottery, dividends, and interest on bonds, or self-employment income. Thus is you are divorced or an entrepreneur, you may need to determine your estimated tax payments if they are equal to or greater than $1000 USD.  You would have to pay estimated taxes four times a year. The due dates are the 15th of April, June, September, and January. Missing a payment is a bad idea because the government will note it and enact penalties. They will do the same if you underestimate your taxes and owe them more money.  While the IRS may allow for waivers on certain circumstances, a taxpayer should know what to do if they want to avoid underpayment penalties. You would rather take charge of the situation before it grows into an unpleasant amount due.  Checking If You Owe A Penalty For Underpaying Form 2210 is a document that you can use to check if you still owe estimated taxes to the IRS and to apply for a waiver. You can use the form as a proactive approach to pay the tax penalty on your next return. Otherwise, the IRS will contact you about the payment due and the extra amount you have to pay for underestimating these taxes.  You should file form 2210 to calculate the most precise amount that you will owe. Having that solid amount means that you can pin down what you need to pay and if you qualify for a waiver. You can also calculate how much of your refund that you will receive if the IRS uses it to pay for estimated taxes. Having a refund will not shield you from penalties. Thus, you must plan accordingly.  When will you owe penalties? When you fail to make a payment on a date that you and the government agreed upon at an earlier time. Consider this example: if you agreed to pay taxes by April 15 but failed to do so, you would have to pay a penalty for delivering the money on June 15.  Farmers and fishermen will also have to fill out the form because...

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How To Stop An IRS Tax Levy

How To Stop An IRS Tax Levy

By on Nov 27, 2019 in Tax Tips | 0 comments

The dreaded letter has arrived in the mail. Or several of them are piling up, and you know it’s a levy from the bank. You may lose your house or the money in your bank account. Time to act, and to prevent the bank from seizing your property.  Failing to pay your taxes tends to have consequences. Usually, you have to pay interest and penalties on missed payments. When you lose your property, it tends to be the last resort on the IRS’s part, when they don’t want to send you to jail. The IRS wants to get paid and would rather not put people in jail.  An IRS tax levy is never fun. It means that, in your case of failing to pay the amount owed on your federal tax return, the IRS is seizing your property or assets to pay the debt. Wage garnishment can ensue, as can losing your tax refund, the money in your bank account, or accounts receivable for small businesses.  The Levy And Notice Before the IRS seizes your property, they will often place a lien on it and give you a fair warning. The lien is a claim on your assets or property which will be used to pay off the debt. Usually, you get several letters and notices of the intent to levy, which is a fair warning.  There is one simple solution to avoiding a levy or a lien: pay off your tax debt if you can. Or set up a payment plan so that the installment agreement can buy you some time. If neither works, you still have options.  How To Handle The IRS Tax Levy Letter You need to act as soon as you receive the notice. Time becomes the essence. Once you get the final notice of intent, you have a narrow window of saving your assets.  If you have a solid case, one option is to request a Collection Due Process Hearing from the Collection Appeals Program. Then you have a smaller time window to make your case and argue to save your property. This is where having a professional will come in handy. They can help assemble your paperwork.  You can ask to arrange an...

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How to Successfully Get Out of Tax Debt in 1 Year!

How to Successfully Get Out of Tax Debt in 1 Year!

By on Nov 25, 2019 in Debt Relief, Tax Resolution, Tax Tips | 0 comments

If you realize that you owe a significant amount of money to the Internal Revenue Service (IRS) this year, your attention may quickly turn to how into getting out of debt as quickly as possible.  Thinking ahead and developing a specific plan about how you will settle your debt to the IRS is an important first step. Owing money to the IRS can be stressful as the IRS has the power to garnish wages and/or seize property in order to make sure that the debt is paid. As long as you have a legitimate tax return and have no intent to commit fraud, then you have a chance to reduce the amount that you owe. The IRS wants to get paid, and they would rather you do it as soon as possible and with legitimacy. Here are some tips for successfully getting out of your tax debt quickly in as little as one year: Request An Installment Agreement: An installment agreement can allow you to pay your tax debt to the IRS in monthly installments over a period of time.  This gives taxpayers more time to pay, rather than requiring a lump sum payment. You can set up a designated amount within your means.  Apply For An Offer In Compromise: In some cases, a taxpayer may be able to settle their tax debt for less than the full amount they owe. This is ideal for those whose tax debt exceeds what they can actually afford to pay.  If you qualify, you will be able to make a lump-sum payment or a short-term payment plan. Consider An Alternate Payment Method: If you owe a large sum of money to the IRS, you don’t have to rely on your bank account. It may be wise to think of other sources of payment such as forms of credit. A personal loan from a bank, opening a credit card at a low-interest rate, or even asking for a loan from a family member can be a way to pay the debt to the IRS. Such a choice eliminates the risk of wage garnishment and/or seizure of property. Declare Yourself Currently Not Collectible: There are instances in which you may be unable to pay...

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What Happens If You Have Unfiled Tax Returns?

What Happens If You Have Unfiled Tax Returns?

By on Nov 21, 2019 in Filing Taxes | 0 comments

If you find yourself in a situation in which you have a few (or many) years of unfiled tax returns, you may be worried that one day the IRS is going to catch up with you. And, in all honesty, you would be right. The IRS is always keeping track of what you need to pay them. If you owe the IRS money and have not filed returns, then the IRS will eventually make contact with you. It might not be right away—in fact, it could take months or even years for the IRS to reach out to you. The best possible thing that you can do if you have unfiled returns is to get ahead of your situation and make a plan to file your return(s) ASAP. When You Owe Taxes Every United States resident or citizen who owes taxes — usually by achieving a certain income level threshold– must file them by April 15th of each calendar year. You can get an extension, but you have to file for that as well. Certain freelancers have to pay quarterly income taxes as well to the federal government. Other state taxes also account for income, like New York as one example.  The government already knows how much you owe in taxes, and when you have missed a return. They keep track of your finances and income. Thus, if you claim hardship but own a luxury vehicle and home, the IRS may keep a close eye on you. The same goes for if you fail to file your tax return or request an extension. They will add up the numbers and ask why you didn’t pay up or honor your debt.  What Happens When You Fail To File Your Tax Return For one, you risk losing your tax refund if you qualify for one. A good number of taxpayers rely on the refund to assist with their annual expenses. Even a minute delay can cause worry, and you may not receive it at all. The IRS starts issuing penalties and fines. They will be added to your debt on April 16 of the year that you miss payments. Usually, the first penalty is five percent of what you owe for...

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