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IRS Cases

How to Save Your Property from an IRS Levy

How to Save Your Property from an IRS Levy

By on Oct 22, 2014 in IRS Cases | 0 comments

A tax levy is one of the most serious situations that you can find yourself in with the IRS. A tax levy is the seizure of your property in order to satisfy a tax debt to the IRS. If you find yourself in a situation in which you owe the IRS a significant amount of money and have not responded to their repeated efforts to collect it, you are subject to a levy on your income, bank accounts, assets, and your property. As you can imagine, the IRS seizing your income and property can cause serious problems for you and your family and for your entire financial situation.  So, if you have received notice from the IRS that you owe a large sum of money and they are giving you notice that they may levy your property, there are things that you can do to protect your assets.  Act Fast  If at all possible, you should make every effort to take care of the debt as soon as possible. Most likely, the notice that you receive from the IRS will ask for a response (or payment) within 30 days. If there is any way to pay off this debt, you should try. Even if you can only pay a portion, the IRS is more likely to act favorably if the taxpayer is responsive and demonstrates understanding of the seriousness of the issue. Explore Payment Options  Think outside of the box when it comes to potential ways to pay the IRS. There are programs that the IRS offers that you may be eligible for (offer in compromise or installment agreements are granted fairly often). In addition, you can use a credit card to make a payment, and often the interest rates are lower than the interest and penalties accrued from a tax debt. Audit Reconsideration If you have failed to respond to numerous notices previously sent by the IRS, then it is possible that the IRS has calculated the amount you owe incorrectly. You may be able to ask the IRS to reconsider the assessment amount and get the amount you owe reduced. Get Help  A potential tax levy is serious and you want to respond in a way that...

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Have You Suffered a Natural Disaster? The IRS Can Help!

Have You Suffered a Natural Disaster? The IRS Can Help!

By on Aug 29, 2014 in IRS Cases | 0 comments

Natural disasters come without any warning and can be absolutely devastating to your family. Whether it is a flood, a hurricane, tornado, or an earthquake, a natural disaster can hurt your home, your car, your keepsakes and have a lasting impact on your finances. Fortunately, the IRS allows you to recover some of the value of those lost items on your tax return. Surprising, maybe? But, if you and your family have recently been hit hard by a natural disaster, take note and take advantage of this benefit!  The IRS allows you to count unforeseen losses from a natural disaster as itemized deductions on your tax return. While this certainly does not take away the loss or bring your belongings back, it can really add up and provide a small bit of relief in the midst of a very stressful time.  What Qualifies as a Natural Disaster? The IRS defines a casualty as the damage, destruction or loss of property resulting from a sudden, unexpected or unusual event. This can be a natural disaster or the result of a man-made disaster. Some of the most commons examples that meet the IRS criteria include: Fires Storms (including ice storms and blizzards) Hurricanes Tornados Floods Earthquakes Mudslides Drought (must be sudden in nature) Vandalism Theft Getting Ready to Submit Your Tax Return Preparing for the April 15th tax deadline can be a bit overwhelming, especially after a trying and traumatic year. If you think that you meet the requirements to deduct some of the losses from a natural disaster on your return, you will need to use form 4684 and itemize your deductions using Schedule A. The IRS does not require you to submit supporting documentation with your return, but you should definitely keep this documentation on hand in case the IRS comes back to you with questions or in the event of an audit. Keeping these records is an extremely important part of this process. Determining how much you are allowed to deduct can get a bit complicated. In a nutshell, the IRS says that you must reduce your overall loss by $100 and that the remainder (after deducting the $100) must equal more than 10% of your adjusted gross...

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IRS Innocent Spouse Relief Experts in Houston Texas

IRS Innocent Spouse Relief Experts in Houston Texas

By on Jul 3, 2013 in IRS Cases | 0 comments

As a married couple, your tax filing choice is ‘married filing jointly’ or ‘married filing separately.’ You are often significantly better off in terms of overall tax liability if you file jointly, particularly if your earnings are unequal. This is because couples with unequal earnings who file jointly usually get a marriage bonus, paying less overall than if they were single. Joint liability However, if your joint taxes are filed incorrectly, there can be severe consequences because the tax liability is also joint. You may be in one of these distressing situations now, having just received a letter from the IRS outlining an understatement of tax that relate to activities of your current or former spouse. If your spouse dies, goes to prison, flees the country, or divorces you and disappears with no forwarding address, you can be left with the responsibility of what has happened. Also, the joint liability extends not just to whatever you put on your tax return, but also what may not have been disclosed on the tax return you signed. For example, if your spouse possessed millions of dollars in undeclared gambling winnings, you are just as liable for the tax as your spouse. Innocent spouse tax relief If you meet certain criteria set by the IRS, you may be eligible for innocent spouse tax relief in relation to this joint tax claim. Proof needs to be provided that you had no idea about the financial activity of your spouse or former spouse, and you were not involved in the activity or benefitted from the activity. If the IRS is trying to collect taxes from you that you think are really your current or former spouse’s problem, it is crucial that you properly communicate with the IRS regarding your situation. Expert help You need specialist tax advice from an expert team, such as our team at Success Tax Relief. We have years of experience dealing with innocent spouse cases and can help you through the process of collecting the necessary information and providing it to the IRS. However, it is critical that you do not delay. Innocent spouse requests must be filed within two years of the time the IRS first began collection activity....

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