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***OWE IRS?! WE CAN HELP SETTLE YOUR DEBT FOR LESS!
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Are you struggling to pay your federal taxes? If so, the IRS Fresh Start program for individual taxpayers and small businesses can help. The IRS began Fresh Start in 2011 to help struggling taxpayers. Now, to help a greater number of taxpayers, the IRS has expanded the program by adopting more flexible Offer-in-Compromise terms. This expansion will enable some of the most financially distressed taxpayers to clear up their tax problems, possibly more quickly than in the past.
What is an Offer in Compromise? An OIC is an agreement between a taxpayer and the IRS that settles the taxpayer’s tax liabilities for less than the full amount owed. Generally, the IRS does not accept an OIC if they believe the liability can be paid in full as a lump sum or through a payment agreement. The IRS looks at the taxpayer’s income and assets to make a determination of the taxpayer’s reasonable collection potential. OICs are subject to acceptance on legal requirements. Why is the IRS making this change? The IRS recognizes that many taxpayers are still struggling to pay their bills so they have put in place common-sense changes to the OIC program that more closely reflect real-world situations. This expansion focuses on the financial analysis used to determine which taxpayers qualify for an OIC. These changes also enable some to resolve their tax problems in as little as two years compared to four or five years in the past.
If you are a potential client, don’t wait until the last minute to have your free initial consultation with us. We will be happy to evaluate your position and recommend steps that could result in significant improvements and savings – both for the current year and for many years to come. • keeping your taxes as low as the law allows • offering financial planning & analysis to assist in growing your business • designing record keeping and accounting systems that improve business operations • helping you solve your business problems and increasing profitability • maximizing your overall savings • other areas that are specific to your particular situation
We are not attorneys nor a CPA firm. However, if we determine that your organization is required or would be best served by a Tax Attornry or Certified Public Accountant, we will help find one for you. Personal service for all clients has always been very important to us. I promise you will be treated with respect, integrity, discretion, and friendship and you will be glad you joined our family of clients.
Q: What is capital gains?
A: A capital gain is a profit that results from investments into a capital asset, such as stocks, bonds or real estate, which exceeds the purchase price. It is the difference between a higher selling price and a lower purchase price, resulting in a financial gain for the investor.Conversely, a capital loss arises if the proceeds from the sale of a capital asset are less than the purchase price.
Q: What is a split refund?
A: A split refund lets you divide your refund, in any proportion you want, and direct deposit the funds in up to three different accounts with U.S. financial institutions.
Q: How do I know if I have to file quarterly individual estimated tax payments?
A: You must make estimated tax payments for the current tax year if both of the following apply:
You expect to owe at least $1,000 in tax for the current tax year, after subtracting your withholding and credits.
You expect your withholding and credits to be less than the smaller of:
90% of the tax to be shown on your current year’s tax return, or
100% of the tax shown on your prior year’s tax return. (Your prior year tax return must cover all 12 months.)
Q: Can I receive a tax refund if I am currently making payments under an installment agreement or payment plan for a prior year's federal taxes?
A: No. As a condition of your installment agreement, any refund due to you in a future year will be applied against the amount that you owe.
• The IRS will automatically apply the refund to the taxes owed.
• You must continue making your installment agreement payments as scheduled and in full because your refund is not applied toward your regular payment, and therefore any payments due under the installment agreement must still be made in full..
• Regardless of whether you are participating in an installment agreement or payment plan with the IRS, you may not get all of your refund if you owe certain past-due amounts, such as federal tax, state tax, a student loan, or child support. For more information you can contact Financial Management Service (FMS) toll-free at 800-304-3107.
Q: For head of household filing status, do you have to claim a child as a dependent to qualify?
A: In certain circumstances, you do not have to claim the child as a dependent to qualify for head of household filing status; for example, a custodial parent may be able to claim head of household filing status even if he or she released a claim to exemption for the child.
A Notary Public is a public officer of the State of New Jersey who serves as an impartial witness to the signing of documents and to the acknowledgement of signatures on documents. A Notary Public may also administer oaths and affirmations.
"I am not an attorney licensed to practice law and may not give legal advice about immigration or any other legal matter or accept fees for legal advice."