Tax exempt organizations that wish to retain their tax exempt status have only a few weeks to comply with some new legislation that passed through congress four years ago. Not only could they lose their own ability to make purchases of goods tax free, but donors to their organizations would no longer be able to write off contributions. The bad news is that the deadline to take certain actions is October 15, less than 2 weeks away. The good news, however, is that the matter can handled fairly easily. Read the rest of this entry »
Tax Exempt Status Deadline Rapidly Approaching
Posted by taxreliefattorneys on September 6, 2010
Posted in Non-Profits and Charities, Taxes and Politics | Leave a Comment »
A Look Into the Tax relief Industry
Posted by taxreliefattorneys on August 31, 2010
Tax relief companies can sometimes find themselves the victim of bad press, or critical reviews from customers and certain internet sites. In some cases this can be due to a disgruntled client that, after handing their case over to a tax relief company for representation and resolution with the IRS, simply didn’t like the results.
Tax relief companies can work wonders with most peoples’ problems. But, the IRS is making it increasingly difficult to simply get off without paying anything back. Huge federal budget deficits have forced the treasury department to reach out to Americans and recover back taxes more aggressively than in recent history. And the IRS, the world’s largest collection agency, is charged with that task. Read the rest of this entry »
Posted in Personal Finance, Tax Relief Law, Taxes and Politics | Leave a Comment »
Tax Relief for Military Homebuyers
Posted by taxreliefattorneys on August 26, 2010
First time homebuyers that serve in the military, or work as certain federal employees have some unique tax relief opportunities available to them. The Worker, Homeownership and Business Assistance Act was signed into law on November 6, 2009, and extends and expands on the first-time homebuyer credit. According to the IRS website, the new law has the following three primary ramifications: Read the rest of this entry »
Posted in Military and Veteran, Personal Finance, Tax Relief for Federal Employees, Tax Relief Law | Leave a Comment »
Filing Tax Returns Late Better Than Not Filing at All
Posted by taxreliefattorneys on August 24, 2010
Filing your tax returns late is better than not filing them at all, and the earlier you file them the better. Having unfiled returns pile up year after year will only accomplish two things. One is that you will wind up paying a great deal more money in penalties and interest. The other, which will exacerbate the first thing quite a bit, is that the IRS (and state) will generate tax returns for you. And it’s not like they are going to spend a great deal of time itemizing your deductions to ensure you pay as little as possible. Read the rest of this entry »
Posted in Personal Finance, Tax Relief Law, Tax Returns | Leave a Comment »
Higher Taxes Hitting American Families
Posted by taxreliefattorneys on August 20, 2010
As a result of healthcare reform, the expiration of George W. Bush’s tax cuts and a few other pieces of legislation, what has been referred to (by opposition from the GOIP, mostly) as the largest tax hike in American history is coming down the pike. Taxpayers should be aware of the new laws and how they will affect the bottom line of the average American family. Read the rest of this entry »
Posted in Federal Income Tax, Health Care Reform, Personal Finance, Tax Relief Law, Taxes and Politics | Leave a Comment »
Tax Relief for Hiring Prisoners
Posted by taxreliefattorneys on August 18, 2010
A recent story arose from the gulf coast oil-spill disaster regarding the hiring of prison labor by British Petroleum, to clean up areas damaged by the ill-fated Deep Water Horizon. Louisiana has the dubious distinction of having the largest prison population of any American state, about 39,000. The state only has facilities to house half of that population, the other half are housed by private, for-profit penal institutions. The prisoners are made available as free, or very cheap labor, by work release centers and parish jails. Read the rest of this entry »
Posted in Business Tax, Non-Profits and Charities, Tax Credits, Tax Relief Law, Taxes and Politics | Leave a Comment »
New Mandate Poses Huge Burden to Small Business
Posted by taxreliefattorneys on August 17, 2010
Advocates of Obama-Care might have a change of heart when they hear about a previously little-known footnote that could pose an almost insurmountable burden on over 30 million small businesses. The law mandates that companies file a Form 1099 for any-and-all business-to-business transactions exceeding $600 annually Read the rest of this entry »
Posted in Business Tax, Federal Income Tax, Small Business, Taxes and Politics | Leave a Comment »
Death and Taxes: Well, Death Anyway
Posted by taxreliefattorneys on August 16, 2010
This year, the estate tax and generation-skipping transfer tax have, temporarily, disappeared. If you (or your tax preparer) put together and send in a Form 706, the IRS will promptly send it right back to you. They simply have no place to put it.
Congress is still doing battle over issues like the Bush-era tax cuts and has yet to pass an estate tax fix. And with disagreement over the various tax extenders, it’s unlikely that any resolution will happen this year. Many of the tax cuts were launched back in 2001 with the Economic Growth and Tax Relief Reconciliation Act. Because they were passed under budget reconciliation rules, and therefore will only apply for ten years, they are set to expire in 2011. At that time get ready for estate taxes to jump, as mush as 55% Read the rest of this entry »
Posted in Estate Tax, Personal Finance, Tax Relief Law, Tax Returns, Taxes and Politics | Leave a Comment »
New Federal Measure to Close Tax Loopholes
Posted by taxreliefattorneys on August 12, 2010
A $26 billion measure (HR 1586), to provide relief to states for emergency funding for teachers, emergency responders and state health insurance, was signed into law on August 10. To pay for the measure, a number of tax loopholes used by some companies to escape taxes and ship jobs overseas were closed down tight. Read the rest of this entry »
Posted in Business Tax, Taxes and Politics | Leave a Comment »
Tax Relief For Non-Profits
Posted by taxreliefattorneys on August 9, 2010
In 2006, Congress passed a relatively little-known measure called the Pension Protection Act. The law permits the IRS to revoke the non-profit status of organizations with less than $25,000 in gross annual receipts, if they fail to file a Form 990, Return of Organization Exempt of Income Tax. The failure to file Form 990 must occur for three consecutive years. Read the rest of this entry »
Posted in Federal Income Tax, Non-Profits and Charities, Tax Relief Law | Leave a Comment »
BP Spill Relief: With Tax Relief On The Side
Posted by taxreliefattorneys on August 5, 2010
Today, officials at British Petroleum announced the end of the months-long oil spill that has been ravaging the gulf, threatening permanent damage to both the environment and thousands of local businesses throughout the region. A report from the government released today claimed that only about a quarter of the spilled oil currently remains in the water. The other 75 percent, apparently, has been dispersed using chemical agents, skimmed off the surface or simply evaporated away. Read the rest of this entry »
Posted in Business Tax, Small Business, Tax Relief Law | Leave a Comment »
Small Business Tax Relief, Continued
Posted by taxreliefattorneys on August 4, 2010
Start-up expenses for small businesses, up to $20,000, become tax-deductible according to H.R. 5846, the 
. The new legislation was just passed by the House in mid June, 2010. The bill would also allow non-recourse Small Business Administration loans to qualify for relief from some of the exceptions to at-risk loan rules. So, business expenses paid with those loans become deductible against related business income. Read the rest of this entry »
Posted in Business Tax, Small Business, Tax Credits, Tax Relief Law, Uncategorized | Leave a Comment »
Small Business Jobs Tax Relief Act of 2010
Posted by taxreliefattorneys on August 2, 2010
Tax cuts and debates over balancing the federal budget have been a great source of tension in the past couple of years. A new bill, called the Small Business Jobs Tax Relief Act of 2010, passed the House on Tuesday, July 15, by a margin of 247-170. The bill is yet to be brought up for a vote in the Senate. Read the rest of this entry »
Posted in Business Tax, Small Business, Tax Credits, Tax Relief Law | Leave a Comment »
Tax Shelters For Homeowners
Posted by taxreliefattorneys on July 30, 2010
The federal government allows interest payments made on home loans to be deducted from income tax. In this way, they can encourage home purchasing, which has a positive affect on the economy. So long as the home is your principal residence, you can deduct the interest of that and any additional land you purchase adjacent to the residence. You can deduct interest paid to purchase a second residence or vacation home as well. For married, jointly-filing couples, there is a $1 million limit on the deduction. It drops to half the amount for single taxpayers. Read the rest of this entry »
Posted in Homeowners Tax Relief, Personal Finance, Tax Relief Law | Leave a Comment »
Your Shelter is the Best Tax Shelter
Posted by taxreliefattorneys on July 30, 2010
Anyone on the lookout for a good tax shelter should know that one of the best is the same place you shelter everything else you have, your home. The interest on your mortgage is tax deductable, as well as the property taxes you pay. And, when you sell your home, you can almost always keep the gains. And, in recent years, your home could be a potentially even greater tax shelter that ever before. Read the rest of this entry »
Posted in Federal Income Tax, Homeowners Tax Relief, Personal Finance, Tax Relief Law | Leave a Comment »
Tax Relief When You Need it Most
Posted by taxreliefattorneys on July 30, 2010
Don’t Wait to File That Return!
A commonly held myth about obtaining tax relief is that you should avoid taking care of your back taxes during economic hard times. Many people feel that if they contact the IRS in order to file their back taxes, they’ll wind up in the poor house or debtor’s prison. The fact is, the IRS will attempt to collect whatever taxes you owe, but even they know that you can’t extract blood from a stone.
If you are in need of IRS tax relief, and you have fallen upon difficult economic times as a result of the current recession, there are options available to you. The IRS can work with you to set up a payment plan, allowing you to cover your debt over a period of time. Or, you might even be eligible for an Offer in Compromise. An OIC allows you to make an offer to the IRS to pay less than the actual debt you owe.
If you can show the IRS that would be thrown into financial hardship by paying your full tax burden, it may be possible to qualify for an OIC due to Doubt as to Collectability or Effective Tax Administration.
Being out of work, broke, and deep in debt is nobody’s idea of an ideal situation. But, at least, you have the ability to leverage your lack of ability to pay to reduce your debt, penalties and interest to a lower amount, and possibly even to zero! Your first move should be to contact a qualified tax relief professional.
Disclaimer: The information contained in this article is in no way intended for use as legal tax advice. No assumption should be made that a tax attorney, enrolled agent or former IRS employee was involved in the creation of any content herein. Advice on personal or business tax matters can be obtained by contacting Advanced Tax Help at (800) 970-8704, or by logging on to www.advancedtaxhelp.com
Posted in Federal Income Tax, Tax Relief Law, Tax Returns | Leave a Comment »
It’s Never Too Late to File Your Own Return
Posted by taxreliefattorneys on July 26, 2010
Here is the scenario: You’ve avoided your taxes for the past seven years. The last time you did file, you wound up owing more in taxes, penalties and interest than you could possibly afford. So, you “lost” your return and haven’t filed one since. In the majority of situations, it is both legally mandatory and just plain wise to file you tax returns each year. If you don’t, there are a handful of things that can happen, and none of them are good. Read the rest of this entry »
Posted in Tax Relief Law, Tax Returns | Leave a Comment »
Tax Relief in Retirement, Continued
Posted by taxreliefattorneys on July 23, 2010
Below are a few more examples of common situations associated with retirement that tend to be handled erroneously. Some of these scenarios can get pretty complex, if you are seeking retirement tax relief, be sure to consult with a tax relief professional, tax attorney, Enrolled Agent or Certified Public Accountant (CPA). Read the rest of this entry »
Posted in Personal Finance, Retirement Tax Relief, Tax Credits, Tax Relief Law | Leave a Comment »
Tax Relief in Retirement:
Posted by taxreliefattorneys on July 21, 2010
Avoid IRS Trouble Once You Stop Working
A commonly held myth about retirement is that once you stop working, taxes will be lower than in previous years. The sad truth is that they are not. The American population is growing older. Baby boomers are entering retirement in droves, and starting to outnumber the working public. The government simply cannot afford to lessen taxes for the elderly/retired population. Read the rest of this entry »
Posted in Federal Income Tax, Personal Finance | Leave a Comment »
Stealing From The Government:
Posted by taxreliefattorneys on July 19, 2010
How the IRS Views Non-Payment of Business Payroll Tax
The IRS can be somewhat of a bully when it comes to filling their mandate to the U.S. government, and collecting income tax from American taxpayers that are reluctant to pay them. But if you are a business owner, and you haven’t paid your business payroll tax, you may see an even uglier side of the IRS. Read the rest of this entry »
Posted in Bank Levy, Federal Income Tax, Personal Finance, Small Business, Tax Credits, Tax Relief Law | Leave a Comment »
