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Tax Help

  • 911 Tax Relief Releases NEW National Commercial!

    Friday 23rd of August 2013 10:34:07 AM

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    911 Tax Relief Releases NEW National Commercial!

    You can view the new commercial HERE!

    As always 911 Tax Relief has helped clients save millions of dollars on IRS and State tax debt.  You can get a FREE tax debt evaluation by calling 1-866-499-1156 or visiting www.911TaxRelief.com!

  • IRS Opens Online Registration for FATCA

    Wednesday 21st of August 2013 4:45:39 PM

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    The IRS has officially opened the online registration for the Foreign Account Tax Compliance Act (FATCA).

    The system was designed for financial institutes that are required to register with the IRS to meet FATCA responsibilities.

    The application is a web based service with 24 hour accessibility.

    Starting in January 2014 the IRS expects all financial institutions to be registered with this application.

    For the full story you can visit http://www.irs.gov/uac/Newsroom/IRS-Opens-Online-FATCA-Registration-System

  • Energy Efficient Appliances Equal Tax Credit

    Monday 15th of July 2013 10:52:15 AM

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    Did you know that you can receive a tax credit directly from the IRS for having energy efficient appliances?  The tax credit applies to energy efficient dishwashers, clothes washers, and refrigerators manufactured after December 31, 2010.  You may claim a credit for each individual appliance.

    Tax credits range from $25 to $225 but there are certain stipulations and limits.

    You can read more about this and other IRS issues here.

  • IRS Provides Relief

    Wednesday 20th of March 2013 4:34:36 PM

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    If you had a problem filing your tax return due to the IRS not providing certain forms until after January then the Internal Revenue Service is trying to make things better. It was announced today that the IRS will in fact provide relief for the late-payment penalty that would have been assessed to individuals and business that are requesting an extension because they were unable to file due to missing forms.

    Regularly when filing late a 0.5 percent per month late payment penalty would have been assessed. The IRS is granting relief for this penalty. The relief pertains to any of the forms that were postponed until February or as late as March. This was due to the ratification of the America Taxpayer Relief Act.

    If you are a taxpayer that is claiming certain tax benefits as reduction abstractions as well as an array of business credits then you will qualify for this relief. You can visit Notice 2013-24 for a complete list of appropriate forms.

    Keep in mind that any individual or business that may qualify for this relief must adequately request an extension for 2012 tax returns. No special documentation is required on the extension request however as usual one must approximate their anticipated tax liability and pay that amount by the original due date of said tax return. Lastly, take note that interest will still incur if a tax payment is made after the original deadline.

  • Coach Purse or New Door, You Decide!

    Wednesday 20th of February 2013 1:14:31 PM

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    Most Americans will soon receive their income tax refunds and most likely spend it on some frivolous yet worthwhile expenditure like a vacation or the latest Coach purse. Well, the time has come to think about spending your tax refund on something that may benefit you in the long run like investing your money into your (usually) most expensive asset, your home.

    Last year the average tax refund was about $3000.00. Wouldn’t it have made sense to take care of your home rather than take a vacation that will probably be soon forgotten? I think so! By updating your homes’ features you will not only contribute to its prolonged existence, allow you to enjoy it better, and you will also be adding value to the home if you ever decide to sell it!

    Don’t worry too much if your tax refund is not too great, even moderate investments will improve your home’s overall value. There are many options available to you that will come under the average $3000.00 tax refund.

    Just to name a few:

    A new front door will not only boost curb appeal, improve security but it usually yields a return.

    A new garage door will increase your home’s resale value by an additional thousand or two.

    Weatherizing your home is not only quite inexpensive (a few hundred) but will also make you money, now. It will usually decrease your home’s energy consumption by about 35% meaning more money stays in your pocket.

    Painting your home to more up-to-date colors will increase the appeal in your home if you are deciding to sell it. Just think, for a few dollars you can update your home without having to remodel.

    Lastly, updating your homes lighting will help you save on energy costs as well as improves the home’s overall value.

  • Write Off Your Porsche?

    Wednesday 06th of February 2013 10:18:47 AM

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    Wouldn’t it be nice to buy a brand new Porsche and receive a 100% write off? Yes it would! Well, according to the transitory tax cut deal (100% Bonus Depreciation), President Barack Obama and Republicans agreed to last December, now you can. Of course there are some stipulations.

    You can now write off the full purchasing price of NEW vehicles, even if it is a luxury vehicle, as long as the vehicle is being used 100% for business purposes and the vehicle’s gross weight is over 6000lbs. Vehicles used less than 100% of the time for business purposes may have a lower depreciation value.

    Eligible 2011 models include the Porsche Cayenne Turbo (MSRP: $106,000), the BMW X6 M (MSRP: $89,200) and the Ford Lincoln Navigator (MSRP: $62,635). For a more thorough list of which vehicles fall under these parameters it is advised to take this up with a tax professional.

    For more information on this matter please visit the IRS website and look up Section 179 of the tax code.

  • I Can’t Pay My Tax Bill, What Do I Do?

    Monday 04th of February 2013 11:14:16 AM

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    So you have filed your taxes and you realize that you can’t afford to pay your tax debt, what do you do? The IRS has different programs set up to help with you paying your tax liability. One would be an installment agreement. Through installment agreements you can make monthly payments to the IRS. The only way you can qualify for this is if the IRS deems that you are not financially able to settle your tax liability. The downside to installment agreements is that the IRS will impose both penalties and interest on your current tax liability. Prior to applying for an installment agreement you must file all required tax returns, determine the largest monthly payment you can make with $25 being the minimum, be aware that all future refunds are forfeited until your liability is paid off and you must be able to show that you do not have alternative ways to pay off your liability like taking a loan or using credit cards.

    Another alternative is applying for an offer in compromise. An offer in compromise will allow you to settle your tax liability less than the full amount that you owe to the IRS. The IRS will consider many factors prior to accepting or denying this request. For instance they will look into your ability to pay, how much income you net, what your expenses are and if you have asset equity that will help pay off your liability to the IRS. For this option you must also be current with all your tax returns and you are not in an open bankruptcy.

    It is generally advised to go through a professional when trying to set up an installment agreement or applying for an offer in compromise. For more information or to speak to a tax expert please visit www.911TaxRelief.com.

  • I Can Deduct What?

    Friday 01st of February 2013 11:34:25 AM

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    The United States tax code consists of more than 73,000 pages and it grows constantly. In fact 10,000 additional pages have been added in just the last five years according to Bob Meighan, the vice president of customer advocacy for Turbo Tax.

    According to Meighan there are countless abnormal yet acceptable deductions. Here are just a few:

    Convention in the Tropics: You are fully capable of deducting your travel costs if you are traveling to places like Bermuda, Barbados or Grenada for a business convention, even Mexico, Canada and the US are acceptable. However let’s say you try to deduct a business trip you had in Moscow or Paris, well you better be able to prove the reason why because the IRS will frown upon this circumstance.

    Clarinets and music lessons essential thereto: If your child’s orthodontist prescribes him/her to play the clarinet as an attempt to correct his/her overbite then the clarinet and music lessons can also be deducted.

    A criminal’s defense: A criminal can deduct his lawyer’s fees on his income tax return on the argument that while the criminal is in court he is unable to make money from his primary source of income, ie shoplifting.

    Bad Debts: If you lend someone money and they fail to repay you can also deduct this from you taxes. The only stipulation is the debt must be 100% uncollectable in order to write it off.

    Swimming pools: Your MD must prescribe the use of swimming pools in order for that to be written off. For instance, if you have emphysema and must swim to improve your breathing, then yes you can deduct it.

     

  • Free to File Taxes

    Wednesday 30th of January 2013 10:27:05 AM

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    Tax season is finally open! The IRS has announced that today, January 30, 2013 tax payers are free to file their income taxes. But, that’s not all that’s free! Most tax payers are not aware that the Internal Revenue Service (IRS) has made it so that the public can file their taxes for FREE! Yes you heard that right! Now I know some of you may be thinking that since this is coming from the IRS it can’t be true or it’s some scam, well, you are wrong!

    As part as of an agreement the IRS made with “Free File Alliance,” tax preparation software is available for FREE from about 15 different commercial tax software providers including H&R Block and Intuit.

    Now there are some qualifications you must meet to be eligible for the free software and that usually depends on the actual amount of your income. If you made $57,000 or less and your income didn’t change dramatically last year, then yes you may file for free. You can also file for free in 22 states including the District of Columbia. For more information you can visit www.irs.gov to see which tax preparation software include Free State returns.

  • IRS IS FIGHTING BACK

    Monday 28th of January 2013 11:14:00 AM

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    As mentioned last week, Judge James Boasberg of the US District Court for the District of Columbia had ruled that the Internal Revenue Service does not have the power to standardize tax preparers. This ruling has made it impossible for the Internal Revenue Service to implement tax preparer registrations and competency testing systems. Well, the IRS is not taking this lying down. They are fighting back.

    Federal lawyers are arguing that the IRS does indeed have “reasonable likelihood” of winning the appeal. It has also been said that the public will have “irreparable harm” if Judge James Boasberg’s ruling is not suspended. The IRS’ lawyers say “substantial disruption to tax administration” and “massive confusion” for both tax preparers and the public.

    How does all this legal battles affect the average taxpayer? Well, it probably won’t affect them much unless they are paying a professional tax preparer to file their returns because preparer can’t renew or obtain their Preparer Tax Identification Numbers (PTIN). Without a PTIN a tax preparer absolutely can’t  file tax returns for their customers.

    Luckily, a majority of tax preparers obtained or renewed their PTINs prior to the end of 2012 according to Cindy Hockenberry, a manager with National Association of Tax Professionals. Those that have dragged their feet are just out of luck right now, as are their customers.

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