Finance, Loan, Debt and Credit.

January 18, 2018

Irs Tax Debt and Missing Tax Returns: Double Trouble

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Double your pleasure…Owing the IRS money is a hard thing to deal with. There can’t be anything much worse…right? Well you could owe the IRS money and have un-filed tax returns. How can it be worse you ask? Aren’t the un-filed returns included in the debt? You have to be compliant. When you’re in debt to the IRS you do have some options to deal with that debt. Whether you want to setup a monthly payment plan, or try to settle your debt with an Offer in Compromise. Un-filed tax years put a big red stop sign in front of any negotiation efforts. Why? You’re not in compliance with the IRS. Compliance means you have to be up to date with all of your filings. If you are not in compliance the IRS won’t work with you. Collector’s paradise…Don’t get me wrong the IRS will work to get your money, but they’ll do so through bank levies, wage garnishment, and asset seizures. Not all bad…Of course the IRS is perfectly willing to get you in compliance. In fact they’ll even do it for you. This is called a Substitute Filing Return, and if the IRS does this your existing debt will multiply before your eyes. Here’s the secret…So you want to settle your debt without the IRS taking your stuff. You don’t want the IRS to file your returns for you and cause you to owe even more money. The question is: what can you do?

You can file those returns is what you can do! Depending on how far back those returns go you may not have all of the financial records from the time. You can get your basic information from the IRS in the form of a wage and income transcript. If you have any information for deductions or credits available great! If you don’t you’ll just have to settle for what is available.

If the IRS has Substitute Filed your returns you have to provide complete proof that their return was wrong. If you don’t have the proof, you’ll have to accept their return for you.

Once you’re in compliance however you can begin working on your tax debt. You can put yourself into a position to at least discuss payment options with the IRS, or even settle your debt. Now you have the Smoking gun…Use it!

Richard Close was an IRS-Hitman. He was a revenue officer who took out anyone that owed the IRS money. He left that behind and now helps thousands of Americans beat Uncle Sam and save thousands of dollars. The IRS-Hitman can help you with your tax debt problems. He offers free advice and tips on removing wage garnishments and bank levies; and arms you with the skills to slash your tax debt: Visit at: or, or contact: email [email protected] or 1-888-248-9058.

January 17, 2018

Online Tax Preparation – How To File Tax Returns From Home

Filed under: Tax — Tags: , , , , , — admin @ 12:47 am

This is why we have got things like dishwasher and microwave. This convenience carries to every aspects and phases of life. Most of the people find to file their taxes hard and consider it to be a troublesome activity. They are in a notion that it is not easy and want better ways to do it. Fortunately computer programmers and businesses have developed the process of online tax preparation keeping the keeping the issue of the public in their minds. For sure there are hundreds of service providers in the internet. The best thing of this is that there is no need to download any kind of software. Every step can be carried out in the net itself from filling up of forms to tax-filing process with the aid of government. Hence the preparation of online tax has eased the lives of people. Most of the people don’t like the tax season after all. They start to feel the heat by 14th of April which is the final date and they don’t relish that they need to send the forms by the prescribed date. The online method of tax filing will help you reduce the stress level during certain tensed season.
Few steps are to be followed and learnt before one starts using the preparation of online tax which helps in taxes. You just need to be aware that you make use of a reputed site of a good company to fill up your taxes. In frame to save your funds and identity and to protect them you must try to make use of the companies and websites which is quiet familiar and well-heard and which really is capable of proving itself a true deal. You must never forget to read the policies of website security. You must be well aware that they contain a good internet security which will protect your valuable information. If checking out is completed then the usage of the tax preparation online can be made use with zero worry.
Going to the website of IRS and looking the present year’s tax details will provide you a big list of websites which can be made use of during the filing period and which is considered to be safe by IRS. The websites which provide free online tax preparation is also listed. This turns out to be really helpful as it saves a hell lot of cash. Just that the online process is free of cost it doesn’t apply during the filing of taxes. Lot of sites files you with certain federal tax returns which are free of cost and the state return is charged.

Abhishek is a Tax Consultant and he has got some great tips on Filing And Understanding Taxes! Download his FREE 84 Pages Ebook, “Taxes Made Easy!” from his website . Only limited Free Copies available.

January 14, 2018

E-filing Tax Returns – Supported Federal Documents

Filed under: Tax — Tags: , , , , — admin @ 12:47 pm

Tax can be a complicated matter. Perhaps that’s why many people feel stressful when it’s time to file for tax returns. For example, different types of wages or earnings require different forms. When filing for tax returns, the first thing you need to do is to make sure that you got all the forms that you need. Traditionally, e-filing is a tedious process. You wait for the forms to arrive in your mailbox, and if you didn’t receive them, you may have to request for a set of tax forms. Although mail is a rather reliable service these days, mistakes still happen. Once in a blue moon, a letter goes missing or misplaced. And you are left wondering why the tax forms have not arrived. Then when you get your hands on the tax forms, you keep delaying filling them up because it’s such a chore! There may be several forms that you need to fill up, and the forms certainly look discouraging. Lots of policies, terms and conditions that you must read and be familiar with. Most people hate the task of filling in the forms, so they put it off until the very last minute. When the deadline draws near, everyone starts to panic. That’s because there may be certain penalties imposed if the tax is not filed by the deadline. In addition, many people are not well prepared with the necessary financial numbers to complete a set of tax returns in one sitting. If you have several businesses or multiple streams of income, you may be going through this at this moment. To avoid such last minute filing, which increases the chance of mistakes, always plan ahead. Keep your financial records well organized, and start to close your accounts as soon as the year ends. Don’t wait for pressure to build up. Work on it actively. A good way to reduce the pressure is to go digital – e-File your income tax online this year. In brief, here is how e-filing works. You start by creating a new account with your SSN. Choose a user name and password that you are familiar with so that you don’t forget them. Once your account has been created, you can immediately go through the interview process and starting filling in the numbers. You should do this as early as possible because you can break the e-filing process into different stages. When you start, you may not know exactly the numbers that you need. That’s okay. Just go through the interview process. If you find that there is any missing numbers, you can always save the submission details, and continue at a later date. That way, you don’t have to wait till the last minute to file for your taxes. If your e-file has been accepted by IRS, you may even receive your refunds via direct deposits in as little as 7 to 10 days!

For more information on Federal Tax Forms and efile tax returns, please visit our websites.

January 12, 2018

How To Qualify As A Dependent On A US 1040 Tax Return

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Other than fitting the description of a constant liability, what other qualifying attributes must one have, to be classed as a dependent, and how do you determine this for tax purposes? The following paragraphs explain the qualifying tests for determining dependency as it relates to your tax status, liability and available credits. First, we need to make you aware that there are two different types of dependents.

There are several “qualifying tests” an individual must pass, in order to be qualified as a dependent on a US 1040 tax return. The tests for dependency are centered around the actual support tests that the candidate must pass; first, the qualifying individual must be the taxpayer’s child, stepchild, foster child, sibling or stepsibling, or a descendent of one of these (such as a niece or nephew), second the qualifying individual must have the same principal residence as the taxpayer for more than half the year and there are exceptions for children of divorced parents, kidnapped children, and for children who were born or died during the year, third the qualifying individual must be under the age of 19, or 24 if a full-time student and fourth, the qualifying individual must not have provided for more than one-half of their own support during the year. There are some additional rules that a dependent must pass, that really have nothing to do with the amount of support provided, but do determine their eligibility as US citizens and the ability to be considered for dependency. First, the qualifying individual must be a US citizen or national, and their marital status must be single, unless the are married but did not file a joint return for that year, or there was no tax liability that existed for either spouse had they filed separately.

If the qualifying individual can pass all four of the above described qualifying tests, as well as the additional rules, then any of the deductions, exemptions, and credits that are available can be used. For instance, child care expenses, child tax credits, dependent care expenses, earned income credit, and any associated itemized deductions may be claimed if the qualifying individual is determined eligible.

Determining eligibility in many cases means the difference between owing tax on your return, and the eligibility to file as head of household, and receive a refund that would include earned income credit. The earned income tax credit is a negative tax, and an attempt by the government to provide lower and poverty level income families with the opportunity to receive much needed assistance with caring for and supporting their families. Today, however, the earned income credit is becoming an opportunity for some segments of the public to abuse the goodwill of their government and falsify claims of dependency qualifications.

The child and dependent care expenses cover things like daycare, after school care programs, and any other form of paid care that is necessary for the qualifying individual to receive while the taxpayer is away at work. The only thing to watch here is that all qualifying individuals for the child and dependent care expenses must be under the age of 13.

The child tax credit is comparable to the earned income credit, in that it is a straight credit, dollar for dollar deduction of your tax liability. The child tax credit may only be taken by individuals with a qualifying dependent that is under the age of 17.

As you undertake the task of determining if your dependent meets the qualifying tests, and can actually provide some benefit in tax reduction at the end of the year, remember that it may take a little work, but the potential payoff could be well worth the time it takes to determine if you are single with no dependents, or head of household with a dependent and the opportunity to claim earned income credit, child care expense deductions, as well as file for the child tax credit. The result could be amazing!

Dassana Jayalath is the author of WebSuperTips newsletter. Download Free eCourse : Newbie’s Guide To Profitable Internet Home Business

January 8, 2018

Form 4868: Top Five Reasons to File an Extension For Your Personal Tax Return

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Looking for a reason for put off until October 15 what you can do on April 15? Do you need some encouragement to join America’s largest group of procrastinators? Then read on to discover five good reasons to join millions of other loyal American taxpayers who legally file their tax return late, without any late filing penalties and without being harassed by the IRS.

Reason 1: It’s free. It won’t cost you a dime to file Form 4868. Well, it’s almost free. If you file Form 4868 by snail-mail, it will cost you a whopping 42 cents.

Reason 2: It’s automatic. You don’t have to have a good reason, a bad reason, or any reason at all. Just send in the form and that’s all there is to it. No need to come up with some lame excuse like “My dog ate my W-2.”

Reason 3: It’s relaxing. Remember how you’ve spent April 14 or April 15 in previous years? It’s way past your bedtime, coffee pot still brewing, an opened bottle of Tylenol on top of your calculator, papers strewn all over your desk, receipts everywhere. Is this anyway to prepare your tax return? Of course not. Do you really need another source of stress in your life? File the extension and now imagine what you’ll be doing on April 15 while thousands of frantic taxpayers are stuck in traffic at their local post office; instead, you’ll be working in your garden or reading a good book, because you’ve got all summer to finish your return.

Reason 4: It’s easy. As tax forms go, this is one of the easiest tax forms to complete. You put in your name, address and social security number – and you are already halfway done! Only four more lines to go: an estimate of your 2008 tax liability, the total amount of 2008 tax payments (from W-2 or 1099 withholdings and/or quarterly estimated tax payments), any balance due, and the amount you are paying with the form. A tax form can’t be any easier than that.

Reason 5: It’s fast. You can use your tax preparation software program to e-file Form 4868. Talk about fast. You push the Enter button on your keyboard and the data gets transmitted to the IRS in a nanosecond. You’ll then receive an electronic confirmation from the IRS after the form has been processed and accepted. If you use a tax professional to prepare your return, he/she should be able to e-file the form for you, and since no signature is required on this form, getting it done quickly can take as little as a 5-minute phone call.

Wayne M. Davies is author of 3 ebooks on small business tax reduction strategies. For a free copy of his Special Report “How To Instantly Double Your Deductions”, visit .

January 5, 2018

Shortage of Accountants in the Us Leads to Tax Returns Prepared From India

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A report by Pune-based ValueNotes, estimates that as many as 360,000 US tax returns were prepared in India in 2006. It anticipates further growth, estimating at least 1.6 million returns will be prepared here in 2011. The estimates are conservative and the potential is much larger at 22 million returns per year by 2011, but actual offshoring will be limited by CPA firms’ inhibitions about offshoring. However, competitive pressures could force many more firms to offshore.
Says Glen Keenan, President of Xpitax, a facilitating outfit “The whole outsourcing business requires quite a shift in thinking for the CPA firms, so comfort factor has to be really high in order to do that”
The accounting and audit services are relatively new in offshoring and are gradually gaining maturity with each passing tax season. Unlike other services, which are traditionally outsourced due to cost pressures, the demand for Returns offshoring is stems from the lack of accountants and excessive workload during the “tax season”. The number of CPAs and other qualified accountants in the US are just not enough to meet the increasing demand from increasing tax compliance, SarbanesOxley related work, estate planning, advisory etc. The demand-supply mismatch has led to severe competition for experienced accountants and salaries are skyrocketing, even at starting levels. CPA firms are discovering that offshored Returns are not only turned around faster, but are also 40% to 60% cheaper. CPA firms after initial success with Returns preparation is slowly sending more work offshore: bookkeeping, financial statements analysis etc
Adds ValueNotes CEO, Arun Jethmalani, “The industry will quickly move beyond 1040s. Both the vendors and buyers are at an inflection point on the maturity graph, and we expect tax returns preparation will drive penetration into a wider range of offshored professional accounting services.”
The Indian offshore services provider landscape consists of captives of the Big Four audit firms (KPMG, PriceWaterhouseCoopers, Deloitte and Touché and Ernst & Young), American facilitating firms / agencies (Xpitax, SurePrep, CCH, IFR), Tier-1 multi-service BPOs (MphasiS, Datamatics, OPI), Tier-2 BPOs (PB Tech Impact Solutions, Cosmic Internet Technologies) and F&A BPOs owned/ controlled by Indian Chartered Accountants (GKM Management services, Business Accounting Services, Accountant Anywhere, Enablizer)
Pratibha K, analyst at ValueNotes feels “Facilitators like Xpitax and SurePrep are best positioned to service CPA firms, while Indian CA BPOs are well placed to operate as complete back-offices for accounting firms”
Based on analysis that included extensive primary research, ValueNotes has picked three winners from the current crop of vendors: Xpitax, GKM Management Services and Business Accounting Services.
Karthikeyan, MD, GKM Management Services opines, “As Chartered Accountants, we feel our biggest advantage is that we can speak the global language of accounting with the CPAs. We feel this is a good differentiating factor for us compared to the large corporate vendors. CPAs are bound to trust us more than the tech companies because of our common accounting background.”
The ValueNotes report titled “Offshoring Tax Return Preparation to India” suggests that return preparation will set the stage for other accounting services to be sent to India.

January 3, 2018

Tips On Getting Accurate Tax Returns For Independent Contractors

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If you are working on your tax return independently, there are many available sources of information that you need. One way can be through the internet. However, it will be helpful for you would begin at your own situation first. In ensuring accuracy and precision on the available information and in your records of income, you might need help from professionals too. There are some processes that you are not so knowledgeable with and in these cases, law provides many different situations such as tax breaks and deductions.
There are many different sources available for you if you are working as independent contractors tax help. One way of securing the needed help is through hiring a professional that is specialized in the field of tax filing for individuals that independently work on any company. Software program is also a good option. There are many available software programs that can help you in this field. There are also useful information available in the web especially in the IRS website. But keep in mind that before doing any of this steps, organize first all your necessary persona; information.
All the mentioned sources are useful for independent contractors tax help. However, organize your personal financial paperwork first before trying to contract them. Know all the important details such as tax identification numbers and names of all the businesses and companies that you have worked for. Know also the financial sides such as how much you have made out of working at them or even the tax deductions that they made for you. These are very important details when you are filing your taxes. Any small details in your income must be accounted. Then, collect all the receipts that show your business expenses. All these receipts must be clearly defined to present the different expenses that the business paid. There are some expenses that are tax deductible, but there are also some that are not, hence, professional independent contractor tax help will be helpful in this case.
One advantage of getting this kind of information to an independent contractors tax help is that you can save on your taxes as much as possible. They can help you in filing precise information and hence help you avoid paying much. Mistakes are very much common to independent contractor filing because it is more complex than the individual return filing. However, having a professional independent contractor tax help by your side, you can be assured in having the right decision and of course, you may save some money.

Abhishek is a Tax Consultant and he has got some great tips on Filing And Understanding Taxes! Download his FREE 84 Pages Ebook, “Taxes Made Easy!” from his website . Only limited Free Copies available.

January 1, 2018

Time To File For Income Tax Returns

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Learn more about Tax Return and Free Tax Returns from free 1040 tax returns.

December 29, 2017

How To Efile Tax Returns Quickly And Easily

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Learn more about efile tax return and efile tax returns from our website.

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