Tax Debt Problems in Fayetteville NY 13066

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Back Taxes Fayetteville NY

It’s the time of the year when everyone is trying their best to figure out how to avail tax benefits or as a layman would put it, how to save tax. People opt for one of the several tax saving options, like claiming interest and principal components of their home loan, life insurance premiums, medical expenses, etc. What most people don’t realize is that one of the simplest options is to donate to Irs Tax Debt Help Fayetteville NY charities, for it doesn’t just entitle you to 100% tax deduction, but also helps you do your bit for a cause.

Donate and Save Tax

In accordance to the Income Tax ACT, charitable institutions are eligible for income tax exemption under Section 11. Similarly, donors are entitled to tax benefits under Section 35AC, Section 80G, Section 80GGA, etc.

35AC / 80GGA: If your source of income is business or profession and you are donating to institution Fayetteville NY approved by the National Committee (Finance Ministry) for carrying out any eligible project or scheme, then you are entitled claim 100 % deduction of your donation amount under Section 35AC. The assesses with source of income other than Business can claim deduction for this contribution under section 80 GGA.

80G: Under Section 80G, 100% or 50% tax deduction can be claimed depending on which purpose and the agency you are helping. If you are Irs Tax Debt Help Fayetteville NY donating to the Prime Minister’s National Relief Fund and other funds specifically listed in the IT Act, you are entitled for 100% tax benefit.

The donation to other Non-Governmental Organisation’s who are Registered with Income Tax Dept as eligible to raise donations with section 80G benefit, are eligible for 50% deduction for tax purposes.

Charitable institutions use these provisions in the Income Tax Act to encourage donors.

Which Institutions Are Eligible?

One has to be careful as Fayetteville NY tax benefits can only be claimed on donation to certain institutions/non-governmental organisations. It’s the prerogative of the Central Government to approve the specific program of charitable institutions for benefit under section 35AC / 80GGA.

How Do Tax Deductible Donations Work?

Let’s say your taxable income for the said financial year is Rs. 2,00,000 and you make a donation of Rs. 5,000 to a charitable program approved under section 35 AC, then your net taxable income Fayetteville NY will come down to 1,95,000 and your tax will be calculated on this amount. The institution you have helped will issue a certificate to you for your contribution, which you can then use to claim exemption from taxable income. Simply put, the exemption works by reducing the donated amount from your taxable salary.

In the end, considering that not-for-profit organisations are playing a significant role in bringing about social and economic change in the Fayetteville NY country, it’s important that they get support from all quarters. This is where you come into the picture. You can come forward and contribute. Your support will help to reach out to more beneficiaries and bring about a much-needed change in the society.

 

Tax Debt Help Fayetteville NY

 

Many tax relief companies brag about their staff chock full of former IRS agents.  At first glance, the concept seems good. Let’s examine the reasons people assume former IRS agents would be helpful and then determine if they carry any real value for a person with tax debt problems.

Former IRS agents have an “inside connection”

The implication of “knowing someone inside” is a hoax. The IRS has over 150,000 employees, no one has an “inside connection” Irs Tax Relief Fayetteville NY with 150,000 people. If you call the IRS 10 times, you’ll get 10 different people in 10 different States. If someone did have an “inside connection” the IRS has a built in checking system to stop all special deals.

Former IRS Agents have a “special knowledge” or “know the system”

Everyday our lawyers tell IRS agents how their own system works. Everyday we make them look in their own books to follow the laws Congress has laid Fayetteville NY before them. Everyday IRS agents make up the rules as they go, until we catch them and force them to follow the real rules. This happens everyday. Retiring from the IRS doesn’t suddenly wake up agents up to the law. Recently, an agent told us she does not accept faxes. Well we’ve been sending faxes for ten years, much to her dismay. Finally, we got her boss to help her “find” the fax machine. She Help With Irs Debt Fayetteville NY had only been working there for 17 years, how could she be expected to know where the fax was or to walk the 12 steps to it. The scary news; three years from now she can promote herself as the taxpayers good buddy.

Former IRS Agents are sensitive to your problem

I can assure you that after working for the IRS they have become insensitive to you not only as a client but also as a human Fayetteville NY being. The IRS taught them to refer to you as “the taxpayer” or a “taxpaying entity”. IRS employees hold delinquent taxpayers in contempt for 20 years, that doesn’t change when the early retirement starts and the Enrolled Agent sign goes up. When was the last time you spoke to a bureaucrat who cared? Do you think a sensitive person could seize your paycheck and bank account and then auction your home after leaving you penniless?

The Fayetteville NY Story of One Former IRS Agent Company:

The JK Harris website states that they are the “Nation’s largest tax representation firm, comprised of veteran ex-IRS agents.” The following excerpts from a June 2008 article by the Boston Globe are quite enlightening:

“A Charleston firm that claimed to offer people help settling their tax debt has agreed to pay $1.5 million in restitution under a settlement with attorneys general in 18 states, officials announced Thursday. Attorney General Martha Fayetteville NY Coakley of Massachusetts and 17 other state attorneys general entered into a consent judgment with JK Harris.

Attorney General Coakley stated:

“This company took advantage of people who paid for tax assistance and, in some instances, profited by taking their money and not giving them any help at all,”

“Taking their money and not giving them any help at all” – that sounds like a typical government job to me and if you worked as an IRS employee, Fayetteville NY that sounds like another day at the office.

 

Irs Settlement Fayetteville NY

 

Whenever it comes to IRS Wage Garnishment and other Internal Revenue Service Tax Levies, there is one shared concept. You need Tax Debt Help, and quickly! Wage Garnishments have a disastrous influence on your financial plans since the IRS definitely will seize any percentage out of your wages that they want, without even considering the fact that you might have alternative bills Irs Debt Forgiveness Fayetteville NY that must be paid. Other Tax Levies come with grave issues too, but not as urgent as a possible IRS Wage Garnishment . Information supplies Tax Debt Support on Internal Revenue Service Garnishment and IRS Tax Levies that will help you resolve your crucial tax issues.

End Wage Garnishments with Internal Revenue Service Tax Debt Help:

It’s completely doable to halt a Garnishment with Fayetteville NY proper Tax Debt Help. Any time you operate quickly, a Garnishment and other Tax Levies is usually dismissed for good. Read on to learn how to find good Tax Debt Guidance or how you can dismiss a Garnishment by yourself.

A large number of individuals heedlessly ignore the first Notices of Intent to Levy which the IRS is required to mail, and this Tax Relief Programs Fayetteville NY is what brings about Tax Levies such as a Garnishment to begin with. An IRS Wage Garnishment can be stopped in many various ways, and the options are rarely easy. Usually, a Garnishment and other Internal Revenue Service Tax Levies like it’ll only stop when:

  • You have to pay your tax debt in full, or
  • The limitations statute for legally collecting your Fayetteville NY debts.

 

What this means is you need to find a remedy for paying off your Tax Debt to stop the Wage levy. But, there’s an alternative that is not commonly mentioned.

Tax Debt Help, Put an End to Tax Levies: The Internal Revenue Service in fact gives you before they take over your income because of their dreadful IRS Wage Garnishment or some other Fayetteville NY Tax Levies. Being familiar with the process will allow you to remove Tax Levies well before they occur or stop active types.

  • To begin with, you receive in the mail the “Notice and Demand for Payment.” Try to remember this one? If you happen to get this in the postal mail, you must take action fast to remove or prevent IRS Fayetteville NY Tax Levies.
  • If you neglect the first notice, next you get a “Final Notice of Intent to Levy and Notice of Your Right to a Hearing” no less than thirty days before the Wage Garnishment.

 

You can still actually try a Collection Due Process Hearing to release your Internal Revenue Service Tax Levies or keep them from happening. That is right, Those that Fayetteville NY read carefully, the second notice includes “Notice of Your Right to a Hearing.”

Info on the Collection Due Process Hearing

You are provided the right a Collection Due Process Hearing with the Office of Appeals. Meaning you must file your request within 1 month from the date posted on your final notice. Make sure you think about a Collection Due Process Hearing or request Fayetteville NY that the IRS manager examine your circumstance for every one of the following reasons:

  1. All taxes owed were paid before the Wage Garnishment warning was sent
  2. You want to go over methods of paying your IRS Tax Debt
  3. You want to refute the amount you owe
  4. The Internal Revenue Service made an error when evaluating the balance you owe
  5. The Statute Fayetteville NY of Limitations ran out before the Wage Levy was mailed
  6. You need to put forth an Innocent Spouse Claim

 

Keep in mind, you have to file your request within 30 days from the date on the final notification. Neglect to accomplish this, and you’ve lost the chance to fight the tax debt!

 

Irs Back Taxes Help Fayetteville NY

 

If you currently owe the IRS back taxes, now would be a good time to contact a tax professional to determine if you qualify for the IRS fresh start program. Recently, the IRS released information pertaining to their decision to enlist the assistance of four third party collection firms to assist in the recovery of approximately $138 billion dollars in tax debt. What Help With Irs Debt Fayetteville NY this could mean for tax payers who owe is the beginning of multiple phone calls, harassing letters, and less time to financially prepare for repayment due to faster collection enforcement technique.

The probability of program success is hindered by well documented occurrences of harassment by third party agencies. Collection agencies are subject to the Fair Debt Collections Practices Act (FDCPA), which protects consumers from Fayetteville NY abusive debt collection practices. However, collectors often ignore these rules due to pressure to produce a certain level of revenue and/or earn bonuses in addition to regular pay. This could prove to be toxic due to potential harassment law suits that could cost the IRS millions.

In addition, this is not the first time the IRS has implemented such a program. According to the Tax Help Fayetteville NY New York Times, “Twice before, in 1996 and 2006, the I.R.S. has tried to farm out some of its collection duties. Both times, the programs were shut down and deemed failures”. However, not before causing significant stress to millions of tax payers. Most famous was the elderly couple that received over 150 calls in less than a month.

The IRS currently offers resolution programs Fayetteville NY that could assist tax payers resolve outstanding tax liability without exposure to harsh collection practices conducted by third party agencies. To ignore the opportunity to protect yourself and possibly resolve your tax issue for less than what is expected (Offer-In-Compromise), is the same as staying in a house that’s on fire. No one in their right mind would do that… right?

The IRS Fresh Fayetteville NY Start Program provides the opportunity to resolve your tax debt in many different ways. Depending on your assets, you may be able to enter into an Installment Agreement (IA) that is conducive to your financial capability, or save money by paying a lessor amount through Offer-In-Compromise (OIC). If you choose to research the above mentioned resolution options, make sure that you take note Fayetteville NY of the following in choosing your tax professional:

1. Tax professional must be licensed as an Enrolled Agent, CPA, or Attorney.

2. Check with the BBB for rating

3. Check or ask for testimony from previous clients

Don’t ignore the time given to secure your opportunity to resolve your tax debt issue without additional unwanted harassment. Contact your tax professional today.

 

Back Taxes Fayetteville NY

 

Ok. Let’s talk about how to get the IRS to accept a pay plan for the back taxes you owe. Malcolm C. of Lexington, KY writes me asking how he can set up a payment plan with the IRS on his $19,000 tax debt.

Let’s review some of the facts of the case first:

1. Malcolm owes for two years; 2003 and 2004.

2. All of Tax Help Fayetteville NY his tax returns are filed.

3. He is not under a current levy/garnishment.

4. He does not owe for business taxes, just personal.

It turns out Malcolm claimed “exempt” on his W-4 for 2003 and 2004 to try to get some extra cash. And now the IRS wants their money. The IRS wants Malcolm to pay $753 per month on a payment plan. But he can Fayetteville NY only afford to pay $400 per month. What are his options? This is a very common scenario that I see over and over again with my clients.

First of all, you will never get away with claiming “exempt” on your W-4. Eventually you will always have to pay the piper (plus penalties and interest). In almost every situation, the extra money you got during Tax Relief Services Fayetteville NY the exempt period just isn’t worth the hassle and expense you experience later on. If the IRS wanted to get super technical about it, they could probably make a criminal charge of tax fraud stick by claiming that you knowingly and willfully underwithheld on your income taxes. However, the chances of you getting even investigated (let alone indicted) are next to none in Fayetteville NY a case like this. Bottom line: Just don’t do it.

SOLUTION: The best thing for Malcolm to do is call the IRS ACS (Automated Collection System) line at 1-800-823-1040 and request a “Streamlined Installment Agreement.” A Streamlined Installment Agreement is available to any taxpayer as a matter of right if you owe less than $25,000; have all of your tax returns filed; and only Fayetteville NY owe for personal income tax (no business payroll tax debts). The Streamlined Installment Agreement is calculated by taking your total tax liability (in this case $19,000) and dividing it by 60 months. So Malcolm is looking at a monthly payment of approximately $320 to $325 per month over the next five years (60 months) that he can set up with the IRS ACS Fayetteville NY unit.

The benefit of a Streamlined Installment Agreement is that the IRS will not levy or garnish you as long as you are on the pay plan. It becomes another monthly bill and you just pay it for the next five years (it will actually be a little longer than 5 years since penalties and interest will still accrue). Now the IRS reserves the Fayetteville NY right to file a Federal Tax Lien even if you are making the payments to preserve their interest in the debt until it is paid in full, so don’t be shocked if this happens. Remember a Lien and a Levy are two different things. The lien will not take your money, your wages, or your property. It just sits on your credit report Fayetteville NY until the debt is paid.

Also, you need to make sure that you stay compliant for the future. Any non-compliance will put the agreement in default and then all bets are off. The IRS defines “compliance” in this case as making sure all of your returns are filed on time (usually by April 15th) and that you do not run any new balances (all Fayetteville NY taxes are paid by April 15th for the previous year). Good luck Malcolm. In a future article I will explain how you can get a reduction in a similar case by getting the penalties and interest on penalties removed.

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