The Tax Preparation Blog

Archive for December, 2009

The recent recession in the economy has taken its toll and many Americans find themselves facing IRS tax debt problems, and face hardships in repaying their dues. If you’re facing IRS debt problems then you shouldn’t be worried. Instead, you should be seeking professional tax debt help to get you out of the gloomy crisis. Anyone who owes money to the IRS can get IRS tax debt help.

There are many tax relief programs that the government offers, designed to help the taxpayer repay the delinquent IRS tax debt due. But if your IRS tax debt is huge and your financial condition adverse, then repaying the full IRS debt might not be the correct option for you. What you would need is an IRS tax relief program called Offer in Compromise.

Sometimes, the IRS is ready to accept significantly less dues to end your IRS tax debt. The federal law has given the IRS powers to agree to a settlement of your tax debt for less than the actual amount you owe. But the process of an IRS debt settlement is not as simple as it sounds. You may need expert IRS tax debt settlement help to make sure that you file everything correctly and that you give yourself the very best chance to be approved for a reduced tax debt settlement offer.

Though, not very popular, this is a way to significantly reduce your IRS tax debt, and have the “compromised amount” considered as payment in full.

So don’t worry. Some professional tax debt help is all you need; and you’ll definitely be ready to bounce back to make clean start.

Hartsville Happenings

Hartsville Area Happenings

CIA Director: Deficit a Threat to National Security

Just recently the U.S. House of Representatives decided to pass a new bill that will grant an extension and expansion of the Federal Tax Credit for First-time Home Buyers. This extended tax credit will be good through April 30th, 2010 that now also includes a 60 day extension should there be a binding contract in place prior to the deadline.

The tax credit for first time home buyers will still stand at a tax credit of up to $8,000. Existing homeowners however, will receive a reduced credit of up to $6,500. In order to for existing homeowners to be eligible for the $6,500 tax credit, they have lived in their current residences for at least five years. Another change in the bill is an increasing of the qualifying income limits. Single tax filers’ income limits were once $75,000 and joint filers were once $150,000. The new qualifying income limits are $125,000 for single tax filers and $225,000 for joint filers. The purchase price of the home is capped at $800,000. These new changes are aimed to encourage existing home owners to sell their first homes in exchange for purchasing larger and more expensive homes, basically their dream homes.

Additional stipulations in the bill include the ability for taxpayers to claim the credit on purchases that are completed in 2010 on their 2009 income tax returns. The bill also maintains that the home buyers utilize the home as their primary residence for 36 months after its purchase; otherwise the credit must be repaid. However, for any active duty military personnel this requirement is waived should they need to move due to military order.

So far this tax credit has had great success. According to the California Association of Realtors, “nearly 40 percent of first-time buyers said they would not have purchased a home if the federal tax credit for first-time home buyers was not offered. This underscores the significance of the federal tax credit to the housing market’s recovery in California.”

For more information on the extended First-time Home Buyer Tax Credit contact the experienced and knowledgeable agents at Realty Executives Dillon. The agents at Realty Executives Dillon can offer you an expertise that is unsurpassed in the San Diego County real estate field. There are hundreds of property listings all throughout San Diego County and seasoned real estate agents are exactly what you are going to need to navigate your way. So for the best San Diego real estate services you could hope to find, visit Realty Executives San Diego.

All I Want for Christmas Is a Tax Increase $10.88 The smartest political satirists working the Washington, D.C. Beltway–and maybe the entire United States–have made two funny and politically incorrect Christmas records that are marred only by the shifting political (mis)fortunes of the scene. Since All I Want for Christmas Is a Tax Increase was recorded in 1993, its batch of Clinton jokes and bye-bye Bushie and Quayle jabs don’t travel all that…

Age of large tax increase $0.99 …

How to Stretch Your Retirement Dollar (A Practical Guide to Getting More Life Out of Your Money) $55.00 How to stretch your retirement dollar helps make your retirement more comfortable and rewarding with less worry about money. Find out how to increase your income; boost your savings and investments; protect your assets from inflation and gyrating markets; tap your biggest money pot-the equity in your home; reduce the high cost of living; cut your income tax; shield yourself from soaring medical bi…

The Top 10 Stories Of 2009

1: Burbank Police’s year of problems: A barrage of outside investigations, lawsuits filed against the city by current and former officers, a police sergeant taking his own life on a residential street and a no-confidence vote in the police chief just days after he announced plans to retire made for a turbulent year at the Burbank Police Department.

California Tax Commission Seeks More Power

Question: I am planning on buying a used car in California and wondering if I have to pay Sales tax on the purchase?

Besides sales tax what are the other taxes / fees while buying a used car in California?

Answer: Yes, you pay sales tax on all transactions.

You’ll also need to pay for the registration, smog certification (if it hasn’t been done).

The California 47th $1.99 …

The California 47th [HD] $2.99 …

Lawyers are Liars: The Truth About Protecting Our Assets $15.86 Learn how to protect your assets and your business the right way. Are all Lawyers Liars? Of course not! But some lawyers are, and others who are not lawyers use that charge to sell the unsuspecting public asset protection structures or strategies that are outright lies. Until now, no other professional has been willing to call out the frauds and cheats in this powerful industry where self-profes…

Higher education in California should better reflect the times

As the crisis persists, it’s time for a new master plan that would streamline curriculum, bring funding in line with students’ ability to pay and put UC, Cal State and community colleges in sync. California’s Master Plan for Higher Education is history. State officials and politicians don’t want to admit it, but it’s true. Blame it on a severe recession, a dysfunctional state government or tax …

California Tax Revolt, Obama Spending Plan, Gun Confiscation

Question: Is standard deduction still available in India for income tax?

Answer: Standard Deduction has been withdrawn effective Financial year 2005-06

Deepak Lal: Whither Obama’s America?

Barack Obama remains an enigma, both in his domestic and foreign policies. Having fought a brilliant campaign by occupying the centre and attracting many independents to his banner, he then handed over the design of his flagship health care reform to the Democrats’ left wing. The predictable effect, in a country which remains by and large moderately conservative, was to frighten off the …

NAG

Do you need tax help? Do you need help with the IRS or state and need someone to save you? Or is tax season coming around and you didn’t like the job your last tax preparer did? Maybe you just don’t have time to do it yourself anymore, or this is your first time? How would you go about to find the perfect tax professional?

First we must consider what the “perfect tax preparer” is. What do you want? Everybody wants at least three things from a tax professional:

Of course, in this economy, most people don’t have money to spare! That means that most likely, you want a fourth thing from that tax professional. But of course, you want your dealing with that professional to be pleasant–as unpleasant as taxes are. I know. When I got that first paycheck…”WHAT??? I lost 10% of my paycheck in withholdings to the IRS?” So lets add to our list:

How do you find that “perfect tax professional”-The Perfect Tax Professional is honest and fits the guidelines above. Here are some tips.

Now that you know what you want, its time to search, It’s well worth it to get a trustworthy tax professional that you can use for years to come. You must decide whether you want to use a big tax company, or a small one. Small tax companies can; but not always are; more personal and less expensive. They may not be as reliable or quick as a larger entity however. If you happen to have tax professionals available locally, check them out first. There is nothing quite like that same-town feel.

Since you want your tax problems solved right, quickly and confidentially, you need to find an experienced and trustworthy profession or firm. Because you want a pleasant and personal, after you find several professionals with good client testimonials and 10+ years of experience: visit or call them up and inquire about their services. If they or their staff seems friendly and knowledgeable, mark them as your potential preparer. Talk to their clients, if possible, and see what sources recommend them.

If you’re looking for someone online, look at their web page. If it has blatant advertisements, or exaggerated self-promotion, move on. If the tax professional has a video they did themselves, watch it so you can get an idea who is behind the email or phone. It’s common sense! Ask yourself “Does this company look like one I want to deal with, one who may fit the bill above?”. Of course you probably want to check out their prices as well. If the prices aren’t listed contact them and ask.

You can also use free tools like Macafee site advisor (check site report) to check what the web page is linked to. If the web page is directly linked to all kinds of other tax sites, one company or person probably owns them all. Move on. Don’t trust companies that link to bad or dishonest sites either.

I commend you on your wise decision to help yourself and save yourself trial and hardship in the future.

Recent Tax News

Closely Guarded “Business Opportunity” secrets from top producer