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5 Ways to Get a Tax Levy Release

February 26, 2010 By

If you are unfortunate enough to get a tax levy, this means the IRS has given you chances but you didn’t cooperate with them, or maybe just threw that mail away. Either way, you will need to work fast to make sure you don’t end up with collections coming after your assets. Here is a small list of 5 ways to get a tax levy release.

  1. Pay what you owe. This is the fastest and easiest way to resolve the situation before any of your assets get seized. This could cost a lot of money but it may be easier to pay small interest for a bank or other loan so you can handle this right away.
  1. Ask the IRS to let you set up a payment agreement. This is much like the installment agreement the IRS allows but the payments you make will be smaller. This is a great option to get a tax levy release while still taking care of your debt with the IRS. Make sure you keep to the payment schedule and don’t miss any payments at all.
  1. Prove that your assets don’t have equity. If you are already facing hard times and your car is a piece of junk, let the IRS know this. They won’t seize your vehicles if they are old, need severe repairs, or don’t run. They don’t know the car you bought 2 years ago was destroyed by vandals but a picture will help you get that message across clearly and immediately.
  1. Appeal. Yes, you can appeal the IRS levy right away then you may not have to worry about a tax levy release at all. Sometimes collectors won’t use ethical practices when dealing with you. If you suspect they weren’t honest with you, that’s definitely grounds for appeal.
  1. File Bankruptcy. This should be a last resort option but this can be a tax levy release by order of the courts. This isn’t a step that should be rushed so make sure you consult your accountant or a tax professional.

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What You Should Know About Wage Garnishment Release

February 25, 2010 By

Many people will find themselves in a position at some time in their lives when they owe the IRS back taxes. It’s easy to ignore this and hope it will simply go away but it won’t. If you haven’t made any kind of agreements with the IRS, chances are you’ll end up with a wage garnishment. A wage garnishment is when they take a percentage (25% usually) before you get your paycheck. The first time this happens, you’ll be very unhappy, especially if all of your utility bills are due. A wage garnishment release can help you remain in a stable financial position.

To get a wage garnishment release, you’ll have to provide a good reason for it to the IRS. A good example is if you made $3000 per month before the garnishment, afterwards you only made $2250, and you have monthly bills totaling $2500. Obviously, the IRS will realize this isn’t going to work and may lead to you having to sell your property. They don’t want that to happen and will usually authorize the wage garnishment release if you comply with a payment plan.

Before you start this process you will want to get all needed documents in order and these are: Paycheck stubs, bank statements, bills, property appraisals, and proof of other types of income such as child support, worker’s compensation, and other income types. The more you provide, the better your chances.

Using a service or tax attorney is the best way to get a wage garnishment release. They will not charge you an arm and a leg because they are trying to get you tax relief and understand the burden you already have financially. The Internet is a great resource to find a service that will do this for competitive prices.

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Tax Relief: How You Can Get A Wage Garnishment Release

February 24, 2010 By

One of the most common ways the IRS uses to get back taxes from you, is wage garnishment. First you’ll receive a letter in the mail that shows you how much will be garnished per paycheck. The average amount is a whopping 25%. With the price of renting a home, utilities, paying for a car, and other needed expenses, you may need a wage garnishment release to be able to continue your life as usual without having to make major changes or get yourself into debt in some other area such as your credit.

A wage garnishment release can happen in quite a few ways. Naturally, when you pay it off, it will stop but you can also have a wage garnishment release by:

  • Proving the garnishment is giving you financial difficulties.
  • Showing the IRS you can pay it off better without the garnishment.
  • Already having an installment agreement with the IRS.

These are the most common ways to get a wage garnishment release but it can be quite difficult to get some of them going on your own. Talking to the IRS can be difficult and intimidating for a lot of people so your best bet is to find a tax attorney who can handle things for you.

The worst thing you can do is get further in debt by using small loan services every few months to help keep your finances where they should be while this garnishment is in effect. This is just a temporary “band-aid” for your finances and after a few months, the interest from these small loans may end up worse than the garnishment itself. If you feel like you have the knowledge to do it yourself, you can visit your local IRS office and get all the proper forms but if you get denied, you will need additional help.

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3 Easy Steps to Take Care of Unfiled Tax Returns

February 23, 2010 By

The IRS isn’t people’s most favorite government agency but every year it’s a necessary evil for us to file taxes by April 15th. Well prepared businesses will hire accountants to complete them way before the deadline so they are sent and done with well before that date. Individuals, however, will often put them off until the last minute and sometimes forget to send them or do so intentionally. This can lead to the buildup of one or more unfiled tax returns. Here are three easy steps to take care of those unfiled tax returns.

1. Get your paperwork in order.

Maybe you didn’t send them on time or maybe you haven’t even started to get them ready. Either way, make sure all your wage stubs, receipts, and other important paperwork is on hand and get them completed. If you don’t have it, you will have to make a lot of calls to old employers to get copies of your W-2 forms. The IRS has forms you may need also so check with them.

2. Send in your unfiled tax return immediately.

The IRS won’t start sniffing into your assets or calling you every day if you have sent all your old tax returns in. his will also stop penalty fees from building up. Even if you can’t pay what you owe, send it in and you can make a payment plan.

3. Prepare for the future.

The IRS doesn’t like if you wait longer than one year to file any tax return so it’s a great idea to prepare for this in the future. If you don’t want to do it yourself or don’t feel like you will have it done on time, let a tax preparer handle it.

Unfiled tax returns can get you hefty fines and even jail time depending on how much you owe and how you handle the IRS. Make sure you do it their way and everything should work out great.

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Tax Relief: Oh No! I Have Unfiled Tax Returns

February 22, 2010 By

A lot of people, especially those who are self employed, put off filing their tax returns until the very last minute and it can be very easy to overlook them entirely. People put off filing them for all kinds of reasons such as procrastination, not enough money at that time, or simply because they just don’t feel like it. No matter what your reason, it’s not a good idea to let unfiled tax returns pass the one year mark. After one year, the IRS gets upset and you will be put into a category called “Non-Filer”. This is not a good place to be.

How the IRS finds out

The IRS has a top notch computerized system called the IRP or Information Returns Program. This compares your W-2′s, 1099s, and other forms to what employers have filed and if they don’t match, you will get a letter. If you ignore the letter, a call will come, followed by an agent.

Penalties

The IRS doesn’t take Non-Filers lightly. You can get up to one year in prison and/or a fine of up to $25,000. That’s for each year you haven’t filed. If you have any unfiled tax returns from previous years, get them taken care of immediately to show you are cooperating and you should be ok.

IRS procedure

If you have unfiled tax returns from six or more years ago, odds are the IRS won’t come after you. Especially if six years ago you worked in a retail store or some other lower paying job. Just because the IRS isn’t calling and sending agents doesn’t mean you don’t have to pay. Any taxes owed have been gaining penalty fees and interest that entire time.

What you should do

Take care of any unfiled tax returns immediately even if you can’t afford them right now. This will stop all the penalty fees but not the interest. If you have many years worth, send them individually on different days. This can help keep you under the IRS radar.

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Tax Relief Help and You: Different Types Explained

February 18, 2010 By

“Tax Relief”: two words that goes great together and for good reason. People pay a lot of money each year in taxes and in today’s economy, any savings are good savings. The government at state and local levels offers a lot of help that people simply don’t realize is available. This is great news if you owe the IRS some money or are looking to save during the filing of next year’s taxes. Most tax preparers will offer you tax relief help but it’s a good idea to ask them if you qualify because they may not know your circumstances. Here are a few common types of tax relief:

Penalty Abatement

A lot of people owe the IRS money and penalties and interest will accumulate as long as you don’t comply with them. You can get penalty abatement tax relief which will reduce the penalties or even eliminate them completely for past taxes owed.

Installment Agreements

This is exactly what it sounds like. You can work with the IRS to pay them back slowly over a period of months or years instead of giving them a large lump sum.

Disaster Tax Relief

Were you in a recent disaster like Hurricane Katrina? The government will offer complete tax relief to you. That means you don’t have to pay taxes for that particular year or you have a number of years to take care of it. Tax relief help of this kind doesn’t occur very often and is unfortunate but at least the IRS gives you some leeway.

Compromise

Like many credit card companies, the IRS may offer you a compromise. This could be very cheap if you owe a lot of money. You could pay well under 40% of what you actually owe because the IRS doesn’t like to waste time and resources by taking you to court.

Tax relief help is very important to get. Someone well trained in this can find you more areas you may qualify for than you can on your own. Even if they charge a fee for this tax relief help, odds are you will get back much more than you pay.

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Tax Relief: Information You Need About Tax Relief Help

February 17, 2010 By

Tax time seems to come faster and faster each year. As you prepare for that day, it’s a good idea to ask yourself whether or not you might qualify for any kind of tax relief. This comes in many forms ranging from aid to those in a disaster to keeping your assets separated from your spouse. If you are unsure, it’s a great idea to ask a tax preparer for tax relief help and if you qualify for anything. Here are a few examples:

Innocent Spouse Relief

One of the most common forms of tax relief is called “Innocent Spouse”. When you request this, you can avoid paying taxes and penalties that your spouse (or ex) may be responsible for. This could be due to unreported income, faulty deductions, or if you know you aren’t responsible for something. A great example of this is if your spouse is required to pay child support and you are expecting a tax return. If they are behind, they could take your tax return to pay for your spouse’s child support. Getting tax relief help in this area is a must.

Homeowner Relief

In the US, there are a few programs out there that will help cut the taxes of homeowners. This is both federal and state. Some countries may even offer relief to renters. You will definitely need tax relief help in this area because if you file yourself, you may miss out on some great savings.

These are just a few common examples of the types of relief you may qualify for. It’s difficult to determine what you qualify for so by getting tax relief help from a professional, you might find yourself saving thousands of dollars. It’s definitely worth your time to pursue this each and every year.

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Tax Relief: Can A Tax Attorney Save Me Money?

February 16, 2010 By

The basic answer to this question is “Yes”. If you even slightly think you may need a tax attorney, it’s definitely a good idea to begin doing some research and finding a service that can provide you with one that is very knowledgeable and can answer all your questions right away as well as give you some details about similar cases. Usually the tax attorney will give you an estimate of what you will be able to save if you use their service.

A tax attorney probably won’t be needed if you accidentally messed up some tax forms and are more than happy to fix it. They are best suited for people with penalty fees and interest that is accumulating so fast, you simply can’t pay it and it begins to affect your life in a negative way. It’s very difficult for your average person to talk to an IRS representative in a constructive way that both parties can agree on. A tax attorney provides tax relief for a living and their main goal is to get you great results and get them quickly.

If you are deeply in debt to the IRS, a good tax attorney can sometimes help get your debt settled for pennies on the dollar so you could save thousands or even tens of thousands of dollars in some cases. If your wages are being unfairly garnished, they can also help you get that garnishment reduced to a much more manageable rate.

Most of the time, you will be able to get a free consultation that is free of charge or very cheap so you should take advantage of that and see if this course of action is right for you. A little bit of your time could make a world of difference in your finances.

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Tax Relief: What Can A Tax Attorey Do For You?

February 15, 2010 By

A tax attorney is a type of lawyer who specializes in the ever changing tax law area. These laws change every year and it can be difficult to keep up with those changes on your own. Even some common tax preparation companies may not be able to help you if you have some history with the IRS or have some other common tax issues.

A tax attorney is your best bet if you: Have just opened a business or are about to, have to file an estate tax return, have an international business, are under investigation with the IRS, have committed tax fraud, and much more. People who have worked in the same career for a very long time will rarely need this kind of attention but it can become very complicated if you are planning on starting a small business, own a lot of property, or already owe the IRS.

You should be able to tell when you need a tax attorney. You will have some problems or other issues that are directly related to taxes and the IRS and you will probably have no other choice. Many people will go to a CPA (certified public accountant) first and be told to see an attorney anyway. A lot of attorneys that specialize in tax law are actually CPA’s themselves which saves both time and money.

When selecting your tax attorney, you will want to gauge their experience level against the problem or issue you currently have. A Juris Doctor level will be able to handle most cases fairly well but if you have something very complex, you will want to find someone with a Master of Laws degree in the taxation area. To find someone to suit your needs, the Internet is usually the fastest and easiest way, especially if you live in a smaller town or rural area.

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Tax Relief: Can International Loans Trigger a Second Recession?

February 11, 2010 By

In the 21st century, financial institutions have become connected on a global basis and intercontinental lending has become the regular mode of operation. One has to pause and take a look at what this means for our global economy. Is it possible that a second recession is around the corner?

The drawback of intercontinental lending is that many of the local safeguards that are used to secure against risky loans no longer come into play. It is much more difficult to check on the health of a loan made across an ocean than it is to check on a loan that is made to a local business. For this reason it is not uncommon to see a large buildup of risky loans that, if allowed to default, can have a catastrophic domino effect triggering a second recession.

Dubai is perhaps the poster child of how this risky lending could very easily trigger a second recession. Known as a desert oasis for the rich and powerful, Dubai is also one of the largest recipients of risky international loans created by banks hoping to receive a large payout.

For all its glitz and glamour Dubai is nothing more than a house of cards held together by international loans. Unlike the other Emirates, Dubai does not have large oil reserves to fall back on should its tourism business ever fade. This poses a problem when all its magnificent, over-the-top, attractions are built using risky loans.

Should the tourism (both corporate and vacation) ever face a setback, Dubai will find itself unable to repay its international loans, which will lead to a domino effect that could very well trigger a second recession worldwide. Long sotry short? Tax relief will be the least of your worries. For as obvious a case as Dubai may be, there are many other instances of huge poorly conceived international loans that could have much the same effect.

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