Free Tax Tips

Posts Tagged ‘currently’

Question: Tax issues and penalty abatement.?

I owe the IRS a fair amount of money on back taxes. I am paying on them but recently asked for an abatement on the penalties. It was denied. I am going to appeal. Any suggestions for what might get my appeal approved?

Answer: A really good reason for being behind. Such as, “I was in a coma” or “I was stranded on a deserted island”.

Anything short of a life or death excuse will probably be denied.

Someone I know tried “I’m just really bad with paperwork”. I am sure the IRS got a laugh out of that one.

Why Wesley Snipes got caught. Celebrity or not, non-filers can run but they cannot hide from the IRS.

Boston – NATICK, MASSACHUSETTS…

31. IRS Penalty Abatement

Question: served writ of exacution now trying to garnish wages can the employer deny garnish or be a problem for sheriff

there is rumor that employee is trying to hide or claiming to be independent contractor and filed 1099 i just want my money i can’t just cut my losses it got to personell what are the steps the employer has to take after they have been served with the garnishment order?

Answer: The following is general information and is not intended as specific advice for your situation. Each state (in the United States) has different procedures for garnishments, and so you would need to either provide me with more information, or consult an attorney licensed in your state.

It appears from your statement that you are the plaintiff and are trying to obtain money from someone you sued, and won.

In *most* states, if you serve a garnishment on an employer, the employer has, by law, a set number of days in which to answer the garnishment. This means they must file a document with the court telling the court if the person is their employee, and if so, how much they are paid and how often. THEN, they are required to withhold a portion of their wages. The amount of wages to withhold varies from state to state.

There are also non-earnings garnishments. These include bank accounts and other intangible assets, which means property held by a third party.

If you need additional information, please let me know what state you’re in, and/or please contact an attorney licensed in your state. For a referral, contact your local or state bar association.

Fresh Start Tax: You Never Filed an IRS Tax Return; Here Is What You Do to Stay out of Trouble

FORT LAUDERDALE, FL–(Marketwire – July 29, 2010) – Two of the country’s leading experts of IRS Problems, Michael Sullivan and Steven Jacob, run across countless scores of individuals and businesses who have never filed tax returns and desperately would like to get back into the system unnoticed and without pain. Fresh Start Tax recently had two clients who had not filed tax returns, one …

Question: Wife’s credit card problem!?

My wife recently approached me with $30,000 of credit card debt she needs help with. This is the 3rd time in our short marriage that I have been approached to help her. The past two times I paid off over $36,000 in credit card debt. I told her to cancel her cards and only use her personal checking card to buy anything. Needless to say, she couldn’t keep from opening more accounts.

Here’s the question: If I call all of her creditors and negotiate settlements, will the side effects (1. bad mark on her credit 2. 1099 for the difference between balances and agreed upon payoffs) affect my credit score or bring about other problems?

I can afford to pay them off completely, but that will put a severe dent into our savings affect plans for investing the money.

Answer: Good answers, close, but you seem to ask about the effect of settlements.

Settlements are a viable way to restore credit. It is best to make them before chargeoff, else they will show the account was settled after a chargeoff, make them while in house. Make sure you get letters stating a lesser amount being accepted as pmt in full, and a letter that was paid, settled. In house, the creditors usually report to credit bureaus. If made w/agencies will have to check w/cr. bureaus to see if reported, if not send lttrs of s.i.f. settled in full to cr. bureaus, agencies notorious for not reporting, unless sometimes if they own the debt.

Now the other part of the question, will this effect credit. The answer is yes, to a lesser degree. What degree you ask. Usually won't be able to get the best cr rates available. The fico and fair Isaac nobody know, but is presumed you get a ten (10) for a paid in full and a seven to eight plus (7-8) for a settlement. Not too bad, but PIF and SIF mixture might be better, and maybe a dispute w/one of the SIF's if you can think of a valid one.

One other thing, a card w/a zero balance should never be cancelled, it should stay open w/a zero balance, this helps credit score. Now with your wives situation, this may be an exception to the rule, if she can't stop this obviously compulsive behaviour.

Now your wife: Are you in community property state whereas her debts are yours? If so, she needs help, this just does not seem right in a loving relationship, caring relationship.

It sounds of situations where maybe a younger woman taking advantage of an older man, I hope not,,,,,a person not caring about the other persons feelings, or finances,,,,,either way for this to happen a second time does not make sense, I would seek legal counsel, this seems headed for trouble.

If you are married and have children, a problem. I have a friend. She was/is bi-polar. Her way of dealing w/unpleaseant parts of life, to make her feel good, after some bad words w/hubby, or a bad day at work, was to take a credit card and go buy herself a thousand dollars worth of clothes. This has gone on the effect of $120,000 in debt w/hubby bringing back brand new merchadise often, when he catches it, with the tags still on. Your wifes problem should be investigated, hope I did not offend, trying to help and throwing out some possible things to consider.

Yes, settlements are a viable method of dealing w/excessive debt, never use a so called settlement company, do it yourself.

Want to cut Uncle Sam a smaller slice of your income pie? Read about these tax law changes

There were a couple of dozen major changes in tax law last year, including some that require new forms to be filled out in addition to the 1040. If you're not ready for them, they could be easy to miss and could cost you big bucks. Here are some of the changes that will determine how big a slice of your income pie Uncle Sam gets to gobble.

Offshore Accounts: Too Late To Fess Up?

Despite Swiss court ruling and end of amnesty, voluntary disclosure still has advantages

Alex Jones Tv {Sunday Edition} 6/8:Pelosi “Buy a $15,000 Policy or Go to Jail”

Question: Will I be covered by the Mortgage Relief Act President Bush established?

I just completed a Deed In Lieu of Foreclosure and has debt forgiven. This was my primary residence and I had to relocate due to family medical issues. I know I will receive a 1099-C but From what I have read I will be able to have the debt forgiven based on this mortgage relief act. Just looking for some input or advice.
thanks
I thought you didnt have to pay any tax on debt forgiven if it was your primary residence

Answer: You should be able to find some answers here:

http://www.irs.gov/individuals/article/0,,id=179414,00.html

Strategic Global Income Fund, Inc.-Distribution Declaration and Portfolio Statistics

NEW YORK----Strategic Global Income Fund, Inc. , a non-diversified, closed-end management investment company seeking a high level of current income as a primary objective and capital appreciation as a secondary objective through investments in US and foreign debt securities, today announced that the Fund’s Board of Directors declared a regular monthly distribution of $0.0699 per share.