Tax relief can come in many forms for taxpayers and deductions are a great way to take some tax burden off of your shoulders. But what about those of us who are on the job hunt? What are the rules surrounding deductions while looking for work? Laura Saunders of the Wall Street Journal explores the best ways to get some tax relief while on the job search in her article
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These are challenging financial times for many people. What makes this economic recession so unique is that it has gone on for so long and transcended so many income levels. In it’s wake, it has left an increasing number of consumers more financially vulnerable than ever before. These tax distressed individuals, fearful and often not sure what to do have avoided delinquent tax issues and are finding themselves on the
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The US economy has been slow to recover from the recession, and as a result, many American homeowners have lost their jobs and are unable to find new employment. These same folks, some out of work indefinitely, are struggling to pay their bills and keep a roof over their head. Households who find themselves this far underwater and unable to pay their mortgage may feel forced to consider home foreclosure
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If you are receiving calls and mail from the IRS, the last thing you want to do is ignore them! IRS problems grow with time and will only get worse. Don’t let penalties and interest add onto the debt you owe. Start tackling your IRS problems now by acknowledging your tax problems and taking action to resolve them.
If you owe back taxes to the IRS take the first step in clearing
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I am so honored to announce that this is the second year in a row that Tax Resolution Services, Co. has ranked on the Inc. Magazine’s 500|5000 list as one of the fastest growing private companies in America.
TRS ranked No. 1,467 out of 5,000 company profiles for our significant accomplishments as a tax resolution firm. Our position on the list was based on the company’s three-year sales growth of 191%.
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Today’s Tax Resolution Tip:
If you’ve taken the first step in resolving your unsettled back taxes you have admitted you have a tax problem and need tax help. But where to go for help? There are many firms and individuals claiming to resolve your tax problems forever. However, you need to make sure any tax assistance you seek is relevant to your individual tax problem.
If you are considering hiring a Certified
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Today’s Tax Resolution Tip:
Once you file your yearly tax return, you might be tempted to get rid of all the receipts, forms, calculations and documentation lying around on your living room floor or home office. However, it is important you keep your tax documents for each tax return for at least 7 years. Copies of your tax return should be kept indefinitely.
Your tax returns do not disappear once you file them.
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Today’s Tax Resolution Tip:
You may be surprised to hear that back taxes owed have an expiration date. That’s right, the IRS, by law, has 10 years from the date of assessment to finish collection of back taxes, which is referred to as the “Expiration of Back Taxes: Statute of Limitations on IRS Collections.”  This means that after 10 years, if the IRS have not collected back taxes owed, they can
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With talk of debt ceilings and government budgets swirling around the news it is no wonder why tax relief deductions are a huge topic of controversy.  Tax deductions will cost the government $3 trillion in lost tax revenues between 2010 and 2014 (read the blog here) and now a closer look at current taxpayer trends by the Tax Policy Center states that almost half of Americans do not have to
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This month I came across a couple of interesting articles from my StumbleUpon I wanted to share with you. Here is a recap of tax news covering topics on all things tax, from news on Innocent Spouse relief, giving to charity, tax scams and more celebrities tax problems.
IRS does ‘the right thing’ for the ‘innocent spouse’ – Michelle Singletary discusses the IRS and their decision to remove the two-year limitation
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I came across an article called Individual Taxation: Digest of Recent Developments that summarizes recent changes and developments on individual taxation. The article goes into a good amount of detail to outline both last and this year’s tax regulation changes that will affect individual consumers. I highlighted some “best of’s” from the individual taxation article below. It is important to keep informed on tax law changes as most of these changes in taxation
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There are a myriad of reasons why people have tax issues.  In my decade plus of expertise in guiding people to resolve theirs, I’ve just about seen them all. Our tax mediation firm specializes in working with the IRS to secure the best deal for clients seeking relief for their tax problems. Years of practice in careful listening and observing combined with a brazen approach and natural proclivity
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The Government Wants Your Money – was a timely theme for this old interview I did with Fox Business News’ Brian Sullivan (see the video below). Our candid discussion outlined policy changes within the IRS and their stepped up enforcement efforts in the name of tax collection. While the country is slowly digging out of a deep economic hole, it’s not surprising to see the IRS building a solid foundation
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Being audited by the IRS can be a scary and stressful situation. Whether you are being audited for tax problems from investment mishaps, offshore accounts or any other reason, it is important to make sure a tax professional is there to make your audit goes as smoothly as possible. Karen E. Klein of the LA Times offers great advice to a reader about to be audited:
Karen: You answered a question
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Laguna Beach resident Stephen McDow woke up one day to find that the IRS had deposited a refund of $110,000 into his checking account. And so he spent it; Over the course of a year McDow spent more than half of the money in paying off his student loan debt, his mortgage and towards the purchase of a new. The catch… the refund did not belong to McDow and it
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