Orange County Accountant » Tax Returns

How Do I Pay More Taxes/forfeit My Tax Return?

admin — Fri, 29 Jan 2010 13:39:56 +0000

I’m 17 and I just got a job with McDonald’s, and I’ve heard about tax returns, and I was wondering how I can pay more taxes and let the government keep my tax return. Is this possible? I want to pay more taxes that the government can actually keep. Thanks

Irs Tax Credits: They Know When You’ve Been Bad or Good

admin — Fri, 25 Dec 2009 17:50:31 +0000

Is the IRS all bad? The IRS is not all about seizing assets, bank accounts, and wages. The IRS does provide ways to reduce your actual taxes through Tax Credits. What makes a credit different from a deduction? A credit lowers your actual amount of taxes. A deduction lowers your actual taxable income.

Help for those who need it…So what kinds of tax credits are there, and how can I get them?

Most tax credits are dependent on your income. The majority of them do require that you be in a lower income bracket, so check with the IRS at irs.gov to see if you can qualify.

Some of the tax credits that you may qualify for are listed below. This is not a complete list, but it should give you an idea of what’s okay and what isn’t:

Child tax credit: You can receive a $1,000 tax credit for each child that is eligible as dependents. Be careful with this one, as claiming a child incorrectly can cause you to be in debt to the IRS.

Education credit: This is available to full and part time students. So whether you’re a twenty-something going full time or if you’re a returning student looking to improve your career options you can claim your schooling. You can claim up to $1,650 as a credit for your schooling for the year. Usually your school will send you a tax statement.

Home Energy Efficiency Credit: If you’ve made changes to your home to make it more energy efficient you can claim up to $500 as a credit. Keep your receipts so you can prove you made the improvements. Not only do you save on utility bills, but you get back money for the government.

Be certain…Tax credits can provide you with a much needed shot in the arm as they can greatly increase your income tax return. But beware, and make sure you know and follow the guidelines set by the IRS before you claim anything as a credit.

These same credits can backfire on you as the IRS frequently audits larger tax returns. You could find yourself owing the IRS if you incorrectly claimed a tax credit, or claimed something you shouldn’t have.

If you’re not sure about a tax credit feel free to drop your friendly former IRS-Hitman an e-mail.

Now you have the smoking gun…Use it!

Richard Close was an IRS-Hitman. He took out anyone who owed the IRS money as his father had before him. Now he helps thousands of Americans beat Uncle Sam and save thousands of dollars. Tax problems? Contact him and get free tips and techniques to deal with wage and bank seizures and slash tax debt: email at irs-hitman@taxdefensenetwork.com or call 1-888-248-9058. Visit http://irs-hitman.blogspot.com or www.taxdefensenetwork.com

Irs Tax Debt and Missing Tax Returns: Double Trouble

admin — Fri, 18 Dec 2009 13:35:36 +0000

Double your pleasure?Owing the IRS money is a hard thing to deal with. There can?t be anything much worse?right? Well you could owe the IRS money and have un-filed tax returns. How can it be worse you ask? Aren?t the un-filed returns included in the debt? You have to be compliant. When you?re in debt to the IRS you do have some options to deal with that debt. Whether you want to setup a monthly payment plan, or try to settle your debt with an Offer in Compromise. Un-filed tax years put a big red stop sign in front of any negotiation efforts. Why? You?re not in compliance with the IRS. Compliance means you have to be up to date with all of your filings. If you are not in compliance the IRS won?t work with you. Collector?s paradise?Don?t get me wrong the IRS will work to get your money, but they?ll do so through bank levies, wage garnishment, and asset seizures. Not all bad?Of course the IRS is perfectly willing to get you in compliance. In fact they?ll even do it for you. This is called a Substitute Filing Return, and if the IRS does this your existing debt will multiply before your eyes. Here?s the secret?So you want to settle your debt without the IRS taking your stuff. You don?t want the IRS to file your returns for you and cause you to owe even more money. The question is: what can you do?

You can file those returns is what you can do! Depending on how far back those returns go you may not have all of the financial records from the time. You can get your basic information from the IRS in the form of a wage and income transcript. If you have any information for deductions or credits available great! If you don?t you?ll just have to settle for what is available.

If the IRS has Substitute Filed your returns you have to provide complete proof that their return was wrong. If you don?t have the proof, you?ll have to accept their return for you.

Once you?re in compliance however you can begin working on your tax debt. You can put yourself into a position to at least discuss payment options with the IRS, or even settle your debt. Now you have the Smoking gun?Use it!

Richard Close was an IRS-Hitman. He was a revenue officer who took out anyone that owed the IRS money. He left that behind and now helps thousands of Americans beat Uncle Sam and save thousands of dollars. The IRS-Hitman can help you with your tax debt problems. He offers free advice and tips on removing wage garnishments and bank levies; and arms you with the skills to slash your tax debt: Visit at: http://irs-hitman.blogspot.com or www.taxdefensenetwork.com, or contact: email irs-hitman@taxdefensenetwork.com or 1-888-248-9058.