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THE CHILD TAX CREDIT - ADVANCE TAX RELIEF

2/22/2017

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The Child Tax Credit is a tax credit that may save taxpayers up to $1,000 for each eligible qualifying child. Taxpayers should make sure they qualify before they claim it. Advance Tax Relief - We Solve Tax Problems. Call (800)790-8574

Qualifications. For the Child Tax Credit, a qualifying child must pass several tests:

1) Age. The child must have been under age 17 on Dec. 31, 2016. Relationship. The child must be the taxpayer’s son, daughter, stepchild, foster child, brother, sister, stepbrother, stepsister, half-brother or half-sister. The child may be a descendant of any of these individuals. A qualifying child could also include grandchildren, nieces or nephews. Taxpayers would always treat an adopted child as their own child. An adopted child includes a child lawfully placed with them for legal adoption.

Support. The child must have not provided more than half of their own support for the year.

Dependent. The child must be a dependent that a taxpayer claims on their federal tax return.

Joint return. The child cannot file a joint return for the year, unless the only reason they are filing is to claim a refund. Citizenship. The child must be a U.S. citizen, a U.S. national or a U.S. resident alien.

Residence. In most cases, the child must have lived with the taxpayer for more than half of 2016. The IRS Interactive Tax Assistant tool – Is My Child a Qualifying Child for the Child Tax Credit? – helps taxpayers determine if a child is a qualifying child for the Child Tax Credit.

2) Limitations. The Child Tax Credit is subject to income limitations. The limits may reduce or eliminate a taxpayer’s credit depending on their filing status and income.

3) Additional Child Tax Credit. If a taxpayer qualifies and gets less than the full Child Tax Credit, they could receive a refund, even if they owe no tax, with the Additional Child Tax Credit. Owe the IRS and need help? Get a free consultation from an experienced tax relief expert today (800)790-8574 or visit our www.advancetaxrelief.com

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FIVE REASONS TO FILE A TAX RETURN FOR 2016 - ADVANCE TAX RELIEF

2/21/2017

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Most people file a tax return because they have to. Even if a taxpayer doesn’t have to file, there are times they should. They may be eligible for a tax refund and not know it.

Here are five tips on whether to file a tax return:

General Filing Rules.  In most cases, income, filing status and age determine if a taxpayer must file a tax return. Other rules may apply if the taxpayer is self-employed or a dependent of another person. For example, if a taxpayer is single and under age 65, they must file if their income was at least $10,350.

Tax Withheld or Paid. Did the taxpayer’s employer withhold federal income tax from their pay? Did the taxpayer make estimated tax payments? Did they overpay last year and have it applied to this year’s tax? If the answer is “yes” to any of these questions, they could be due a refund. They have to file a tax return to get it.

Earned Income Tax Credit.  A taxpayer who worked and earned less than $53,505 last year could receive the EITC as a tax refund. They must qualify and may do so with or without a qualifying child. They may be eligible for up to $6,269.
Additional Child Tax Credit.  Did the taxpayer have at least one child that qualifies for the Child Tax Credit? If they do not qualify for the full credit amount, they may be eligible for the Additional Child Tax Credit.
American Opportunity Tax Credit.  To claim the AOTC, the taxpayer, their spouse or their dependent must have been a student enrolled at least half time for one academic period to qualify. The credit is available for four years of post-secondary education. It can be worth up to $2,500 per eligible student. Even if the taxpayer doesn’t owe any taxes, they may still qualify. Complete Form 8863, Education Credits, and file it with the tax return.

Get a free consultation from an experienced tax relief expert today (800)790-8574 or visit our www.advancetaxrelief.com

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IRS Levy Notice CP504 vs. LT11 - Must Know

2/14/2017

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A lot of IRS collection letters look the same, and those looks can often be very misleading. One of the biggest offenders is the IRS Notice of Intent to Levy IRS Notice CP504.

As part of its collection process, the IRS sends two different letters, each called a Notice of Intent to Levy. On their surface, these two letters are indistinguishable to a layperson, and look the same. But they are very different in what they permit the IRS to do. Before the IRS can levy you, they have to send the Notice of Intent to Levy.

This is law under Internal Revenue Code Section 6330 – the IRS must notify you in writing before levying, and tell you about your rights to file an appeal within 30 days in response. If an appeal is filed, the IRS cannot levy until it is resolved. In other words, in most situations, the IRS is not permitted to levy by surprise. But the letters they send to permit you to prevent it are camouflaged. Needless to say, it is extremely important to be able to distinguish between the real Notice of Intent to Levy and the wannabe.

Your rights to protect your property can depend on it. The wannabe Notice of Intent to Levy is identified as a CP504; the real one is identified by the IRS as an LT11 (sometimes it will be a L1058). Only the Notice of Intent to Levy identified as an LT11 actually permits the IRS to do so; the other (CP504) is, well, a dummy letter. The LT11 Notice of Intent to Levy follows the law and notifies you of the right to file an appeal action to stop the levy.

Only the LT11 provides notification of the rights to file a Collection Due Process action. It even includes enclosures and forms to file the Collection Due Process Appeal. No such forms are included with the CP504 because, well, it is not what it appears to be. It provides no appeal rights, and as a result, does not standing alone permit the IRS to levy.

Only the LT11 permits the IRS to levy your wages, commissions, bank accounts, car, and home. In most cases, expect the IRS to send the CP504 immediately before the LT11. To be sure the IRS has not sent the LT11/L1058 out of order, I recommend that you hire Advance Tax Relief (800)790-8574 to confirm. An IRS account transcript will state if a real Final Notice has been sent, and when. If the IRS cannot levy after sending the CP504, one thing is for sure: Your case is active in the IRS collection system. That means the IRS is coming.

We are tax relief experts specializing in IRS back tax help, Installment Agreements, tax lien help, wage garnishment release, IRS Offer in Compromises and a whole lot more. Get a free consultation from an experienced tax relief expert today (800)790-8574 or visit our webpage www.advancetaxrelief.com

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TESTIMONIAL: “My husband lost his job and the IRS was garnishing my wages. I called advance tax relief for help, my wage garnishment was released and we settled with the IRS for $1,200 on a $48k debt. Our family is very grateful” – Shirley W, Tampa FL
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IRS DIRECT DEPOSIT - ADVANCE TAX RELIEF

2/8/2017

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Direct Deposit is Easy, safe and fast. It is the best way to get a tax refund. Currently, 80% of taxpayers choose this option every year. The IRS knows taxpayers have a choice of how to receive their refunds.

IRS Direct Deposit:

Is Fast. The quickest way for taxpayers to get their refund is to electronically file their federal tax return and use direct deposit. You can also use direct deposit for paper tax returns as well.

Is Secure. Since refunds go right into a bank account, there’s no risk of having a paper check stolen or lost in the mail. This is the same electronic transfer system used to deposit nearly 98 percent of all Social Security and Veterans Affairs benefits into millions of accounts.

Is Convenient. There’s no need to wait for a refund check to come in the mail.

Is Easy. Choosing direct deposit is easy. With e-file, just follow the instructions in the tax software. For paper returns, the tax form instructions serve as a guide. Make sure to enter the correct bank account and routing number.

Has Options. Taxpayers can split a refund into several financial accounts. These include checking, savings, health, education and certain retirement accounts. The U.S. Treasury Department offers a retirement account. It’s called a MyRA account. Designate all or a part of a refund to a new MyRA account. Simply mark the “savings” box in the refund section of the return.

Use IRS Form 8888, Allocation of Refund (including Savings Bond Purchases), to deposit a refund in up to three accounts. Do not use Form 8888 to designate part of a refund to pay tax preparers.

Taxpayers should deposit refunds into accounts in their own name, their spouse’s name or both. Avoid making a deposit into accounts owned by others. Some banks require both spouses’ names on the account to deposit a tax refund from a joint return.

Taxpayers should check with their bank for direct deposit rules. There is a limit of three electronic direct deposit refunds made into a single financial account or pre-paid debit card. The IRS will send a notice and a refund check in the mail to taxpayers who exceed the limit

We are tax relief experts specializing in IRS back tax help, Installment Agreements, tax lien help, wage garnishment release, IRS Offer in Compromises and a whole lot more. Get a free consultation from an experienced tax relief expert today (800)790-8574 or visit our www.advancetaxrelief.com

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Noah Daniels, EA is a tax specialist and IRS Enrolled Agent. He has assisted hundreds of taxpayers with resolving their IRS tax issues nationwide saving them millions of dollars in back taxes, penalties and interest. Noah has also received numerous awards for his dedication to the tax resolution industry. Contact him via email atnoah.daniels@advancetaxrelief.com or (713)300-3965 with any tax related questions you may have. Thanks.

ADVANCE TAX RELIEF BLOG

THE CHILD TAX CREDIT - ADVANCE TAX RELIEF

FIVE REASONS TO FILE A TAX RETURN FOR 2016 - ADVANCE TAX RELIEF

IRS Levy Notice CP504 vs. LT11 - Must Know

IRS DIRECT DEPOSIT - ADVANCE TAX RELIEF

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