Tax Resources #tax #resources,179d,45l,cost #segregation


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KBKG is committed to serving the CPA community with our deep understanding in several key areas of the tax code. Many tax professionals use our tax resources to help quickly identify and qualify clients who can benefit from additional tax credits, deductions, and incentives. If you have any questions regarding any of our areas of expertise, please don t hesitate to contact us. Our team is your resource and we are here to help.

Webinar Handouts

▪ Bonus Depreciation Update Cost Segregation Tax Planning » Download handout
▪ Cost Segregation Software Tools Tax Strategies » Download handout
▪ IC-DISC: Permanent Tax Savings for Export Activities » Download handout
▪ Introduction to Cost Segregation » Download handout
▪ Research Development Tax Credit Overview » Download handout
▪ Research Development Tax Credit for the Food Beverage Industry » Download handout
▪ Residential Cost Segregator® Software Demo » Download handout
▪ Updates to the Final Tangible Property Repair Regulations » Download handout

KBKG strives to be a thought leader in the areas we service. We are proud to be a preferred provider of specialty tax services for thousands of CPAs across the country. Please contact us if you are interested in having a private live seminar.

KBKGsolutions.com

Residential Cost Segregator™
Complete a Cost Segregation report for residential properties in minutes! This revolutionary tool is designed for CPAs, Tax Preparers and building owners. Available for residential rental properties up to 6 units with a depreciable tax basis of $500,000 or less (excluding land). » More info

481(a) Adjustment Calculator
The KBKG 481(a) Adjustment Software for Cost Segregation, depreciation repair deduction minimizes the time needed to properly document and calculate IRC §481(a) adjustments required for IRS Form 3115, Change in Accounting Method. These adjustments are typically necessary when a Cost Segregation study is performed on a building acquired or improved in a prior tax year and reclassifies costs to different depreciable lives or to expense categories under the new Tangible Property Regulations. » More info

Partial Disposition Calculator
The KBKG Producer Price Index (PPI) Calculator is designed to make calculations as simple as possible while minimizing unnecessary work. By providing basic data, the calculator provides a PPI adjusted value while considering the condition of the respective component at the time it was acquired (accomplished by considering the component s normal life, quality, and age). » More info

TPR Package
The KBKG TPR Package is an online, subscription based, self-service package of templates, checklists, and guidelines that CPAs can utilize to implement the Tangible Property Regulations. It was designed with the individual CPA in mind to make this process as practical and simple as possible, while minimizing unnecessary work. » More info

Technical Resources

Qualified Improvements Depreciation Quick Reference
We have updated this reference to reflect recent extensions. Explains the nuances of how to depreciate various leasehold improvement property by year.
» Qualified Improvement Tax Chart updated 03-22-2016

R D Tax Credits Calculator
Estimate your Federal and State R D Tax Credits with our R D calculator.
» R D Tax Credits Calculator

SEE IF YOU QUALIFY

See if you qualify for several tax credits and deductions. We can quickly identify and see if you are a qualified candidate.

Find out if you qualify!


Taxation – Parker, Pollard, Wilton – Peaden P #tax #attorney #richmond #va


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Taxation

We represent individuals and businesses in connection with a range of tax matters. We advise clients with issues related to income taxes, estate taxes, property taxes, license taxes, sales taxes and disputes involving local, state and federal authorities. Our lawyers represent clients in administrative proceedings before the IRS and Virginia Department of Taxation and in litigation in state and federal courts. We leverage the skill, knowledge and experience of our tax law practice to serve clients involved in other matters that may have substantial tax consequences, such as divorce, estate planning, business formation and real estate transactions.

Our services include:

  • Income tax preparation
  • Sales and property tax filings
  • Licensing, use and sales taxes
  • Payroll tax claims
  • Counsel regarding gift tax and estate tax matters
  • Federal, state and local sales tax controversies
  • Structuring and negotiating offers in compromise
  • Filings under the innocent spouse rule
  • Filing offers in compromise or otherwise seeking to resolve disputes with the taxing authority regarding back-taxes and inaccurate assessments.

Proactive tax planning is often the best way to minimize the eventual tax liability that may be present in any situation. Parker, Pollard, Wilton Peaden P.C. works closely with our individual and business clients to reduce the tax consequences of a matter to the greatest degree possible and to help our clients balance tax considerations with other objectives in order to formulate the best course of action.

Taxation Attorneys

Our Attorneys

Many of our clients consider us to be “their attorneys” and rely on us for ongoing counsel. Applying more than just technical ability, our attorneys work hard to maintain clear, honest and open communication with clients.

Firm News


Tax Law – Brisbane Law Firm, Irish Bentley Lawyers, tax law firm.#Tax


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tax law firm

  • Tax law firm

Prominent Tax Lawyers

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    Migration Experts

    I rish Bentley Lawyers, was established in 1974. We are here to help whether you are an individual, small business owner, large corporation or government entity. Our Brisbane law firm provides legal services to individual, government, corporate and listed clients under the two core areas of commercial, and, private client services. We have extensive experience in a range of legal disciplines which

    ensures that we can identify overlapping legal issues to achieve extraordinary results. We have built our Brisbane law firm by providing personal service that meets the needs of clients. Our clients can expect instant access to the senior lawyers conducting their matters, quick responses to enquiries, fast turnaround of advice and, clear and effective communication as matters progress.

    We extend this approach to all parties involved in client matters so that maximum benefit is extended to our clients and delays are avoided. Our diligent solicitors are transforming the way that traditional law firms operate. With a fixed price approach deeply rooted in our philosophy, we strive to deliver fast, efficient and cost effective services. We secure extraordinary results, and focus on commercial objectives.


  • Online Tax Preparation Course – National Tax Training School #online #tax #accounting


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    Federal Tax Course. Learn Tax Preparation

    The most complete, most up-to-date online tax course available!

    This highly acclaimed tax course has taught thousands of people how to become successful tax professionals, specialists in preparing individual and small business tax returns.

    Written in an easy, accessible style, this nationally-accredited tax preparation course guides you through Federal Taxation by way of 20 easy-to-master lesson units now with online access, each requiring approximately eight hours of study. A serious student can finish the course and receive his or her certificate in as few as 8 weeks. And you ll be studying in the comfort and privacy of your own home or office. (If you need more time, the School allows you up to one year.)

    The National Tax Training School’s Federal Income Tax Course served my purposes very well. The course was a thorough survey of Federal taxation, the materials and testing procedures were well organized, and the customer service when needed was excellent.
    E. G. – IRS Office of Chief Counsel – Washington, DC

    Enroll in the Tax Preparation Course Today!
    and upon completion you will get the IRS AFTR Course FREE!

    I must say that you guys have really excellent customer service this was way above my expectations and I very much appreciate your attention.

    P. E. Schaffhausen, Switzerland

    Maximize Your Income-Earning Potential!
    Upon successful completion of our tax course, you will have the knowledge and confidence to prepare Individual and small business tax returns for clients anywhere. You will find yourself able to start and operate your own tax practice, or accept a well-paid position in an accounting or tax preparation firm. How much do tax preparers make?

    For residents of California, where Tax Preparers are required to register with the state (CTEC) and have additional educational requirements we offer a CTEC approved tax course that will train you to become a CTEC registered California Registered Tax Preparer . Learn more about how to become a California tax preparer .

    IRS rules require that Tax Preparers, who prepare returns for pay, register with the IRS and obtain a preparer tax identification number (PTIN). You can submit your PTIN application at any time.

    I found the textual material to be thorough, indeed in many respects, exemplary.
    From our recent CTEC approval review

    THIS TAX COURSE BRINGS TAX PREPARATION TO LIFE!

    Our regularly updated and revised text clearly explains tax laws and regulations. teaching you exactly how to apply tax law to all actual client situations. This is the only foundation on which you can build a successful tax preparation practice.

    1. OUTSTANDING TRAINING MATERIALS
      A clearly written, easily understandable step-by-step text that includes hundreds of practical examples, real life illustrations, and sample computations that bring tax preparation vividly to life.The course has been designed to give the student a clear picture of the over-all tax structure as well as a detailed, in-depth, working knowledge of the various tax laws, regulations and procedures and how they mesh with and affect each other. Of particular assistance in this respect are the “reason why” explanations you will find frequently throughout the text. Even the more difficult tax provisions become much easier to grasp, remember and apply if their underlying reason or history is understood.In fact, the course materials, which are yours to keep, will serve you well throughout your career as a tax professional.
    2. HOW TO PREPARE TAX RETURNS
      Real Life case studies give you an opportunity to test your skills in preparing actual tax returns for different taxpayers and small business enterprises. These are designed to familiarize you thoroughly with the various tax forms and schedules you will use as a tax preparer.
    3. TAX PLANNING
      Specially formulated tax planning problems will give you hands-on practice in devising tax-saving strategies that help you develop your own tax planning expertise.
    4. INSTRUCTION
      For the duration of the course and for up to one year after your graduation, every student is assigned a skilled, experienced instructor, a practicing tax professional who is current on all tax preparation procedures and knowledgeable about the day to day realities of operating a professional tax practice.This personal service is one of the cornerstones of the NTTS course s effectiveness and popularity.
    5. EXAMINATION and GRADING
      A series of examinations one after each master lesson unit is designed to monitor your progress. The examinations are submitted to the school by mail, email, or they can be taken online. Each examination is carefully reviewed, graded and if need be commented on by your instructor who will gladly give you any additional help you need. Examinations taken online are interactive and are graded automatically.
    6. POSTGRADUATE BENEFITS
      Once you graduate from the National Tax Training School, you will be given full access to our online, annual Tax Change Bulletins. This privilege will be in effect for up to one year after your graduation.

    I have found your program to be very stimulating, and an excellent source in preparation for meeting tax preparation requirements. Your courses have certainly exceeded my expectations.
    M. E. La Verne, CA

    Emphasis on Tax Savings
    Sound and timely ways to save income taxes are pointed out throughout the tax course. These pointers, along with hands-on practice examples, alert and teach you the many ways you can arrange for your clients to benefit from tax-savings strategies.
    Our strong emphasis about maximizing tax savings is one of the factors that distinguish our course, and is based on a common principle: the more money you save your clients, the greater their loyalty, the more referrals they ll send to you, the more money you ll earn.

    Some of the main tax preparation topics covered in the course:

    Bonus: Included in Tax Course

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    A real treasure house with hundreds of pages packed with tested and proven methods, ideas and techniques that show you how to quickly build a flourishing full-time or part-time tax preparation business and keep it running smoothly.

    Learn about our other tax preparation courses:

    March 2nd, 2017 National Tax School

    Enroll in The Federal Tax Course


    Utah Property Taxes By County #property #tax, #median #utah #property #tax, #utah


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    $1,351.00

    Avg. 0.6% of home value

    Tax amount varies by county

    The median property tax in Utah is $1,351.00 per year for a home worth the median value of $224,700.00. Counties in Utah collect an average of 0.6% of a property’s assesed fair market value as property tax per year.

    Utah is ranked number thirty two out of the fifty states, in order of the average amount of property taxes collected.

    Utah’s median income is $66,272 per year, so the median yearly property tax paid by Utah residents amounts to approximately % of their yearly income. Utah is ranked 35th of the 50 states for property taxes as a percentage of median income.

    The exact property tax levied depends on the county in Utah the property is located in. Summit County collects the highest property tax in Utah, levying an average of $1,921.00(0.39% of median home value) yearly in property taxes, while Rich County has the lowest property tax in the state, collecting an average tax of $422.00(0.35% of median home value) per year.

    For more localized property tax rates, find your county on the property tax map of Utah to the left or in the county list below. Jump to county list ►

    Utah Property Tax Rates

    Property taxes are collected on a county level, and each county in Utah has its own method of assessing and collecting taxes. As a result, it’s not possible to provide a single property tax rate that applies uniformly to all properties in Utah.

    Instead, Tax-Rates.org provides property tax statistics based on the taxes owed on millions of properties across Utah. These statistics allow you to easily compare relative property taxes across different areas, and see how your property taxes compare to taxes on similar houses in Utah.

    The statistics provided here are state-wide. For more localized statistics, you can find your county in the Utah property tax map or county list found on this page.

    Utah Property Taxes

    Median Property Tax

    Percentage Of Income

    Are you paying too much property tax?

    Are You Paying Too Much Property Tax?

    Statistics show that about 25% of homes in America are unfairly overassessed, and pay an average of $1,346 too much in property taxes every year.

    We can check your property’s current assessment against similar properties in Utah and tell you if you’ve been overassessed. If you have been overassessed, we can help you submit a tax appeal.

    Is your property overassessed?

    Utah Property Tax Calculator

    While the exact property tax rate you will pay will vary by county and is set by the local property tax assessor, you can use the free Utah Property Tax Estimator Tool to calculate your approximate yearly property tax based on median property tax rates across Utah.

    If you would like to get a more accurate property tax estimation, choose the county your property is located in from the list on the left. Property tax averages from this county will then be used to determine your estimated property tax.

    Keep in mind that assessments are done on a property-by-property basis, and our calculators cannot take into account any specific features of your property that could result in property taxes that deviate from the average in your area.

    Your county’s property tax assessor will send you a bill detailing the exact amount of property tax you owe every year.

    Utah Property Taxes By County

    You can choose any county from our list of Utah counties for detailed information on that county’s property tax, and the contact information for the county tax assessor’s office. Alternatively, you can find your county on the Utah property tax map found at the top of this page. Hint: Press Ctrl+F to search for your county’s name

    Median Property Taxes In Utah By County


    Tax Lawyer Services in Canada – Rosen Kirshen Tax Law #income #tax


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    If you disagree with the Canada Revenue Agency’s (“CRA”) decision resulting from an audit or objection. you can appeal the assessment or determination to the Tax Court of Canada (“TCC”).

    Second chances don’t often happen in life. Have you failed to report income, overstated your expenses, or were you unaware that you were required to disclose foreign assets?

    Do you have a tax debt that seems impossible to pay off due to the high interest rates and penalties imposed by the CRA? Did you realize that both interest and penalties are discretionary charges?

    Are you unable to pay your bills or operate your business due to your bank account being frozen by the CRA? Having difficulty refinancing your home because the CRA has a lien on your property?

    If the tax auditor believes that a tax return was filed incorrectly or contained inaccurate information, it is likely that the taxpayer will be reassessed by the Canada Revenue Agency.

    If you have unfiled tax returns, the CRA may have filed arbitrary returns for you (please link arbitrary returns to our article Arbitrary Assessments). Rosen Kirshen Tax Law knows what it takes to get you filed up to date, and get you back on track with your tax reporting obligations.

    SCHEDULE A FREE CONSULTATION

    Tax Planning Using Private Corporations 2017 Changes

    19.07.2017 / by Jeff Kirshen / 0 comments

    The Federal Government has announced that they are looking into making changes to what they perceive as unfair tax advantages provided to individuals who own their own corporations. The changes focus on three major areas: income sprinkling, holding passive investments

    My TFSA Is Being Audited, What Should I Do?

    6.07.2017 / by Jeff Kirshen / 0 comments

    In 2009, the tax-free savings account (TFSA) was introduced across Canada. It was meant to promote investment, and encourage everyday Canadians to save for retirement. Unlike an RRSP, TFSA contributions are not deductible. Rather, money earned in the TFSA is

    Is Your Corporation Up To Date?

    12.06.2017 / by Shira Korolnek / 0 comments

    Do you own a corporation? Have you updated your corporate records each year as required by the Business Corporations Act (Ontario)? Have you routinely filed information returns in accordance the Corporations Information Act when you have moved offices or changed directors?

    How to Object to a Notice of Assessment or Reassessment

    30.05.2017 / by Jeff Kirshen / 0 comments

    Every year, many taxpayers are unhappy with the Notices of Assessments they are issued. If you’re in such a position, you do not need to accept the outcome. You may be able to fight your assessment by filing an objection with the Canada Revenue Agency

    ABOUT US


    IRS Tax Debt Relief Testimonials #irs #tax #debt #relief, #irs #tax #levy,


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    IRS Tax Debt Relief Testimonials

    It became too much, the letters from the IRS, the threats to levy my accounts, it got so bad that I couldn t sleep. I developed a clenched jaw disorder where I was grinding my teeth at night. I couldn t handle it anymore. It was just too much.

    I had no idea how to get out of it. The IRS said I owed them $45,000 – but I couldn t afford to pay them that. Not by a long shot!

    While watching TV one day I saw a company that claimed to settle back tax issues. I was unaware that such companies even existed, so I instantly jumped to my computer and Goggled it. I researched read up on such companies. I made calls to many of them. After shopping around, Freedom Tax Relief easily stood out as the most knowledgeable, the most professional. They didn t ask for a big, upfront payment, and they had a grade-A Tax Consultants. Very professional.

    The entire way, Freedom Tax Relief s agents always kept abreast with the on-goings and developments on my account. Updating me with regular calls and emails. I know they have thousands of clients, but they always had time for me and my questions.

    The settlement – only $329 on $45,000! – far exceeded by expectations. Before enrolling with Freedom Tax Relief I was really stressed out. Those were some dark times. That s all changed now. Now I can sleep at night and I no longer grind my teeth uncontrollably – seriously!

    I ve already referred my brother-in-law to Freedom Tax Relief, and I d urge anyone with tax problems to call them!

    We were lucky to find Freedom Tax Relief

    We were lucky to find Freedom Tax Relief, which my husband and I discovered while researching our options on the internet.

    From the very first call, they were extremely helpful, explaining the process and how it worked. As the program moved along, their agents were always great and so helpful, contacting us with information and regular updates regarding our account. We just loved their customer service: they were always quick to answer any questions we had. Even when something required extra work or research on their part, they were always so nice about doing whatever it took to find the answer and information we needed. We just loved that.

    We were extremely pleased at the settlement FTR was able to negotiated for us [$129 on $47,888 owed]! I would definitely recommend it to someone facing a situation like ours. We needed help bad, as the IRS had placed a lien on our home. Thanks to FTR were no longer in debt to the IRS. Now we can just enjoy our lives, and focus our time and energy on our grandkids. (Please tell Michele – we loved her, she was the best – that our newest grandchild has arrived!)

    Freedom Tax Relief was great!

    Freedom Tax Relief was great! As an independent contractor, I have complicated tax filings and, well, guess who made a mistake with these filings? Yep, yours truly.

    I saw a commercial one day – for one of Freedom Tax Relief s competitors, actually – so I called them and several other places, one of which was Freedom. I was quite taken with them from the beginning. I felt a sense of relief just knowing they were there and that they could make a reduced settlement possible.

    Their people were very helpful. Every time we needed something they were there for my wife me. Like with my work situation – which is always tricky – they helped me get the right information the right forms together. And they were always nice and patient. They helped a whole lot.

    And the 74% settlement, that was just stellar! They saved me thousands of dollars and got all our liens removed. I d recommend them to anybody. Such a great company!

    My future definitely looks much improved. I m really enjoying life right now.

    I was very, very, very happy with my experience with FTR. Everything worked great! It saved me over $100,000!

    I knew I needed help when a lien was placed the on my house because of my back taxes, preventing me from selling it, which I wanted to do. So I went on the internet looking for help and found FTR. Their consultants were very knowledgeable and very professional. As the program moved along, every single person at the company was great. They always knew what was going on and I never had to explain anything to them – even when a call was transferred, who ever picked up the phone always had the information I needed right away. It was great.

    Thanks to the program I was able to sell my house, moved into a new one, and get a new car. The program helped me out of in a big way; now my future definitely looks much improved. I m really enjoying life right now.

    I have already recommended the program to several of my friends and family, and if any potential clients ever ask if the program works, tell them just ask Ernie. – I ll be more than happy to be a reference for the program.

    A plan that I could afford, and one that worked

    My IRS troubles came about unexpectedly. One day I was notified that the IRS was going to be garnishing my wages. Caught by surprised, I went online and started researching ways to get help. I started contacting programs that promised to resolve IRS issues, but they the ones I first looked into didn t fit my needs, or wanted thousands of dollars up front before things would even get started, or they just didn t seem right.

    But I was impressed with the people at FTR right from the start. Everyone was very professional. Their consultants were all very knowledgeable; they helped me quite a bit, educating me on how the IRS worked, how the program worked, and how my situation could be resolved. They set me up with a plan that I could afford, and one that worked.

    And gosh, how it worked. I settled for 3 pennies on the dollar! That s more than I expected, and I can say, I m very pleased – very satisfied – with my FTR experience!

    Before signing up with FTR I really didn t know what was going on and I really didn t know what I was going to do. I had no idea how the IRS worked or how I was supposed to get out of this. So one of things that really help me out and what I really liked about Freedom was that everybody – and I mean everybody – was very professional and very knowledgeable. From the billing people, to the Tax Consultants, all the way up to the top executives like Mr. Brown – they were always very active and involved – always ready and able to get my issues resolved.

    I look at my discovery of Freedom Tax Relief and say, I have been blessed

    My troubles began after I was told that I had a life-threatening health situation. It was very serious, and having had already suffered one heart attack and felt like this was it. The doctors told me that I probably didn t have much time left, so I pulled out my entire 401k. I decided to have a Last Holiday – just like Queen Latifah in that movie [ Last Holiday, 2005]. Well, wouldn t you know it – here I am all these years later, still going.

    So then, even though I don t make an incredible amount of money, the IRS said I owed them 105k. (I know when Freedom took over they asked for $84k, but when I talked them they were asking for $105k!)

    I told them you can t get blood from a turnip. But you know, the IRS, they don t play around.

    Initially, I didn t mind having to deal with the IRS. I have done it before. I ve worked hard all my life, and had disputes with them in the past, so they didn t scare me. But I tried the things I had done in past disputes, but this time they were rejected. They wouldn t even accept my paperwork. I read several books and did a lot of search on how to file and properly resolve my situation, but I got nowhere. Things were getting so stressful and complicated. Even more so when I decided to file for divorce. (I d had been separated for a while, but following the divorce my tax status change in ways I wasn t aware of.)

    I didn t know what to do. To have the IRS asking for 105k was stressful, to be sure. One day, while researching tax issues, I came across Freedom Tax Relief as well as a bunch of other companies. I called all of them. Many asked for an amount of money up front that was too much. Others didn t seem truly capable of handling the situation.

    But right from start, Freedom Tax Relief was better. I felt comfortable. They set up their program fees over many months, in a way I could use, given my pocketbook. The program went so well. When they contacted my about the final settlement all I could say was, My, My! I was so pleased. Pleased with the 97% reduction in my bill – saving me over $80k! – and pleased to have my problems with the IRS finally come to an end!

    Looking back, I look at my discovery of Freedom Tax Relief and say, I have been blessed. Their people are very pleasant – wonderful, from the start to finish. Very helpful. If it wasn t for Freedom Tax Relief, I wouldn t have known what to do. I appreciated them so much. I m so very pleased. Not only did they solve my problem, I learned so much from them. In fact, after going through their program, I think I could negotiate almost anything with the IRS myself next time.

    I d recommend them to anybody. If you need help with back taxes, you should definitely call Freedom Tax Relief.


    Nanny Taxes Aren t Hard to File if You Follow This Guide


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    A Quick Guide for Paying Your Nanny Taxes

    Getty Image / fstop123

    Should you pay nanny taxes? The right ethical answer is yes, you should. If you re unsure where to start, follow our guide to make sure you cover everything.

    The IRS requires anyone with household help, such as a nanny, babysitter, or housekeeper, to pay taxes. You ll need to pay Social Security, Medicare, FUTA (Federal Unemployment Tax Act) and federal and state income tax if their annual pay crosses over a certain threshold, which as of 2017 was $2,000.

    For example, if you pay an adult babysitter $35 every Saturday night, you must pay nanny taxes. Not only is it illegal to skip the nanny tax, it s unfair to the person who s caring for your child. You re potentially costing her or him future Social Security and Medicare benefits.

    You ll need the following information:

    • Household Employers Tax Guide (IRS Publication 926)
    • The official IRS Forms W2 and W3 (call 800-TAX-FORM to order them)
    • A record of how much you paid your nanny last year.
    • Your nanny s Social Security number and address
    • Your household Employer Identification Number (EIN)
    • . and last by not least a calculator, pen, and paper.

    The following instructions will only cover paying Social Security and Medicare taxes for your nanny. Read the Household Employers Tax Guide (referenced above) to see if you will owe federal unemployment tax (FUTA). You will need to check with your state to see if you owe state employment taxes.

    Before You Hire, Decide How You ll Manage Nanny Taxes

    Here are some decisions you must make when you hire your nanny. First, be sure they can legally work in the United States by examining their documentation and filling out a Form I-9, Instructions for Employment Eligibility Verification

    Once you have found your awesome nanny you can decide together if you, the employer, will withhold federal income tax or not.

    You are not required to do so, but if you decide to withhold and then have a change of heart be sure to put this in writing. Federal tax withholding is not covered by this article so be sure to do your homework on this.

    Investigate if you will owe state employment taxes. Each state is different and because this is such a big topic it won t be covered in this article. But to steer you in the right direction the relevant state agencies are listed in an appendix of the Household Employers Tax Guide.

    For Social Security and Medicare, you can either pay it all yourself or deduct half of it from their pay. Medicare and Social Security taxes amount to 15.3 percent of her pay. Half of that, 7.56 percent, is the employee s share, which you could withhold from each paycheck or pay yourself. You, the employer, send both halves of the tax to the federal government. When hiring your nanny, tell them how you plan to manage this.

    Things To Do Ahead of Time to Make Filing Easier

    Once you hire your nanny. keep records of cash and check payments you make to them in a spreadsheet like Google Sheets or Microsoft Exel. Then at the end of the calendar year, record the total cost for you to submit in your taxes.

    You will need an EIN number in order to file for your nanny taxes. The first year you have your nanny be sure to call the IRS before February to be assigned an employer identification number. You can call 800-829-4933, apply online. by fax or via mail.

    As for coming up with the cash to pay your nanny taxes you have a few options. You could ask your own employer (or your spouse s employer) to withhold more from your wages in order to cover household employment taxes. Or, you can make estimated tax payments to the IRS each quarter. Another option is to pay nanny taxes on April 15 with your income tax, but if the amount is large enough you might be subject to penalties.

    The Three Forms You Need to Fill Out

    January 31st is the due date for the two Social Security forms you must fill out, which are Form W-2 and Form W-3.

    You can opt to submit these forms online for quick and easy processing. If you need help filling out these forms there are examples at the end of the Household Employers Tax Guide .

    The third form is your Schedule H form which can be submitted by tax day. The Schedule H form is called the Household Employment Taxes which helps you determine how much you ll pay for your nanny taxes which are Social Security, Medicare, Withheld Income, and Federal Unemployment (FUTA) Taxes.

    Are you worried about your math or have questions? The IRS created a set of instructions that covers these three forms. They include examples of the forms and things you should know about Household Employer Taxes.

    Now when tax day comes you ll feel more prepared. Your nanny taxes covers five different types of taxes and by following this guide and doing a bit of homework you ll be ready to file with confidence.


    Debt Settlement Dos And Donts #tax #debt #settlement


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    5 debt settlement do’s and don’ts

    Debt settlement, or agreeing to pay a creditor less than you owe, should be avoided, if possible. It’s a huge mark against your credit score, and the fees and taxes you pay as a result of the settlement may offset what you save by paring down the debt.

    A less-drastic measure such as debt management may resolve your dilemma. That’s why it’s important to get credit counseling as soon as you see the warning signs: Your income is too low to keep up with your debt or you’re borrowing from one creditor to pay another.

    “When you reach that point, you need to get some advice on what options are there for you, whether it’s working on your budget, doing some kind of debt-consolidation loan, free advice from a credit counselor, debt settlement or bankruptcy,” says Russell Graves, president of the Association of Credit Counseling Professionals.

    If it turns out debt settlement is your best option, the good news is that many creditors are now willing to negotiate, says Mary Jackey, spokeswoman for the Consumer Credit Counseling Services, based out of Columbus, Ohio.

    1. Don’t wait; be proactive

    Don’t wait until your account has been charged off, which generally happens when your payment is more than six months behind. A charged-off account is a term that the lender uses to reflect that his prospects of getting repaid are slim. It doesn’t mean that you no longer owe the debt.

    “If you are going to contact your creditors, do it quickly,” Jackey says. “Don’t wait and think the creditor is going to go away.”

    As long as your debt hasn’t already been written off, some creditors may be willing to talk about debt settlement as your account becomes more delinquent because they see it as a loss risk. But Jackey points out that if you act early, you may have other options, such as formulating a debt management plan that lets you pay the debt in full and salvages your credit score.

    Do you know what your credit score is? Find out for free at myBankrate .

    “In this economy, creditors are often trying to do loss aversion, where consumers and creditors work together to have a positive outcome,” she says.

    2. Don’t overlook the consequences

    “Any settlement for which the forgiveness of debt is greater than $600 becomes a taxable event,” Graves says. “If somebody were to settle a $10,000 debt for $5,000, the $5,000 becomes taxable.”

    Graves adds that debt settlement also has a negative impact on your credit report and your future ability to borrow money at an affordable interest rate.

    “The credit report lists the account as settled or paid for less than the amount owed,” he says. “That is an indication to future creditors that you borrowed money but couldn’t pay it back.”

    3. Be prepared to show your financial cards

    Before they agree to settle your account, creditors will ask for documentation of your income, your assets and all of your existing debts. They’ll want convincing proof of your hardship.

    “They want to make sure that the person they are going to be offering this settlement to cannot pay (the full debt) and is not just looking to save some money. and that the only way they can expect to get some of their money back is through some kind of concession,” Graves says. “They don’t want to offer concessions to individuals that just want a deal.”

    4. Don’t make a promise you can’t keep

    If your creditor is letting you pay the debt settlement over time, set the payments at a level you can manage financially.

    “We encourage our clients who negotiate directly with their creditors to make sure that they do not set a settlement plan that is unrealistic,” Jackey says.

    Those who promise too much may be able to make only the first payment in the debt settlement and then have to default because they can’t keep up with the rest of the schedule. When that happens, the account is referred to a collection agency. she says.

    5. Make sure the matter is settled

    If you pay a debt settlement, find out if it shows up properly on your credit report. Jackey says some creditors fail to report settlement payments to credit bureaus even though they are required by law to do so, leaving the consumer’s credit report showing their accounts as indefinitely delinquent.

    “Sometimes a client will come in to us with a credit report that doesn’t even show that a portion of the account was written off. It shows that the full balance is still owed,” Jackey says.

    Also, make sure that creditors stop calling and sending debt collection letters in exchange for your payment plan, she says.

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    IRS PAYMENT ADDRESSES – Tax Debt Advisors Inc #debt #solutions #reviews –


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    IRS Payment Addresses

    There are so many places to make payments to the IRS. If you have received correspondence asking for payment and you agree with the payment amount, there is usually a voucher or envelope or a return address that can be cut and inserted into the provided envelope. Here is some basic addressed for individuals making payments to the IRS.

    When making a payment to the IRS, enclose a check made payable to the “United States Treasury.” Make sure your check includes your correct name, address, social security number, daytime telephone number, the tax year and tax form to apply the payment.

    If you are a self-employed individual, i.e. file a Schedule C or F with your Form 1040, and you live in the following states:

    Connecticut, District of Columbia, Delaware, Georgia, Illinois, Indiana, Kentucky, Maine, Maryland, Massachusetts, Michigan, New Hampshire, New Jersey, New York, North Carolina, Ohio, Pennsylvania, Rhode Island, South Carolina, Tennessee, Vermont, Virginia, West Virginia, Wisconsin

    Alabama, Alaska, Arizona, Arkansas, California, Colorado, Florida, Hawaii, Idaho, Iowa, Kansas, Louisiana, Minnesota, Mississippi, Missouri, Montana, Nebraska, Nevada, New Mexico, North Dakota, Oklahoma, Oregon, South Dakota, Texas, Utah, Washington, Wyoming

    If you are a wage earner, i.e. not self-employed, and you live in the following states:

    Florida, Louisiana, Mississippi, Texas

    Alaska, Arizona, Arkansas, California, Colorado, Hawaii, Idaho, Illinois, Indiana, Iowa, Kansas, Michigan, Minnesota, Montana, Nebraska, Nevada,
    New Mexico, North Dakota, Ohio, Oklahoma, Oregon, South Dakota, Utah, Washington, Wisconsin, Wyoming

    Alabama, Connecticut, Delaware, District of Columbia, Georgia, Kentucky, Maine, Maryland, Massachusetts, Missouri, New Hampshire, New Jersey, New York, North Carolina, Pennsylvania, Rhode Island, South Carolina, Tennessee, Vermont, Virginia, West Virginia

    Send your payments here:

    Internal Revenue Service Center
    Cincinnati, OH 45999-0010

    Internal Revenue Service Center
    Ogden, UT 84201-0010

    Send your payments here:

    Internal Revenue Service Center
    Austin, TX 73301-0010

    Internal Revenue Service Center
    Fresno, CA 93888-0010

    Internal Revenue Service Center
    Kansas City, MO 64999-0010