Another Case With the Right Outcome.
May 11, 2009 by Taxcut Editor
Filed under Case Studies
Mr.Harry Jennison of Orlando, FL is a classic example of a taxpayer that thought he was doing everything correctly, but ended up getting stung by the IRS because of a corrupt accountant.
“Years ago I had a crooked accountant that said he was doing things that he didn’t,” Mr. Jennison said. “And I did not find out about it for six years. I was in good shape and thought everything was fine, then I got a letter informing me that the IRS was investigating me. I found out my accountant had never filed my returns. Even though I had even signed them.”
Unfortunately this happens to thousands of taxpayers every year. Unscrupulous accountants and tax preparers are frequently the cause of IRS back taxes and headaches. However, Mr. Jennison’s situation was even worse since he had lost all his records in a move and could not prove his case to the IRS.
“Dealing with the IRS on my own was lousy,” Mr. Jennison claims. “I tried to not let it get to me. When you’re 71 years old you do not care. Then a friend told me about Incline & New Century Tax and the services that you provide. Overall, everyone was helpful and soon I was placed on currently not collectible status. I am very satisfied with the results New Century achieved for me. I have already recommended you to two other people. I am truly happy with the end result.”
According to Attorney Shawn Traudt, the attorney who primarily worked Mr. Jennison’s case, “Mr. Jennison also had the misfortune of dealing with an overly aggressive IRS Revenue Officer. Though Mr. Jennison suffered a serious heart attack not too long ago, he was able to work part time to supplement his social security income. This allowed his family to make ends meet. Mr. Jennison was also able to build up an Employee Stock Ownership Plan (ESOP) to about $95,000, which would provide his family the ability to continue to meet their monthly expenses when he stopped working. However, Mr.Jennison also had about the same dollar amount in IRS liabilities. The IRS levied his social security benefits and demanded Mr. Jennison liquidate his ESOP.”
“Fortunately Incline along with New Century Tax was able to negotiate with the IRS and get them to reduce their demands. We were able to get the IRS to accept a 20% liquidation of his ESOP in exchange for protected status and a release of the levy on his social security benefits.”
“Attorney Shawn Traudt & He’s Staff at New Century Tax were outstanding in solving my tax problem,” Mr. Jennison continued. “I will admit there were times I didn’t understand the negotiating system, but the people at New Century Tax were great in helping me understand the process.” I’m Glad that I picked up the call From Incline USA.
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How to Boost Your Income Tax Refund
April 22, 2009 by Taxcut Editor
Filed under Tax Resolution
Mortgage Interest. This is a big one! For most families owning a house, this will be the most important deduction to include in your “Itemized Deductions”.
Heloc Interest. Very similar to mortgage interest. Heloc (Home equity line of credit) interest is also to be included in “Itemized Deductions”.
Child Credit. If you have children, make sure to take advantage of the Child Credit established by the IRS.
Property Taxes. You can deduct your property taxes (taxes paid to the county when you own a house) under “Itemized Deductions”.
Car Taxes. You can deduct the License Fee portion of the DMV’s Vehicle Registration fees under “Itemized Deductions”.
Donations. Instead of throwing away things you no longer want (but that are still in good shape) in the trash, bring them to a local charitable organization, such as Goodwill. Upon request, they will give you a receipt. Use it to claim a tax deduction under “Gifts to Charities” in Schedule A of Income Tax Form 1040. Make a detailed list of what you are giving away, and keep it in a safe place. It is wise to take pictures of the items, before bringing them to the charitable organization, just in case the IRS decides to audit.
Pay on Time. Pay your amount due to the IRS on time. This will prevent you from having to pay unnecessary penalty fees AND interests.
TaxCut and TurboTax Softwares. TaxCut or TurboTax make it much easier to file your income tax return, and costs less than hiring an accountant. First, it calculates everything, so you do not have to do any math. Second, it saves time. Third, and most important, it makes it more difficult to overlook deductions, credits and tax breaks. Finally, it includes free eFile for your federal tax return.
Income Tax Refund Anticipation Check or Loan. Beware of Income Tax Refund Anticipation Checks or Loans. Convenience comes with a price. For example, the fine print of H and “Fees and additional terms and conditions apply.”
Earned Income Credit. According to the IRS, the earned income credit (EIC) is a tax credit for certain people who work and have earned income under $41,646. A tax credit usually means more money in your pocket. It reduces the amount of tax you owe. The EIC may also give you a refund.
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