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Mt Laurel, NJ Real Estate News

In Mount Laurel, NJ what to do if you receive IRS collection letter ?I am sure it can feel like a living nightmare that you can't wake up from when you receive a collection letter from the IRS.Again take a deep breathe and read the IRS Notices carefully.Pull Out Your Tax Return and Supporting DocumentsAs previously stated, some tax notices are merely the result of minor disagreements or inconsequential math errors, but others are more serious. Now that you understand what the IRS is stating, you will want to look at what you claimed when filing your tax return.You can start by pulling out a copy of the tax return in question, making sure to get the right one based on the contents of the collection letter. Hopefully, you have a copy of the return saved on your computer or in your filing ...
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So you just came home from a long day, you open up the mailbox, expecting the usual mix of bills and catalogs, but what you find is a collection letter from the IRS. It can feel like you are living in a nightmare that you can't wake up from when you receive a collection letter from the IRS.Take a Deep BreatheIt is easy to panic when you get a notice from the IRS, but getting scared will not get you anywhere. So slow your racing heart (if you can), take a deep breath, and try to calm your nerves.You will need to think clearly to take on the IRS, and letting your emotions guide you is the last thing you want to do. You will want to have all your brain cells firing, so stop panicking and carefully think through the following steps.Read the Notice CarefullyNot every notice from the IRS is t...
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In Mount Laurel, New Jersey; many taxpayers are concern about the IRS audit rates significantly increase. Like many things involving taxes, what taxpayers should understand that there are complexities behind audit rates. On the surface, these can be easy to misinterpret. A closer look at audit rates provides insight into which income groups are more likely to be audited. Just to name a few:  Higher income taxpayers face greater chance of audit.  Schedule C filer(s) with zero to little expense are also more likely to be audited. Tax audits are a critical compliance tool to help ensure fairness in the tax system, and the IRS works hard to ensure the agency's audit selection process is fair and impartial. Decisions to conduct audits are based on the financial information that is on or not ...
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By Fanta Kaba
(OnPoint Resolution LLC)
Did you know? The owners of the Yoga to the people chain have been arrested for failing to file tax returns from 2013 to 2020. Gregory Gumucio, Michael Anderson, and  Haven Solimaan started the donation based yoga studio in Manhattan in 2006, and ultimately had 20 locations around the country.And the court records show that the studios generated more than 20 million dollars in income, but despite the company's success, they never filed a corporate tax return. The men hid the company's income by paying employees in cash, refusing to provide employees with tax documentation, not maintaining books and records, paying personal expenses from business accounts, and using nominees to disguise their connection to various entities. They were known to have "stacking parties" where they would get ...
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In Mount Laurel, New Jersey a taxpayer asked an IRS question when it came to their back tax debt.Question: The IRS is hounding me for $67,263 and will not leave me alone, so I have finally decided to seek help from a Tax Resolution Professional who specializes in IRS problems. I want to start getting my paperwork together for the appointment. What will I need to bring with me?Answer: It is very important to have certain documentation with you for the initial interview with your tax resolution professional. Your tax resolution professional will need this information to protect your income and assets and to determine the best path in forwarding to resolve your back tax issues once and for all.The documents to bring include: The most recent IRS and or State tax notices you have been receiv...
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By Fanta Kaba
(OnPoint Resolution LLC)
Your IRS Question Answered Here for September 2022.......Question: I haven't filed my tax returns for 2018, 2019 or 2020 and the IRS keeps sending me notices that I owe them $38,273. How can that be? I never even filed. What should I do?Answer: When a legally required income tax return isn't filed on time, the IRS can file an income tax return on your behalf. It's called a "substitute for return" or "SFR". Most of the time the ensuing tax liability is much greater than if you filed your own return. This is because the IRS doesn't give you credit for proper exemptions, credits not (business) deductions. In addition, it's a misdemeanor, punishable by up to one year in prison and a $10,000 fine, for each year not filed.The good news: Your Tax Resolution Specialist can prevent this from hap...
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Watch the video for “What to do if you cannot pay the taxes?Meet with me if you have any questions.Fanta KabaOnPoint Resolution LLC309 Fellowship Road, suite 200Mount Laurel, NJ 08054Tel. 973.840.7350Fax. 347.344.6942onpoint@onpointresolution.comwww.onpointresolution.com 
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By Fanta Kaba
(OnPoint Resolution LLC)
OnPoint Resolution at Mount Laurel, New Jersey have helped many clients through their back tax issues. How you might ask?Well, there are three main collection alternatives to resolve a back tax debt: Installment Agreement:An installment agreement is an agreement to pay the taxes back over time. There are three variations of the installment agreement: Regular, Streamlined, and Partial-Pay. Which type of agreement works best for you will depend upon your personal circumstances and is something we can help you address when you are ready. Uncollectable Status: Uncollectable status is when the IRS determines that you are unable to make current tax payments. When a taxpayer is deemed uncollectable the IRS may still file a Notice of Federal Tax Lien to secure its position in the taxpayer's ass...
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By Fanta Kaba
(OnPoint Resolution LLC)
In Mount Laurel and the rest of New Jersey, we know the story: things are tight financially, so you either (1) do not file your income tax return, or (2) you file your income tax return but don't pay the balance due. But do not worry, you tell yourself, next year will be better. Now it is 3-4 years later and the IRS letter arrives , and the threats start, and maybe it has even gotten to the point of actual levy and seizure activity. Now the IRS is wreaking havoc on your financial life and you simply do not know what to do or where to go.OnPoint Resolution know. We have helped many clients through that exact scenario. Fear not, there is a light at the end of the tunnel.As it turns out the IRS is usually only too happy to work with taxpayers, but there are some ground rule you need to be ...
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As I represent taxpayers in Mount Laurel and the rest of New Jersey, I have seen that filing your taxes is never a fun thing to do, but if you don't file them at all then the IRS will come calling. IRS have unbridled power to file a tax return on your behalf in theirs, not your best interest. Get Your DocumentationIf you’ve been neglecting your taxes for too long, it's time to take care of things. An experienced tax resolution firm can help get things back on track and oftentimes, even if the records are missing or destroyed, there are alternative methods to reconstruct your tax return. However, only a tax resolution professional will be able to accomplish this.If you are missing W2 and 1099 forms from past years an experienced tax resolution pro has the ability to retrieve these as wel...
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As I represent taxpayers in Mount Laurel and the rest of New Jersey, we have noticed the IRS is always on the lookout for taxpayer’s who haven’t filed legally required income, payroll tax returns or other information tax returns. If you have unfiled tax returns, it’s only a matter of time before they find out and demand the return and their money with penalties and interest! When it gets to a point where the IRS contacts you, the amount they claim you owe will be far greater than the amount you actually owe if you haven’t filed. You don’t want this situation and unfortunately in these circumstances the amount they claim you owe is what you will have to pay unless you prove otherwise.IRS have powerful collection tools and an unforgiving nature that makes this one of the worst mistakes an...
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I represent taxpayers in Mount Laurel and the rest of New Jersey (NJ). List of tips for missed tax deductions for real estate agents. Meet with me today!1) Tips on Internet Advertising DeductionCreate a folder called "Vendor Bills" on your computer or in your e-mail box create and  use it to save all of your online purchase receipts. That way they will all be in one place and easily accessible when you need them. 2) Tips on Automotive Expenses DeductionKeep a travel  log so you can record mileage and expenses that you incur during work based travel time. You can purchase these expense log books at Staples and office supply stores. 3) Tips on Write-offs for Treating Your Clients WellHave backup documentation such as receipts or invoices to ensure that the IRS will allow the deduction. Th...
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I represent taxpayers in Mount Laurel and the rest of New Jersey, meet with me today. Some of the tax deductions missed by real estate Agents are:1) Internet AdvertisingWhether you are advertising for a listing or to attract customers, any money that you spend on advertising is deductible, and many real estate agents forget to deduct online advertising. When you are placing online or paying an online services to help distribute your ads across the web, remember to get a receipt or invoice from the site. Most sites have some sort of "Order Confirmation" screen when you place an order or pay a bill, and if you print a copy of the page or save it as an image or PDF file, this counts as a receipt.2) Automotive Expenses- More than just GasBeing a real estate agent is a such a travel-heavy jo...
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Part two of why it is critical to hire a tax resolution expert. When you are dealing with your back tax debt, it can be a challenging and overwhelming very quickly. You won't even know which direction to go. As a taxpayer, it is very important to understand that the IRS is no stranger to audit and it can be a stressful process. If you have received a IRS notice(s), do not panic! There are many things that could help relieve the stress like working with our tax resolution professionals who will fight hard on your behalf so there is less risk for penalties or interest charges along with preserving any possible defenses against accusations from this difficult situation.Here are more critical reasons why you need to partner with a tax resolution expert.A) It Will Save You MoneyOne of the be...
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By representing taxpayers in Mount Laurel and the rest of New Jersey, dealing with tax issues can often be a challenge and feel overwhelming for many people. When you choose to work with a tax resolution expert, it can be the first step to relief and a great choice if you are dealing with with the IRS. Tax resolution experts can guide you throughout the entire process to help you avoid making costly mistakes. You will also have much less stress knowing that an experienced professional is working hard on your behalf. Here are some critical reasons why you need to partner with a tax resolution expert:A) You will get relief from the IRS and Your State of MindWith most taxpayers, when you receive the first letter (IRS Notices) from the IRS, it can make your stomach drop and your heartbeat a...
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By Fanta Kaba
(OnPoint Resolution LLC)
When I represent taxpayers in Mount Laurel and the rest of New Jersey, one of the IRS program taxpayers always ask me about is Offer in Compromise, OIC. What is the IRS program called offer in Compromise, OIC?The Offer in Compromise program allows a taxpayers to settle their IRS back tax debt for less than the amount owed under certain circumstances. For a taxpayer to obtain an Offer in Compromise, the taxpayer must be in tax compliance, meaning at least the last 6 years of their tax returns must be on file, and they must be making their current tax payments. What are the types of the IRS program called Offer in Compromise?Doubt as to Collectability Offer: this is an IRS Offer where the taxpayer does not dispute the amount owed in back taxes, but they cannot afford to pay the tax debt b...
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At OnPoint Resolution, we represent taxpayers in Mount Laurel and the rest of  New Jersey. Taxpayers look forward to tax filing season. Unless you are an accountant who loves tax season, you probably dread this time of year, and you are happy when your return is in and your refund is on the way or your tax debt is all paid off.At your tax preparer's office, when you sign your tax return and send it in to IRS, you may think that tax year filing season is finally over, and that the IRS will not be bugging you for another year. That is unfortunately not the case. Millions of Americans get notice letters from the IRS stating they owe more money or asking for more information, hint: an audit letter. So there are times when you may need to revisit your old return and file an amended one.If yo...
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I represent taxpayers in Mount Laurel and the rest of  New Jersey, NJ.This can be tricky and it’s best to have representation from a tax resolution firm like ours. If the IRS is sending you notice letters claiming you owe money, but you’re certain you don’t owe, then filing an amended return can sometimes do the trick.Another thing to note is that the IRS makes mistakes. So having an IRS Relief firm like ours on your side can help clear these mistakes and settle your tax debt.OWE BACK TAXES?OnPoint Resolution specializes in tax problem resolution. We serve clients virtually so fell free to reach out at 973.840.7350.  If you want one the expert tax resolution specialist who knows how to navigate the IRS maze, reach out to OnPoint Resolution and we will schedule a no-obligation confidenti...
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We see clients that have tried to handle their taxes on their own, sometimes raising red flags with the IRS, resulting in audits, or getting hit with a big tax bill they can’t pay. They might set up an installment agreement on their own, but oftentimes, the DIY approach just makes the penalties and interest keep stacking up, placing you in an endless  loop of compounding interest, penalties and your tax debt growing every month despite making monthly payments. Many of our clients started out by trying to do this on their own or with their current tax preparer and didn’t get the results they were hoping for. Dealing with the IRS takes a very specialized skill set that most tax preparers and even CPA’s don’t possess.  Make sure you have a tax resolution specialist on your side. If you cho...
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3 Instances, when hiring a tax relief professional is the only way to go.When it comes to your money, there’s only one person that truly has your best interests at heart - and that person is looking back at you in the mirror. Handling your own finances and making your own decisions can give you peace of mind and help you avoid a costly mistake. There is a lot to be said for the do-it-yourself approach to your money, yet the go it alone path does have its limitations, especially when it comes to the IRS and back taxes. #1 You Just Received a Major WindfallEven if you know how to handle your finances, receiving a major windfall can throw your plans for a loop. Whether you are the lucky holder of a winning lottery ticket or the recipient of a major inheritance, it pays to seek outside advi...
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