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FREQUENTLY ASKED QUESTIONS
How can I Discharge tax Debt?
Owning or managing any type of small business has the same five primary elements: employee relationships, financial management, sales development, marketing diversity, customer retention.
How does the IRS charge penalties and interest?
The IRS charges interest and penalties on quarterly bases. The period begins after April 15th of the tax year and continues until the debt is satisfied. The interest rate is determined quarterly and is the federal short-term rate plus 3 percent. Interest is compounded daily. If you file on time but don’t pay all amounts due on time, you’ll generally have to pay a late payment penalty of one-half of one percent of the tax owed for each month, or part of a month, that the tax remains unpaid from the due date, until the tax is paid in full or the 25% maximum penalty is reached. The one-half of one percent rate increases to one percent if the tax remains unpaid 10 days after the IRS issues a notice of intent to levy. For individuals who file by the return due date, the one-half of one percent rate decreases to one-quarter of one percent for any month in which an installment agreement is in effect.
Can I make payments to the IRS or all at once?
If you have a tax liability and cannot afford to make the payment all at once, you are afforded the opportunity to do installment payments. The taxpayer would file form 9465 requesting an installment payment with the amount that the taxpayer can afford. Once the IRS accepts the agreement, the taxpayer will make such payments until the debt is erased. There are special rules if the taxpayer owes more than $25,000. Those taxpayers should seek professional assistance.
Who can I claim as a dependent?
Qualifying Children: To be claimed as a qualifying child, the person must meet four criteria:
Relationships — the person must be your child, step child, adopted child, foster child, brother or sister, or a descendant of one of these (for example, a grandchild or nephew).
Residence — for more than half the year, the person must have the same residence as you do.
Age — the person must be under age 19 at the end of the year, or under age 24 and a be a full-time student for at least five months out of the year, or any age and totally/permanently disabled.
Support — the person did not provide more than half of his or her own support during the year.
Tie-Breaker Tests for Claiming a Qualifying Child: If two or more taxpayers claim a dependent as a qualifying child in the same year, the IRS will use the following tie-breaker tests to determine which taxpayer is eligible to claim the dependent. The tie-breaker tests are listed in order of priority. The child will be the qualifying child of:
the parent with whom the child lived for the longest time during the year,
if the time was equal, the parent with the highest AGI,
If no taxpayer is the child’s parent, the taxpayer with the higher AGI.
What can I do if I owe money to the IRS?
First, before your try to negotiate a settlement we must determine what the cause is. If the cause can be resolved, you would not have to send any money back. If on the other hand the IRS examined your return and found something that was incorrect, than we can fix that issue and minimize your debt. If nothing can resolve the issue, than you have several options to pay back the IRS and a chance to reduce your outstanding amount.
If I have not filled for several years what can I do?
You need to file your tax returns, you have 3 years to file however the interest and penalties will accrue from
Can I file anybody as a dependent?
No, you must file dependents that meet the residency, age, and relationship test.
What income should I file?
You should file all your income, from w2’s, 1099, business income, rental income, and lottery income. Any source of income needs to be stated so you don’t have any issues once the IRS examines your return.
Can I claim my car miles?
No. You can claim it only if the vehicle is used for business or if the position you hold must utilize your vehicle to accomplish your tasks, i.e. paper delivery, pizza delivery etc.
What receipts do I need to keep?
It is always good to keep your receipts, but for business returns it is more important that your keep track of your revenue and expenses. By keeping a ledger you will be able to prove any expenses incurred during the year.
Can the IRS take my money if I owe?
If your tax debt has not been addressed by you the IRS can garnish your wages and deduct fees from your personal bank account. This is why any IRS letter must be addressed in a timely manner.
Thanks Mr. Albert Corey for explaining everything and going through the process of doing my taxes. Mr. Corey is extremely helpful and gives you lots of tips.
Corey & Associates Tax Services is the best place to get your taxes done! I’ve been other places but I’ve never had as much attention and care as when I’ve come here. Albert is wise and meticulous and I don’t think I will trust anyone else again with my taxes. 🙂 Whether it’s corporate taxes or personal, I’ve only had good experiences. 🙂 🙂 🙂 Thanks again!
Great service! Fast and affordable. The owner is very approachable and willing to help all of his clients. Highly recommended.
I have been doing my taxes with Corey for 10 years… not only are they fast but the owner always has the best business advice. I have opened corporations with them it’s been a fast painless process. Everyone I recommend has been satisfied 100%. They have a great staff and play good movies while you wait during tax season for your turn. Arrive early cause he has soo many satisfied customers his office gets full at tax time!