Mt Laurel, NJ Real Estate News

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...
Comments 0
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...
Comments 0
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...
Comments 2
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...
Comments 0
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...
Comments 0
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...
Comments 1
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...
Comments 1
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...
Comments 1
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...
Comments 1
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...
Comments 0
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...
Comments 0
Have you received letters from IRS? Are you asking yourself why all of these penalties?By representing many taxpayers in Mount Laurel and the rest of New Jersey, my clients always ask me “why the penalty?”when a taxpayer knows that there will be a penalty for: Not Filling Not Paying Not Depositing Not Providing the correct numbers on your tax return  They will be penalized, most taxpayers will pay attention. Filling and paying  your tax return, then depositing on time is voluntary compliance. Basically if there is no penalty, why would any taxpayer file and pay on time. Penalty  conserve IRS’s resources if they have to chase non-filers for not filling and paying on time.Penalty is not to punish taxpayers. Why would good taxpayers go out of their way to keep good records, file and pay th...
Comments 0
I represent taxpayers in Mount Laurel and the rest of New Jersey. Many taxpayers have been asking me about some of the IRS Audit Notices they have been receiving. I think it is best I write a blog  with the various audit notices and letters used in an IRS examination.The Examination Opening Letter 2205-AThis is the letter that informs the taxpayer that they have been selected for an examination. It advises the taxpayer that they can be represented by a Power of Attorney ( meaning a CPA, EA or attorney), and that they should begin gathering their records in preparation for the examination.The information Document Request (“IDR”) Form 4564An IDR is where the IRS request documentation and information it perceives is necessary to review the tax return. It is not unusual for there to be seve...
Comments 0
In Mount Laurel, New Jersey many taxpayers have asked me similar questions about IRS Audits and how it works. Here are some of the questions:How far back can the IRS go to audit my return?Generally, the IRS can include returns filed within the last three years in an audit. This time limit is often referred to as the “ASED” If the IRS believes that fraud has been committed they may be able to pursue earlier years.How long does an audit take?The length varies depending on the type of audit; the complexity of the issues; the availability of information requested; the availability of both parties for scheduling meetings; and your agreement or disagreement with the findings.What are your rights when dealing with the IRS?IRS Publication 1, Your Right as a Taxpayer, explains your rights as a t...
Comments 1
I represent taxpayer in Mount Laurel and the rest of New Jersey.Unpaid payroll taxes are a serious matter to the IRS and are some of the worst kind of back taxes you can owe. If you’re a small business owner with a payroll tax problem, read on to learn what you can do to avoid the IRS crippling your business or worse, shut your business down completely.  Already in payroll tax trouble? Contact us to schedule a no-obligation consultation and let’s get your payroll tax issue resolved. Meet with me. Why Small Business Owners Get Into Payroll Tax Trouble In The First PlaceIt’s hard being a small business owner today, trying to pay your employees their paychecks every week, and pay the IRS all those payroll taxes!  A lot of times when money is short, you pay the employees first.  It’s a natu...
Comments 0
Do You Owe Money to the IRS? Possible Tax Resolution Strategies to Set Your Mind at Ease Even for honest taxpayers, the IRS can be extremely frightening. Unlike most other government agencies, the IRS has unbridled power to attach your wages, freeze your bank account and even confiscate your property, and that is enough to send a chill up the spine of any taxpayer.  If you receive a letter from the IRS saying that you owe additional taxes, it is important not to panic. It may be a frightening situation, but there are things you can do to settle your tax debt and get back on the good side of the IRS. I represent taxpayers in Mount Laurel and the rest of New Jersey. Taxpayers do have options when resolving tax disputes and paying additional taxes due, and simply knowing what those options...
Comments 1
Business taxpayer with employees often ask me, what is employment tax and the trust fund recovery penalty (TFRP).Well, to encourage prompt payment of withheld income and employment taxes, including social security taxes, railroad retirement taxes, or collected excise taxes, Congress passed a law that provides for the TFRP. These taxes are called trust fund taxes because you actually hold the employee's money in trust until you make a federal tax deposit in that amount. The TFRP may apply to you if these unpaid trust fund taxes cannot be immediately collected from the business. The business does not have to have stopped operating in order for the TFRP to be assessed.Who Can Be Responsible for the TFRPThe TFRP may be assessed against any person who: Is responsible for collecting or paying...
Comments 0
Understanding IRS notices can be very challenging for taxpayer, which is one of the reasons why it's left un-opened. Not a good idea? Ignoring IRS as everything is quit is not the answer. I represent taxpayer in Mount Laurel and the rest of  New Jersey.One of the IRS notices can say " Final Balance Due Reminder- Notice of Intent to Seize (Levy) Your Property or Right to Property.As a taxpayer, this is the opportunity to make things right. Remember John when he called me 2 weeks ago about his back tax debt issue when his bank account was levied? What did the tax levy do to John? The tax Levy reached his money in his bank account that day. So, we were able to save the day for John. Fortunately, John did move quickly  and we got his money back. John was also qualified for first time penalt...
Comments 0
As a local expert Tax Resolution Firm ourselves serving Mount Laurel and the rest of New Jersey, we encourage all readers facing a back tax debt to contact us for a consultation.It is important to know who to trust and get educated on what your options are to resolve your tax debt problem.You may have heard on the radio and online, that you can settle your tax bill for less than what you owe. But are these claims actually true? And can you really settle your tax debt without hurting yourself in the long run?The truth is that though it’s often harder than they claim to settle for less than you owe the IRS, it is possible and you must first learn if you qualify for the program. This is called an "offer in compromise," but settling is not necessarily a bad thing.An "offer in compromise" is...
Comments 2
In my office last week Thursday in Mount Laurel, New Jersey a John called me at 4:45 PM. So John was trying to get his final returns filed, he has been levied, was hiding it from his spouse and is now frantic because they will bounce the checks. His spouse is blaming him for everything. So, what led John to this situation?A tax levy is generally issued when a taxpayer has either failed to respond to the IRS requests or failed to provide the collection division information when they received IRS Notices. Before property can be levied, the taxpayer must be given a: Notice and demand (billing notice) Notice of intent to levy, and (threat to levy) Notice of a right to a collection Due Process (CDP) hearing (final notice intent to levy) We can help you with your levy and your IRS notices. If...
Comments 0
Explore Mt Laurel, NJ
Mt Laurel, NJ Real Estate Professionals