The IRS Audit Blog

Posts Tagged ‘law’

Question: John Beck’s Free and Clear Real Estate System?

Have anyone ordered this program?

I have been seeing this infomercial quite often and I’m interested in it, but I am unease about its claims. The infomercial claim that its program teaches you how to buy a tax foreclosure home and gives you advice on how to find them. But doesn’t something like that-or anything that involves taxes-should be handled by a tax attorney. And can you actually buy homes and lands so inexpensive; are there hidden costs that invoves in these treansactions.

I know the program is cheap, but is it worth it?
I am really looking to start investing a little of my money into revenues such as real estate.
Can this be the strategy I should consider?

Answer: You don’t need the program to learn how to buy a tax certificate on a property. Procedures vary from county to county, but most counties provide specific instructions on what is involved, either in their offices or online.

The claims in the program are a bit misleading, in that they seem to suggest that the houses were purchased for nothing more than the amount of back taxes, plus interest. It is possible to do that in some cases, but the process is lengthy, and it ends in a foreclosure that you, as the holder of the tax certificate, initiate. The property owner almost always has the right of redemption right up until the auction, and the price the the property fetches at auction is anybody’s guess.

Thus, it is possible to buy properties for the ridiculously low prices advertised in the infomercial, just not probable. Still, the holder of the tax certificate typically earns 18% interest on the face value, and certainly has the inside track of the foreclosure proceedings on the property. So there is money to be made with this stategy, but the “get rich quick” aspect of it is probably not realistic.

Your spouse, your kids, your money– let’s talk

Here are some essentials talks to have with your spouse, your kids, and your parents.

(Legal Advice Service) | Need An Attorney?

Bankruptcy is a legally declared inability or impairment of ability of an individual or organizations to pay their creditors. Bankruptcy law provides for the development of a plan that allows a debtor to resolve his debts through the division of his assets among his creditors. This supervised division also allows the interests of all creditors to be treated with some measure of equality. Few bankruptcy law proceedings allow a debtor to stay in business and use revenue generated to resolve his or her debts.

Customer advocate site designed to tell you, the people what you need to know about this new law with words you can understand. Many people turn to a bankruptcy attorney for help. Bankruptcy Lawyers can help explain bankruptcy law and ensure that the bankruptcy process goes as smoothly as possible. When most people think of bankruptcy, they think in terms of Chapter 7, where the unsecured debts are normally discharged in full. Bankruptcy of any variety is a difficult or deal at best, but at least with Chapter 7, a debtor was able to wipe out their debts in full and get a fresh start. Chapter 13, however, is another story, since the debtor must pay back a significant portion of the debt over a 3-5 year period, with 5 years being the standard under the new law. Prior to the advent of the “Bankruptcy Abuse Prevention and Consumer Protection Act of 2005,” the most common reason for someone to file under Chapter 13 was to avoid the loss of equity in their home or other property. And while equity protection will continue to be a big reason for people to choose Chapter 13 over Chapter 7, the new rules will force many people to file under Chapter 13 even if they have NO equity. That’s because the means test will take into account the debtor’s income level.

Filing Bankruptcy is a difficult decision to make. In 2008 over 1 million Americans filed personal bankruptcy in order to improve their financial situation. Bankruptcy can help you prevent foreclosure of your home, stop debt collector harassment and get a fresh financial start.

However, the figures used by the court for living expenses are NOT your actual documented living expenses, but rather the schedules used by the IRS in the collection of taxes. A big problem here for most consumers is that their household budgets will not reflect the harsh reality of the IRS approved numbers. So even if you think you are “safe,” and will be able to file Chapter 7 because you don’t have $100 per month to spare, the court may rule otherwise and still force you into Chapter 13. Some of your actual expenses may be disallowed. What remains to be seen is how the courts will handle cases where the cost of mortgages or home rentals are inflated well above the government schedules. Will debtors be expected to move into cheaper housing to meet the court’s required schedule for living expenses? No one has any answers to these questions yet.

It will be up to the courts to interpret the new law in practice as cases proceed through the system. The two most common consumer bankruptcies are Chapter 7 and Chapter 13 bankruptcy. Sponsoring bankruptcy lawyers handle these types of bankruptcies exclusively so you can be sure you are getting accurate legal advice when you file bankruptcy. Bankruptcy attorneys will fight to protect your rights and your property. Bankruptcy attorneys fight the aggressive and annoying creditors for you. They can help you keep your home, vehicles and other property. A bankruptcy lawyer will be committed to getting you debt relief and providing you with valuable information, services and advice to get you a better financial future. There are many convenient locations to make filing bankruptcy or learning about the alternatives we offer, even easier.

Business digest

BrieflyPit Stop Sports Bar Grill has opened at 4279 Mariner Blvd., Spring Hill.

Liens – IRS Collection Alternatives, from the Taxpayer Advocate Service

Question: Is a Business License Needed? ?

I am have a small business, and basically my business in virtual. I don’t have a solid brick and mortar site. I run my business from my site and out of my e-mail. We do have a P.O. Box where I ship everything out of. I don’t have a large sales number. Like under $600 per year. IDK it helps but I am in georgia.

Soo… basically my question is do I need a business licensee, and a FIN or whatever they are called. Like do I need to register, and how exactly would I go about paying taxes.

I don’t have any money for an attorney, or a CPA or anything. Its all me.

Answer: You need to go on-line and apply for a TIN (Tax Identification Number).
All businesses need a TIN. If you are doing business as yourself then you do not need a DBA (Doing Business As) which is an assumed name.

The reason I can answer is I have set up in business this year. shipping out of my house via eBay. Once you set up as a business then you can take the additional tax deductions that will then apply to you such as postage, cost of goods to resell. The cost of your internet provider, ect.

Check out small business association online and go to irs.gov online.

Hope this helps!

Taxes can be paid quartley or yearly.

Latest Georgia news, sports, business and entertainment

Here are some of the stories making headlines in Georgia

Ottawa Divorce Lawyer,Attorney Legal Services,Lawyers Personal Injury,Criminal Defense Attorneys,Counsel,Mediator,Counselor,Power of Attorney,Immigration,Bankruptcy,Tax Law Office,Notary,Notaire,Attorney General,Medical Malpractice,Brain Injury

Any Tom, Dick and Harry who is not able to repay the debts cannot file for chapter 13 bankruptcy. Some of the eligibility criteria to file for chapter 13 are as follows :

* Any business even if it is sole proprietorship is not eligible for filing chapter 13 bankruptcy. Only the debts, that are linked to the business and that the owner is personally responsible for, can be included for filing chapter 13 bankruptcy.

* The personal bankruptcy of commodity brokers and stockbrokers cannot be included for filing chapter 13 bankruptcies.

* If the secured debts are more than $1,010,650, the debtor cannot file for chapter 13. Home loans and the filing of lien by the IRS are the examples of secured debts.

* If the unsecured debts are more than $336,900, the debtor cannot file for chapter 13. Some prominent examples of unsecured debts are medical bills, back utility bills, card debts, legal bills, and charges of the department store.

* To prove one’s eligibility for filing chapter 13 bankruptcies, one has to exhibit sufficient income after deducting some expenses and payments to service the secured debts, to do the necessary repayments.

* One must submit the proof of filing the state and federal income tax returns for a minimum duration of 4 years before the date of filing the bankruptcy. The filing of chapter 13 can be rejected if the applicant is not current on Income Tax Filings or has not submitted any proof of being regular at tax payment.

Do you fit in the above mentioned eligibility criteria? If yes than file for chapter 13 bankruptcy. The chapter 13 bankruptcy plan can be funded through the following sources of income:

* Income through self employment

* Benefits through social security

* Freelance commissions

* Benefits on account of Worker’s compensation

* Public benefits

* Alimony in case of divorce

* Royalties

* Regular salary or wages

* Pension payment

* Seasonal work wages

* Disability benefits

* Benefits due to unemployment and strike

* Child support benefits

* Rent

* Profits due to selling of property

* A working spouse could also be the source of funds

The best bankruptcy advice can be got from bankruptcy attorneys and bankruptcy lawyers. We take pride in having association with the top most experienced bankruptcy attorneys. The chapter 13 bankruptcy filing can include the personal bankruptcy. The credit card bankruptcy and the medical bankruptcy form the major part of the personal bankruptcy.

Nurse Outduels IRS Over M.B.A. Tuition

A Maryland nurse defended herself against the IRS’s lawyers and won — getting a ruling to deduct the cost of an M.B.A. degree.

29. Tampa Tax Attorney, Darrin T. Mish teaches his new “competition” his years of IRS Problem Resolution Secrets

Question: IRS Tax Question Cancellation of Debt HELP ME please?

Can the IRS come back on my new husband and I ten years AFTER my divorce for from my 1st husband cancellation of debt. My ex continued to charge on a credit card that he was awarded in our divorce. Iwanted the card shut down but he demanded it be left open so they left it open. Then he filed bankruptcy in 2006 and now the IRS is coming after me in 2008 for the taxable difference. It was 10 years ago that credit card was issued to him. It was no longer my bill. I paid my half of the debt and he gets out of his while my husband and I pay for his debt? Do I fall in the lines of the innocent spouse rule on this case? Please help any help would so greatly appreciated

Answer: I would certainly file the innocent spouse form.

It may or may not work, but at least it’s free to try.

In hindsight, you should have had the card frozen so he couldn’t add to it. Then your liability would have been limited to the bill at the time. If he continued to charge to the bill, that’s the stuff you want to claim innocent spouse on.

Coming up in Harding, the Chesters, Mendhams, and Washington Twp.

SATURDAY, Jan. 16 A free forum on end of life issues will be hosted from 9 a.m. to 1 p.m. at the Church of the Messiah, 50 Route 24 West, Chester. The forum will address legal documents, health options and funeral planning. Attorney James B. Garland will speak on legal issues and wills at 9 a.m. Michele Cameron, a registered nurse with Atlantic Home Care & Hospice, will speak on advance health …

Need A Top Lawyer – Attorney? DUI, DWI, Legal Defense, Personal Injury, IRS, Divorce… We Can Help!