Tax Debt Problems in Bridgeport WV 26330

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Home > West Virginia > Tax Debt Problems in Bridgeport WV 26330

Back Taxes Help Bridgeport WV

With the economy in a recession and the Real Estate Market at its worst in decades, many taxpayers have either experienced or are facing the threat of a foreclosed home or other piece of Real Property.

The number of foreclosed homes and short sales has skyrocketed in recent years amongst a failing economy and an unemployment rate hitting historical highs. To make matters worse, some experts are predicting a Tax Debt Problems Bridgeport WV “bottoming out” of the economy as late as 2012. In the meantime, the number of people losing their homes continues to rise.

The foreclosure of Real Property can give rise to many questions and concerns for taxpayers.

Upon the foreclosure or short sale of a piece of real estate, the lender with the deficiency will issue a Form 1099-C, Cancellation of Debt to both the taxpayer and the IRS. In Bridgeport WV past years, the amount of cancelled debt would give rise to what is sometimes referred to as “phantom income”. This phantom income would be taxable as ordinary income and would result in tax that had to be paid by the taxpayer. The taxpayer however, having never taken actual receipt of any cash, would many times be unable to pay the tax this phantom income produced.

Fortunately for taxpayers, Congress Irs Debt Settlement Bridgeport WV addressed this very issue in The Mortgage Forgiveness Debt Relief Act of 2007. The bill; H.R. 3648, was passed by Congress and was signed by President George W. Bush in December of 2007. The bill, grants relief to homeowners that have been given relief from mortgage debt through a foreclosure, short sale or other similar agreement with the lender. Generally, eligible debt is what is referred to as Bridgeport WV acquisition indebtedness. Acquisition indebtedness is defined as debt incurred to acquire, construct or rehabilitate a residence. However, refinanced debt will qualify, so long as the debt does not exceed the original amount and home equity debt will qualify so long as the funds were used to improve the taxpayer’s home. No relief is available for cash-outs. The forgiven mortgage debt must have been secured by the residence and Bridgeport WV no more than $2 million of mortgage debt is eligible for the exclusion ($1 million of mortgage debt for a married person filing separately). The relief applies to qualified debt forgiven between January 1st 2007 and December 31st 2012.

While the State of California does not conform exactly to Federal law, it also provides relief from tax on forgiven mortgage debt for calendar years 2007 and 2008. Senate Bill Bridgeport WV 1055, enacted September 25th, 2008 allows taxpayers to exclude up to $250,000 of cancellation-of-debt income resulting from a discharge of a loan that was used to acquire, construct, or substantially improve the principal residence of the taxpayer. The maximum amount of a loan eligible to be excluded is $800,000. The exclusion is further phased-out for discharged loans that exceed $800,000. Some taxpayers may need to file an amended Bridgeport WV California return for 2007 in order to take advantage of these provisions. Doing so may result in a refund or reduction of tax liability.

For taxpayers who have lost their homes either through foreclosure or a short sale scenario these relief provisions are welcome news. However, it is important for taxpayers to remember that these provisions only apply to principle residence loans that were used to acquire, construct or Bridgeport WV rehabilitate a taxpayer’s principle residence. Taxpayers who have used loan proceeds for other purposes may still be facing a taxable income situation. Taxpayers who have experienced or are facing foreclosure or short sale scenarios on rental, business or investment properties are likewise at risk as these provisions will not apply. In these situations it is imperative that taxpayers have a competent tax professional to assist them with their Bridgeport WV tax planning and preparation. Taxpayers may still be able to obtain relief under other provisions such as the establishment of insolvency. However, navigating specific tax laws in these areas can be tricky.

 

Tax Debt Bridgeport WV

 

Innocent Spouse Tax debt Relief” from the IRS is available if you require tax debt relief from taxes and penalties that originated from a joint tax return filed with your spouse or ex-spouse. That’s right, the IRS offers you a way to get out from under tax debt liability that was the result of mistakes and errors not made by you on a joint tax return. “Innocent Spouse Relief” is a good option Tax Relief Services Bridgeport WV , as the IRS holds both spouses equally responsible for everything filed on a joint return, all taxes and penalties are an equally shared responsibility regardless of who made a mistake.

If you discover that you now owe taxes, you can file IRS form 8857 for “Innocent Spouse Relief” if you were not party in any way to the intentional or unintentional under-reporting of income or of unqualified claimed deductions. If you qualify and Bridgeport WV don’t seek Innocent Spouse Tax Debt Relief you can be subject to a federal levy of your bank accounts, wages, or other valuable assets seized to satisfy the tax debt. The IRS can also place a lien on your home which means the IRS will be paid first if you sell your house. Your credit rating will be damaged with reporting of any liens. Your wages may also be garnished until all taxes Irs Settlement Bridgeport WV are paid in full. Any penalties or interest will only increase the original debt and require payment.

If your spouse (or former spouse) made false reports or mistakes on your joint return, and you can prove you had no knowledge of the mistakes, you may qualify for Innocent Spouse Relief. You MUST meet these requirements:

1.) You filed a joint return which has an understatement of tax due to erroneous items of your spouse (or Bridgeport WV former spouse).

2.) You establish that at the time you signed the joint return you did not know, and had no reason to know, that there was an understatement of tax .

3.) Taking into account all the facts and circumstances, it would be unfair for you to be held liable for the understatement of tax or falsely claimed exemptions.

4.) A request for innocent spouse tax debt relief will not be granted if the IRS Bridgeport WV proves that you and your spouse (or former spouse) transferred property to one another as part of a fraudulent scheme. A fraudulent scheme includes a scheme to defraud the IRS or another third party, such as a creditor, ex-spouse, or business partner.

You may qualify for partial tax debt relief if, at the time you filed your return, you had no knowledge or reason to know of only a portion of an erroneous item. Bridgeport WV You will be relieved of the understatement due to that portion of the item if all other requirements are met for that portion. Be advised that divorce or separation do not automatically qualify you for “Innocent Spouse Relief”.

The IRS recognizes that there are cases where it would be unfair to hold you liable for your spouse’s or former spouse’s tax obligations or mistakes. You can file for Innocent Spouse Tax Debt Relief yourself Bridgeport WV by simply filing IRS form 8857. However, it is advisable to consult a tax professional that is well versed in IRS tax law, to achieve the most expedient and positive results in your “Innocent Spouse Relief” filing.

 

Tax Relief Bridgeport WV

 

Are you familiar with the Federal Tax Amnesty? This is an offer given to taxpayers who voluntarily pays tax dues. In this offer, the criminal charges and penalties can be forgiven. However, such program is not yet complete and can’t cover everyone. If you want, you can hire an attorney who specializes in tax laws to help you in getting tax debt relief.

Most states offer tax amnesty. The state Tax Relief Help Bridgeport WV will give taxpayers who haven’t settled their dues a couple of months so that they will only pay the original amount owed without charging late fees or penalties. However, since the tax amnesty varies from one state to another, you may have to inquire.

The tax amnesty program is quite effective in most states because it can increase the revenue in a matter of months. A lot of taxpayers settle Bridgeport WV their tax debts within the extension period to avoid penalties but what about those who can’t afford to pay because of financial constraints?

Through the Federal Tax Amnesty, taxpayers can have the liens removed from their properties, restore credit, and settle debts before IRS pursues them. In some states, this program is ongoing, and you can avail of it as long as you meet the criteria preset by the state.

Tax Tax Relief Solutions Bridgeport WV lawyers are more familiar with this program, and if you’re not sure about it, you can always consult an expert. With the help of a qualified and experienced lawyer, you can prepare and file the returns with ease and take advantage of the Federal Tax Amnesty. Even if you have multiple returns to file, the lawyer may be able to help you settle your tax debts. There is nothing Bridgeport WV wrong in seeking help and with the program, you can sleep better at night.

No matter how good you are at hiding, the federal government and the IRS will find you. Your tax debt relief will stay active even in the years to come. Instead of running away, you should face with the agency and settle your dues. The lawyer can help you in reducing the fees or penalties but Bridgeport WV still, you have to settle the whole amount.

 

Back Taxes Help Bridgeport WV

 

One of the reasons that the American colonies broke away from England was squarely over the issue of taxes. The colonists felt that the British royalty was exacting too much taxation with very little representation given. The Boston Tea Party and other acts of revolt crystallized the differences between the two parties which ultimately led to a full scale revolution and founding of a new nation. Today, Americans Tax Debt Bridgeport WV can feel taxed to death all over again. No, the English have nothing to do with all of the anger being vented by taxpayers across the fruited plains. Instead, politicians in Washington, DC in state capitals, and even on the local level are creating much angst for tax weary citizens. Do you feel overtaxed? If so, fight back…the American way!

No, you don’t have to recreate the Boston Tea Bridgeport WV Party to get the attention of elected officials. Dump anything into a river today and the PC police will jump all over you! However, you can signal loud and clear to your politicians that “enough is enough” when it comes to taxes including:

Gathering Signatures – Creating a petition and having eligible voters sign the petition is one way that you can tell your elected officials that you demand Irs Debt Settlement Bridgeport WV they hold the line on taxes. In some areas an online petition is sufficient while in other areas you will have to go door to door for signatures. Expect to spend plenty of time recruiting volunteers and helpers!

Put it to Vote – In California, citizens are famous for voting on tax relief through propositions that mandate the government cap real estate taxes. If your state does not have Bridgeport WV such a method of seeking relief, you could pressure lawmakers to put forth a ballot initiative nevertheless. Learn what the requirements are to establish a local response.

Get out the Vote – What a sad state of affairs it is when getting half of the eligible voters out for an election is considered to be a good thing. Encourage everyone you know to vote with their feet by hitting Bridgeport WV the polling place on Election Day!

Run for Office – If you have a vision to hold taxes in line, then consider running for office yourself. Stay away from special interest groups, instead form a true people’s voice movement to get the support that you need and the mandate necessary to enact change.

Yes, tax relief can be done through the democratic process. Get involved and build a government wide Bridgeport WV tax relief model that will benefit citizens nationally.

 

Back Taxes Help Bridgeport WV

 

Leave it to lawyers and the federal government to not be able to give a straight answer to this question! Unfortunately, in order to be eligible to wipe out a tax debt, there are five criteria that must be satisfied.

You can discharge Federal income or State income taxes in Chapter 7, Chapter 13 or Chapter 11 bankruptcy only if all of the following conditions are Tax Relief Programs Bridgeport WV true:

1. The taxes must be strictly for taxes on income. Taxes such as payroll taxes, trust fund taxes, sales tax or fraud taxes cannot be eliminated in bankruptcy.

2. You have not committed fraud or willful tax evasion. You cannot wipe out tax debt if you filed a false or fraudulent tax return or willfully attempted to evade paying taxes. For example, if you under reported Bridgeport WV income falsely, you cannot wipe out the debt after getting caught.

3. The debt must be at least three years old from the date it is due. In order to wipe out the tax debt, the bankruptcy cannot be filed until three years after the original due date of the tax. For example, if a tax was due from a 2005 tax return, the due date Tax Lawyer Bridgeport WV of that tax liability would be April 15, 2006. In this example you would have to wait until April 15, 2009 to file the bankruptcy in order to be eligible to discharge the IRS tax debt. Many times, you must be careful to wait the appropriate time period in order to ensure that the tax debt will be wiped out.

4. You had to file a Bridgeport WV tax return for that particular year two years before the bankruptcy. To be eligible to wipe out the debt, you must have filed a tax return for the IRS or State debt you wish to discharge at least two years before filing for bankruptcy. Thus, even if the debt is over three years old, if you filed the return late and two years has not Bridgeport WV yet passed, then you cannot wipe out the Internal Revenue Service or State tax debt.

5. You must satisfy the 240-day rule. The IRS must have assessed the income tax debt at least 240 days before you file your bankruptcy petition, or must not have been assessed yet. The IRS can extend this time period due to suspended collection activity because of an offer in compromise Bridgeport WV or a previous bankruptcy filing.

Clients should be aware that different rules apply when the IRS has already placed a tax lien against them. A bankruptcy may relieve you of personal liability on a tax debt, but in some circumstances will not discharge a properly filed tax lien. After bankruptcy, the IRS cannot chase you personally for the debt, but the lien will remain on any Bridgeport WV assets so you will not be able to sell these assets without satisfying the outstanding lien. – this includes your home. Depending upon the lien and when filed, there may be other options to attack the validity of the lien.

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