Taxes and Divorce
Article Highlights: Filing Status Claiming the Children as Dependents Child Exemption Head-of-Household Filing Status Tuition Tax Credit Child Care Tax Credit Child Tax Credit Earned Income Tax Credit Alimony If you are recently divorced or are contemplating divorce, you will have to deal with or plan for significant tax issues such as asset division, alimony, […]
State Accepts Penalty Abatement in Taos, NM
State Accepts Penalty Abatement in Taos, NM IRS Penalty Abatement – 05-07-2018 Taxpayer Situation: Taxpayers owed the State of New Mexico Taxation and Revenue Department penalties for the tax year 2015, totaling $2,750. The taxpayers were current with the filing of all their tax returns. Resolution Outcome: Legacy Tax & Resolution Services successfully negotiated a Penalty Abatement […]
IRS Accepts Revised Audit Outcome in Albuquerque, NM
IRS Accepts Revised Audit Outcome in Albuquerque, NM IRS Revised Audit Outcome – 03-09-2018 Taxpayer Situation: The taxpayer was audited for 2014-2015 and had another tax resolution firm represent him in the audit. Unfortunately, the tax resolution firm had very little audit representation experience, and the IRS auditor went on a hunting expedition. The taxpayer […]
Haven’t Received Your Tax Refund Yet?
Article Highlights Slow Refunds COVID-19 Economic Impact Payments Recovery Rebates Unemployment Debacle Using 2019 Income to Compute 2020 EITC and Additional Child Tax Credit Other Issues Where’s My Refund Tool IRS May Pay Interest on Late Refunds You are not alone. We have been hearing from clients who are still waiting on refunds from returns […]
Video tip: American Expats–Don’t Miss the June 15 Tax Filing Due Date
The June 15 due date for American citizens and resident aliens living in another country to file their U.S. tax return is here! If you need help to finish your return or to file an extension, please give us a call as soon as possible.
IRS Released Levy in Alamogordo, NM
IRS Released Levy in Alamogordo, NM IRS Levy Release – 01-12-2018 Taxpayer Situation: Taxpayer owed the IRS for tax years 2009, 2010, and 2014. The taxpayer was current with the filing of all his tax returns. Resolution Outcome: Legacy Tax & Resolution Services successfully negotiated a Levy Release with the Internal Revenue Service after a […]
IRS Released Levy in Belen, NM
IRS Released Levy in Belen, NM IRS Levy Release – 10-21-2017 Taxpayer Situation: Taxpayer owed the IRS for tax years 2012, 2013, and 2014. The taxpayer was current with the filing of all his tax returns. Resolution Outcome: Legacy Tax & Resolution Services successfully negotiated a Levy Release with the Internal Revenue Service after a small balance […]
2021 – the Year of Substantial Tax Breaks for Families with Children and Lower-Income Taxpayers
Article Highlights: Child and Dependent Care Credit Workers Can Set Aside More in a Dependent Care FSA Childless EITC Expanded Changes Expanding EITC for 2021 and Beyond Expanded Child Tax Credit Advance Child Tax Credit Payments This is an overview of the several tax benefits that were included in the American Rescue Plan Act recently […]
IRS Accepts Installment Agreement in Lovington, NM
IRS Accepts Installment Agreement in Lovington, NM IRS Installment Agreement – 08-17-2017 Taxpayer Situation: Taxpayer owed the IRS for tax years 2008-2012 and 2014. The taxpayer was current with the filing of all his tax returns. Resolution Outcome: Legacy Tax & Resolution Services successfully negotiated an Internal Revenue Service payment agreement for a client in Lovington, NM. […]
Tax Deductions Related to Charity Auctions
Article Highlights: Purchase of Items at Charity Auction Auction Donor Appreciated Property Fair Market Value (FMV) Unrelated Use Contributions of “Use” It is common practice for charities to hold auction events where attendees will bid upon and purchase items. The questions often arise whether (1) the money spent on the items purchased constitutes a charitable […]