State Accepts Release of Lien to Allow Refinancing to Pay State Debt in Alamogordo, NM
State Accepts Release of Lien to Allow Refinancing to Pay State Debt in Alamogordo, NM IRS Release of Lien – 03-19-2012 Taxpayer Situation: Taxpayers owed the State of New Mexico Taxation and Revenue Department for the tax year 2009. The taxpayers were current on all tax returns. Resolution Outcome: Legacy Tax & Resolution Services successfully negotiated an […]
Tax Relief for Victims of 2020 Natural Disasters
Article Highlights: Legislation for Major Disasters Definitions Qualified Disaster Distributions Re-Contributing Withdrawals for Home Purchases Retirement Plan Loans Loss Limitations, Revised Relief for Non-Itemizers Employee Retention Credit Other Disaster Area Tax Issues Most of us will always remember the year 2020, as much as we may like to forget it. On top of the COVID-19 […]
IRS Released Wage Garnishment in Moriarty, NM
IRS Released Wage Garnishment in Moriarty, NM IRS Wage Garnishment Release and Installment Agreement – 01-27-2012 Taxpayer Situation: The taxpayer owed the IRS for tax years 2006-2010, and the IRS was taking over 60% of his salary. He was desperate because he could not pay his bills, and the IRS would not release the wage garnishment. […]
IRS Reverses Full Denial of Child Tax Credit Claim in Alamogordo, NM
IRS Reverses Full Denial of Child Tax Credit Claim in Alamogordo, NM IRS Reverses Full Denial of Refund Claim– 11-21-2015 Taxpayer Situation: The taxpayer filed a return for 2014 requesting the Child Tax Credit. The IRS sent CP79 fully denying the credit and requested information to support the dependent exemption. The taxpayer tried to resolve […]
COVID-19 Resource Guide: Taxpayers & Small Businesses
During the coronavirus pandemic, it’s our goal to continue supporting the health, safety, and prosperity of our clients in any way we can. In this post, we’ve compiled some key resources for taxpayers and small business owners trying to stay up to date on the latest accurate information from trusted news sources. If you have […]
Solar Tax Credit Extended for Two Years
Article Highlights: Credit Amounts Deceptive Advertising Refundability Worth the Cost? Qualifying Property When Is the Credit Available? Who Gets the Credit Multiple Installations Battery Installation Costs Basis Adjustment Association or Cooperative Costs Mixed-Use Property Newly Constructed Homes Utility Subsidy A federal tax credit for the purchase and installation costs of a residential solar system has […]
Tax Deductions Without Itemizing
Article Highlights: Charitable Contributions Educator Expenses Performing Artist Expenses State and Local Government Officials’ Expenses Health Savings Account Contributions Moving Expenses for Members of the Armed Forces Student Loan Interest Deduction Tuition and Fees Deduction Deduction for Early Withdrawal of Savings Deductible Part of Self-employment Tax Self-employed Health Insurance Deduction Alimony Deduction (pre-2019 divorce agreements) […]
Special Rules Apply to 2020 EITC and Child Credit
Article Highlights: Employment (Earned) Income Earned Income Tax Credit (EITC) Child Tax Credit (CTC) 2019 or 2020 Earned Income Credit Qualifications Because of the pandemic, many individuals have seen their employment (earned) income plummet. In that situation, two very important tax credits, the Earned Income Tax Credit (EITC) and the Child Tax Credit (CTC), which […]
Understanding Tax-Filing Status
Article Highlights: Single Married Filing Jointly Surviving Spouse Married to a Nonresident Alien Head of Household Married Filing Separate Filing status is determined on the last day of the year and most often is based on marital status. The two most prevalent are as follows: Single – Unmarried individuals without dependents. Married Taxpayers Filing Jointly (MFJ) – […]
Video: Could You Get a Tax Deduction for Your Home Office?
Because of the pandemic, many have been forced to work from home for the past year. A frequent question is do they qualify for a special tax deduction for using their home as a workplace?