The majority of income tax issues including unfilled returns and unpaid liabilities are best resolved using one of the following five methods: Call 877-541-6901 for tax consultation. If your debt is very large, you can apply for an Offer in Compromise with the IRS.
Tax debt relief is opted for by people who have somehow failed to file their returns, which in result have made them liable to pay a repayment of back taxes. This is no doubt a severe and frightening state of affairs. This may occur due to various reasons. Call 877-541-6901 for tax consultation. If your debt is very large, you can apply for an Offer in Compromise with the IRS.
Preparing an Installment Agreement.
Placement into Currently Not Collectible (“CNC”) Status.
Preparing a Partial Pay Installment Agreement (“PPIA”).
Preparing an Offer in Compromise (“OIC”).
Filing for Bankruptcy - (under the 3-year rule, 2-year rule or 240-day rule.
Depreciation, Traditionally, if your business property had a life of more than one year, the cost had to be deducted over several tax years. The number of years depended on the characteristics of the property, which made depreciation the flag-bearing example of the complexities of the tax code. Shockingly, the federal government has provided substantial relief to business owners. Call (877) 541-6901 for free tax consultation.
Section 179 of the Internal Revenue Code has been dramatically expanded to the benefit of businesses, particularly small ones. This code allows businesses to completely deduct the cost of tangible property in the year of purchase. The tax relief comes from the expansion of the total amount that can be deducted in one year. Call (877) 541-6901 for free tax consultation.
Huge Deduction Increase
As part of the Job Growth and Reconciliation Act of 2003, the one-year deduction amount was increased from $25,000 to $100,000. The 100,000 figure will be adjusted for inflation each year, which means it will continue to increase. This is very good news. Call (877) 541-6901 for free tax consultation.
What Property Qualifies?
You can deduct the cost of the following property under Section 179:
1. Machinery and equipment
2. Furniture and fixtures
3. Computer software.
You must elect Section 179. It is not automatically given to you. Simply fill out IRS Form 4562 and attach to the returns for the business. Call (877) 541-6901 for free tax consultation.
As shocking as this will sound, the government should be applauded for expanding Section 179. Small businesses are burdened by too many regulations and mandatory costs. The expansion of Section 179 is a nice piece of tax relief legislation. Let’s hope more is on the way. <o:p></o:p>Call (877) 541-6901 for free tax consultation.
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