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TRUE TAX RESOLUTIONS INC
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True Professionals. True Solutions
True Professionals. True Solutions

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True Tax Resolutions is tax service dedicated to providing the highest caliber of tax help to the business and individual taxpayers of America. Whether you owe Federal Tax or the State Tax we can help you. We help businesses and Individuals with tax filing, including delinquent tax returns. Additionally, we help clients with tax refunds, tax extension, tax debt settlement, payment plans, wage garnishment removal, levy lifts, and obtaining hardship status. Call 773-609-4TAX for a free no obligation consultation with a licensed professional.

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True Tax Resolutions is a company dedicated to providing the highest caliber of tax help services to the business and individual taxpayers of America. Whether your issue is with the IRS or the State we can help you. We help businesses and Individuals file current and past due tax returns. We also help clients with tax debt settlement, tax debt payments plans, wage garnishment removal, levy lifts, and obtaining hardship status. Call 773–609–4TAX or visit truetaxresolutions.com for a free no obligation consultation with a tax professional.

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IRS Releases the new tax brackets for 2018

Here is how they break down.
Tax Rate Single Married, Filing Jointly Married, Filing Separately Head of Household
10%$0 to $9,525$0 to $19,050$0 to $9,525$0 to $13,60015%$9,526 to $38,700$19,051 to $77,400$9,526 to $38,700$13,601 to $51,85025%$38,701 to $93,700$77,401 to $156,150$38,701 to $78,075$51,851 to $133,85028%$93,701 to $195,450$156,151 to $237,950$78,076 to $118,975$133,851 to $216,70033%$194,451 to $424,950$237,951 to $424,950$118,976 to $212,475$216,701 to $424,95035%$424,951 to $426,700$424,951 to $480,050$212,476 to $240,025$424,951 to $453,35039.60%$426,701+$480,051+$240,026+ $453,351+
2018 federal income tax schedule. Data source: IRS.
True Tax Resolutions is a company dedicated to providing the highest caliber of tax help services to the business and individual taxpayers of America. Whether your issue is with the IRS or the State we can help you. We help businesses and Individuals file current and past due tax returns. We also help clients with tax debt settlement, tax debt payments plans, wage garnishment removal, levy lifts, and obtaining hardship status. Call 773–609–4TAX or visit truetaxresolutions.com for a free no obligation consultation with a tax professional.

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The IRS releases a new app to help track refunds and make tax payments.

https://www.irs.gov/newsroom/irs2goapp









True Tax Resolutions is tax service dedicated to providing the highest caliber of tax help to the business and individual taxpayers of America. Whether you owe Federal Tax or the State Tax we can help you. We help businesses and Individuals with tax filing, including delinquent tax returns. Additionally, we help clients with tax refunds, tax extension, tax debt settlement, payment plans, wage garnishment removal, levy lifts, and obtaining hardship status. Call 773-609-4TAX or visit http://www.truetaxresolutions.com for a free no obligation consultation with

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IRS TAX HELP: 5 Common Questions Taxpayers have about the Gift Tax
1. WHAT IS THE GIFT TAX?

Many taxpayers may not be aware that when you gift money or property to someone, that gift may be subject to the Gift Tax.

The Gift Tax, is a tax on the transfer of property and or money by one individual to another while receiving nothing, or less than the full value in return. Keep in mind, you must always take into consideration, that if you sell something at less than it’s full value or if you make an interest-free or reduced interest loan, this can also be considered a “gift”. The good news for most tax payers, is that you are allowed to gift up to over $5 million dollars tax-free within your lifetime.

2. WHO PAYS THE GIFT TAX?

The person giving away the property is responsible for paying the Gift Tax to the IRS. However, arrangements can be made so that the individual receiving the property pays the tax. The IRS recommends consulting a Tax Professional if you are considering this type of arrangement. If you have questions or need help regarding a gift tax, contact TRUE TAX RESOLUTIONS INC., by calling 773-609-4TAX or visiting http://truetaxresolutions.com.

3. WHAT IS CONSIDERED A GIFT?

The IRS may consider any transfer of property, where full consideration (measured in money) is not received in return.

4. WHAT CAN BE EXCLUDED FROM GIFTS?

The general rule is that any gift may be considered a taxable gift. However, the IRS does allow for some exceptions.

Here are some examples of those exceptions:

a) Gifts that are not more than the annual exclusion of $14,000 may be excluded.

b) Tuition or Medical expenses that you pay for someone else.

c) Gifts to your Spouse.

d) Gifts to political organizations

e) The value of gifts donated to qualifying charities.

5. MAY I DEDUCT GIFTS ON MY FEDERAL INCOME TAX RETURN?

Making a gift or leaving your estate to your heirs, usually does not affect your Federal Income Tax. Therefore you cannot deduct the value of the gifts you give, unless they were given to a qualifying charity.

If you have questions or need help regarding a gift tax, contact TRUE TAX RESOLUTIONS INC., by calling 773-609-4TAX or visiting http://truetaxresolutions.com.





Authored by:

Harold Pena-Hayes, E.A.

President of True Tax Resolutions Inc.

True Tax Resolutions is tax service dedicated to providing the highest caliber of tax help to the business and individual taxpayers of America. Whether you owe Federal Tax or the State Tax we can help you. We help businesses and Individuals with tax filing, including delinquent tax returns. Additionally, we help clients with tax refunds, tax extension, tax debt settlement, payment plans, wage garnishment removal, levy lifts, and obtaining hardship status. Call 773-609-4TAX for a free no obligation consultation with a licensed professional.

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TOP 3 REASONS TAXPAYERS OWE THE IRS


1. W-2 Employees under withholding from their paycheck.

When a employee starts a new job. The Human Resources department of the company usually gives the new hire an IRS form W-4 to fill out. This form basically lets the employer know how many exemptions the employee will be claiming on their federal tax return. Which in turn lets the the payroll department determine of much of your paycheck to send to the IRS and or state to cover your income taxes. So if you claim more exemptions than you are entitled to, you will in turn not be sending enough money to the IRS to cover the amount of taxes you will owe causing a Tax Debt.

2. Business Owner and other Self-Employed people not making the proper Estimated Quarterly Tax Payments.

When you are self-employed, unless you set a corporation and pay yourself a salary. Chances are there are no taxes being withheld from your income. That means that the IRS expects you to send in the appropriate amount of money to pay your income tax every 3 months or on a quarterly basis. If you do not make these Estimated Quarterly Tax Payments it will lead to a tax debt. You will have a balance with the IRS for what is owed along with any appropriate penalties and interest.

3. IRA and 401k Distributions

Another common way tax payers end up needing help fixing a tax problem is due to withdrawing money from retirement accounts before actually retiring or being the proper age. There are times when unexpected expenses pop up, and it is natural for a taxpayer to think about all the accounts they can access to pay off bills. The problem is if the money comes from a IRA or 401k or other type of retirement account it can cause a tax debt. The is an issue because since the money goes into the retirement account tax free, it is taxed when it is withdrawn from the account.

In addition to owing a tax balance due to withdrawing the funds, if you are under the age of 59 and a half you will receive an additional 10% penalty on top tax debt. The IRS imposes this penalty to discourage abuse of retirement accounts.



Authored by: Harold Pena-Hayes, E.A.President of True Tax Resolutions Inc. True Tax Resolutions is tax service dedicated to providing the highest caliber of tax help to the business and individual taxpayers of America. Whether you owe Federal Tax or the State Tax we can help you. We help businesses and Individuals with tax filing, including delinquent tax returns. Additionally, we help clients with tax refunds, tax extension, tax debt settlement, payment plans, wage garnishment removal, levy lifts, and obtaining hardship status. Call 773-609-4TAX or visit http://truetaxresolutions.com for a free no obligation consultation with a licensed professional.


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