Tax debt tips , this is a trendy topic in 2019. Money are a serious problem, as everyone knows. We will discuss about some tax relief tips finishing with the introduction of a high professional firm in US : DefenseTax.

Harvest Your Capital Losses: If you own stocks that have lost money, you can sell them and deduct up to $3,000 on your federal taxes. Just be careful not to violate the wash-sale rule, which would disallow the deduction. This rule states you cannot purchase the same or a substantially similar stock within 30 days before or after the sale. “Some people think it’s OK if I do it using two accounts,” Zollars says. They may think they can sell a stock from a taxable account and then immediately purchase similar securities in an IRA. However, this is not allowed. “That’s not the way the rule works,” he says.

Child and Dependent Care Tax Credit: A tax credit is so much better than a tax deduction—it reduces your tax bill dollar for dollar. So missing one is even more painful than missing a deduction that simply reduces the amount of income that’s subject to tax. But it’s easy to overlook the child and dependent care credit if you pay your child care bills through a reimbursement account at work. The law allows you to run up to $5,000 of such expenses through a tax-favored reimbursement account at work. Up to $6,000 in care expenses can qualify for the credit, but the $5,000 from a tax favored account can’t be used. So if you run the maximum $5,000 through a plan at work but spend more for work-related child care, you can claim the credit on up to an extra $1,000. That would cut your tax bill by at least $200 using the minimum 20 percent of the expenses. The credit percentage goes up for lower income households. Read extra info at Tax relief.

After the employee’s debt has been paid, the procedure for stopping the garnishment will vary depending on the type of garnishment. For federal levies, employers will receive a 668-D form, for child support the employer will receive a notice or letter from the state, and creditors will send employers a “Notice of Termination/Release of Wage Garnishment Order” for creditor garnishments. Employers should have a basic understanding of garnishments and a plan in place to respond when they occur. Consider working with a professional to ensure your plan and procedures are compliant with applicable laws based on your specific situation. Using a garnishment payment service can help you remit funds to the correct agency and help protect against undue liability and lawsuits.

The IRS is one of the most powerful entities in the country and it has an army of attorneys on its side. Effective representation with a tax attorney experienced in IRS and state tax debt is essential in order for you to defend your rights and protect your assets. With over 50 years of combined experience, Defensetax has both the broad tax law knowledge and the specific expertise in the form of IRS tax attorney required to handle your case. We have also added a new section of IRS tax forms used for taxpayers and tax-exempt organizations. It includes detailed info on most popular IRS Forms such as Form 1040, Form 2848, W-2 Form & many more. Source : https://defensetax.com/.