It seems like natural disasters such as hurricanes, floods, earthquakes, wild fires, and tornados are happening all the time and just about everywhere. Climate change also seems to be making these disasters more deadly and more destructive. Many people do step up to help survivors with needed financial donations. The only thing worse than the disasters themselves are the scammers that exploit these situations for financial gain at the expense of hard working and well-i ntentioned survivors and donors. Like yourself! Scams can take the form of fake charities and impostors posing as legitimate organizations or government agencies. Common scams typically entail vague appeals for donations without details, fake websites with names like real charities and caller ID tricks to appear legitimate. Several warnings signs of these scammers are: 1) pressure to give immediately, often preying on your emotions and not logic 2) a thank-you for a previous donation you don’t recall making 3) a request for payment by cash, gift card or wire transfer. The last are scammers’ favored payment methods because the money is easy to access, difficult to trace and almost impossible to cancel. A legitimate charity will welcome your donation whenever you choose to make it and by whatever means you choose. A great way to verify their legitimacy is to use the IRS Tax Exempt Organization Search tool at https://apps.irs.gov/app/eos/. Additionally, clients should always ask for a receipt and then check their bank or credit card statements to ensure the donation amount is accurate. If you think you were a victim of a suspected scam, you can and should report them to the Federal Trade Commission at https://reportfraud.ftc.gov/. How Advantage Tax Relief Can Assist You At Advantage Tax Relief, based in Itasca, IL, we have over a decade of experience helping individuals and businesses resolve tax issues. Our team specializes in offering personalized tax relief and tax resolution solutions tailored to your unique needs. We will work with you to assess your situation and explore your options, whether it’s an Offer in Compromise, installment agreements, or other strategies. Our experience allows us to identify the best path forward to ease your tax burden and guide you toward financial freedom. If you're facing tax debt, don't wait. Advantage Tax Relief is here to assist you with effective, professional help. Call Advantage Tax Relief today at 630-773-3200 to schedule a consultation and take the first step toward resolving your tax issues.
First, working overtime does not mean you are getting an automatic increase in your take-home pay because it is not going to be taxed. That is not what is going to happen. The tax savings will be in the form of a tax deduction when you file your Federal tax return the following year. There will be no immediate impact. Second, it only applies for Federal income taxes. It does not include State, Social Security or Medicare taxes. Third, it also only applies to the overtime premium and within certain deduction and wage limits. You can only deduct the pay that exceeds your regular rate of pay. The 'half' portion of 'time-and-a-half' compensation. For example, say you make $20 per hour and work 5 hours of overtime that week at time-and-a-half. The deduction would the Federal tax on $50 of premium pay. ($20 divided by 2 times 5 hours) Finally, the maximum annual deduction is $12,500 for single filers and $25,000 for joint filers. The deduction phases out for taxpayers with modified adjusted gross income over $150,000 (or $300,000 for joint filers).
The body content of your post goes here. To edit this text, click on it and delete this default text and start typing your own or paste your own from a different source.
The body content of your post goes here. To edit this text, click on it and delete this default text and start typing your own or paste your own from a different source.
The body content of your post goes here. To edit this text, click on it and delete this default text and start typing your own or paste your own from a different source.
Tax season started in late January, but the IRS’s latest statistics show that many Americans are still waiting to file their taxes. As of February 7, 7.7% fewer tax returns have been received by the agency compared to a similar time frame last year, according to its latest data release. While the IRS expects filing numbers to even out, the IRS.gov website has experienced a 40% decline in visits this year to date over last year. Francine Lipman, CPA, a tax law professor at the University of Nevada, Las Vegas, says the reasons could be endless but probably come down to simple procrastination. “Despite all the Super Bowl ads, I don’t believe that tax issues are on people’s radar yet,” adds Lipman. This is surprising considering the political climate, says Jordan Rippy, an accounting professor at Johns Hopkins University’s Carey Business School, who expected to see an uptick in returns filed this year. “Given the general climate surrounding the new administration, I would have expected more anxiety in the general population and a desire to receive refunds more quickly,” she tells Fortune. Elon Musk’s Department of Government Efficiency (DOGE) reportedly visited the IRS on Thursday to begin analyzing the agency’s operations. Senator Ron Wyden (D-OR), ranking member of the Senate Finance Committee, later posted on X that “if your refund is delayed, they could very well be the reason.” Average tax refunds are higher this year so far The rise in electronic filing is one of the biggest changes to the tax system in the last decade. With over 90% of individual taxpayers now filing their returns online, the process has become easier to handle for many Americans. But taxpayers still miss out on over $7 billion in underclaimed and unclaimed tax credits and deductions each year. In the 2025 tax season to date, tax filers have received a 18.6% increase in their average refund amount ($2,065) compared to this time last year ($1,741). The IRS cautions this isn’t a perfect indicator of the final trend in tax refunds, since it’s early in the season. The agency says most refunds are issued within 21 days. In the final analysis, the average refund last year was around $3,138. Compared to 10 years prior, last year’s average rebate was down nearly 30% on an inflation-adjusted basis. Rippy says she is surprised that average tax refunds have not decreased more as Americans realize they can adjust their withholdings and get more money per paycheck throughout the year. “If you receive a large tax refund, what you've essentially done is given a loan to the government over the last year that you didn't have to give them, and you've done that interest-free,” says Rippy. At the same time, she admits that the fact that many Americans expect a big refund year after year is a good thing, as it’s a form of forced savings. While many end up saving their refund, others use it to pay down debt, make a home improvement, or go on vacation. Need help filing your taxes or having issues with the IRS? Receive your free consultation from Advantage Tax Relief today! https://www.advantagetaxrelief.net/request-form or by calling (630) 773-3200.
If you’re dealing with IRS wage garnishment, it can feel like you're trapped in a difficult situation. The IRS can take a portion of your paycheck to satisfy your tax debt, causing serious financial strain. However, you do not have to face this alone. There are steps you can take to stop garnishment and restore control over your finances. This guide will help you understand what wage garnishment is, why it happens, and what actions you can take to end it. Understanding IRS Wage Garnishment Wage garnishment is a legal tool used by the IRS to collect unpaid taxes. Unlike many other types of debt collection, the IRS does not need a court order to garnish your wages. They will send you a Final Notice of Intent to Levy before initiating garnishment, and if you don't act, they will take a portion of your paycheck to pay off your tax debt. How Wage Garnishment Affects You Wage garnishment can create numerous challenges, including: - Loss of Income: With part of your wages withheld, it can be difficult to meet daily living expenses. - Damage to Your Credit: Unresolved tax debts and garnishments can hurt your credit rating, making it difficult to obtain loans or secure favorable financing terms in the future. - Stress and Emotional Toll: The financial pressure can create stress, affecting your mental health and relationships. Professional Impact: If colleagues find out about the garnishment, it could affect your reputation at work. Steps to Take to Stop IRS Wage Garnishment If you’re facing wage garnishment, take action quickly to put an end to it: 1. Respond to IRS Notices Immediately If you receive any IRS notice about garnishment, it's vital to act quickly. Ignoring it will only escalate the situation. Contact the IRS and request a Collection Due Process hearing where you can address the garnishment. 2. Explore Payment Plans and Agreements The IRS offers various options to settle your debt, such as installment agreements or an Offer in Compromise (OIC). These options allow you to repay your debt over time or settle it for less than what you owe. 3. Apply for Hardship Relief If the garnishment is putting you in financial distress, you may qualify for a hardship exemption, which can temporarily stop the garnishment while you work out a solution. 4. Contest the Tax Debt If you believe the IRS has made a mistake in assessing your tax debt, you have the right to dispute it. During this dispute process, garnishment can be put on hold until the matter is resolved. 5. Seek Professional Help Dealing with the IRS alone can be overwhelming. A skilled tax professional can help you navigate the complex process, negotiate with the IRS, and secure the best possible resolution for your situation. Why You Should Work with Advantage Tax Relief The process of stopping IRS wage garnishment requires specialized knowledge and experience. Advantage Tax Relief, located in Itasca, IL, offers over a decade of experience in tax resolution. Their team of experts knows how to work with the IRS to resolve wage garnishment issues and put together a personalized plan for you. Working with Advantage Tax Relief means having a dedicated partner who understands the nuances of IRS procedures and will advocate on your behalf to reach a favorable resolution. Their team will help you explore all options, including negotiating payment plans, filing for hardship relief, or contesting tax assessments. Take Action Today Don’t let wage garnishment control your life. Contact Advantage Tax Relief in Itasca, IL at 630-773-3200 for a consultation. Their team is ready to guide you through this process, offering the help you need to regain control of your finances and find relief from the IRS.
An IRS tax lien is one of the most serious financial consequences of unpaid taxes. It can affect your credit, limit your financial freedom, and create a sense of uncertainty about your future. If you’ve received notice of a tax lien or are concerned about the possibility, understanding the process and your options is crucial. At Tax Advantage Relief, we help taxpayers navigate complex situations like these and find solutions that work for their unique circumstances. What Is an IRS Tax Lien? A tax lien is the government’s legal claim against your property—including real estate, personal belongings, and financial assets—when you fail to pay a tax debt. The lien ensures the IRS gets first priority over other creditors if you sell or refinance your assets. How Tax Liens Work Notice and Demand for Payment: The IRS will send you a bill outlining the amount owed. This is the first step in the lien process. Failure to Pay: If you don’t pay the tax debt by the deadline, the IRS files a public document called a Notice of Federal Tax Lien. Impact on Assets: The lien attaches to all your current and future assets, significantly affecting your financial stability. How a Tax Lien Affects You The repercussions of a tax lien can be far-reaching: Credit Score Damage : Tax liens can appear on your credit report, making it harder to secure loans or credit lines. Asset Restrictions : Selling or refinancing property becomes difficult, as the lien ensures the IRS is paid first. Business Impacts : If you own a business, the lien may attach to its assets, jeopardizing operations. Ignoring a tax lien will not make it disappear. In fact, the longer you wait to address it, the worse the consequences become. How to Remove an IRS Tax Lien Removing a tax lien is possible, but it requires understanding your options and acting decisively. Here are some common ways to address a lien: 1. Pay the Tax Debt in Full The most straightforward way to remove a lien is to pay off your tax debt completely. Once the debt is paid, the IRS will release the lien within 30 days. While this may not be feasible for everyone, it’s the quickest route to resolution. 2. Set Up an Installment Agreement If you can’t pay the debt in full, an installment agreement allows you to make monthly payments over time. While the lien remains in place until the debt is paid off, the agreement prevents further collection actions. 3. Apply for an Offer in Compromise (OIC) An Offer in Compromise lets you settle your tax debt for less than you owe. If the IRS accepts your OIC, they will release the lien once the agreed-upon amount is paid. Keep in mind that not everyone qualifies for this program. 4. Request a Discharge of Property If you need to sell or refinance a specific asset, you can request a discharge of property from the lien. This removes the lien from that particular asset, allowing the transaction to proceed. 5. Subordination Subordination doesn’t remove the lien but allows other creditors to take priority over the IRS. This can make it easier to secure a loan or mortgage. 6. Withdrawal of the Lien In some cases, you may qualify for a withdrawal, which removes the public Notice of Federal Tax Lien. This option is available if you’ve paid your debt in full or are on a direct debit installment agreement. How to Prevent a Tax Lien The best way to deal with a tax lien is to prevent one from being filed in the first place. Here are some tips: File Your Taxes on Time: Even if you can’t pay, filing on time helps avoid additional penalties. Communicate with the IRS: If you’re struggling to pay, reach out to the IRS to discuss payment options. Seek Professional Help: Working with a tax resolution expert can help you address your debt before it escalates. Why Professional Help Matters Navigating tax liens and IRS procedures can be overwhelming. A tax resolution professional has the experience and knowledge to: Negotiate with the IRS : They can help you secure favorable terms for payment plans or settlements. Protect Your Assets : An expert can advise on the best strategies to prevent asset seizures or other enforcement actions. Save Time and Stress : Dealing with the IRS can be time-consuming and frustrating. Let a professional handle the process for you. Common Myths About IRS Tax Liens There’s a lot of misinformation about tax liens, which can lead to unnecessary panic or inaction. Let’s debunk some common myths: Myth: A Tax Lien Means You’ll Lose Your Property Immediately. Truth: A lien is a claim, not a seizure. While it’s serious, you won’t lose your property unless the IRS enforces the lien through a levy. Myth: You Can’t Do Anything Once a Lien Is Filed. Truth: There are several ways to address and even remove a lien, as discussed above. Myth: Tax Liens Disappear Over Time. Truth: Liens remain in place until the debt is paid or the statute of limitations expires, which can take up to 10 years or more. Take Action Today If you’re dealing with an IRS tax lien or want to prevent one, the time to act is now. Ignoring the issue will only make it worse, but with the right help, you can resolve your tax problems and move forward with confidence. At Advantage Tax Relief, we’re here to provide the guidance and support you need. Call us at 630-773-3200 to schedule a free consultation. Let us help you take control of your tax situation and protect what matters most.
Dealing with the IRS can feel overwhelming, especially if you owe more than you can pay upfront. Thankfully, the IRS offers payment plans to help taxpayers settle their debts over time. By understanding the process and knowing how to negotiate effectively, you can take control of your tax situation and reduce stress. At Advantage Tax Relief, we specialize in helping clients like you navigate the IRS payment plan process. Here’s a step-by-step guide to get you started. Step 1: Understand Your Tax Debt Before you can negotiate a payment plan, you need to have a clear understanding of your tax liability. Here’s what to do: Review IRS Notices: Carefully read all correspondence from the IRS to determine how much you owe, including penalties and interest. Confirm the Amount: Cross-check the IRS’s numbers with your own records to ensure there are no discrepancies. Know Your Deadlines: The IRS provides deadlines for resolving your tax debt, so act quickly to avoid additional penalties. Step 2: Explore Your Payment Plan Options The IRS offers several payment plan options depending on your financial situation and the amount you owe. These include: Short-Term Payment Plan: For debts you can pay off within 180 days. Long-Term Installment Agreement: For larger debts that require more time to repay. Direct Debit Installment Agreement: Payments are automatically withdrawn from your bank account, which can simplify the process and reduce the risk of default. Each option has its own eligibility criteria, fees, and benefits. Consulting with a tax resolution professional can help you determine which plan is best for your needs. Step 3: Gather Necessary Documents To negotiate effectively, you’ll need to provide the IRS with detailed financial information. Be prepared to gather the following: Income Statements: Pay stubs, 1099s, or other proof of income. Expense Documentation: Monthly bills, rent or mortgage statements, utility bills, and other necessary expenses. Asset Information: Details about your bank accounts, retirement accounts, and property. Tax Returns: Ensure your past tax returns are filed, as the IRS typically requires this before approving a payment plan. Step 4: Determine What You Can Afford Before negotiating, assess your finances to determine how much you can reasonably afford to pay each month. The IRS will require you to submit Form 433-A or 433-F, which details your income, expenses, and assets. Be realistic about your budget to avoid defaulting on your payments. Step 5: Contact the IRS Once you’re prepared, it’s time to contact the IRS to initiate the negotiation process. You can do this by: Calling the IRS: Use the phone number provided on your IRS notice. Applying Online: For certain payment plans, you can apply directly on the IRS website. Submitting Forms by Mail: If required, complete and mail the appropriate forms to the IRS. While it’s possible to handle this on your own, working with a professional can make the process smoother and increase your chances of approval. Step 6: Negotiate Terms During your discussion with the IRS, be prepared to negotiate terms that work for both parties. Key points to consider include: Monthly Payment Amount: Offer an amount you can afford, based on your financial analysis. Payment Timeline: Discuss how long you’ll need to pay off the debt. Interest and Penalties: In some cases, the IRS may reduce or waive penalties if you demonstrate financial hardship. Be polite and honest throughout the negotiation process. The IRS is more likely to work with you if you’re cooperative and transparent. Step 7: Finalize the Agreement Once you’ve agreed on a payment plan, the IRS will provide written confirmation of the terms. Review this document carefully and keep a copy for your records. It’s crucial to: Make Payments on Time: Missing payments can void the agreement and result in enforced collection actions. Monitor Your Account: Regularly check your account to ensure payments are applied correctly. Communicate Changes: If your financial situation changes, notify the IRS immediately to discuss modifying your payment plan. Step 8: Stay Compliant To maintain your payment plan, you must stay compliant with all IRS requirements. This includes filing future tax returns on time and paying any new taxes owed. Falling out of compliance can result in the termination of your agreement. Common Challenges and How to Overcome Them Negotiating with the IRS isn’t always straightforward. Here are some common challenges and how to address them: High Monthly Payments: If the IRS proposes a payment amount you can’t afford, provide additional financial documentation to support your case. Rejected Applications: If your payment plan request is denied, work with a tax resolution expert to explore alternative solutions. Enforced Collections: If the IRS has already initiated wage garnishments or bank levies, act quickly to negotiate a payment plan and stop these actions. Conclusion Negotiating a payment plan with the IRS can feel daunting, but it’s a manageable process if you take the right steps. By understanding your options, gathering the necessary documentation, and approaching the IRS with a clear plan, you can resolve your tax debt and regain control of your finances. At Advantage Tax Relief, we’re here to help every step of the way. Whether you’re starting the negotiation process or need assistance with an existing plan, our team has the knowledge and expertise to ensure a successful outcome.
