Tax Help
What to do if you Can’t Pay your Tax Bill

BY KNOWLEDGEFINANCIAL.COM

While tax time isn’t something most of us look forward to, some of us do anticipate a “reward” in the form of a refund check. But as of
December 15th, 2006, nearly 35 million returns did not include a refund, and no doubt many of those consumers found they owed the
IRS a good chunk of money.
If you can afford to pay your tax bill, it is best to just write a check and get it over with. But if you don’t have that kind of cash lying
around, take a look at other options. Note that tax rules change frequently, so check with your tax preparer or the IRS for updates to this
information.

Not an option------------KNOWLEDGEFINANCIAL.COM
What’s not an option is not filing. If you don’t file, or if you don’t find a way to pay what you owe, taxes and penalties can accumulate
quickly. If you don’t pay what you owe, a Notice of Federal Tax Lien could be filed against your property. Tax liens are reported to the
major credit bureaus and they can drop your credit score significantly. They can be reported as long as any other type of negative
information – seven years from the date they are paid.
The IRS can ask you to sell or mortgage your assets or urge you to get a loan. Your tax debt may be turned over to a private collection
agency. The IRS can also take more serious enforced collection action, such as taking money from your bank accounts, wages, or other
income, or taking other assets. In general, they have many more options available to collect your tax debt than other companies to
whom you may owe money.

Charge It!
You can use a major credit card (American Express, Discover, MasterCard, or VISA credit card) whether you file electronically or file a
paper return. Credit card payments can be submitted via tax software when filing electronically. Credit card payments can also be
made over the telephone and by filing on line. In 2005, about 1.5 million taxpayers paid by credit card, an increase of 54% from the
previous year.

The IRS does not set or collect any type of fee for credit card payments, but the private sector companies the IRS has authorized to
process these payments do impose convenience fees. The tax payment sent to the U.S. Treasury and the convenience fee are listed
separately on the cardholder’s credit card statement.-----------KNOWLEDGEFINANCIAL.COM

For the 2006 filing season, two companies were authorized by the IRS to accept credit card charges from both electronic and paper
filers. Each company offers both phone and Internet payment services and each charges a convenience fee (currently 2.49% of the
amount paid) for the service. Fees are based upon the amount of the tax payment and may vary between companies. The two
companies are:
Link2Gov Corporation, 1-888-PAY-1040 (1-888-729-1040).
Official Payments Corporation, 1-800-2PAY-TAX (1-800-272-9829)

The disadvantage is that you may have to pay the convenience fee and interest to your card issuer while you pay off the balance. The
advantage is that you will have paid your debt to the IRS. It’s generally better to have an outstanding bill with a credit card company
than with the IRS.
Last year a number of issuers encouraged consumers to pay their taxes with their credit cards with special offers that allowed
consumers to reduce or waive the convenience fee and/or earn extra reward points. Visit the above links as tax time approaches to
learn more about current offers. Keep in mind that the extra interest charges you pay can quickly outweigh any rewards. Do the math
and choose your lowest-rate credit card to minimize the cost.

Tip: If your credit card issuer sent you promotional checks with low interest rates, you can use one of these to pay your taxes. You won’
t receive bonus points or other offers, but you won’t pay a convenience fee and the interest rate may be lower than your normal interest
rate for purchases. Watch out for fees associated with these checks. If there are fees, ask the issuer to waive them.

Line up a loan
Whether is a personal loan, a home equity line of credit, or a loan from your retirement account, you may want to borrow to pay off the
IRS. As with any loan, the interest and fees are important to understand. But when it comes to owing the IRS or a lender, a lender
almost always wins hands down. If you act quickly, you should be able to avoid a tax lien on your credit report.
Request a monthly payment plan from the IRS---------------KNOWLEDGEFINANCIAL.COM

If you can pay your full tax bill over time (in more than four months but less than five years, in most cases), you may want to ask the IRS
for an installment agreement. In fiscal year 2006, almost 2.8 million taxpayers established installment agreements to pay their tax bills.
With an installment plan, you make regular monthly payments until your tax bill is resolved. Like other options, you can only request an
installment agreement if all required tax returns have been filed.

If you owe $25,000 or less in combined tax, penalties, and interest, you can use the IRS Online Payment Agreement (OPA) to request
your installment agreement or call the number on the bill or notice you received. A fill-in Request for Installment Agreement, Form 9465,
is available online that can be mailed to the address on the bill.
If you owe more than $25,000 in combined tax, penalties, and interest, you may still qualify for an installment agreement, but a
Collection Information Statement, Form 433F, may need to be completed. Call the number on the bill or mail the Request for Installment
Agreement, Form 9465 and Form 433F, to the address on the bill.


Fees for installment agreements increased in 2007. The fee for new direct debit installment agreements, where payments are deducted
directly from a taxpayer’s bank account, went up from $43 to $52. The fee for other new installment agreements went from $43 to $105.
When you file your request for an installment agreement, you will have to pay what you can afford immediately and pay the rest over a
reasonable period of time.


In addition to the upfront fee, you will also pay interest – currently figured at around 8% per year, compounded daily – plus a late
payment penalty. This penalty, usually 0.5% of the balance due per month, drops to 0.25% when the IRS approves the agreement for an
individual taxpayer who filed the return on time and did not receive a levy notice.

Request a short-term extension
If you cannot pay in full immediately due to a hardship but you can pay within the next four months, you may be eligible for a short-term
extension of time to pay of up to 120 days. (An extension to pay is not the same as an extension to file.) There is no fee for an extension
to pay. You can file a completed Form 1127 along with a statement explaining why paying now would be a financial hardship for you.
KNOWLEDGEFINANCIAL.COM
The IRS does not approve the majority of these requests. Looking at the form with it’s warnings and requirements, including a detailed
list of your assets and itemized spending and income for the past for the last three months, is enough to scare most taxpayers off! Most
taxpayers will instead request either an installment agreement or an offer in compromise, or find another way to pay.

Request an offer in compromise
An Offer in Compromise (OIC) is an agreement between a taxpayer and the IRS that resolves the taxpayer's tax debt. The IRS has the
authority to settle or "compromise" federal tax liabilities by accepting less than full payment under certain circumstances. These include
doubt that the assessed tax is correct and doubt that you could ever pay the full amount owed. But it’s not an easy way to pay less than
you owe. In fact, the IRS says it resolves less than 1% of all balance due accounts through the OIC program.
When you see ads claiming you can “settle your tax bill for less than you owe,” they are usually referring to an offer in compromise. Be
careful, however, of promises to settle your tax bill for pennies on the dollar. The IRS warns that some companies are collecting
excessive fees from consumers who will never qualify for these programs. You can complete all the paperwork on your own by
following the instructions found at the IRS website.
Like most tax issues, the rules for offers in compromise have become more complicated. With the Tax Increase Prevention and
Reconciliation Act of 2005 (TIPRA), significant changes were made to the IRS Offer in Compromise (OIC) program. These changes went
into effect on July 16, 2006.

As a result, it may make sense to get help from a tax professional to help you evaluate your options and prepare your offer in
compromise. The IRS generally has 24 months to accept or reject your offer or negotiate a further compromise.
One of the main changes in the law requires that offers submitted after July 16, 2006, must be accompanied by a $150 application fee,
and partial payments of the proposed offer amount. The form of these partial payments depends upon the taxpayer’s proposed offer and
its terms.

(There are exceptions to this requirement for low-income taxpayers, or offers filed when there is doubt as to liability only. See more
information below.)
When you file your offer (excluding doubt as to liability offers) you must specify whether you are filing a lump sum or periodic payment
offer. In the case of a “lump sum” (which means five or fewer installments), you must pay 20 percent of the offer amount with the
application.

If you file a “periodic payment offer” (which means six or more installments), you must pay the first proposed installment payment with
the application and pay additional installments while the IRS is evaluating the offer.
If you are a low-income taxpayer, or you are filing a doubt as to liability offer only, the $150 application fee is waived and you do not need
to make a partial payment. A low-income taxpayer is an individual whose income falls at or below poverty levels based on guidelines
established by the U.S. Department of Health and Human Services (HHS). Additional paperwork is required.
How to Cut Your Property Taxes ----------KNOWLEDGEFINANCIAL.COM

One of the “joys” of homeownership is paying property taxes. While we
all want our roads plowed and our children educated, no one wants to
pay more in taxes than necessary, especially if our neighbors are
paying less for a house that’s quite similar or even better.
The median amount that U.S. homeowners paid in property taxes in
2006 was $1,742, but some folks were hit with much larger bills.

For example, according to the non-profit, non-partisan Tax Foundation,
homeowners in Hunterdon County, New Jersey paid the most. The
median tax bite there was $7,999. Have a bigger than average house
on a large piece of property in Hunterdon? Then all I can say is “Ouch!”


Wherever you live, you may be surprised to learn that the amount you
have to pay is more under your control than you may have thought.
Municipalities all have procedures for “grieving” property taxes, where –
if you make a strong case – you can get your taxes lowered, not just for
a year, but for years to come.

How Property Taxes Are Calculated --------KNOWLEDGEFINANCIAL.
COM
Before you can build a case, you need to understand how the tax
collectors arrive at the amount you have to pay. While the details vary,
the taxes that homeowners pay are based upon these four
components:
1. The property’s appraised value: What the local assessor determines
the property is worth compared to other properties in the area. Also
known as the property’s assessment, it might be based upon your
home’s current market value or on a community-wide re-assessment
that took place in the last few years.

2. The assessment ratio: For example, in Tennessee, taxes on homes
and farms are based on 25% of their appraised value, while in other
states, the ratio can vary from county to county.

3. The assessed value, which is determined by multiplying the property’
s appraised value by the assessment ratio. Staying with Tennessee, if
a home is worth $200,000, its assessed value would be $50,000
($200,000 times .25). But in many parts of the country, real estate is
assessed at “full valuation,” that is, at 100% of the property’s
assessment. In these communities, the $200,000 house would have
an assessed value of $200,000.

4. The tax rate, which is determined by the needs of local branches of
government (e.g., county, town, and school boards), to cover the costs
of schools, road maintenance, and so on. For example, your tax rate
might be $2.7864 for every $100 of the assessed value, or .027864.
Whatever the tax rate is, and they do vary significantly from locality to
locality, the math works the same. You pay that amount for every $100
your property is worth.

Please don’t be put off by the math! Once you know these four
components, it’s easy to calculate what taxes you’ll be expected to pay
on your property. First figure out the assessed value. Then multiply that
by the tax rate. If your assessed value is $2000,000 and the tax rate is .
027864, your tax bill will be $5,572.80 for that year. Yikes!
Let’s go through this same example in slow motion:

Your home’s appraised value is $200,000.
Multiply that by the assessment ratio in your community, which we’ll
say is 100%.
That means the assessed value of your property is also $200,000.
Multiply that assessed value by the tax rate of .027864 to figure out
what you’re expected to pay for that year: $5,572.80.
Now it’s your turn! To find what your tax should be, multiply your home’s
appraised value $_______________ by the assessment ratio in your
community ______%, to get the assessed value of your property –
$___________. Multiply that assessed value by the tax rate of
______% to figure out what you owe: $_____________.
While math errors are not to be expected in the Cyber Age, it pays to
double-check the math – especially if you’re the kind of person who
balances your checkbook regularly. As a first-time home buyer, I know I
will be taking a close look at the calculations.

Tip: Becoming familiar with the terminology and the formula will help
you in your encounters with the assessor and hearing officers.

Pick Your Battles Carefully-------KNOWLEDGEFINANCIAL.COM
While it takes some effort, it’s well worth investing the time and energy
to make sure you aren’t paying more in property taxes than is fair.
Remember, you may end up with a tax break … not only for this year…
but for years to come. Sounds great, doesn’t it? But railing against high
tax rates won’t get you anywhere.

Decisions about them are out of the control of the local officials who
can take another look at your tax bill. Of the four components that go
into calculating your tax bill, the only one you have a chance of getting
changed locally is the assessment, the amount that the assessor
decided your home is worth, aka its appraised value.

Everything else requires the involvement of legislators and other policy-
makers. By all means, get involved in the political process! Just don’t
expect your tax bill to show an immediate response. So … back to what
is possible for your current tax bill …


If you bought at the height of the market, when prices were at their
highest (like I did) and your assessment reflects the price you paid,
even though the market really took a dive where you live, you may have
an especially good case for getting that amount lowered. After all, if you
tried to sell the house now, you’d get less than you paid for it, maybe a
lot less, thanks to the subprime mortgage meltdown.

What’s Happening to Property Values?
According to the Center for Responsible Lending, which expects some
2 million subprime foreclosures, the high foreclosure rate will result “in
a severe drain on property values – even for families paying their
mortgages faithfully every month – and will cause 44.5 million homes
to lose a total of $223 billion in wealth over the next few years, most of it
in 2008 and 2009.”

Whether you’re a new homeowner or not, it’s well worth it to double-
check your assessment. Math errors, incorrect classifications, and out-
of-date information are just a few of the reasons that your assessment
might be just plain wrong.
It’s a safe bet that the process for getting your assessment changed
will be somewhat involved -- it always is. It’s likely to be especially
challenging this year because property values are heading down
throughout the country as more and more homes go into foreclosure.
As a result, some communities are taking a fresh look at local property
values.

An increasing number of people are going through the grievance
process to get their property taxes lowered. That is, following the
detailed local rules, they are trying to show that their property’s
assessment is too high, either because of errors or because of how
their tax bite compares with other homes in the community.---
KNOWLEDGEFINANCIAL.COM
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Filing your tax late and/or paying late

If taxes are not paid, and no effort is made to pay them, the IRS can ask a taxpayer to take action
to pay the taxes, such as selling or mortgaging any assets owned or getting a loan. If effort is
still not made to pay the bill, or make other payment arrangements, the IRS could also take more
serious enforced collection action, such as levying bank accounts, wages, or other income, or
taking other assets. A Notice of Federal Tax Lien could be filed that may have a detrimental
effect on a taxpayer’s credit standing. See information about Liens and Levies.

Tax solution
Other Ways to Resolve Tax Debt That Could Save You Money
Taxpayers unable to pay all taxes due on the bill are encouraged to pay as much as possible. By
paying as much as possible now, the amount of interest and penalties owed will be lessened.
Based on the circumstances, a taxpayer could qualify for an extension of time to pay, an
Installment Agreement, temporary delay, or Offer in Compromise.


What Will Happen If You Don't File Your Past Due Return or Contact the IRS?

The IRS will file a substitute return for you, which will not include any additional exemptions or
expenses you may be entitled to and may overstate your real tax liability. Once the tax is
assessed the IRS will start the collection process, which can include placing a levy on wages or
bank accounts or filing a federal tax lien against your property.
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Top 10 home-buying mistakes to avoid!

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TAXES, TAXES, TAXES:    The Standard Deduction Isn't So Small or
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Cut your tax bill to the bone by claiming all the breaks you deserve – including some you may have forgotten or never even knew about.

The Most-Overlooked Tax Deductions

State Sales Taxes

This write-off makes sense primarily for those who live in states that do not impose an income tax. You must choose between deducting state and local income taxes or state and local
sales taxes. For most citizens of income-tax states, the income-tax deduction is a better deal.

If you purchased a vehicle, boat, airplane or even home-building materials, you get to add the state sales tax you paid to the amount shown in IRS tables for your state, to the extent the
sales tax rate you paid doesn't exceed the state's general sales tax rate. The IRS even has a calculator on its Web site to help you figure the deduction, which varies by your state and
income level.

Reinvested Dividends
This is the break former IRS Commissioner Fred Goldberg told Kiplinger's that a lot of taxpayers miss.

If, like most investors, you have mutual-fund dividends automatically invested in extra shares, remember that each reinvestment increases your "tax basis" in the fund. That, in turn,
reduces the taxable capital gain when you redeem shares.

Forgetting to include the reinvested dividends in your basis -- which you subtract from the sale proceeds to pinpoint your gain -- means overpaying your tax.

Out-of-Pocket
Charitable Deductions
You can write off out-of-pocket costs incurred while doing good works.

The money you spend on ingredients for casseroles you prepared for a soup kitchen, for example, or on stamps you buy for your school's fund-raiser counts as a charitable contribution.
Also, if you drove your car for charity in 2010, remember to deduct 14 cents per mile.


Student-Loan Interest
Paid by Mom and Dad

Generally, you can only deduct mortgage or student-loan interest if you are legally required to repay the debt. But if parents pay back a child's student loan, the IRS treats it as though the
money was given to the child, who then paid the debt.

A child who’s not claimed as a dependent can qualify to deduct up to $2,500 of student-loan interest paid by Mom and Dad. And he or she doesn't have to itemize to use this money-
saver.


Job-Hunting Costs
If you’re among the millions of unemployed Americans who were looking for a job in 2010, keep track of your job-search expenses. If you’re looking for a position in the same line of
work, you can deduct job-hunting costs as miscellaneous expenses if you itemize, but only to the extent that the total of your total miscellaneous itemized deductions exceed 2% of your
adjusted gross income. Job-hunting expenses incurred while looking for your first job don’t qualify.

Deductible job-search costs include, but aren’t limited to --
• Food, lodging and transportation if your search takes you away from home overnight
• Cab fares
• Employment agency fees
• Costs of printing resumes, business cards, postage, and advertising

Moving Expenses to Take Your First Job
As we just mentioned, job-hunting expenses incurred while looking for your first job are not deductible. But, moving expenses to get to that position are. And you get this write-off even if
you don't itemize.

To qualify for the deduction, your first job must be at least 50 miles away from your old home. If you qualify, you can deduct the cost of getting yourself and your household goods to the
new area, including 16 ½ cents per mile for driving your own vehicle for a 2010 move, plus parking fees and tolls.

Military Reservists'
Travel Expenses

Members of the National Guard or military reserve may tap a deduction for travel expenses to drills or meetings. To qualify, you must travel more than 100 miles from home and be away
from home overnight.

If you qualify, you can deduct the cost of lodging and half the cost of your meals, plus 55 cents per mile for driving your own car to get to and from 2010 drills. In any event, add parking
fees or tolls. You get this deduction regardless of whether you itemize.


Health Insurance Deduction to Reduce Self-employment Tax
Business owners have always been allowed to deduct health insurance premiums for themselves and their family in computing adjusted gross income on the front page of Form 1040.
For 2010, they can also deduct the cost of those health insurance premiums in calculating self-employment tax on Schedule SE.

The IRS has hidden this write-off on line 3 of Schedule SE. On that line, you are told to add your self-employment income from lines 1 and 2, subtract the amount claimed on line 29 of
Form 1040 (your health insurance premiums) and enter the net amount on line 3.

Child-Care Credit
It's easy to overlook the child-care credit if you pay your child-care bills through a reimbursement account at work. Although only $5,000 of such expenses can be paid through a tax-
favored reimbursement account, up to $6,000 (for the care of two or more children) can qualify for the credit.

So, if you run the maximum allowed by your work plan, you can claim the credit on as much as $1,000 of additional expenses you pay for work-related child care. That would cut your tax
bill by at least $200.


Estate Tax on Income
In Respect of a Decedent
This sounds complicated, but it can save you a lot of money if you inherited an IRA from someone whose estate was big enough to be subject to the federal estate tax. Basically, you get
an income-tax deduction for the amount of estate tax paid on the IRA assets you received. Let's say you inherited a $100,000 IRA, and the fact that the money was included in your
benefactor's estate added $45,000 to the estate-tax bill.

You get to deduct that $45,000 on your tax returns as you withdraw the money from the IRA. If you withdraw $50,000 in one year, for example, you get to claim a $22,500 itemized
deduction on Schedule A. That would save you $6,300 in the 28% bracket.


State Tax Paid Last Spring
Did you owe tax when you filed your 2009 state tax return in the spring of 2010? Then, for goodness sake, remember to include that amount with your state-tax deduction on your 2010
return, along with state income taxes withheld from your paychecks or paid via quarterly estimated payments.


Finance & Investing
Refinancing Points
When you buy a house, you get to deduct points paid to get your mortgage in one fell swoop. When you refinance a mortgage, though, you have to deduct the points over the life of the
loan. That means you can deduct 1/30th of the points a year if it's a 30-year mortgage -- that's $33 a year for each $1,000 of points you paid. Not much, maybe, but don't throw it away.

Even more important, in the year you pay off the loan -- because you sell the house or refinance again -- you get to deduct all as-yet-undeducted points. There's one exception to this
sweet rule: If you refinance a refinanced loan with the same lender, you add the points paid on the latest deal to the leftovers from the previous refinancing ... and deduct the amount
gradually over the life of the new loan.


Jury Pay Paid to Employer
Many employers continue to pay employees' full salary while they serve on jury duty, and some require the employees to turn over their jury fees to the company coffers. The only
problem is that the IRS demands that you report those fees as taxable income. To even things out, you get to deduct the amount paid to your employer.

But how do you do it? There's no line on Form 1040 labeled "jury fees." Instead the write-off goes on line 36, which purports to be for simply totaling up the deductions that get their own
lines. Add your jury fees to the total of your other write-offs, and write "jury pay" on the dotted line.


American Opportunity Credit
This tax credit, which has been extended through 2012, is available for up to $2,500 of college tuition and related expenses paid during the year. The full credit is available to individuals
whose modified adjusted gross income is $80,000 or less ($160,000 or less for married couples filing a joint return). The credit is phased out for taxpayers with incomes above those
levels. This credit is juicier than the old Hope credit – it has higher income limits and bigger tax breaks, and it covers all four years of college. And if the credit exceeds your tax liability
(regular and AMT), it is partially refundable.


Making Work Pay Credit
You’ve probably been enjoying the fruits of this credit via reduced payroll tax withholding throughout the year. But to lock in your savings – by reducing your tax bill by $400 if you’re single
or $800 if you’re married and file a joint return – you’ll need to actually claim the credit on your 2010 tax return -- and you'll use Schedule M to do so.

The credit is equal to 6.2% of your earned income, capped at $400 or $800. For single filers, it starts phasing out at $75,000 of adjusted gross income and dries up at $95,000. The
phase-out zone for couples is $150,000 to $190,000.


Credit for Energy-Saving Home Improvements
You can claim a tax credit equal to 30% of the cost of energy-saving home improvements up to a maximum of $1,500. This cap applies to both 2009 and 2010 combined, so if you
claimed the maximum $1,500 in 2009, you don’t get another crack at it for 2010. The credit applies to biomass fuel stoves, qualifying skylights, windows and outside doors, and high-
efficiency furnaces, water heaters and central air conditioners.

For 2011, this credit goes back to pre-2009 limits (for example, $500 maximum credit for all years with no more than $200 for windows).

There’s also no dollar limit on the separate credit for homeowners who install qualified residential alternative energy equipment, such as solar hot water heaters, geothermal heat
pumps and wind turbines. Your credit can be 30% of the total cost (including labor) of such systems installed through 2016.


Finance & Investing
We’re talking about stock that a life-insurance policyholder receives when an insurer switches from being a mutual company owned by policyholders to a stock company owned by
stockholders. The IRS’s long-standing position is that such stock has no “tax basis” so that, when the shares are sold, the taxpayer owes tax on 100% of the proceeds of the sale. But
after a long legal struggle, a federal court ruled that the IRS is wrong. The court didn’t say what the basis of the stock is, but many experts think it’s whatever the shares were worth when
they were distributed to policyholders.

If you sold stock in 2010 that you received in a demutualization, be sure to claim a basis to hold down your tax bill.mmmmm