You Can Collect $1.28 Million From the New York Mets

Can’t play baseball? No problem. You still have a chance to get paid $1.28 million by the New York Mets.

On Jan. 20, the Internal Revenue Service will auction off the remaining annuity from the deferred compensation on Darryl Strawberry’s contract.

The former outfielder signed the six-year contract almost 30 years ago, back when he was slugging home runs for the Mets. Over the course of Strawberry’s 17-year Major League Baseball career, he took home four World Series titles, was named an All-Star for eight consecutive seasons and had 335 career home runs.

Next month when the IRS auctions off the right to collect $1.28 million paid by the Sterling Mets LP (parent company of the Mets) in 223 monthly installments. The auction was authorized by the court and will be divided by the IRS and other parties. The 19 years of monthly payments will settle Strawberry’s outstanding back tax debt in one lump sum.

The IRS filed a tax lien against Strawberry because he owes the IRS back taxes from 1989, 1990, 2003 and 2004. According to a court document, Strawberry owed the IRS nearly $543,000 in 2012.

You may be wondering why Strawberry isn’t making a claim for his annuity. He can’t. In 2006, Strawberry was forced to give a portion of the deferred money account to his wife Charisse as part of their divorce settlement.  However, he never made the payment and Charisse filed for Chapter 7 bankruptcy in 2010 and asked for the money he owed her.  Last September, the judge ruled that the money belonged to the IRS, not Charisse, because Strawberry still had not settled his tax debt from 1989, 1990, 2003 and 2004.

“Seizure and sale is the last thing we at the IRS want to do,” said Michael Devine, spokesman for the IRS’ Division of Property Appraisal and Liquidation Specialists, according to ESPN. “This happens when a person doesn’t dispute that they owe the money but can’t or won’t liquidate the property.”

While Darryl Strawberry put in the work, you too can own a piece of baseball history. The starting bid is at $550,000 and must be approved by a judge before the buyer starts collecting. The auction will take place in Illinois, but bids will also be accepted by mail.

We wish we could play baseball like Strawberry but we wouldn’t want to be in his shoes right now! If you have IRS debt it is critical to find qualified back tax representation! Millions of American’s owe back taxes, and we hope Strawberry found the representation he needed to resolve his back tax debt.  However, if we were his accountants he probably wouldn’t have had this problem in the first place!  Tax per return is usually the result of either not making estimated tax payments or improperly filing your return.  Darryl Strawberry, we are available if you are seeking new representation!

Do you owe over $10, 000 in back taxes? Call us today@: (888)737-0200 

or visit www.AdvocateTaxSolutions.com to learn more about back tax resolutions and IRS debt help.

How Do Uber Drivers Pay Taxes?

Uber, the popular taxi alternative, now operates in 250 cities in 50 countries, and has drivers worldwide. Uber pays their drivers their full wage and it is up to the driver to pay their own taxes.

If you are an Uber driver, you are considered a self employed employee, which means you must make quarterly estimated tax payments to the IRS if both of the following apply:

• you expect to owe at least $1,000 in federal tax for 2014, after subtracting federal tax withholding and credits, and
• you expect federal withholding and credits to be less than the smaller of:

• 90% of the tax to be shown on your 2014 federal tax return, or
• 100% of the tax shown on your 2013 federal tax return

An estimate of when you will need to pay estimated taxes:

PAYMENT PERIOD	DUE DATE
January 1 – March 31, 2014	April 15, 2014
April 1 – May 31, 2014	June 16, 2014
June 1 – August 31, 2014	September 15, 2014
September 1 – December 31, 2014	January 15, 2015*

*Always remember to pay your taxes to avoid IRS Debt. If you do owe back taxes to the IRS contact a licensed professional for tax defense and tax relief representation! It is always smart to be proactive when facing IRS problems.

More information about quarterly estimated tax payments

Information from: http://ridesharedashboard.com/2014/10/23/lyft-uber-drivers-pay-taxes/

Or refer to IRS Form 1040-ES Instructions and IRS Publication 505, Tax Withholding and Estimated Tax

If you ever have any tax questions or problems call the tax experts at Advocate Tax Solutions at 888-737-0200 or visit www.advocatetaxsolutions.com

Tax Tips for the End of the Year

April 15 may seem far off, but we have some end of the year tax tips that will make your life easier this year.

1. Don’t forget your deductions or credits

 

• Don’t forget your expenses or what you did during the year, for example giving away unwanted clothes to charity or doing a 5k, they can add up to some nice deductions.

 

• If you have dependents look at the Earned Income Credit Calculator on our website at https://www.advocatetaxsolutions.com/tax-calculators. If your wages and self-employment income fall below a certain level, you can earn deductions and credits based on how many dependents you have. You can also claim the Child Tax Credit-up to $1,000 if you have children under 17.

 

• If you are energy efficient and have installed the Energy-Star approved solar-power systems before the end of 2016, you can claim 30% of the cost as a tax credit for that year.

 

• If you have been unemployed in 2014 and had job searching costs, you may be able to deduct them.

 

2. If you didn’t have health insurance this year  This is the first year most Americans are required to have health coverage. If you were uninsured for 3+ months, you may not qualify for an exemption and may get hit with a tax penalty for 2014.

 

3. Check your withholdings Individuals should periodically check their withholdings to ensure they are in line with their true tax liability. Certain life changes like marriage and having a child will change your tax liability. That would be a good reason to adjust your tax withholdings.

 

4. Don’t NOT file your taxes Always file your taxes by the original or extended due date, even if you cannot pay. Late-filing penalties are worse that late-payment penalties.

 

5. Sometimes you need to consult a tax expert The tax code is an infinitely complex and can be extremely confusing and anxiety provoking. So it’s understandable to want to get professional tax help. Every year the tax law changes and its thresholds are adjusted. If you don’t know the law and how it applies to you, consulting with someone who’s up on the tax code is a good idea.

If you need help let the tax professionals at Advocate Tax Solutions know! All estimates are free, confidential, and guaranteed. Our tax professionals have years of experience negotiating with the IRS and representing thousands of clients.

 

Name(required)

Email(required)

Phone(required)

Amount Owed?

$0-$5,000 $5,000-$10,000 $10,000-$25,000 $25,000-$50,000 $50,000-$100,000 $100,000+

Submit

Δ

Even in Space, Astronauts have to File Their Taxes

Not even astronauts are far enough away to escape the IRS. Just like every other American, astronauts have to file their taxes by April 15, even if they’re in space!

How does that happen?

In an interview with CNN, Nasa astronaut Leroy Chiao explained how he managed to file his taxes from space. Chiao, commander of the tenth expedition to the International Space Station, was far from the planet on April 15, 2005. Chiao says that you have to “get someone to help you out on the ground.”

“You do have to anticipate everything,” Chiao said. Since astronauts are in orbit for long periods of time, they either have to plan everything in advance or find someone they trust on the ground.

Lucky for astronauts and Americans alike, Advocate Tax Solutions is on the ground and has trustworthy tax professionals to help with all IRS tax needs.

Regardless of how far you think you may be from the IRS, Advocate Tax Solutions is stationed and ready to help!

 

 

Budgeting to Follow Your Team

CBS’s NCAA Bowl Projection

College football fans rejoice! For the first time this year, the NCAA is determining the champion with a seeded post-season playoff for the top four teams. As the final game on January 12 approaches, fans are growing more anxious to follow their team to the championship. Even the most dedicated fans can kill their budget if they don’t plan well.

Advocate Tax Solutions wants to help all of you dedicate fans be with your team on game day! If you are planning on following your team you could end up at two games this year, which can be pricey. So here are a few money-saving tips to help your budget!

1. Look around for cheap tickets!

The National Title Game will be expensive, and you will have to buy those tickets right when they become available, but you can find less expensive tickets for the other games on Craig’s List or Stub hub.

2. Find the most affordable way to travel

If you haven’t bought plane tickets already, flying may be out of the question. Either find carpool and a car that won’t guzzle up too much gas or take the bus or the train! Bus and train tickets are very affordable even at this late of a date, and will get you there almost as fast.

3. Find deals on hotels

Look at priceline.com or lastminutetravel.com to find deep discounts on hotels in the area. Or save your pennies by booking at budget friendly hotels such as Red Roof Inn or Econolodge.

4. Tailgate!

Tailgating is already fun, but it can save you money on food and drinks! Bring everything you want from home and don’t spend money on stadium vendors!

Follow these tips and following your team should be a lot cheaper! Have fun this year, it’s going to be an incredible post-season!

 

Name(required)

Email(required)

Phone(required)

Amount Owed?(required)

$0-$10,000 $10,000-$25,000 $25,000-$50,000 $50,000-$100,000 $100,000+

Submit

Δ

6 Tips for Budgeting Last Minute Holiday Trips

If you’re going home or decided to take a last minute vacation for the holidays, you may be thinking it is too late or that it’s going to kill your budget. After all, doesn’t everyone always say that you have to book a trip far in advance or it will cost you? While it may be easier to find deals when you have more time, there are plenty of ways to save money on last minute planning.

1. Use Expedia or Travelocity to find flights

If you don’t already have frequent flier miles, find a cheaper airline like Spirit Airlines. These sites will also widen your search, and will include alternate airports in the search results. Most major cities have several airports or airports than can be reached within an hour or two hour drive.

2. Sign Up for Fare Alerts

Save time by letting travel sites notify you when fares drop. You can sign up for fare alerts on:

• Airfarewatchdog
• Yapta
• FareCompare
• TripAdvisor
• Kayak

3. Search one seat at a time.

If you are searching for more than one seat, airlines will only show the fares that are available for all travelers, even if some of the seats are available at lower prices. You can save money by splitting up your reservation.

4. Travel on Christmas Day

It’s probably not ideal but it most likely cheaper. If you didn’t book early enough, try looking on Christmas Day. There are fewer people traveling which will result in lower fares.

5. Be Willing to Be Bumped

If you have enough flexibility, be willing to be bumped. It won’t save you money right away but you could get a voucher for your next trip.

6. Look into buses and trains.

There are great alternatives for travel when flying is unaffordable. Taking the bus no longer means taking the Greyhound. Bus services like Megabus offer amazingly low prices and have Wifi and other amenities. Amtrak is also a viable option when flying is not.

With some creative planning, you can get to wherever you want to be during the holidays without paying too much. Have safe travels and a great holiday!

If you have any financial questions call your trusted advisers at 888-737-0200

or visit www.advocatetaxsolutions.com

Name(required)

Email(required)

Phone(required)

Amount Owed?

$0-$5,000 $5,000-$10,000 $10,000-$25,000 $25,000-$50,000 $50,000-$100,000 $100,000+

Comments

Submit

Δ

As Fuel Prices Lower, There Could be a New Gas Tax

Will there be a new Gas Tax?

When filling up your gas tank you may have noticed that gas prices are lower than they have been in years! While you may be enjoying the extra money in your pocket, former Pennsylvania Gov. Ed Rendell says you shouldn’t get used to it.

On average, gas prices are about 50 cents less a gallon than a year ago. Various politicians, including Rendell, have suggested that due to the low gas prices it is the optimal time to increase gas taxes.

He supports raising the federal gas tax in order to bring in funds for roads, bridges and construction across the U.S.  In an interview with CNBC the Pennsylvania Democrat argued, “Our infrastructure’s crumbling. Our roads and our bridges are in dangerous condition.” Rendell believes that if the roads were in better condition, it would allow for more efficient traffic, and that raising the tax would save actually save people money.

Raising taxes is never popular, but if the gas taxes were raised now, it wouldn’t seem like much of a tax hike. The average American wouldn’t be paying more out of pocket than they were in the recent past.

Gas taxes, by historic levels, are incredibly low right now. The Washington Post pointed out that the federal gas tax has been at a flat 18.4¢ since 1993. At that time the price of a gallon was on average around $1.

At least the move won’t be quite as unpopular as it would have been if it had been introduced when Americans were paying on average $3.50 or $3.75 per gallon.

Have tax questions? Call the tax experts at 888-737-0200 for help!

Or sign up for a free consultation at www.advocatetaxsolutions.com

Name(required)

Email(required)

Phone(required)

Amount Owed?

$0-$10,000 $10,000-$25,000 $25,000-$50,000 $50,000-$100,000 $100,000+

Submit

Δ

What Does the IRS Call Willful Neglect & What Does That Mean for You?

If you are filing your taxes this year, be careful! Remember that if the IRS even thinks there is an inkling of intentional fraud on your statements you could be facing jail time. Taxes are complex and can be confusing. You may assume that anything could be considered a simple mistake, but if the IRS deems it willful you would have the burden of proving that your mistake was unplanned.

How is a stupid mistake differentiated from an intentional mistake or willful neglect?

The IRS defines willful neglect is defined as “a conscious, intentional failure or reckless indifference to the filing requirement.” United States v. Boyle, 469 U.S. 241, n.3 (1985). Willful neglect is shown by your knowledge of your legal duty and report requirements. It means you made an intentional or voluntary choice to not comply.

But what does that mean for you?

“I didn’t know” won’t work for most mistakes. Willful blindness, avoiding learning about report requirements, can get you into IRS trouble. By law, you are responsible to learn filing requirements and to report exact truths when filing your taxes. A few mistakes may be inadvertent neglect but repeated mistakes can show deliberate disregard.

As the end of the year approaches, there is time to begin planning you tax preparations. After January 1099 and W-2 forms arrive and tax return preparations are right after. All Americans have to send tax returns and millions of Americans end up in IRS trouble because of not making estimated tax payments or improperly filing returns. We think it’s better to be safe than sorry! If you don’t want the stress of tax returns and determining what could or could not be willful neglect call our trusted advisers at Advocate Tax Solutions. It is quick, easy, and affordable for you!

Call 888-737-0200 or visit www.advocatetaxsolutions.com for a free consultation today!

 

Name(required)

Email(required)

Phone Number(required)

What is your biggest tax concern?(required)

Submit

Δ

Happy Cyber Monday! It Could Be the Last Tax Free Season for Online Sales

Happy Cyber Monday!

As the online holiday shopping frenzy begins today, we thought we’d share some advice for our e-commerce friends: ENJOY THE TAX FREE ONLINE MARKETPLACE WHILE YOU STILL CAN! While the National Sales Tax probably won’t happen this season, we bet you can expect to give away a good chunk of tax money to the government in the future.

The National Retail Federation expects that Cyber Week will see over $9 billion in total sales this year. While that’s a lot of online sales, e-commerce merchants are not celebrating. That’s because the government took notice of this industry’s huge success and Washington wants in. Currently the Marketplace Fairness Act has been passed by the Senate and residing in the House. This bill would allow states to collect taxes from residents who buy online purchases from out-of-state merchants. The buyers would be taxed at the point of purchase, and the retailers would remit the taxes to the eligible states and local municipalities.

As sales skyrocket this week, we expect the National Internet Sales Tax debate to heat up. Key lawmakers and major online retailers, such as the National Governors Association, Footlocker, and Amazon are eager to use the next few weeks of this Congress to push the long stalled bill.

Amazon, the country’s largest online retailer, is already collecting online sales tax and has made a deal with Massachusetts to collect sales taxes. This agreement only applies in the state and solely for purchase made on Amazon.

Because of companies like Amazon, we, at Advocate Tax Solutions, believe that The Marketplace Fairness Act will pass this next season, even if not in the exact form it is currently. The bill will be advertised as a way to even out the playing field for all online merchants.

Whether you are an online retailer or an avid online shopper, the impact of this bill could be huge. So get your Cyber Monday on and take advantage of this holiday’s tax free online market! We know we will.

 

Along with cyber week, tax season is coming up. Don’t forget to get your taxes in order. Call Advocate Tax Solutions at 888-737-0200 for any tax concerns and for tax preparation. Enjoy the holidays and get the tax relief you need!

Visit http://www.advocatetaxsolutions.com to learn more.

Name(required)

Amount Owed?(required)

$0-$10,000 $10,000-$25,000 $25,000-$50,000 $50,000-$100,000 $100,000+ I don't know n/a

Phone Number(required)

Email(required)

Submit

Δ

 

 

Bad News Saleen Fans: Automotive Company Out of Money and Owes Millions

       Saleen Automotive recently unveiled a modified Tesla Model S and announced plans to tune the 2015 For Mustang, but information contained in the company’s latest quarterly report has some wondering if Saleen will soon fall to the same fate as Hummer and Saab.

 

Jalopnik reported that as of September 30, “Saleen owed $583,900 in unpaid payroll taxes; $1,148,574 of accounts payable was greater than 90 days past due; $352,795 of outstanding notes payable were in default; and $398,176 is owed to a bank as of November 2014, which the Company has not paid and expects to be in default unless the bank agrees to another extension.”

Saleen’s cash assets were listed at $7,261 at the end of the quarter; definitely not enough to run a car company. The situation is so bad that Saleen is counting on another bank extension so the company can continue operating and hopefully turn things around.
This news casts doubt for Saleen enthusiasts and buyers. Saleen’s recently modified Tesla Model S, the Saleen FourSixteen, and the new Saleen 302 Black Label, that just started coming to the market, could be quickly put on hold.
It’s a sad day when ingenious companies come to a struggle due to financial issues and tax debts. We hope Saleen has the turnaround it hopes for and gets the representation it needs. Saleen if you need new accountants, we’re here for you!

 

Do you owe over $10, 000 in back taxes? Call us today@: (888)737-0200 

or visit www.AdvocateTaxSolutions.com to learn more about back tax resolutions and IRS debt help.

 

Name(required)

Email(required)

Phone Number

Amount Owed?

$0-$5,000 $5,000-$10,000 $10,000-$25,000 $25,000-$50,000 $50,000-$100,000 $100,000+ I don't know n/a

Comment

Submit

Δ