Innocent Spouse Relief
Innocent Spouse Relief
learn about our tax Services
Tax
Services
At Dream Tax Service Inc. we offer a wide range of services for any small business owner, student, home based business owner or w2 employee. Our services include but are not limited to:
Tax Preparation
Here at Dream Tax Service we pride ourselves in giving our customers the most favorable outcome possible when filing their taxes. We have been in the tax business for over 25 years and have the professional experience needed to help you with any tax related topic. We can also process your previous tax years along with your business tax returns. Along with tax preparation we also provide a variety of services of which are located on our website under the “Services” tab.
Tax Preparation includes:
- Personal
- Joint Filings
- Business Returns
- Previous years tax filings
- Amendments
Note: You will be billed if the IRS holds your refund for any reason and DTS is unable to collect through electronic filing(s)
Maximizing Your Tax Returns
Dream Tax Service focuses on capitalizing on any new tax laws and or regulations while maintaining our clients profitability. We strive to help you reach your goals regardless of ones income status. Our consultants are trained to present every tax saving opportunity that will lead to saving money on behalf of our clients.
Our tax preparation services are customarily performed via E-filing. However, there are times that E-Filing is not an option. In these cases Dream Tax Service is prepared to file said taxes the old traditional way.
Tax Preparation Starts Here:
Remember that all companies are not created equally where tax preparation is concerned. If you are in need of a better, more efficient tax prep service, tax advisor and or consultant, we invite you to call us today. We are looking forward to exceeding all of your expectations.
Tax Liens & Levies & Garnishment Release
Dream Tax Service will act quickly on your behalf and STOP the government from seizing your assets, holding your funds, and we release your accounts. Whether the IRS or State Department of Revenue has placed a levy on your bank account or issued a notice to garnish your wages, Dream Tax Service will act quickly on your behalf and STOP the government from holding your funds and release your accounts immediately.
Understanding Tax Liens, Levies & Seizures
Liens, levies, and seizures always go hand-in-hand and are usually the consequence of a larger balance on your tax return. A tax lien is a registered claim against your property which basically gives the IRS authority to levy and seize your property as payments for your tax debts. Dream Tax Service goes to work for you in order to prevent this from happening. We will review your case and create a plan to solve your tax problems and preserve your assets.
What Assets Can Be Seized by the IRS?
The IRS can levy and seize assets that are in your possession as well as assets that are in the possession of a third party, such as a bank.
Some common assets that may be seized:
How does Dream Tax Service help?
We will assess your prior tax returns, receipts, and records to better understand how we can prove your tax filings were accurate. For clients that no longer have their relevant tax documents, we’ll help you find alternative ways to provide a paper trail of proof through your banking activity, credit card statements, and email receipts or invoices.
Once we’ve thoroughly assessed the documents, we will meet with an IRS agent to reach a resolution for your case. If at any point we don’t have an immediate resolution to your tax discrepancies we will seek mediation, or file an appeal on your behalf. This will allow Dream Tax Service to discuss your concerns with an IRS appeals officer. Once we reach the negotiation stage, we are always able to get the most favorable outcome for you.
Articles of Incorporation
What are articles of incorporation?
The articles of incorporation, sometimes called a certification of formation or a charter, are a set of documents filed with a government body to legally document the creation of a corporation. This type of legal document contains general information about the corporation, such as the business’s name and location.
Some business owners may not know that in order to convert a company to a professional corporation or nonprofit corporation, you must legally file for the articles of incorporation. Each state has required different paperwork and rules for filing articles of incorporation, but all filings are handled through the secretary of state. Applications for articles of incorporation are reviewed by state officials, and as long as all regulations are followed and appropriate fees are paid, the company is notified of its corporation status.
IRS Tax Audits
What is an Audit?
An IRS audit is a review/examination of an organization’s or individual’s accounts and financial information to ensure information is reported correctly according to the tax laws and to verify the reported amount of tax is correct.
Why am I being Audited?
Don’t panic!
Selection for an audit does not always suggest there’s a problem. The IRS uses several different methods like random selection and computer screening. Sometimes returns are selected based solely on a statistical formula. The IRS compare your tax return against “norms” for similar returns.
OR
The IRS may select your returns when they involve issues or transactions with other taxpayers, such as business partners or investors, whose returns were also selected for audit.
What will I need?
Our first meet and greet is a very important meeting in which we receive all of your receipts, bank statements, investments etc. Clients who keep organized records and save receipts have an advantage. However, for those you that are somewhat disorganized, we can help buy you some time by providing you with the necessary paperwork based on your case. All before the IRS becomes a worry!
In order for us to speak to the IRS on your behalf, you will have to sign a power of attorney. Allowing us to act as your power of attorney gives us the legal right to fully operate on your behalf, ensuring that the IRS will only correspond with Dream Tax Service, rather than directly contacting you. We will take care of everything for you!
SBA Loan
What Is The SBA Loan?
The Small Business Administration (SBA) is a government agency that offers small businesses a number of resources that can help sustain your business. The SBA works with lenders to help provide loans to small businesses.
What You Need To Qualify
While majority of businesses meet the criteria for the SBA loan, some do not. For your business to be eligible to receive the SBA loan your business must have reasonable owner equity to invest, operate for profit, and be engaged in business in the U.S territories.
Credit
The SBA itself does not require a specific credit score to qualify for financing, however the SBA loan will come through a lender. This means a minimum personal score of 640 is required. Your personal credit score reflects on how well you are able to handle your personal finances. This and your business credit score will play a big part in getting your loan approved.
Penalty Abatement
What is a Penalty Abatement?
A penalty abatement is a type of tax resolution tool that makes it possible to temporarily halt the collection of additional penalties and fees associated with an outstanding tax debt.
How to Lower Your Tax Debt with Penalty Abatement:
The longer you put off paying your tax debt, the bigger it can grow with penalties and interest. You may have the money to pay off your debt, but the amount of penalties, plus interest, makes it more difficult to accomplish that. Dream Tax Service can help you cancel and or lower the penalties that hold you back from paying off your tax debt!
The IRS can be quite flexible when it comes to penalty abatement and will accept many causes for failing to file a tax return.
The IRS may accept the following “excuses” for failure to file:
- The Taxpayer’s paperwork was lost due to a natural disaster or other disturbances
- Death of a loved one
- The Taxpayer is incapacitated or ill
- The Taxpayer is in Prison or Rehabilitation
- Crooked advice or Misinformation was received from a tax professional
- Misinformation received directly from the IRS
Other reasons may include oversights despite acting on ordinary business care and prudence to meet your tax obligations. Dream Tax Service is here to review your case to establish reasonable cause so that you can qualify for relief.
Click Here to read the Do’s & Don’t of Penalty Abatement
Innocent Spouse Relief
Although you and your spouse are one, you should not have to suffer for their tax discrepancies if you’re innocent. When a couple files a joint income tax return, they are equally responsible for paying the taxes owed. But if your partner has drastically understated income without your knowledge, this is considered an exception to the rule.
The IRS will conduct a thorough investigation in order to decide if you’re indeed innocent. Some of the factors they will consider may affect their verdict; these include:
- How you could benefit from (or suffer without) the tax relief
- What is your role in household finances?
- Your compliance with tax laws
- The state of your mental/physical health
- Your Marital Status
Our team will work with you every step of the way, and thoroughly examine your records to build a solid application for defense. Dream Tax Service will present your case to the IRS on your behalf. Our goal is to prove your innocence to the IRS by submitting an application for Innocent Spouse Relief. After the application is accepted and the IRS rules in your favor, you will not be held responsible for these tax problems.
Contact Us today to get started with the application process.
IRS Offer in Compromise
If you currently have an outstanding debt with the I.R.S. Dream Tax Service Inc. will, order your tax transcripts to see the last 5 years activity, file any tax years that were not filed then file an Offer in Compromise on your behalf. The purpose of this process is to negotiate the amount owed to the I.R.S and to get them to settle for a lessor amount. We don’t need to tell you how important it is to be in good standing with the I.R.S but we highly encourage our client to make every effort possibly to do so.
What is an IRS Offer in Compromise?
An IRS Offer in Compromise is an IRS program that grants a taxpayer the right to make an offer to the IRS for amount that is less than the total tax amount owed. Providing that the IRS accepts the offer, the individual or organization pays less than initially owed and the IRS forgives/wipes away the rest of the debt. After the offer in compromise payments have been completed, as long as he or she is in good standing they are relieved of what was owed. However, staying in tax compliance for the following five years is a perquisite.
In order to take advantage of an Offer in Compromise, one must submit an offer. The IRS only accept offers when an offer is greater than or equal the sum of what they collect from an individual or entity regardless of whether they employed collection enforcement actions such as levies and or garnishments.
In 2018 the IRS rejected more than 50% of the offers that was submitted. More often than not the IRS only approves individuals that are facing financial issues that are deemed severe. If an Offer in Compromise is rejected feel free to call us to discuss the appeal process.
If your Offer in Compromise is accepted by the IRS, there are 2 main payment options.
1. Lump Sum Cash 2. Periodic Payments
Dream Tax Service can prepare all of the documents that will be needed for an Offer in Compromise. We also help you during the negotiation process of a settlement, ultimately lower your tax debt while relieving you of the constant pressure that’s applied by the IRS during what most would say is their toughest time in their lives.
Disclaimer: The content on this website is only provided for educational purposes and does not in no way serve as tax or legal advice. For exclusive, precise or concrete advice regarding your personal or business tax situation feel free to contact a tax attorney.
Business Credit
If a business does not have access to cash or credit, then there’s a strong possibility that failure is inevitable. This is why business credit is so important. Business credit enables a business to receive loans from lenders and use them for products or services. This idea is based upon trust that the business will be able to make payments in the future to repay that loan.
Just like personal credit, business credit and the management of it plays a major role in determining whether a company is trustworthy where obtaining and maintaining money is concerned. Business credit is often viewed as a financial gauge that defines a company’s reputation. According to the SBA: more than “40% of small business owners use their personal credit” to support their company.
Why establish business credit?
Owners of corporations or any type of business have access to many unique advantages and business credit is one of those benefits. The initial establishment of business credit is called or considered acquiring or creating a business credit profile. A business credit profile is important because it is used by lenders/creditors to determine whether to extend credit to a business or not. Once your business credit profile has been properly formed and is operational, the next step is to apply for credit in your company’s name.
How We Can Help?
Dream Tax Service offers the service of aiding and assisting in the establishment of business credit for your company. With multiple years of experience establishing business owners credit Dream Tax Service can easily establish your company’s credit with no flaw. Contact us if you are interested in establishing business credit for you company.
Installment Agreement
What is an Installment Agreement?
An Installment agreement is a payment plan set up with the IRS in times which you cannot pay your taxes in full.
A monthly payment plan is often the easiest way to pay off any large debt, or major tax liabilities. The IRS offers various payment arrangements and installment agreements. Dream Tax Service will work on your behalf in order to reduce or eliminate any tax debts.
The IRS will automatically agree to an installment plan if you owe no more than $10,000 and meet all of the following criteria:
- You (and your spouse if you’re married) haven’t filed a late return or paid late in the previous five years.
- This does not include extensions of time to file. It means missing a tax deadline without taking any action.
- You agree to file on time and to pay on time in future tax years.
- You agree to pay the amount you owe within three years.
- You don’t have an open bankruptcy proceeding.
- You have proof of hardship
What If You Can’t Pay?
If you’re approved for an installment agreement and your financial situation turns out to be worse than you thought or if you encounter an unexpected financial setback, Dream Tax Service will contact the IRS immediately on your behalf. Options are available to help you out. We may be able to reduce your monthly payment, but your options will depend on your specific financial situation.
Home Loan Packaging
Do You Qualify for a Home Loan? Getting a mortgage can involve a lot of steps, and you wouldn’t want to get too far into the process before realizing you won’t qualify after all. At Dream Tax Service Inc., we offer free consultation on how to best position yourself to get approved the first time. We have helped hundreds of families over the years to show up prepared! The top 3 reasons individuals cannot qualify is:- Low credit scores
- Less than ideal finances
- Debt to income ratio
- Make all your payments on schedule. The easiest way to raise your credit score is to build a history of on-time payments. Write down when each of your loan and credit card payments is due and make at least the minimum payment every time. If available, you could also enroll in auto pay for some of your loans.
- Watch your credit utilization. Do you put too much money on your credit cards each month? If so, lenders see you as a riskier candidate. Try to use no more than 30% of your total available credit each month to see the biggest increase in your score.
- Pay down your debt. Paying down debt proves you know how to manage your finances and you don’t borrow more money than you can afford to pay back. Create a plan to tackle your debt early and watch your score soar.
- Lower Your DTI Ratio to free up more money to save for a down payment – it makes you a more appealing candidate for lenders. There are two main ways that you can lower your DTI ratio