This message is for caregiver who received payment to take care of the elderly, sick , family, non-relative, relative or disable person and that you live in their home or they live in your home. You may qualify to get $3000 to $8000 back in refund under the new IRS Rules. Please call 515-988-0716 for more info or stop by Fox Tax Service office to get a free paper copy of the IRS tax codes.
40% of the US adult care for sick or elderly family member. So yes, chances are you or you may know someone who get paid to take care of the sick or disable person. Do them a favor by share/forward them this message.
If you received a 1099 misc box 6(medical and health payment), 75% chances are it was improperly filed on your tax return.
If you or your tax preparer filed this medical payment as a self employment-Schedule C then it is a big mistake! I’m sorry but it incorrect. it is not a regular 1099 misc. This type of payment is unique. You need to call Fox Tax Service today to amend/fix your tax return.
If you receive a W2 with box 1 filled out as wages for this medical payment from an agency; it shouldn’t be there but it was issue as that then there is a special way to report this income. It not like a regular W2. This is a unique payment and it need to be file differently. So again 75% chances it was file improperly on the tax return. You need to call Fox Tax Service today to amend/fix your tax return.
You should blame the state and the agency for issue the improper instruction for 1099 misc and the improper w2 that cause a big confusion. But relax…
Here is a good news for you.
WE CAN FIX IT AND WE ARE GOING TO GET ALL THE MONEY THE IRS OWE YOU.
We know the IRS Hate Fox Tax Service for doing what’s right and best for our clients.
But you have to hurry, you can only get your money back with in the last 3 years.
Fox Tax Service is only one of the few tax firm that actually understand the rule and regulation and know how file/report it correctly. You must bring your tax return for the year 2015, 2014, 2013 to us to have a quick look to see if it was incorrectly filed. We will look at it at no cost.
We have been fixing so many of those tax years error in the past months for new clients. we have make so many amendment and get a huge refund back for our clients $3000 to $8000 on average per tax year depend on your situation. It’s not a trick, its in the IRS recent tax codes.
Here is the rough and boring calculation
Those figure number above are based on the average of $15,000 payment from the state/agency in box 6- medicaid payment on 1099 misc. That mean if you have 3 years of tax return that was improperly filed we could potentially get $9000 to $24,000 back. It mean that the IRS owe you a big chunk of money and it time to get it back before it too late. IRS Hate Fox Tax Service because of this reason.
Those number may sound crazy but let’s break down the math.
Regular 1099 misc you will first pay 15.3% on self employment- for now assume expenses on the $15,000 received. $15,000 x .153 =$2295 she have to pay to IRS. After that the $15,000 going to add to your regular income to be taxes on. So it depend on your regular income. So this $15000 will affect the tax income bracket -bring it to higher income tax rate. Beside that this $15000 may effect your earn income credit-$3359 per kid for year 2015.
There is one client with 2 little kids, her income $31,000 and received $15000 medical payment- form 1099 misc for taking care of her parent. She lost the earned income tax credited for the 2 kids that worth total of $6718 because of total income is too high. Without calculating any other factor just add 2295 self employment tax + $6718 earn income credit =$9013 total lost. And that is just the general rough calculation.
Remember, once it pass the 3 years period from the date you file, you can not claim those money back. Simply mean too bad too sad and the IRS is not going to volunteer to tell you that.
Stop by our office today to get a free copy of the IRS tax codes related to caregivers and get back the money that is legally belong to you.
“You don’t know what you don’t know and what you don’t know will cost you.”
So call Fox Tax Service today for free consultation, questions or concerns
515-988-0716
Facebook.com/foxtaxservice