Martin Cantu, EA - Tax Consultant - Tax Relief Services Blog

  OFFER IN COMPROMISE: THE PROCESS FOR MAKING AN OFFER   “… (the IRS) OIC program that is itself full of compromises, as the needs of the tax system as a whole are balanced against the needs of the individual taxpayers.” Professor Bryan Camp, Lessons From the Tax Court: The Concept of Reasonable Collection Potential, August 16, 2021.       General Overview Prior to getting too far into the weeds here, you as the taxpayer should keep in mind that an Offer in Compromise is not the only way to resolve your tax debt. An Enrolled Agent, taking all the factors into account, can assist you with alternatives. Going through the OIC, even if the offer is not accepted, can identify other potential avenues for resolution. An Enrolled Agent specializes in this role. The process of submitting an Offer in Compromise (OIC) to the IRS can be complex and time-consuming. Here is a general overview of the process: ·          Gather required documentation : Before submitting your OIC, you

This information brought to you by the Law Office of Martin Cantu and San Antonio Tax Help . Are you a parent? Here are eight tax benefits for parents 1. Dependents. In most cases, you can claim a child as a dependent even if your child was born anytime in 2012.    2. Child Tax Credit. You may be able to claim the Child Tax Credit for each of your children that were under age 17 at the end of 2012.  3. Child and Dependent Care Credit. You may be able to claim this credit if you paid someone to care for your child or children under age 13, so that you could work or look for work.  4. Earned Income Tax Credit. If you worked but earned less than $50,270 last year, you may qualify for EITC. If you have qualifying children, you may get up to $5,891 dollars extra back when you file a return and claim it.  5. Adoption Credit.   6. Higher education credits.  7. Student loan interest.  8. Self-employed health insurance deduction - If you were self-employ