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The topics and opinions express in the following show are
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solely those of the hosts and their guests and not
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those of W FOURCY Radio. It's employees are affiliates. We
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make no recommendations or endorsements for radio show programs, services,
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or products mentioned on air or on our web. No
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liability explicitor implied shall be extended to W FOURCY Radio
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or it's employees are affiliates. Any questions or comments should
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be directed to those show hosts. Thank you for choosing
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W FOURCY Radio.
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Barry G.
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Fouler EA brings you tax talk for you right here
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on W four CY Radio and talk for TV. As
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an enrolled agent and a national leader in tax resolution
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as well as Trucker bookkeeping.
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And tax planning.
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With over thirty years of experience, Barry will break down taxes, bookkeeping,
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tax planning, and tax relief for individuals and businesses just
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like you.
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So let's have some tax talk for you with your hosts.
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Barry G.
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Foul Hey, welcome man. It is a great Monday morning.
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We had a nice long weekend and everything. My daughter's
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graduation from Texas Tech University sumaccun light ave from an
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Animal science from Texas Tech Davis College of Agricultural and
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Animal Science, uh and stuff. It was fantastic, you know.
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And then we get to you know, drive back towards Houston.
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We live out in Hampstead area, but you know, we're
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driving her back with all her stuff and her boyfriend
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stuff to bring my daughter back to College Station. Actually
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because she's going to start in College Station for Veterinarian
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school at Texas A and M. So I guess it's
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we're going from guns up and Wreckham to gig them
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Aggie's uh so, you know it's gonna it's gonna be
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a great year for her, and I guess four more
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years of college education to become a VET. She spent
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three years is Texas teching us driving you know, seven
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plus hours to see her or her getting her home
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to getting down to about a forty five minute drive.
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So we're happy. And guess I say, well, and that's
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I guess that's what we get to say is well
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we got a short, short drive, and my oldest son,
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who graduated from A and M, be very happy that
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I was actually supporting A and M now, even though
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for the last three years we've been guns Up and
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wreck them. So, you know, great time here in Filler family.
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You know, well here, what we're here talking about today
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is something that is a question that gets asked a
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lot of us, and that is I owe the I
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R S. What can they take? And more importantly maybe
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what can't they take? Or how do I avoid it?
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And so we're talking about levees and you know levees
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when the I R S is taking what you have
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to pay your tax debt. And so first off, let's
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talk about avoiding them. We really what you want to
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do is avoid it. And you as a taxpayer who
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owes the I R S money that they are coming
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after and they're sending you letter after letter after levit
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letter and then they send you a letter that they're
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going to levy you. You know, to avoid it. First,
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you as a taxpayer, you got to have all your
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tax returns filed. So you know that's the first thing
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is to go through and make sure that every single
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year is actually filed. You know, sfrs, you know maybe
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considered file but doesn't make the return right. Sfrs are
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substitute for returns. It's what the I R S bise
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on your behalf. Now does that mean they are actually
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taking every deduction. Does that mean they're finding every business
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expense when you're in business. Absolutely no, they're not that generous.
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They're not that nice. Remember there the largest, biggest, baddest
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collection agency in what the whole white world my opinion.
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So you need to go through and make sure you've
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got all your tax returns filed and then stay current,
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and then you're going to have to at some point
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supply all your financial information. Now, you know, staying current
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means making sure you got the current your tax is filed,
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making sure you're making your estimated tax payments as acquired.
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And then you know, when you're working with the Revenue
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officer or US, you know we're going to need financial
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information to get you the best deal that you possibly
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can when you kind to try to put a payment
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plan to a WED. These levees. Now, a couple of
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things that you can do to avoid a levee is
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you can actually request a collection due process hearing when
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you get your notice final notice of intent to levy. Now,
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if you remember the letter LT eleven or letter ten
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fifty eight, those you're going to make it your best
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opportunity to actually settle the case and make a deal,
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because you're going to request a collection due Process hearing
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CDP hearing to get the IRS cooperation and your cooperation
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to work together to get you due process and get
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you the best payment plan that is allowed by law
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or non collectible status. Now, if you're too late to
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file for that CDP hearing, then you got to cooperate
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with your Revenue officer ROW and you've got to meet
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all their requessronments. They're going to give you a whole
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bunch of requirements that you need to file. So they're
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going to give you a form that says, hey, this
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is the information that we need from you, and it
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starts with baying statements. Of course, if you're in business
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profit and loss, your financial statements, your balance sheet, you're
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going to have to go through and give them all
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that information so that they can make a determination how
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much money you can afford to pay. They make the
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determination on how much money you can afford to pay.
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Does that make sense to you? Well, it makes sense
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to them, and what you can afford to pay and
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what they think you can afford to pay are going
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to be probably pollar opposites, meaning they're going to look
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at it and go wow, you make this kind of money,
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you can afford to pay two thousand dollars a month
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on your tax that you go, whoa, whoa, whoa, Wait
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a minute, I can only afford to pay one hundred
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dollars a month, No, sir, you're going to pay the
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two thousand. So you've got to learn to work within
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their rules, their regulations, and then prove to them that
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you can only afford to pay so much a month.
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And then you've got to look at how they're calculating
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what you can afford to pay to help determine what
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makes sense to you. Now you know you're going to
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go through You're going to request an installment agreement. Maybe
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you'll file for an offer and compromise. Both of those
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can stop levees, and then it allows you time to
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look at all your other options. Now you're at taxation solutions,
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tax relief. You know, when we're looking at avoiding levees,
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we're looking at the reason for what you owe. I mean,
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you know, is it just you didn't file your tax turns,
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somebody fouled your tax return wrong, you just didn't have
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the money to pay, you got audited. These are all
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things that happen as part of life. And then now
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all of a sudden, you owe the IRS money. You know,
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if you got audited and you lost the audit, maybe
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you didn't provide any information. Maybe it was a correspondence
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audit and you weren't getting them information. You couldn't get
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somebody to respond to you. Nobody would talk to you.
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It was almost like you were working with a machine,
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not a human being, not somebody that can, you know,
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reason and talk with you. And you lose the audit.
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So maybe we need to go through a complete audit
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reconsideration to stop the levees and get the IRS to
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look at your tax return again and get it to
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make sense, and maybe we can win the audit and
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then the debt goes away and then you don't have
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a problem anymore, or we reduce the debt and something
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you can afford. Hey, you know these are options, you know,
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putting you into non collectible status, you can't afford to
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pay a dime. Your money that comes in doesn't allow
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you to do it. Maybe we can get you into
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non collectible status and then stop all the levees on
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you as well. Maybe we can go in and get
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penalty abatements and get some of this reduced and get
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the penalties gone so that you know, we can keep
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you from having to go through these these levees and
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reducing the amount you owe to maybe reducing the payment
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plan that they're going to put you on as well.
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So there are many options we have in tax resolution
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to save you from these levees that the IRS can
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place on you where they're taking you know, pretty much
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everything that you own. So if you need to stop
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a levee, you need to call a US at Taxation
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Solutions to stop the levees, wage guard instruments, leans back
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back taxes. Whether it's against you personally or your business,
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you need the tax relief and you need somebody to
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step in for you aggressively to stop the IRS. So
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call us today at eight eight eight nine three zero
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one zero one six Again eight eight eight nine three
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zero one zero one six. Now we're going to talk
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about what's exempt from levees right after this quick break.
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We have only scratched the surface of today's show. Please
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stand by us.
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Parry G.
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Fowler will be right back with tax talk for you.
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If you own the I R S or are going
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through an IRS audit, don't go at it alone called
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Taxation Solutions tax Relief at eight eight eight nine three
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zero one zero one six. We are your solution for IRS, TETs, audits,
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back taxes, garnishments, leans and levees. Whether you're an individual
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or business, you need a solution and a strong, aggressive
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tax resolution.
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Don't let the IRS walk all over you.
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Stop the IRS now call eight eight eight nine three
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zero one zero one six or go to taxationsolutions dot
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net now for a free no obligation consultation. Let's get
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back to tax stock for you with more tax stock
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once again.
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Here's your host, Barry G. Feller.
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Hey, welcome back a and we talk about helping people
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with their taxes and helping people fight the IRS and
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stop the IRS from taking what they have. You know
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that does you know? Start with phone calls to set
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taxation solutions at the eight eight eight nine three zero
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one zero one six, and we can stop the IRS
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a lot of times. If you have been levied, let's
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say your bank account's been been levied and you need
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that money to make payroll. You need that money to
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pay your house and your mortgage and your or your
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rent or car payments and stuff like that. And we
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can prove to the irs, we can sometimes get that
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money back as long as it's within a reasonable period
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of time, and usually that's within that twenty thirty days.
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So if you did get levied right away, we need
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to stop them and the IRS from collecting from your
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bank and get that money put back into your Account's
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bad enough, you're going to get hit with the bank
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fees on top of what they've levied from you. So
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you know, the idea is to get it back as
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quick as possible. Now, you know, are certain things that
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are exact that you don't have to worry about, and
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some of these are kind of funny, and you know,
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things like you're wearing apparel and your school books. So
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if you've got books in your house that are technical
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books for school, they can become school bucks. You know,
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if you need these books for let's say, auditory pair,
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your chiltern guide, you know, or books for your your business,
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whatever business you're in, can be considered school books and
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those are exempt from a levy. You really want to
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see a great website for things that the I r
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S has taken. You can actually go to the US
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Department of Revenues website and look at auctions. They have houses, lands, businesses.
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One of the funny ones I thought was interesting was
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a business license. So somebody in the state of New
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York was licensed for out and their license was up
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for auction. Evidently those are worth quite a bit in
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the state of York. So it was just kind of
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interesting to see some of the things that are there.
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I mean, you know, jewelry and stuff like that, but
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you know you're wearing apparel. I've never seen clothes there.
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I've never seen school books up for auction there as well.
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But other things that are example, just fuel provisions, furniture,
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personal effects that don't exceed ten thousand, eight hundred and
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ten dollars. Now that's being adjusted for inflation in twenty
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twenty six, but that's the value that they're allowing you
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to have. Well, you know, fuel price is this. If
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you at this price, if you've got a big old
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tank out on your by your house, you might hit
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that ten thousand dollars today. But remember we're less Our
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fuel prices are still cheaper right now than they were
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about three years ago, so we have at least that
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to say for it. Maybe the prices will come down
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here shortly as well. Books, tools of a trade, business