Tax Resolution 1st

  Why Tax Resolution 1st is Better Than the Big Players in Tax Relief When you search for "Best Tax Relief Companies," you'll often find big names topping the lists. While these large firms might catch your eye with polished marketing and promises of quick fixes, there’s a hidden truth: many of these companies have been embroiled in legal issues, offer subpar customer service, and don’t always deliver on their promises. At Tax Resolution 1st , we take a different approach. We’re a small, ethical, and trusted firm that truly focuses on completing the tax resolution work we promise to our clients. Here's why choosing a boutique firm like ours is the better choice for resolving your tax issues. 1. We Focus on Ethical Practices Unfortunately, many big-name tax relief companies have faced lawsuits and legal troubles due to unethical practices, such as charging excessive fees or failing to deliver results. At Tax Resolution 1st , our foundation is built on transparency and ...

 As cryptocurrency surges into the mainstream—Bitcoin climbing toward $100,000 and debates over a national crypto reserve making headlines—its tax implications grow ever more complex. With IRS initiatives like "Operation Hidden Treasure" targeting crypto noncompliance and looming reporting requirements for brokers, it’s crucial to stay ahead of the curve. For many, cryptocurrency presents not only financial opportunities but also significant tax challenges. Did you report that crypto transaction correctly? Is your staking income accurately documented? Taxpayers who fail to comply risk penalties and audits, especially with the IRS intensifying oversight. At Tax Resolution 1st , we specialize in helping clients resolve cryptocurrency tax problems. Whether it's unreported mining income, capital gains on Bitcoin sales, or navigating the new Form 1099-DA, our experts are here to help. Top Crypto Tax Concerns We Address Unreported Transactions : From selling Bitcoin to exchangi...

 Cryptocurrency has revolutionized the financial landscape, with Bitcoin nearing $100,000 and digital assets moving closer to mainstream acceptance. Yet, while the crypto boom has opened doors to incredible opportunities, it has also brought with it unique tax challenges that can catch investors off guard. For many, resolving tax issues tied to cryptocurrency is becoming increasingly urgent as the IRS ramps up its oversight. From reporting requirements to penalties for non-compliance, here's how to tackle tax problems stemming from cryptocurrency investments. Understanding Cryptocurrency Taxation For federal tax purposes, cryptocurrency is treated as property, not currency. This means that every crypto transaction—from selling Bitcoin to exchanging one digital asset for another—can trigger tax reporting requirements. Here are some common taxable events related to cryptocurrency: Selling Digital Assets: Capital gains or losses must be reported on Form 8949 and summarized on Schedul...

 Trump’s Project 2025 is more than a policy framework—it's an agenda poised to reshape federal programs, economic policies, and fundamental freedoms. This sweeping initiative, backed by congressional support, includes drastic cuts to education, healthcare, housing, and climate programs, while favoring tax breaks for the wealthy and corporations. Let’s dive into the key components of Project 2025 and explore what these changes could mean for middle-class Americans and the nation’s economy. Tax Cuts for the Wealthy and Corporations At the heart of Project 2025 are major tax reforms, including extending cuts from the 2017 Tax Cuts and Jobs Act (TCJA). The plan proposes eliminating taxes on Social Security, overtime pay, and tips while introducing corporate tax rate reductions for domestic production. Critics argue these measures favor high-income earners and large corporations while increasing the national deficit. Additionally, cuts to the IRS budget would undermine efforts to ensure...

 Taxes may not be the first thing on your mind after a presidential election, but a new administration can bring sweeping changes to tax policies. With the 2017 Tax Cuts and Jobs Act (TCJA) set to expire at the end of 2025, the stakes for tax reform are high. From income tax rates to corporate tax cuts and tariffs, the direction a new president takes could have significant implications for individuals and businesses alike. The Expiration of the TCJA and Its Potential Renewal The TCJA was the most comprehensive tax reform in decades, introducing lower tax rates for individuals and corporations and increasing the standard deduction. However, many of its provisions, including individual tax rate cuts and the expanded child tax credit, are set to expire after 2025. A new president may seek to extend, modify, or let these provisions lapse depending on their administration's fiscal priorities. For taxpayers, this could mean changes in their tax brackets, deductions, and overall liabiliti...

  Understanding IRS Collection Appeal Rights with Tax Resolution 1st When dealing with significant tax debt, navigating IRS collection actions can feel overwhelming. Tax Resolution 1st, operated by an Enrolled Agent, specializes in national tax resolution services for taxpayers owing the IRS more than $10,000. Understanding your rights to challenge IRS collection actions can be a crucial first step in resolving your tax issues. What Are IRS Collection Appeal Rights? The IRS offers taxpayers the ability to appeal collection actions through two main programs: Collection Due Process (CDP) and the Collection Appeals Program (CAP) . Both programs provide avenues to contest IRS actions such as liens, levies, and installment agreement issues, but they differ in scope and process. Collection Due Process (CDP) CDP hearings are your right when the IRS issues specific notices, including: Notice of Federal Tax Lien Final Notice of Intent to Levy Notice of Levy on State Tax Refund Jeopardy Lev...

With a new president potentially comes significant changes in tax policies. Every administration has its approach to taxes, and these changes can have a lasting effect on individuals, businesses, and the overall economy. As 2025 approaches, it's essential to understand how the new presidential term might impact your taxes, what changes may occur, and how you can prepare for possible shifts in tax laws. What Taxpayers Can Expect from a New Presidential Term in 2025: 1. Potential Changes in Income Tax Rates The president’s approach to taxation could result in changes to the tax brackets and rates for individuals and families. Traditionally, Democrats and Republicans have different perspectives on tax policies. For example, one administration may focus on reducing taxes for middle-income families, while another may prioritize lowering rates for high earners or corporations. If new tax brackets or income thresholds are introduced, they could alter how much you owe and your tax plannin...