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The McConnaughy Difference:

26 years of tax resolution know-how

Insider's knowledge of IRS tactics

Master's Degree in Taxation

Knowledge constantly updated

Three guarantees that you'll be satisfied

Three important intangibles

Honest, responsible, skilled tax resolution services at a cost anyone can afford.


ACTUAL AGREEMENTS

Department of Treasure
Internal Revenue Service

Release of Levy

(David & Nancy)

<-----I can do this for you too!

Under the provisions of Internal Revenue Code section 6343, all wages, salary and other income now owed to or becoming payable to the taxpayer(s) names above are released from the levy.

Offer in Compromise

(James)

<---------Put your name right here!

We have accepted your offer in compromise signed and dated by you on (DATE). The date of acceptance is the date of this letter.

Pay When Able

(Martin)

<------------If you're retired on SS,
you probably won't ever pay!

We have noted your account that you're currently unable to pay your total balance or to make installment payments. You may make payments as you are able.

Installment Agreement

(Ian)

<----------------Well within his budget!

We've accepted your offer for an Installment Agreement. The agreement covers the tax period(s) shown above. Please make your first payment of $50.00.

Innocent Spouse

(Martin)

<---------------Innocent spouse, over
$25,000 taxes forgiven!

You are also entitled to equitable relief of liability under Section 6015(f) of the Internal Revenue Code of the tax that was not paid with the filed tax return(s).

Decreased Lien

(Robert)

<--------Saved him over $200,000!

...updated the amount of the Notice of Federal Tax Lien, from $215,881.92 to the decreased amount...of $11,491.93.
Tax Relief Services


Should I purchase my own disability insurance policy?

Many of us have life insurance, however very few of us have long-term disability coverage. Yet according to statistics, workers are more likely to sustain a long-term disability (one lasting longer than 90 days) than die at an early age.

Long-term disability insurance is fairly expensive, and people tend to think that they will be protected by workers' compensation or other sources. However, Social Security, workers' compensation, and employer-offered long-term coverage are often inadequate.

What does worker's compensation insurance cover?

Worker's compensation covers injuries that happen on the job. Benefits vary widely from state to state, since benefit amounts depend on state provisions. The average weekly maximum is about $450, while the average weekly minimum (where there is a minimum) is $90. Most states pay benefits for the employee's lifetime in cases of permanent total disability.

Tip: To get details on worker's comp benefits, contact your state Department of Labor.

In addition to the requirement that an injury be work-related, the payments you would receive under worker's comp may be inadequate.

How much disability insurance coverage should I have?

A disability insurance company will usually not cover you for more than 60% of your income. Look for a policy that provides coverage for this level. When you shop for a disability policy, be ready to prove your income level.

If you purchase the policy and pay the premiums yourself, the income received will not be taxable. Therefore 60% should come close to replacing your after tax income.

How is disability defined?

The definition of disability in a policy is extremely important. It tells you under what circumstances you will qualify to receive benefits.

Own-occupation coverage pays benefits if you can't work at your chosen field-e.g., attorney or teacher. Own-occupation policies are the most expensive type of disability coverage because they provide the broadest coverage. (If you cannot perform the duties of your own occupation, you can take a job in a related field, make a decent income, and still collect the benefits.)

Any-occupation coverage pays benefits if you can't work at any occupation for which your education level and training has prepared you. Thus, if you can no longer perform the duties of a nuclear physicist, but you can teach physics at college level, you will not receive benefits.

Note: Many policies are own-occupation for a period of years, at which point they convert to any-occupation.

When can I qualify for Medicaid?

Eligibility rules vary from state to state, but beneficiaries are generally required to "spend down" their income and assets to qualify. New laws in many states make it possible for the spouses of Medicaid nursing home residents to keep more income and assets than previously allowed.

By law, nursing homes cannot discriminate against Medicaid patients, but in reality, many keep "waiting lists" for them while enrolling patients with more income and assets. Medicaid coverage for home care is very limited in most states.


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