QuickTime Taxes - Income Tax preparation

Quicktime Taxes

Income Tax Preparation Service

Our team of professionals make customer service our priority so when you're looking for a tax preparation firm, Quicktime Taxes is the best possible choice. 

Quicktime provides income tax preparation and electronic filing.  Audit assistance and free review of income tax returns are also part of Quicktime's commitment to service. Additional fees may apply.


We place the highest value on ethical standards and practices.  Our skilled Licensed Tax Consultants & Licensed Tax Preparers work together as a team to provide our customers the best possible tax preparation.


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QuickTime Taxes - Income Tax preparation

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Archive for January, 2013

How to Simplify the Tax Code

All Things Money #148 Part 3: David Blain of DL Blain & Co. discusses how to simplify the tax code as recommended by Nina Olson, the IRS Taxpayer Advocate.

American Benefit Corporation Released a New Study on the Impending “Fiscal Cliff” and the Use of Non-Qualified Deferred Compensation to Offset its Negative Tax Effects

Rutland, VT (PRWEB) October 09, 2012

Jim Herlihy of American Benefit Corporation has just published a new study expanding on the work of Andrew Taylor of the Associated Press who reported on October 1, 2012, that most Americans will see a huge tax increase if nothing is done to stop the expiration of tax cuts at year-end.

It is estimated that middle income earners making between $ 40,000-60,000 may see their taxes go up to $ 2,000 per year and the top 1% of earners could see an average tax increase of $ 120,000. Further, it is estimated by the tax policy study that was released October 1st that almost 90% of all households would face a tax increase, though the top 20% would incur 60% of the overall cost.

It is this 20% who should encourage their employers to establish non-qualified deferred compensation plans, if they don’t already have them, to allow the top earners to defer pre-tax income to offset these high potential tax increases. Accumulating income on an after-tax basis for retirement with this level of tax increase simply doesn’t work.

Elections to defer income to existing non-qualified plans must be made, in most cases, before year-end. For new plans, participants have 30 days after the date of plan implementation.

Executives have the ability to manage their tax liability with non-qualified deferred compensation plans, but they must take action. Having a tax problem at retirement because you have too much income is always preferable to an income problem because you have too little income.

About Us -

At American Benefit Corporation, we design, fund and manage executive non-qualified benefit plans for highly compensated corporate executives who wish to reduce current income taxes and form personal capital on a tax efficient basis. Established more than 30 years ago, we serve the unique needs of executives in numerous corporations with their personal capital formation objectives.

This material is intended for informational purposes only and should not be construed as legal or tax advice and is not intended to replace the advice of a qualified attorney, tax advisor, or plan provider.

Securities offered through M Holdings Securities, Inc., a Registered Broker/Dealer, Member FINRA/SIPC. American Benefit Corporation is independently owned and operated.

Vocus©Copyright 1997-

, Vocus PRW Holdings, LLC.
Vocus, PRWeb, and Publicity Wire are trademarks or registered trademarks of Vocus, Inc. or Vocus PRW Holdings, LLC.

the wisdom of extra returns

the wisdom of extra returns

Image by McBeth
In contrast with my earlier postal grimace at having to fill out additional paperwork for my income tax return stands the postage master of galatical wisdom blessing the IRS for doling out just a little extra cash.

I’m still not sure I get the bkgrnd of this extra refund but my understanding is that the gov’t is hoping the $ will incent people to keep spending in hopes of avoiding the oncoming collision with the meteor that is recession.

Tax Loopholes Made Easy

Tax Loopholes Made Easy

This eBook explains in everyday English, how three (3) different U.S. taxpayers lowered their taxes. The tax loopholes illustrated in this eBook can be used by almost any working taxpayer who has had to pay taxes in the past.

The importance of tax planning your way out of, future tax liabilities, is the bases for this 30 page eBook, packed with tips and easy to understand tax information.

Because the tax laws are intertwined, it is often hard for taxpayers to understand


Apollo Financial Group Lobbies Congress – Requests Review of Legislation Regarding Taxation of Loan Modifications

New York, NY (PRWEB) October 31, 2012

by Bill Cooper Anderson

For immediate release

Apollo Financial Group lobbies Congress to request review of legislation on taxation to the debt holder offering loan modifications on acquired debt.

Income tax law makes federal government complicit in home foreclosures against American homeowners.

A federal income tax law on loan modifications is making mortgage holders and investors pay taxes for income they have not received.

The law says any time loans like mortgages are modified, the modified loan may be subject to income tax. The tax has to be paid even though the modified loan has not generated the income being taxed. This is known as a “phantom income” tax. The law is Title 26 of the IRS Code, 1.1001-3  .

“This law hinders the process of negotiation. The thought that the investor is already liable for income considered phantom is something which need to be seriously looked into and, in fact, changed,” said Ricky Brava, senior partner with Apollo Financial Group. Apollo Financial is lobbying Congress to change this law. “This law is hindering the reinvestment that will help turn the economy around.”

Apollo is not objecting to taxes. The company is objecting to paying taxes on income that has not actually been received.

“Taxes are a necessary vehicle to generate revenue for the government in order to create a healthy and stable society. However, when the tax code is structured in such a manner where it prevents individuals or entities from doing the right thing, then it is the duty of the people to bring it up to the proper officials,” said Apollo Financial Group C.E.O Dean Anastos.


Apollo Financial Group buys and sells distressed financials, chiefly mortgage notes, at a discount. Apollo and its clients can then lower the loan’s principal. The income tax problem comes about when the loan is modified.

“When the terms of the loan are ‘substantially’ modified, the acquirer of debt must recognize a ‘gain’ which equals to the new loan balance minus the cost basis. A tax bill on ‘phantom income’ is generated without a single dollar of revenue and this tax is immediately due,” Mr. Anastos said.

To explain in a simple example, Apollo buys a $ 100,000 mortgage for $ 50,000. Apollo then modifies the loan to $ 75,000. Under Title 26, the IRS considers that $ 25,000 difference between the $ 50K and the $ 75K to be income and subject to immediate tax.

“When the loan is modified, the homeowner benefits from lower payments, however the law says that $ 25,000 is immediately recognized as an income and must be taxed. That’s money that has not been received and may never be received. The law allows the IRS to tax phantom income. That’s just wrong,” Mr. Brava said.


No other law taxes potential income. Mr. Anastos said this law makes the federal government a partner in home foreclosures. A debt buyer, that buys a mortgage in default, might not offer a loan modification to the homeowner, since to do so will generate a tax bill on phantom income, he said.

“The way the tax code is written regarding taxation of loan modifications on acquired debt, it is a wiser business decision for a debt holder to foreclose on an American homeowner rather than offer a loan modification,” Mr. Anastos said. “The government, through the tax code, is inadvertently complicit in sending homeowners to foreclosure.”

He provided this example:

“When a bank collapses, another bank acquires the defuncts bank’s mortgage portfolio. The acquiring bank may consider reducing the principal and interest rate on a borrower’s mortgage,” he said. “Now, the acquiring bank is required to pay income tax when modifying the homeowners loan. In light of this, accounting departments often advise the banks to foreclose, because the sale of the home post-foreclosure would bring in revenue to cover the tax bill whereas in a loan modification it doesn’t.”

Lou Sookpaul, CPA and Owner of CNS Associates Accounting firm specializes in the taxation of debt buyers, he said “If this phantom income tax law did not exist, refinancing mortgages would be far more commonplace and foreclosures would drop.” Mr. Sookpaul continued “Companies by their very nature seek to save on taxes and the way the tax system is structured debt buyers are shooting themselves in the foot when they do the right thing.”

Ricky Brava, who has recently been doing radio interviews on distressed debt investing and saving the American Dream, was startled by the law when he first heard of it. “When a distressed debt investor is willing to work with American homeowners and negotiate better terms so they can stay in their homes, the investor should not be taxed on the amount he forgave but should be rewarded as he is helping keep the American Dream of home ownership alive,” He said.

Dean Anastos and Ricky Brava both encouraged other people to lobby Congress to overturn this law so more people can stay in their homes.

“This is about keeping the American Dream alive and healthy.” Mr. Anastos said.

ABOUT APOLLO -Apollo Financial Group is a buyer and seller of distressed debt such as residential

and commercial non-performing notes. For more information visit http://www.ApolloFinancialGrp.com or call 866 825 9350.

For more information:

Dean Anastos



866 825 9350

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, Vocus PRW Holdings, LLC.
Vocus, PRWeb, and Publicity Wire are trademarks or registered trademarks of Vocus, Inc. or Vocus PRW Holdings, LLC.

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