Need a Transcript of Your Past Tax Information?
Jan 20, 2010 Tax Management
Need a Transcript of Your Past Tax Information?
You can obtain past tax return transcripts from the IRS. If you need copies there are two ways to obtain free copies – tax return transcripts and tax account transcripts. There is no charge for transcripts which are available for the current and past three years. A tax return transcript shows most of the line items from your tax return as they were originally filed BUT they will not look the same; they are not printed on the familiar looking 1040/1040A/1040EZ forms. Also note that it does not show any changes you, your tax preparer, or the IRS may have made since the original filing. A return transcript will in most cases satisfy requirements of lending institutions involved in mortgages or student loans.
Tags: 2009
Easy Access to Five Key Income Tax Credits For 2009
Aug 29, 2009 Tax Management, Tax Strategies
Easy Access to Five Key Income Tax Credits For 2009
A tax deduction lowers the amount of reported income a taxpayer reports on page 1 of the (long) IRS Form 1040 BEFORE any tax liability is calculated. In comparison, a tax credit directly reduces the tax liability dollar-for-dollar. A tax credit is much better than a tax deduction. Most tax credits lower your tax liability to zero. Two tax credits listed below, the Earned Income Credit and the additional Child Tax Credit, however, are more valuable; they are refundable. This means you receive whatever remains (the balance) of the credit after all tax liabilities are paid. You can request that a paper version of an IRS publication be mailed to you by contacting the IRS by phone 800-TAX-FORMS (1-800-829-3676) or ordering the publications online at the IRS website, irs.gov An easy way to directly access ANY IRS publication (in PDF format) for viewing or download is to use the following subdirectory address: /pub/irs-pdf/pXXX.pdf. Replace the XXX with the publication number for a direct hyperlink to the publication.
What Do Title 11, Chapter 7, Section 179, and Pub 17 Really Mean?
Aug 27, 2009 Tax Management, Tax Strategies
What Do Title 11, Chapter 7, Section 179, and Pub 17 Really Mean?All the permanent federal laws of the United States called the US Code (USC) are organized into 50 books or “Titles”. Each Title or book is further subdivided into chapters and sections. The Internal Revenue Code is in the 26th book hence it is alternatively known as Title 26 of the US Code. Legal “stuff” pertaining to bankruptcy is found in the 11th book of the US Code, hence Title 11. Provisions, for example, of the specific part of the US bankruptcy law that pertain to individual reorganization of debt are described in Chapter 13 of Title 11, USC. Similarly, Chapter 7 of Title 11 of the USC describes the process of liquidation of assets under straight bankruptcy; Chapter 11, (typical) business reorganization, Chapter 12, family farmer reorganization.
Do I Need Tax Representation?
Aug 27, 2009 Tax Management, Tax Strategies
Do I Need Tax Representation?Bad things happen to everyone especially if they are self-employed and run their own small business. When financial problems grow beyond control, there are typically significant tax consequences. The best strategy is to hire a tax attorney, certified public accountant (CPA), or authorized tax advisor called enrolled agents (EA), to represent you in resolving tax issues you might have with the Internal Revenue Service (IRS) or other tax authorities. Details regarding standards and practices are available in IRS Circular 230. It is especially important to have a practiced tax professional handle tax disputes. Instead of causing more problems for yourself, let a third party present your side of a disputed issue. Select a tax representative that has experience dealing with your specific issues. A tax professional provides assistance by “removing” you from the stress of the immediate situation and presenting your “case” for you directly to the IRS. Choose a tax professionals that has practiced dealing directly with the IRS. They know all the legal and tax technicalities that could save you money. Regardless of how you feel or how serious the matter is, both you and the IRS want to resolve the dispute by finding a mutually agreeable solution. If you have received an inquiry regarding how you filed a return, an audit notice, or owe taxes to any tax authority, you need tax representation as soon as possible. Under many circumstances, it is better to NOT contact the tax authority on your own.
Am I done with taxes after April 15?
Aug 27, 2009 Tax Management, Tax Strategies
Am I done with taxes after April 15?You’ve filed your taxes for last year. You won’t have to worry about this stuff again for at least another 10 months, right? WRONG! In fact, now is the perfect time to review your tax information for 2009. Whether you paid a tax balance due or are receiving a refund, I hope your tax advisor explained all the good AND bad financial decisions you made last year and how they affected your federal tax return. Having worked these first 3 months of the new tax year, it is now a perfect time to strategize the management of your taxes that will be due next April. The world has changed dramatically over the last two years; tax management, as well as credit and cash management, is now more than ever before, a major part of your financial life.
