Home » 2014 (Page 46)
Yearly Archives: 2014
IRS Summertime Tax Tip 2014-05: Top 10 Reasons to Visit IRS.gov this Summer
If you need tax help or information, your best option is to visit the IRS.gov website. Our many online tools and services make it easy for you to do business with the IRS. Here are ten good reasons to visit IRS.gov this summer:
- Use IRS Free File. If you still need to file your 2013 tax return, you can e-file for free by using IRS Free File through Oct. 15. If you earned $58,000 or less you can prepare and e-file your taxes using tax software for free. If you made more, you can use Free File Fillable Forms to e-file for free. This option is the electronic version of IRS paper forms.
- Check on your refund. The Where’s My Refund? tool is a fast and easy way to check on your tax refund. Use the IRS2Go mobile app to access it or click on the ‘Refunds’ tab on IRS.gov.
- Try IRS Direct Pay. If you owe taxes, pay with IRS Direct Pay, our safe, easy and free way to pay from your checking or savings account. Just click on the ‘Pay Your Tax Bill’ link on the IRS home page.
- Apply for an IRS payment plan. If you can’t pay all your taxes at once, apply for an IRS Online Payment Agreement. A direct debit payment plan is a great way to pay. It has a lower set-up fee, you won’t miss a payment and you won’t get an IRS reminder to send a check each month.
- Correct your tax withholding. If you got a big refund or owed a large amount of tax when you filed your tax return, then you may need to change your tax withholding. To make a change, complete and give your employer a new Form W-4, Employee’s Withholding Allowance Certificate. The IRS Withholding Calculator tool can help you fill out a new
Form W-4. - Get health care tax information. The IRS website also has information about the Affordable Care Act tax provisions at IRS.gov/aca. You can visit this site for educational material that describes how the health care law tax provisions affect individuals and businesses. The pages provide information about tax provisions that are in effect now and those that will go into effect in 2015 and beyond. You can find information about the law and its provisions, legal guidance, the latest news, frequently asked questions and links to additional resources.
- Get a tax transcript. If you apply for a loan or student financial aid, you may need a tax transcript. Visit IRS.gov and use the Get Transcript tool.
- Check out a charity. You must donate to a qualified charity if you want to deduct the gift on your tax return. Use the IRS Select Check tool to see if a charity is qualified.
- Get answers to tax questions. The Interactive Tax Assistant covers many common tax topics. Type in your question or search terms and it can lead you step-by-step to the answer. The IRS Tax Map gives you a single point of access to tax law information by subject. It integrates tax topics, forms, instructions and publications into one research tool.
- Get forms and publications. View, download and print federal tax forms and publications anytime you want.
Are Your Tax Records “Company Clean”?
By Stacie Clifford Kitts
My mom had a philosophy about housekeeping. I think this stemmed from her preference to spend her free time on other activities like mastering a still life in watercolor, or watching a classic old movie. In any case, her philosophy usually resulted in our house being in one of two stages. She lightheartedly referred to these as “lived-in clean”, or “company clean”. I can still recall the first time I noticed mom running around the house painting over dirty little finger prints, or using Old English scratch remover (love that stuff by the way) on the furniture. This was when she explained that “company clean” meant paying attention to the details while “lived-in clean”, maybe not so much.
We sometimes see Taxpayers that have this same philosophy. They never quite seem to pay attention to the detail, that is, until they have company knocking at the door. Sometimes that company is a taxing agency. But, more often than not, everyday life events have resulted in the need for “company clean” records. Those include:
1) Accurate tax planning
2) Retirement planning
3) Applying for a home or business loan
4) Divorce or marriage considerations
5) Estate and succession planning
Taxpayers are often shocked at how costly it is to have someone “clean-up” after the fact. But consider the cost of hiring someone to clean or repair your house after a long period of neglect. Imagine the damage that can occur to your property when not taken care of properly. If you cannot, might I suggest an episode of Horders as an arguably extreme example of the damage caused by a lack of proper housekeeping.
“Company clean” records do not need to steal from your free time thought. Here are a few tips.
1) Do not wait until the end of the year to accumulate your records or do your accounting. You should be accumulating this information and doing an accounting (if necessary) at lease monthly.
2) Know what records you should be keeping. Ask your accountant or check out the IRS Website
3) Hire a qualified bookkeeper. This is someone who has a basic knowledge of accounting rules, not just someone who knows how to use Quickbooks.
4) Have your CPA look at your accounting records before the end of the year to make accounting suggestions and to help with tax forecasting.
5) Budget for the costs of hiring qualified tax and accounting professionals. Usually, the quality of your tax and accounting information is a reflection of what you pay for them.
Stacie's Tax Stuff 