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An easy TaxBrain interview asks you questions throughout your tax preparation process. And TaxBrain puts you in control of the amount of help you receive. Choose step-by-step guidance for your entire tax return or select certain areas where you want more in-depth help. The assistance you need is on your screen right when you need it to be.
|Need a Tax Identification Number?||Need a Copy of Past Tax Return?|
A Tax Identification Number or TIN is an identifying number used for tax purposes in the United States. It may be assigned by the Social Security Administration or by the IRS.
A business need a Federal Tax Identification Number or Employer Tax Identification Number, so that they can maintain their own image or entity in the market. It is to be noted that, the tax ID number could not be transfer in case of the transferring of any business. If the structure or ownership would be changed then a new tax ID number is required for the business. But above all you have to collect the relevant information to get an EIN.
Taxpayers have two easy and convenient options for getting copies of their federal tax return information - tax return transcripts and tax account transcripts — by phone or by mail.
If you need a photocopy of a previously processed tax return and attachments, complete Form 4506, Request for Copy of Tax Form, and mail it to the IRS address listed on the form for your area. Copies are generally available for the current and past 6 years.
When it comes to getting your taxes done, you have a few options to choose from. You can choose to do your taxes yourself or go to a tax specialist to get it done. Most individuals try to file their taxes on their own.
When it comes to tax preparation, you want to know that your taxes are filed accurately and on time. This is why some individuals choose to see an accountant or tax specialist for tax preparation. They want confidence in knowing the information on their Tax Returnsis correct.
But tax accountants can cost big bucks. This is why many people try to file their taxes on their own. In the past, individuals have used IRS tax publications for instructions on which forms to file and how to fill them out. This can be time-consuming and nerve-wrecking because the chance of human error is so great.
Luckily, the Internet has brought us a great solution to our tax preparation worries. These days, you can use online Tax Filing programs to get the job done. Gone are the days of reading complicated IRS publications and hoping that you have filled in your information correctly. When you file your taxes online, you can take comfort that your tax return is accurate.
You can download tax preparation programs online or buy them at an office supply store. They range about $50, which is less than paying a tax accountant. However, your best bet is to choose a tax preparation program that is web-based so you can skip the download and save some time. Tax preparation website offer web-based tax preparation for as low as $20, which saves you even more money than the former option.
How do Tax Preparation Programs Work?
Tax preparation programs are designed to be easy to use, even if you have never filed taxes in the past. It first guides you to select the right tax form, whether it is the 1040, 1040EZ, or 1040A.
From there, all you have to do is get your W2’s, 1099s, receipts, and other deduction documents together. The tax preparation program will take you through each section of the tax return. The best part is the program will tell you exactly where to find the right numbers on your documents to enter into the form. Help is always available at the click of a button, and a deduction finder will ensure that you haven’t missed a single deduction opportunity.
Basically, it’s a game of fill-in-the-blanks. When you are all finished, you will have the choice of filing your taxes electronically. You can also print copies for your own record and ask to receive your money by direct deposit, which will save you a trip to the bank and get your refund money much faster.
The benefits of online tax preparation are obvious. It’s the most convenient and hassle-free way to file your taxes. You can find more information on tax preparation and Online Tax Filing programs by visiting the IRS website.
Do you run a home based business and you need some tips to help make filing your taxes easier? The best thing that you can do is to start off with an organizational system that will allow for you to have all of the information that you need in one place. A file cabinet that is dedicated to taxes and tax information is generally very useful because you will not have to spend time looking for the information that is needed.
When setting up your incometax filing system you will want to have some basic information on file, such as your tax payer’s identification number, and the social security number and addresses of anyone that works for you. You will want to have a file for all office or business expenses such as computers or other items used specifically for the business that you can deduct for business expenses. This file is important because it can possibly save you thousands of dollars at the end of the year.
Depending on the type of home based business that you run, you may need to file taxes quarterly instead of yearly. If you have to pay taxes quarterly you will find that your tax prep is very important. When you pay taxes quarterly you will be paying every three months toward the end of the year amount. If you don’t pay taxes quarterly you will owe at the end of the year and you can be charged for neglecting your tax responsibilities. It can be stressful the first year that you file quarterly taxes because you have to estimate your earnings, but when you do it once you will find that it is actually quite easy. A great tip is to over estimate your earnings so that you don’t have to pay taxes at the end of the year, and perhaps you will receive a refund.
Tax preparation is easier when you are prepared and you can be as ready to file as possible when you have a place for everything. Being organized makes the process less stressful and much easier and will allow you to file confidently as well as on time. You can request a schedule of business taxes from the IRS so you are sure that you will be paying on time. As mentioned above, a file cabinet is a great way to keep everything in its place so you can simply call on the information when it is needed most.
When setting up your income tax filing system you will want to have some basic information on file, such as your tax payer’s identification number, and the social security number and addresses of anyone that works for you. If you have to pay taxes quarterly you will find that your tax prep is very important. When you pay taxes quarterly you will be paying every three months toward the end of the year amount.
Learning how to prepare taxes online is a simple process. You can find many good websites on the internet that have quality tax preparation and filing programs. Most of these programs have an easy to follow system that will guide you through the tax return process.
Once you have found a website for preparing and filing your taxes, you will be asked to create a user account. This will allow you to log into your account at any time and work on your tax return. You can take as much time as you want before submitting your completed tax forms to the IRS.
Now that you have found a tax preperation website and created your user account it's time to prepare your taxes. All you have to do is answer the simple questions asked by the tax program. Typically your personal information will be needed first, then you will be asked a series of questions about your earnings and deductions that you may qualify for.
If you have never done this before then it might be a little intimidating at first. With most online tax preparation programs you can stop and take a break at any time and not lose any of the information you have already entered. You can also go back to any section that you might not be sure of and make changes later.
Every year online tax programs are being made more and more user friendly so that anyone can learn to prepare their taxes online accurately, quickly, and easily. So, go ahead and give online tax preparation and filing a try. You'll be glad you did!
According to federal and most state laws, if you made some sort of an income last year, than you must file an income tax return. Income tax returns are required regardless if you had income tax withheld or not; while all businesses except partnerships must file an annual tax return. For the individual, when determining whether you must file or not, the IRS takes into account your income, filing status, and age.
Keep in mind that one of the most important things when filing your federal or State tax return, if filing by mail, is remembering to sign it. In some cases you may need to get a hold of your previously filed tax return. You can obtain this information in a written request to the IRS.
It is extremely important to file an income tax return. There are several non-profit organizations with trained volunteers who provide basic income tax return preparation and free tax counseling for senior citizens. If you need help, contact the IRS or a tax service. Tax returns leave no room for mistake.
This year you can join the 53 million taxpayers who selected online tax returns last year. These people spent a lot less time than you did with your paper form. They also had better support than you had when you were sitting at the dining room table under a mound of paper. They often paid less than you did if you went to an accountant. In short, the process was fast, easy, secure, and affordable.
It just makes good sense to do your Tax Return Filing online, and you have apparently figured that out because you're looking for an online tax prep vendor. Before you pick one, you should gather together all of the tax documents you received from work, your banks, your student loan lender, and any other documents that will support the deductions you want to claim. Next you can select a vendor based on whatever features you most need. If you live in a state that requires you to pay a state income tax, you should look for a vendor that offers that service and compare rates.
Completing Your Online Tax Return
The process itself is pretty simple. All you have to do is to enter the data from your tax documents into the appropriate fields on your computer screen. The program will actually walk you through each line of the 1040 form best suited to your financial situation. Once all of the boxes are filled in, the program will offer to review your return to look for any unusual entries that might alert you to an error. This is a very important step because studies have already shown that online returns have fewer errors than manual ones. That means fewer problems with the IRS and faster refunds.
If you're satisfied with your return, you can pay for the service at that point. This will allow you to select your preferred method of Tax Filling. You will be able to print your completed return, and you should make a paper copy of it for your records whether you choose to snail mail it or to file in electronically. If you elect the latter option, you will have to provide an "electronic signature." That means you must provide specific information from a specific line on your previous year's return. Once your form is sent to the IRS, you'll even get a confirmation of receipt directly from the IRS. Finally, you can pay your tax online in a variety of ways, or, if you have a refund coming, you can have it in days with direct deposit.
Understand Why You Need a Tax Accountant
You should take some time to focus on exactly what you need your tax accountant to do. Here are some common situations:
- Preparing your own taxes is time-consuming, stressful, or confusing.
- You want to make sure your tax returns are accurate.
- Your tax situation is pretty complex, and you need specialized advice and tips.
- You would like to pay as little taxes as possible, and need detailed planning and advice.
- You are facing a tax problem, such as filing back taxes, paying off a tax debt, or fighting an IRS audit.
- You run a business, invest in the stock market, own rental property, or live outside the United States.
Questions to Ask a Tax Accountant
The tax industry is constantly changing and tax professionals are subject to various federal and state regulations. Here are some questions you can ask to help ensure you find an experienced, trustworthy tax accountant:
- What licenses or designations do you have?
- How long have you been in the tax business?
- What tax issues do you specialize in?
- Do you have the knowledge and experience to handle my tax situation?
- What are your fees?
- Do you outsource any of your work? Do you perform the work personally? If not, what is the review process? Who signs the returns?
- How long, approximately, will it take to finish my taxes?
- Do you believe I'm paying too much, too little, or just the right amount of tax?
Tax accountants come from a wide variety of backgrounds, and have different attitudes about the US tax system. The idea is that you should find an experienced, competent tax account who specializes in the areas you need help with, and someone who believes in helping you to minimize your taxes and Get your Tax Refunds at a faster rates.
After your interview, you'll want to perform a quick background check. Contact your state's board of accountancy to check the status of a CPA's license, or to find out if any disciplinary action taken against the CPA.
In the rush to get Tax Return prepared and filed by April 15th, many overpay their taxes. Following are a few tax reduction tips that could help you save a bundle.
Tax Credit for Starting a Small Business Pension Plan
Establishing a pension plan can help you retain important employees. What many business owners don’t realize is a tax credit can be claimed if the business has 100 or fewer employees. Meet this requirement and you can take a tax credit of up to $500 in each of the first three years of the plan. Tax credits are extremely valuable because they are deducted directly from the taxes you owe, not gross revenues.
The credit is 50% of certain start up costs you incur in each of the first three years. The costs include the expenses incurred in establishing and maintaining the plan. They also include the cost of any educational retirement planning programs you provide for employees.For example, first assume that you spent $1,500 starting a pension plan for your employees in 2004. Next assume that you will spend $1,200 in both 2006 and 2007 for maintaining the program and educating your employees. In this scenario, you would be eligible to claim a tax credit of $500 in 2005, 2006 and 2007.
Personal Loans To Business
Many business owners lose track of loans they make to their business. As a result, they incorrectly classify the proceeds of the loan as part of their gross revenues. This artificially raises the gross revenues of the business and adds to the tax liability. Closely review your records for 2004 to make sure you are not making this mistake. Pay particular attention to charges on personal credit cards. You will be surprised how quickly the numbers add up.
SUV Deduction Wounded, But Still Alive
Much has been made about the “SUV Tax Deduction” that allowed purchasers of SUVs over 6,000 pounds to immediately deduct up to $100,000 of the cost. Many mistakenly believe that the American Jobs Creation Act of 2004 eliminated this deduction. It did not. Instead, it reduced the deduction to $25,000 with the remaining amount allocated to depreciation. This is still a significant immediate deduction. If you purchased a non-SUV truck that weighed over 6,000 pounds in 2004, you are not restricted to a “mere” $25,000 deduction.
Tsunami Relief Contributions Paid in 2005
Millions of Americans contributed to charitable organizations providing relief to Tsunami victims. Typically, charitable contributions are deducted in the year they are made. New legislation, however, allows you to deduct Tsunami contributions you made in January 2005 on your 2004 tax returns. Alternatively, you can wait and deduct the donation on 2005 returns. Unfortunately, you cannot deduct the contribution on both!
Sales Tax Deduction
If you itemize deductions, you have a choice of deducting your state and local income taxes OR your state and local sales tax. This option is available for the 2004 and 2005 tax years. If you live in a state that does not collect income tax, the optional sales tax deduction should be claimed for significant tax savings. See IRS Publication 600 for more information.
Deduction for Discrimination Lawsuit Costs
If you were required to pay attorney’s fees and court costs associated with a discrimination lawsuit, you may be able to claim a tax deduction. The deduction is available only for costs and fees incurred after October 22, 2004 in relation to a judgment and settlement. The deduction is not limited by the alternative minimum tax. Realistically, this deduction will be more viable for the 2005 tax year, but a few taxpayers may be eligible this year.
There are numerous deductions and credits available if you take the time to look for them. Taxes can be confusing, but the savings justify the time and effort of finding all available deductions and credits.