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Need a Copy of your Tax Returns?

Retrieve prior-year tax documents previously filed with the IRS. Express Copies of Past Tax Returns and W2.

Two easy and convenient options for getting copies of your federal tax return information.Retrieve prior-year tax documents previously filed with IRS. Express Copies of Past Tax Returns and W2s.

Tax Return Transcript:-

Tax Return Transcript is a computerized print out that shows most line items from the federal tax returns. It does not reflect any changes that you have made or made by IRS after the return was filed. We can generally get a computerized print out of federal tax returns for the current tax year and preceding three tax years. But to get your tax return transcript will need your signature on IRS Form 2848 “Power of Attorney”.

Tax Account Transcript:-

Tax Account Transcript shows the information posted on a taxpayer’s account for a specific tax period. The transcripts will show the balance due and a list of transactions that include payments, adjustments, and assessments of taxes, penalties and interest.

• It is safe and secure.
• Processed faster than paper returns.
• Your tax is worked out automatically.
• Get immediate online acknowledgment.

Getting your copy of tax returns online is convenient and can be done If one requires an exact copy of a earlier filed and processed return as well as all attachments one must fulfill, Request for Copy of Tax Return and mail it to the IRS address in the instructions along with the mentioned fee for each tax year requested. Copies are generally available for the current and past 6 years returns filed.at any time of day or night.

State Sales and Use Tax is imposed on all retail sales, leases and rentals of most goods, as well as taxable services.

Sales Taxes:-

A sales tax is a consumption tax charged at the point of purchase for certain goods and services. The tax is usually set as a percentage by the government charging the tax. The tax can be included in the price (tax-inclusive) or added at the point of sale (tax-exclusive).

Most sales taxes are collected by the seller, who pays the tax over to the government which charges the tax. The economic burden of the tax usually falls on the purchaser, but in some circumstances may fall on the seller. Sales taxes are commonly charged on sales of goods, but many sales taxes are also charged on sales of services. Ideally, a sales tax is fair, has a high compliance rate, is difficult to avoid, is charged exactly once on any one item, and is simple to calculate and simple to collect.

Use Taxes:-

A use tax is a type of excise tax levied in the United States. It is assessed upon otherwise “tax free” tangible personal property purchased by a resident of the assessing state for use, storage or consumption of goods in that state (not for resale), regardless of where the purchase took place. The use tax is typically assessed at the same rate as the sales tax that would have been owed (if any) had the same goods been purchased in the state of residence. Typical purchases that require payment of use tax include those done while traveling (for things carried or sent home), through mail order, or purchases via telephone or internet. Use tax is also due on vehicles, off-road-vehicles, mobile homes, aircraft, snowmobiles, and watercraft purchased or transferred by an individual or business from anyone who is not a licensed dealer or a retailer.

Payroll taxes are the taxes that every business are required to deduct from the employees salary and pay to the state and the federal government, you are required to do this in behalf of your employees. Payroll tax is a regressive tax and more expensive than income tax, which pays for two social insurance systems namely medicare and social security.

Payroll tax generally refers to two kinds of taxes:

Taxes which employers are required to withhold from employees’ pay, also known as withholding, Pay-As-You-Earn (PAYE) or Pay-As-You-Go (PAYG) tax; and taxes which are paid from the employer’s own funds and which are directly related to employing a worker, which may be either fixed charges or proportionally linked to an employee’s pay.

Payroll taxes have two names – pay as you earn and pay as you go. For the majority of us, we already know about pay as you earn payroll taxes. If you’ve ever held down a traditional job, you will realize on your checks that certain taxes are taken from the gross amount. The taxes that an employer has to take out include federal income tax, medicare tax, social security and possibly state and/or city taxes.

Structure of the Audit:-

A payroll audit should follow these six steps reflecting the key considerations of the payroll auditor. They are:

Step 1:-Payroll in your Organization
Step 2:-Setting up the Payroll
Step 3:-Supply of Information
Step 4:-Resourcing the Payroll Function
Step 5:-Payroll Security
Step 6:-Developing the Payroll Function

It’s a moment many taxpayers dread. A letter arrives from the IRS — and it’s not a refund check. Don’t panic; many of these letters can be dealt with simply and painlessly. Each year, the IRS sends millions of letters and notices to taxpayers to request payment of taxes, notify them of a change to their account or request additional information. The notice you receive normally covers a very specific issue about your account or tax return. Each letter and notice offers specific instructions on what you are asked to do to satisfy the inquiry. If you receive a correction notice, you should review the correspondence and compare it with the information on your return.

* Agree? If you agree with the correction to your account, usually no reply is necessary unless a payment is due.
* Disagree? If you do not agree with the correction the IRS made, it is important that you respond as requested.

Write to explain why you disagree. Include any documents and information you wish the IRS to consider, along with the bottom tear-off portion of the notice. Mail the information to the IRS address shown in the upper left-hand corner of the notice. Allow at least 30 days for a response. Most correspondence can be handled without calling or visiting an IRS office. However, if you have questions, call the telephone number in the upper right-hand corner of the notice. Have a copy of your tax return and the correspondence available when you call to help us respond to your inquiry. Be sure to keep copies of any correspondence with your records.

Source: www.irs.gov

Are you expecting a refund from the IRS this year? Here are the top ten things you should know about your refund.

1. Refund Options You have two options for receiving your individual federal income tax refund: a paper check or a direct deposit.
2. Separate Accounts You may use Form 8888, Direct Deposit of Refund to More Than One Account, to request that your refund be allocated by direct deposit among up to three separate accounts, such as checking or savings or retirement accounts.
3. Paper Return Processing Time If you file a complete and accurate paper tax return, your refund will usually be issued within six weeks from the received date.
4. Returns Filed Electronically If you filed electronically, your refund will normally be issued within three weeks after the acknowledgment date.
5. Check the Status Online The fastest and easiest way to find out about your current year refund is to go to the IRS.gov Web site and click on the “Where’s My Refund?” link available from the home page. You will need your Social Security number, filing status and the exact whole dollar amount of your refund to check the status online.
6. Check the Status By Phone Call the IRS Refund Hotline at 800-829–1954. When you call, you will need to provide your Social Security number, your filing status, and the exact whole dollar amount of the refund shown on your return.
7. Delayed Refund There are several reasons for delayed refunds. For things that may delay the processing of your return, refer to Tax Topic 303 on IRS.gov, which includes a Checklist of Common Errors When Preparing Your Tax Return.
8. Larger than Expected Refund If you receive a refund to which you are not entitled, or one for an amount that is more than you expected, do not cash the check until you receive a notice explaining the difference. Follow the instructions on the notice.
9. Smaller than Expected Refund If you receive a refund for a smaller amount than you expected, you may cash the check, and, if it is determined that you should have received more, you will later receive a check for the difference. If you did not receive a notice and you have questions about the amount of your refund, wait two weeks after receiving the refund, then call 800–829–1040.
10. Missing Refund The IRS will assist you in obtaining a replacement check for a refund check that is verified as lost or stolen. If the IRS was unable to deliver your refund because you moved, you can change your address online. Once your address has been changed, the IRS can reissue the undelivered check. For more information, visit IRS.gov or call 800-829-1040.

Source: www.irs.gov

With the tax filing deadline close at hand, the IRS offers ten tips for those still working on their tax returns:

1. File Electronically – Consider filing electronically instead of using paper tax forms. If you file electronically and choose direct deposit, you can receive your refund in as few as 10 days.
2. Check the Identification Numbers – When filing a paper return carefully check the identification numbers — usually Social Security numbers — for each person listed. This includes you, your spouse, dependents and persons listed in relation to claims for the Child and Dependent Care Credit or Earned Income Tax Credit. Missing, incorrect or illegible Social Security Numbers can delay or reduce a tax refund.
3. Double-Check Your Figures – If you are filing a paper return, you should double-check that you have correctly figured the refund or balance due.
4. Check the Tax Tables – If you are filing using the Free File Fillable Forms or a paper return you should double-check that you have used the right figure from the tax table.
5. Sign your form – Taxpayers must sign and date their returns. Both spouses must sign a joint return, even if only one had income. Anyone paid to prepare a return must also sign it.
6. Mailing Your Return – Use the coded envelope included with your tax package to mail your return. If you did not receive an envelope, check the section called “Where Do You File?” in the tax instruction booklet.
7. Mailing a Payment – People sending a payment should make the check out to “United States Treasury” and should enclose it with, but not attach it to the tax return or the Form 1040-V, Payment Voucher, if used. The check should include the taxpayer’s Social Security number, daytime phone number, the tax year and the type of form filed.
8. Electronic Payments – Electronic payment options are convenient, safe and secure methods for paying taxes. You can authorize an electronic funds withdrawal, or use a credit card or a debit card. For more information on electronic payment options, visit IRS.gov.
9. Extension to File – By the April due date, taxpayers should either file a return or request an extension of time to file. Remember, the extension of time to file is not an extension of time to pay.
10. IRS.gov – Forms and publications and helpful information on a variety of tax subjects are available around the clock on the IRS Web site at IRS.gov.

Source: www.irs.gov

If you’ve never filed your tax return electronically, you should definitely consider trying it in 2009. Join the millions of taxpayers who are saving time and money to file their tax returns without the many headaches often associated with filing a paper return.

Here are the top eight reasons close to 90 million people filed their tax returns electronically in 2008:

1. It’s easy. You can usually file a state tax return at the same time you electronically file your federal tax return.

2. It’s accurate. No more human errors because e-file checks for math errors and necessary information. This not only increases the accuracy of your return, but it also reduces the need for correspondence with the IRS to clarify errors or omissions.

3. No more second-guessing yourself. When you file electronically, the computer software or online program guides you through the process step-by-step.

4. You’ll get your refund faster. When you use e-file, you can get your refund in as little as ten days.

5. There are more payment options. With e-file, you can file your return early, but wait to pay any balance due by the April deadline. You can also pay electronically using a credit card, electronic funds withdrawal or in some cases the Electronic Federal Tax Payment System.

6. It’s fast. You don’t have to make a trip to the post office. In fact, you won’t even need to walk to the mailbox to send your return. Just click Send.

7. You’ll know the IRS received your return. The IRS will send you an electronic notification acknowledging receipt of your return.

8. You’ll have peace of mind. After clicking send and receiving your notification from the IRS that they received your return…kick back and relax – you’re done!

Source: www.irs.gov

1. Gather your records…now! It’s never too early to start getting together any documents or forms you’ll need when filing your taxes: receipts, canceled checks, and other documents that support an item of income or a deduction you’re taking on your return. Also, be on the lookout for W-2s and 1099s, coming soon from your employer.

2. Find your forms. Whether you file a 1040 or 1040-EZ, you can download all IRS forms and publications on our Web site, IRS.gov.

3. Do a little research. Check out Publication 17 on IRS.gov. It’s a comprehensive collection of information for taxpayers highlighting everything you’ll need to know when filing your return. Review Pub 17 to ensure you’re taking all credits and deductions for which you’re eligible.

4. Think ahead to how you’ll file. Will you prepare your return yourself or go to a preparer? Do you qualify to file at no cost using Free File on IRS.gov? Are you eligible for free help at an IRS office or volunteer site? Will you purchase tax preparation software or file online? There are many things to consider. So, give yourself time to weigh them all and find the option that best suits your needs.

5. Take your time. Rushing to get your return filed increases the chance you will make a mistake and not catch it.

6. Double-check your return. Mistakes will slow down the processing of your return. In particular, make sure all the Social Security Numbers and math calculations are correct as these are the most common errors made by taxpayers.

7. Consider e-file. When you file electronically, the computer will handle the math calculations for you, and you will get your refund in about half the time it takes when you file a paper return.

8. Think about Direct Deposit. If you elect to have your refund directly deposited into your bank account, you’ll receive it faster than waiting for a check by mail.

9. Visit IRS.gov often. The official IRS Web site is a great place to find everything you’ll need to file your tax return: forms, tips, FAQs and updates on tax law changes.

10. Relax. There’s no need to panic. If you run into a problem, remember the IRS is here to help. Try IRS.gov or call our customer service number at 800-829-1040.

Source: www.irs.gov