Tag Archives: 2015 Tax tips

Top Ten Tax Time Tips

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April 15th Tax Day Approaching Fast With April 15 right around the corner, the IRS wants make sure you get the help you need at tax time. Make things easier by not waiting until the last minute. Here are the top 10 tax time tips: Gather your Records Make sure you have all the tax records you need to file your taxes. This includes receipts, canceled checks and other records that support income, deductions or tax credits that you claim on your tax return. Report all your income You will need to report your income from all of your Forms W-2, Wage and Tax Statements, and Form 1099 income statements when you file your tax return. Try IRS Free File You can prepare and e-file your tax return for free using IRS Free File. Free File is only available on IRS.gov. If you made $60,000 or less, you can use free name-brand tax software. If you earned more, you can use Free File Fillable Forms, an electronic version of IRS paper forms. Either way, you have a free option available on IRS.gov. Try IRS e-file Electronic filing is the best way to file a tax return. It’s accurate, safe and …

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Five Things to Know if You Need More Time to File Your Taxes

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The April 15 tax deadline is coming up. If you need more time to file your taxes, you can get an automatic six month extension from the IRS. Here are five things to know about filing an extension: Use IRS Free File to File an Extension You can use IRS Free File to e-file your extension request for free. Free File is only available through IRS.gov. You must e-file the request by midnight on April 15. Don’t forget to come back to Free File to e-file your taxes for free. You can access the program at any time through Oct. 15.

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Taxpayer Bill of Rights Fact Sheet 2 The Right To Quality Service

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Each and every taxpayer has a set of fundamental rights they should be aware of when dealing with the Internal Revenue Service. The Taxpayer Bill of Rights takes the multiple existing rights embedded in the tax code and groups them into 10 broad categories, making them easier to find and understand. A list of your rights as a taxpayer and IRS obligations to protect them can be found in IRS Publication 1, Your Rights as a Taxpayer. It includes The Right to Quality Service. Taxpayers have the right to receive prompt, courteous, and professional assistance in their dealings with the IRS, to be spoken to in a way they can easily understand, to receive clear and easily understandable communications from the IRS, and to speak to a supervisor about inadequate service. Many answers to tax questions can be found on the IRS.gov website. However, if you cannot find an answer to your tax question in published instructions or online, please call the IRS for assistance. IRS representatives care about the quality of the service provided to you and are available to assist you. Here are some things to consider when calling the IRS. Certain IRS correspondence must include the name, …

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IRS Tip for Incorrect or Not Received W2’s

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Employers/payers have until February 2, 2015 to issue Form W-2 (PDF), Wage and Tax Statement, and Form 1099-R (PDF), Distributions From Pensions, Annuities, Retirement or Profit-Sharing Plans, IRAs, Insurance Contracts, etc., for the current processing year. If you do not receive them by February 2, 2015, or if your information is incorrect on these forms, contact your employer/payer. If it is after February 14, and you still have not received the missing or corrected form, you may call the IRS at 800-829-1040 for assistance. When you call, please have the following information available: Your name, address (including ZIP code), phone number and Social Security number. Your employer/payer’s name, address (including ZIP code), and phone number, If known, your employer/payer’s identification number (EIN), An estimate of the wages you earned, your federal income tax withheld and your dates of employment. After February 14, the IRS will contact the employer/payer for you and request the missing or corrected form. The IRS will also send you a Form 4852 (PDF) shown below, Substitute for Form W-2, Wage and Tax Statement, or Form 1099-R, Distributions From Pensions, Annuities, Retirement or Profit-Sharing Plans, IRAs, Insurance Contracts, etc., along with a letter containing instructions. [embeddoc url=”http://blog.tavorro.com/wp-content/uploads/2015/04/IRS-Tax-Form-4852-Tavorro-Jobs.pdf” …

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IRS Reminds Those with Foreign Assets of U.S. Tax Obligations

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The Internal Revenue Service  today reminded U.S. citizens and resident aliens, including those with dual citizenship who have lived or worked abroad during all or part of 2014, that they may have a U.S. tax liability and a filing requirement in 2015. Most People Abroad Need to File A filing requirement generally applies even if a taxpayer qualifies for tax benefits, such as the foreign earned income exclusion or the foreign tax credit , that substantially reduce or eliminate their U.S. tax liability. These tax benefits are not automatic and are only available if an eligible taxpayer files a U.S. income tax return. The filing deadline is Monday, June 15, 2015, for U.S. citizens and resident aliens whose tax home and abode are outside the United States and Puerto Rico, and for those serving in the military outside the U.S. and Puerto Rico, on the regular due date of their tax return. To use this automatic two-month extension, taxpayers must attach a statement to their return explaining which of these two situations applies. See U.S. Citizens and Resident Aliens Abroad for details. Nonresident aliens who received income from U.S. sources in 2014 also must determine whether they have a U.S. …

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IRS Hotlines and Phone Numbers

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Internal Revenue Service Hotlines and Telephone Numbers IRS Telephone Lines and Hours of Operation Service Telephone number Hours of operation IRS Tax Help Line for Individuals (800) 829-1040 M–F, 7:00 a.m.–7:00 p.m., local time Business and Specialty Tax Line (800) 829-4933 M–F, 7:00 a.m.–7:00 p.m., local time Practitioner Priority Service (Practitioners Only) (866) 860-4259 M–F, 7:00 a.m.–7:00 p.m., local time e-Help (Practitioners Only) (866) 255-0654 e-Help Desk Hours Refund Hotline (800) 829-1954 Automated service is available 24/7 Forms and Publications (800) 829-3676 M–F, 7:00 a.m.–7:00 p.m., local time National Taxpayer Advocate Help Line (877) 777-4778 M–F, 7:00 a.m.–7:00 p.m., local time Telephone Device for the Deaf (TDD):  Forms, Tax Help, TAS (800) 829-4059 M–F, 7:00 a.m.–7:00 p.m., local time Electronic Federal Tax Payment System (800) 555-4477 24/7 Tax Exempt and Government Entities (TEGE) Help Line (877) 829-5500 M–F, 8:00 a.m.–5:00 p.m., local time TeleTax Topics and Refund Status (800) 829-4477 24/7 Forms 706 and 709 Help Line (866) 699-4083 M–F, 7:00 a.m.–7:00 p.m., local time Employer Identification Number (EIN) (800) 829-4933 M–F, 7:00 a.m.–7:00 p.m., local time Excise Tax and Form 2290 Help Line (866) 699-4096 M–F, 8:00 a.m.–6:00 p.m., ET Information Return Reporting (866) 455-7438 M–F, 8:30 a.m.–4:30 p.m., …

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Incorrect 1095A Forms and Premium Tax Credit FAQ

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FAQ Incorrect 1095A Forms and Premium Tax Credit On February 20, 2015, the Centers for Medicare and Medicaid Services (CMS) announced that about 800,000 tax filers who purchased health insurance from the Federally-facilitated Marketplace during 2014 received a Form 1095-A, Health Insurance Marketplace Statement, that contained an error related to the second lowest cost Silver plan (often referred to as the benchmark plan). On February 24, 2015, the Department of the Treasury issued a statement concluding that those affected taxpayers who had already filed an income tax return using the incorrect form do need not amend their income tax return. On March 20, 2015, Treasury expanded that relief to apply to additional situations faced by tax filers.  Treasury and IRS now intend to provide penalty relief for  individuals who are unable to file a complete and accurate return by April 15 due to a delayed Form 1095-A or a Form 1095-A that the taxpayer believes to be incorrect. FAQs have been added to the original release to provide further details about it how the rules apply to specific circumstances. What relief was announced on March 20, 2015? On March 20, in light of CMS’s announcement of additional incorrect information on certain …

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HR Professionals: Deter Tax ID Theft With an Open Door But Closed Drawer Policy

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Identity theft is always taxing on victims. But when it’s tax identity theft – where fraudsters file for tax refunds in someone else’s name – HR professionals can play a key role as the defender that deters the crime, the sentry that spots it, and the cavalry that rushes to the rescue. Tax-related identity theft was the most common form of ID theft reported to the FTC last year with 109,063 complaints, roughly a third of the total ID thefts we received. Tax time for HR offices to review their battle plans. Here are tips from the FTC to make that easier.

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