Tag Archives: IRS

Tax Transcript Tips from the Internal Revenue Service for 2016

Tavorro IRS Tax Transcript Guide

Order Your Tax Transcript Online The IRS reminds taxpayers that the quickest way to get a copy of their tax transcript is to order it online using the Get Transcript application on IRS.gov. By planning ahead, they should receive their transcript in the mail within five to 10 days from the time the IRS receives the request online. The IRS continues to work to bring the viewable/printable functionality of the application back online in the near future with enhanced identity protection security features. In the meantime, taxpayers can still request a mailed transcript by going online to Get Transcript. Though taxpayers should always keep a copy of their tax return for their records, some may need the information from filed tax returns for many reasons. This includes college financial aid applicants or taxpayers who have applied for a loan to buy a home or start a business. If a taxpayer is returning to college this January and applying for financial aid, they should check with their financial aid department at school to see if they will need a copy of their transcript before they start classes. Frequently, students get all the tax return information they need on the FAFSA application …

Read More »

2016 IRS Tax Transcript Guide

Tax_Tips_Tavorro_Jobs_2015

The IRS reminds taxpayers to plan ahead and take advantage of other options to obtain a tax transcript while work continues to bring the viewable/printable functionality of the Get Transcript application back online in the near future with enhanced identity protection security features. In the meantime, taxpayers don’t have to wait. They can order their transcript online, over the phone or by mail — the quickest options available. If they plan ahead, they should receive their transcript within five to 10 days from the time the IRS receives the request online. How Do You Get Your IRS Transcript the Fastest? To order a transcript online and have it delivered by mail, go to IRS.gov and use the Get Transcript tool. Simply click the “Get Transcript by Mail” button. To order by phone, call 800-908-9946 and follow the prompts. To request an individual tax return transcript by mail or fax, complete Form 4506T-EZ, Short Form Request for Individual Tax Return Transcript. Businesses and individuals who need a tax account transcript should use Form 4506-T, Request for Transcript of Tax Return. Keep in mind that the current year’s transcript availability is affected by the method used to file the return and whether …

Read More »

2015 EITC Income Limits, Maximum Credit Amounts and Tax Law Updates

Identity_Veritification_Letter_Tax_Refund_Tavorro_Jobs

Earned Income Limits and AGI Limits Earned income includes all the taxable income and wages you get from working or from certain disability payments. There are two ways to get earned income: You work for someone who pays you  or you own or run a business or farm Taxable earned income includes: Wages, salaries, tips, and other taxable employee pay; Union strike benefits; Long-term disability benefits received prior to minimum retirement age; Net earnings from self-employment if: You own or operate a business or a farm or You are a minister or member of a religious order (see Special Rules page for more information); You are a statutory employee and have income. Nontaxable Combat Pay election. You can elect to have your nontaxable combat pay included in earned income for EITC. The amount of your nontaxable combat pay should be shown on your Form W-2, in box 12, with code Q. Electing to include nontaxable combat pay in earned income may increase or decrease your EITC. See Publication 3. Armed Forces Tax Guide, for more information. Earned income and adjusted gross income (AGI) must each be less than: If filing… Qualifying Children Claimed Zero One Two Three or more Single, …

Read More »

2016 Tax Season Opens January 19 for Nation’s Taxpayers

Tax Season 2016 Tavorro Jobs

Following a review of the tax extenders legislation signed into law last week, the Internal Revenue Service announced today that the nation’s tax season will begin as scheduled on Tuesday, Jan. 19, 2016. The IRS will begin accepting individual electronic returns that day. The IRS expects to receive more than 150 million individual returns in 2016, with more than four out of five being prepared using tax return preparation software and e-filed. The IRS will begin processing paper tax returns at the same time. There is no advantage to people filing tax returns on paper in early January instead of waiting for e-file to begin.

Read More »

Beware of New IRS Email Phishing Scam

YellowBook_Scam_Alerrt_Tavorro_Jobs

IRS Scam Alert The 2016 Tax Season is right around the corner, a NEW IRS ALERT warns IRS reminds tax preparers to remain vigilant and alert to new phishing scams. Earlier this year, the IRS warned tax professionals to be on the lookout for continuing attempts to compromise various types of personal data. It has come to our attention that there are a few new phishing scams to obtain e-services information, and one is in the form of an email. These scams are asking e-services users to update their e-services information.

Read More »

Taxpayer Bill of Rights Fact Sheet

Tax_Preparer_Complaint_Form_Tips_Tavorro_Careers

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 (Shown Below).  It includes The Right to Challenge the IRS’s Position and Be Heard. Taxpayers have the right to raise objections and provide additional documentation in response to formal IRS actions or proposed actions, to expect that the IRS will consider their timely objections and documentation promptly and fairly, and to receive a response if the IRS does not agree with their position. If you are notified by the IRS that your tax return has a mathematical or clerical error, you have 60 days to tell the IRS that you disagree. You should provide photocopies of any records that may help correct the error. Also, you may call the number listed on your notice or bill for assistance. If you are correct, we …

Read More »

Three Tax Considerations during Marketplace Open Enrollment

Identity_Veritification_Letter_Tax_Refund_Tavorro_Jobs

When you apply for assistance to help pay the premiums for health coverage through the Health Insurance Marketplace, the Marketplace will estimate the amount of the premium tax credit that you may be able to claim.  The Marketplace will use information you provide about your family composition, your projected household income, whether those that you are enrolling are eligible for other non-Marketplace coverage, and certain other information to estimate your credit. Here are three things you should consider during the Health Insurance Marketplace Open Enrollment period: 1. Advance credit payments lower premiums – You can choose to have all, some, or none of your estimated credit paid in advance directly to your insurance company on your behalf to lower what you pay out-of-pocket for your monthly premiums.  These payments are called advance payments of the premium tax credit or advance credit payments.  If you do not get advance credit payments, you will be responsible for paying the full monthly premium. 2. A tax return may be required – If you received the benefit of advance credit payments, you must file a tax return to reconcile the amount of advance credit payments made on your behalf with the amount of your actual premium …

Read More »

Tax-filing Extension Expires Oct. 15 for Millions of Taxpayers

Tax Extension Deadline

Check Eligibility for Overlooked Tax Benefits The Internal Revenue Service today urged taxpayers whose tax-filing extension runs out on Oct. 15 to double check their returns for often-overlooked tax benefits and then file their returns electronically using IRS Free File system. About a quarter of the 13 million taxpayers who requested an automatic six-month extension this year have yet to file. Although Oct. 15 is the last day for most people, some still have more time, including members of the military and others serving in combat zone localities who typically have until at least 180 days after they leave the combat zone to both file returns and pay any taxes due.

Read More »