Category: tax payment plan

Tax Payment Plans

FreeTaxUSA and The Amended Tax Return

As the April deadline approaches and you have already sent your tax return in the mail to the IRS or you have completed a return on the computer, the only way to change the tax return is to file an amended tax return. If you have filed with FreeTaxUSA, you can sign in with your account and correct the return.

The Internal Revenue Service does not let you do an e-file amended return.  Your only choice is to prepare and send back the amended return.

If you completed your original tax return through another source besides FreeTaxUSA, you can go to the website for the IRS and use form 1040X to manually do an amended return. If you would like to use FreeTaxUSA, just enter all of your tax information.

It is recommended that a person not amend their tax return until they have received their refund or paid their taxes.  Often times, the IRS will automatically correct any errors, in which case, you do not need to amend anything.  The IRS sends a notice as to the adjustments that were made or asks for more documentation.

Tax forms can be tricky at times.  With the misplacement or miscalculation of one number throwing many things off.  When this occurs you must make every effort to correct the mistake through an amended tax return.  Software from FreeTaxUSA makes this process as well as your initial tax filing easy.  Tax returns do not have to cause headaches.  Careful preparation is key.

The IRS Provides Offshore Account Disclosure

As we complete the strenuous task of paying our incomes taxes for 2010, we have to deal with the unleashed financial monster i.e. IRS tax audits.

Many taxpayers do everything possible to try the nearly impossible feat of evading the burden of taxes by using the measures as per the Internal Revenue Code to dodge their tax burden. Thus, they cause financial problems and auditing issues for the government, which in turn has doubled the auditing of tax returns for the richest USA citizens this tax season.

IRS professionals have definitely pulled up their socks with audits being increased 8% for the richest USA citizens in 2010 over the past tax season. Also the data released by the Internal Revenue Service shows that IRS audits have increased from 10.6% to 18.4% for the taxpayers with gross incomes above $10 million. Even audits for taxed adults within the income range of $5 million and $10 million have seen audit increases from 7.5% to 11.6%, which is a 55% increase.

Offshore accounts and tax evasions are the new catch with Global High Wealth groups being established in 2010 for improved strategies for high magnitude capital individuals.
As per Doug Shulman, IRS commissioner, the federal agency is looking for leverage points through which many tax evaders can be caught. Two of them are financial institutions and evasion scheme promoters.

The initiative of an Offshore Voluntary Disclosure process for the native and non-native English speaking taxpayers, provides information in 8 different languages. For tax evader’s benefit, they can now disclose their offshore accounts and come clean with the taxing authority, since evading taxes is a criminal offense and largely against the US’ interest.

 

Last Minute Tax Tips For Those Filing 2010 Taxes

The deadline for filing taxes for 2010 is fast approaching. Following are ten last minute tax tips that are provided courtesy of the Internal Revenue Service. These tips can make last minute tax filing a lot easier.

  1. File via e-file. It is secure and simple. Most people use this form of filing as opposed to filing out a paper tax form. The IRS has estimated that this form of filing has been used almost a billion times since its inception two decades ago. Nearly seventy percent of tax payers file via e-file.

  2. Check ID numbers carefully. These numbers are extremely important and it is very easy to accidentally make a mistake with any one number. A person that gets a SS number or other figure wrong will face delays in getting a tax refund.

  3. When using a paper copy of the tax form, be sure everything is legible. Not everyone has great handwriting. It is important to fill out the form clearly; if the IRS cannot understand it, then  there will be problems.

  4. Make sure the right figures are placed in the right places. Tax forms are not the easiest forms to understand and it is all too easy to make a mistake.

  5. Sign the form. If it is a joint return, then both parties should sign, even if the form only lists income made by one party. Date the form too.

  6. Double check the mailing address. It can be found on the IRS website. Make sure to write the address out clearly and properly.

  7. When mailing a payment via snail mail, the check should be made out to the US Treasury. It should not be stapled to the tax form. It should include a person’s SS number and the phone number that he or she can be reached at during working hours.

  8. Using electronic payment methods is not only safe but also quite simple. One can use a debit card or credit card.

  9. One can file for an extension of time. This gives a person a few more days to file. However, the payment deadline will not change even if an extension is granted.

  10. For more information, be sure to check out the IRS website.

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Incorporating in Nevada Advice

Even though you are working from another company from another US State, it will not hurt to be informed about how to incorporate in Nevada. There are a lot of advantages from a Nevada corporation and it only requires you to pay a minimum cost.

A lot of questions on how to incorporate in Nevada have been raised. But why has it been considered as advantageous?

  • Normally it has a low tax pay, in which not only you can benefit but also your employees.
  • Even if you are the only one running your company it is still advantageous because it has lifetime benefits such as, health insurance and life insurances for your travels.
  • And if you are from a Nevada corporation, you are on average provided with an increased tax safe haven on your retirement fund plans.

There are plenty of compensations related on how to incorporate in Nevada. These will help you learn about the corporation. On the other hand, it’s conclusive that you manage adequate quantity of time in order to be acquainted with the laws and policies relating to this development. By these, your commerce can completely take all the benefits.

Before you start all of it you must know how to incorporate in Nevada. To begin the process you should make sure if your chosen production name is obtainable. Of course money is involved in this that is why you have to test first if it’s worth your pay. You need to know whether your chosen company name has a great effect on the business you are trying to establish. There are lots of legal information provided in the Internet that could answer all your queries about the twist and turns of this matter.

Partnership in Nevada, statistically, has turned out to be an attractive alternative for savoir-faire commerce owners, and this comes with appealing superior reasons. The corporations in Nevada indulge from a lot of pay, which are not obtainable on other US States. It is of utter importance though that you inform yourself well about this in order to be able to avoid making huge mistakes.

Setting Up An Installment Payment Plan

Setting Up An Installment Payment Plan

Ignoring your taxes is something that you should never do. And with all the different tax preparation options available today, completing your return is easier than ever before. There are numerous outlets in every major city, office product stores selling the latest TurboTax and H&R Block Home Edition, plus online tax preparation and filing options. And planning you taxes during the year makes completing your taxes at the end of the year, that much more convenient.

If you do enter the tax season unprepared and wait until the very end you can face penalties, … Read the rest

Setting Up An Installment Payment Plan

Ignoring your taxes is something that you should never do. And with all the different tax preparation options available today, completing your return is easier than ever before. There are numerous outlets in every major city, office product stores selling the latest TurboTax and H&R Block Home Edition, plus online tax preparation and filing options. And planning you taxes during the year makes completing your taxes at the end of the year, that much more convenient.

If you do enter the tax season unprepared and wait until the very end you can face penalties, fines and interest from the IRS when you fail to file before the filing deadline. These amounts will add to the tax that you might owe making resolving the debt more difficult. Plus the IRS is reluctant to forgive debt unless you can prove a complete inability to pay. (Check with a professional)

If you do not have the funds needed to pay your taxes when April 15th arrives, there are options for you that are better than not filing a return. Work with the IRS and your tax professional to resolve your tax situation during the tax season. Requesting a payment installment plan with the federal government is a great solution for you. You can pay the taxes you owe over a period of time with payments that are affordable. While filing an extension is a great way to delay your final return, remember that taxes are due on April 15th and not when you file the extension.

Article Original Source under Creative Common License.