by Fresh Start Tax | Mar 18, 2014 | Tax Help
Amended Tax Returns, what you need to know
If you discover an error after your return has been filed, you may need to amend your return.
The IRS may correct errors in math on a return and may accept returns with certain forms or schedules left out.The IRS corrects about 1.4 million tax returns each year.
In these instances, do not amend your return!
However, do file an amended return if there is a change in your filing status, income, deductions, or credits.
Also, if the Form 8938 (PDF), Statement of Specified Foreign Financial Assets, applies to you, the form must be filed with an annual return or an amended return.
Use Form 1040X (PDF), Amended U.S. Individual Income Tax Return, to correct a previously filed Form 1040 (PDF), Form 1040A (PDF), Form 1040EZ (PDF), Form 1040NR (PDF), or Form 1040NR-EZ (PDF).
If you owe additional tax for a tax year for which the due date for filing the return has not passed, file Form 1040X and pay the tax by the due date for that year (without regard to any extension of time to file) to avoid penalties and interest.
If the due date falls on a Saturday, Sunday, or legal holiday, filing the form and paying the tax will be timely if filed or paid the next business day.
To determine where you should file Form 1040X, see Where To File in the Form 1040X Instructions (PDF).
File a separate Form 1040X for each year you are amending. Mail each form in a separate envelope. Be sure to enter the year of the return you are amending at the top of Form 1040X.
The form has three columns.
- Column A shows original or adjusted figures from the original return. Column C shows the corrected figures.
- The difference between Columns A and C is shown in Column B. There is an area on the back of the form to explain the specific changes being made and the reason for each change.
- Attach any forms or schedules that are affected by the change. Generally, to claim a refund, Form 1040X must be filed within 3 years after the due date of your original return (or if you filed your return under an extension of time to file, 3 years after the date you filed your return) or within 2 years after the date you paid the tax, whichever is later.
- Returns filed before the due date (without regard to extensions) are considered filed on the due date.
Attach copies of any forms or schedules that are being changed as a result of the amendment, including any Form(s) W-2 received after the original return was filed.
Tax forms can be obtained by calling 800-829-3676 or visiting www.irs.gov.
An amended tax return cannot be filed electronically under the e-file system.
Normal processing time for Forms 1040X is 8 to 12 weeks from the IRS receipt date.
Please note: Your state tax liability may be affected by a change made on your federal return.
For information on how to correct your state tax return, contact your state tax agency.
You can check the status of your Form 1040X (PDF), Amended U.S. Individual Income Tax Return, using the “Where’s My Amended Return?” (WMAR) online tool or the new toll-free telephone line 866-464-2050 three weeks after you file your amended return. Both tools are available in English and Spanish and track the status of amended returns for the current year and up to three prior years.
You must enter your taxpayer identification number, usually your social security number, date of birth, and ZIP code in either application to prove your identity.
Once authenticated you can view the status of your amended return across three processing stages–Received, Adjusted and Completed.
As a reminder, amended returns take up to 12 weeks to process and up to three weeks to show in the application.
There’s no need to call the IRS unless the application specifically tells you to do so.
What You Need to Know about Amended Tax Returns, Former IRS
by Fresh Start Tax | Mar 18, 2014 | Tax Help
Free IRS Withholding Calculator
http://apps.irs.gov/app/withholdingcalculator/
Cut and Paste Link and you are Ready to Go
Tips
If you are an employee, the Withholding Calculator can help you determine whether you need to give your employer a new Form W-4, Employee’s Withholding Allowance Certificate to avoid having too much or too little Federal income tax withheld from your pay. You can use your results from the calculator to help fill out the form.
Who Can Benefit From The Withholding Calculator?
- Employees who would like to change their withholding to reduce their tax refund or their balance due;
- Employees whose situations are only approximated by the worksheets on the paper W-4 (e.g., anyone with concurrent jobs, or couples in which both are employed; those entitled to file as Head of Household; and those with several children eligible for the Child Tax Credit);
- Employees with non-wage income in excess of their adjustments and deductions, who would prefer to have tax on that income withheld from their paychecks rather than make periodic separate payments through the estimated tax procedures.
CAUTION: If you will be subject to alternative minimum tax, self-employment tax, or other taxes; you will probably achieve more accurate withholding by following the instructions in Pub 505: Tax Withholding and Estimated Tax.
Tips For Using This Program
1. Have your most recent pay stubs handy.
2. Have your most recent income tax return handy.
3. Estimate values if necessary, remembering that the results can only be as accurate as the input you provide.
To Change Your Withholding:
Use your results from this calculator to help you complete a new Form W-4, Employee’s Withholding Allowance Certificate.
Submit the completed Form to your employer.
Once again, the withholding link http://apps.irs.gov/app/withholdingcalculator/
by Fresh Start Tax | Mar 18, 2014 | Tax Help
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IRS Tax Levy
A levy is a legal seizure of your property to satisfy a tax debt.
Levies are different from liens.
A lien is a claim used as security for the tax debt, while a levy actually takes the property to satisfy the tax debt.
If you do not pay your taxes (or make arrangements to settle your debt), the IRS may seize and sell any type of real or personal property that you own or have an interest in. For instance:
- IRS could seize and sell property that you hold (such as your car, boat, or house), or
- IRS could levy property that is yours but is held by someone else (such as your wages, retirement accounts, dividends, bank accounts, licenses, rental income, accounts receivables, the cash loan value of your life insurance, or commissions).
- IRS usually levy only after these three requirements are met:
1. IRS assessed the tax and sent you a Notice and Demand for Payment;
2. You neglected or refused to pay the tax; and
3. IRS sent you a Final Notice of Intent to Levy and Notice of Your Right to A Hearing (levy notice) at least 30 days before the levy.
IRS may give you this notice in person, leave it at your home or your usual place of business, or send it to your last known address by certified or registered mail, return receipt requested.
Note: if we levy your state tax refund, you may receive a Notice of Levy on Your State Tax Refund, Notice of Your Right to Hearing after the levy.
IRS Tax Settlements
IRS tax settlements are called offer in compromise. an offer in compromise should be filled out by a true tax professional because they are not as simple as people think.
The cardinal rule for offer in compromise, you must offer IRS the total equity you have in all your assets that is ground rule one.
Contact us today and we will give you a free evaluation to find out whether you are qualified and suitable candidate for an offer in compromise. I should know, I am a former IRS agent who taught the offer in compromise or tax settlement program while employed at the IRS is a revenue officer.
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If you are in danger of being audited by the Internal Revenue Service, we could make this an easy process for you.
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by Fresh Start Tax | Mar 18, 2014 | Tax Help
Health Care Law for my 2013 Tax Return
For most people, the Affordable Care Act has no effect on their 2013 federal income tax return.
As an example, you will not report health care coverage under the individual shared responsibility provision or claim the premium tax credit until you file your 2014 return in 2015.
However, for some people, a few provisions may affect your 2013 tax return, such as increases in the itemized medical deduction threshold, the additional Medicare tax and the net investment income tax.
Here are some additional tax tips:
- Your Filing Requirement: If you do not have a tax filing requirement, you do not need to file a 2013 federal tax return to establish eligibility or qualify for financial assistance, including advance payments of the premium tax credit to purchase health insurance coverage through a Health Insurance Marketplace.
- W-2 Reporting of Employer Coverage: The value of health care coverage reported by your employer in box 12 and identified by Code DD on your Form W-2 is not taxable.
- Information available about other tax provisions in the health care law: More information is available on IRS.gov regarding the following tax provisions: Premium Rebate for Medical Loss Ratio, Health Flexible Spending Arrangements, and Health Saving Accounts.
Health Care Law for my 2013 Tax Return – What You need to Know
by Fresh Start Tax | Mar 18, 2014 | Tax Help
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by Fresh Start Tax | Mar 18, 2014 | Tax Help
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IRS Tax Levy
There are generally two type of IRS tax levies- bank levies and wage levies.
An IRS bank levy is held for 21 days by the bank whereas a wage levy is an immediate seizure of a large portion of your wages of the next paycheck.
As a general rule we can get an IRS tax levy released the same day we get a current financial statement with complete documentation.
IRS tax audits
If you have received an IRS notice of an IRS tax audit, contact us today and speak to a former IRS tax audit manager.
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If you have kept excellent records there is nothing wrong with you representing yourself during an IRS tax audit.
IRS tax settlements
IRS tax settlements are called offers in compromise.
IRS accepts 38% of all offers in compromise filed and the average settlement is $.14 on a dollar.
You should go to our website and fill out the IRS pre-qualify tool for offers in compromise before you submit your tax settlement proposal to the IRS. do not be ripped off by Internet tax firm saying they can settle your case for pennies on a dollar.
The offer in compromise is a more complicated process and people think.
I should know, I’m a former IRS revenue officer who taught the offer in compromise program when employed at the IRS
Back Taxes
If you have not filed your back tax return be aware that IRS can file your back taxes for you.
If the IRS has already filed your back tax returns for you we can put it put in for an IRS audit reconsideration.
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