How To File Back Taxes

How To File Back Taxes

All people with income need to file taxes yearly. If you have missed one or more years in the past ten, now is the time to file back taxes. The Internal Revenue Service (IRS) can impose steadily increasing fines and penalties the longer you wait.

Why File Back Taxes
There are convincing reasons to catch up on back taxes:
• Reduce penalties; there are separate penalties for not filing, and for not paying; by filing you avoid one penalty even if you cannot afford to pay immediately
• Ease your conscience by meeting legal requirements
• Start the clock on the IRS statute of limitations which is three years to audit and ten years to collect
• If the IRS has sent an inaccurate estimate, filing can correct it
• You may be due a refund for any of the previous three years; unless you file, you will not know

Steps for Filing Back Tax Forms
Follow these steps to file back taxes:
• Gather all W-2s or 1099 forms, receipts and other documents to support deductions and credits for each year
• If you are missing W-2s, 1099s or 1098s to support deductions, ask for copies from the IRS, using Form 4506-T
• Download appropriate tax forms for each year, or use tax preparation software
• Prepare the tax return for each year, using that year’s information and guidelines
• Submit the forms, along with as much of a payment as possible to reduce interest charges
• After filing, talk to the IRS to try to reduce penalties and fees

If you need help to file back taxes, consult a tax attorney. He can help gather and complete necessary documents to send to the IRS. This professional can also negotiate a payment plan or settle other issues.

Make Your Individual Financial Troubles A Thing Of the Past With This Useful Info

Individual Financial Troubles

Numerous individuals discover their finances have become one of the most stressful and confusing elements of their adult lives. If you’re one of these individuals, do not despair. This short article will give you the advice you need to handle nearly any financial scenario that you might encounter.

Cooking at home can give you a great deal of extra money and help your individual finances. While it may take you some extra time for you to cook the meals, you will save a great deal of money by not having to pay an additional company to make your meals. The business has to pay something to employees, buy materials, buy fuel and nonetheless have to profit. By taking them out of the equation, you are able to see just how much you are able to save.

Finance - Financial injection - Finance
Finance – Financial injection – Finance (Photo credit: @Doug88888)

Also keep in mind to save a little money before spending it. It is simple to invest now, and forget to save later. Because the cash is not accessible, it’ll make it easier to stick to your budget.

To teach your kids about individual finance, begin giving them an allowance when they are young. This really is a great method to teach them the value of cash while also teaching them duty. Earning their very own money will make sure that kids will know the worth of working and saving when they are older.

As a college student, you’ll wish to decrease the amount that you spend on books and supplies. Rather than purchasing books in the campus book-store, that is generally at retail cost, make buddies with upper-class students who can give you these books at a discount. This can save you hundreds of dollars per semester.

Don’t shop for your meals on a daily basis but instead plan your grocery shopping ahead of time for the week. This will keep you from stopping by the store daily and spending carelessly. And if you can skip a week and prepare meals from the food already in your home, even better.

Your personal finances don’t need to be the source of endless concern and aggravation. If you owe back taxes, file your back taxes and stop worrying over them. And try applying the suggestions you have just learned, you are able to master practically any monetary scenario. Prior to you realizing it, you’ll have turned what was one of your greatest anxieties into one of your greatest strengths.

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Tax Carnival Ecstasy – July 18, 2013

Little Book of Common Sense Investing
Little Book of Common Sense Investing (Photo credit: Wikipedia)

Welcome to the July 18, 2013 edition of Tax Carnival Ecstasy. In this edition we have 5 great articles starting with Daniel’s letter to the IRS disputing an insufficient funds charge. Bill Smith looks at reasons to adjust your w-4 withholding at work this year. And John Schmoll has investment advice for your retirement investing. Hope you like all the articles, bookmark, share, tweet and come back real soon.

Bill Smith presents Why Investors Should Be Interested In Bank Of America – FastSwings.com posted at FastSwings, saying, “There are several reasons that investors are starting to look into Bank of America stocks: the first being that for now, they are still fairly cheap because the bank is still paying off debts and has yet to reach its potential for profits.”

Daniel presents My Letter To The IRS Disputing Their Insufficient Funds Charge posted at Sweating The Big Stuff.

filing

Bill Smith presents Top Five Reasons To Adjust Your Withholding In 2013 posted at 2013 Taxes, saying, “Your withholding is the amount of money you have taken out of each paycheck to apply toward income taxes.”

retirement

John Schmoll presents Finding Strength in Our Lack of Investment Control posted at Frugal Rules, saying, “Investing in the stock market can be rife with emotion as stocks go up and down. While there is a lot we can’t control, there is much we can. By focusing on what we can control you can set yourself up for effective investing and start you down the road of investing for long term needs like retirement.”

John Schmoll presents What Makes a Company Worth Investing In posted at Frugal Rules, saying, “There are many things that you can look at if you’re interested in investing in stocks. By following some of the basics you can start to build a stock portfolio that will serve you well and help set you up for long term needs like retirement.”

That concludes this edition. Submit your blog article to the next edition of tax carnival ecstasy using our carnival submission form. Past posts and future hosts can be found on our blog carnival index page.

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Filing Your Taxes Online

Filing Your 2011 Taxes Online

Every year, many people race to tax preparation offices to have their annual taxes prepared, making sure to beat the April 15 deadline. Long waits and high fees are common, and many people find getting their taxes done a chore. Preparing your own taxes can save you time, money and hassle.

Tax preparation help at the library
Tax preparation help at the library (Photo credit: Newton Free Library)

Even if you have never prepared your own taxes, you will find filing your 2011 taxes online simple and easy. Online tax prep programs provide you with step by step instructions and guide you through the process of getting your taxes done. Simply gather your income information and basic documents and let the software do the rest.

Most people dread trying to figure out tax items like deductions, tax credits and multi-state taxes. When you complete your 2011 taxes online, the program will search for any applicable deductions and credits for you. The program will also help you to easily input information if you work in one state and live in another.

Don’t stress out about preparing your own taxes. With easy to use online programs that do all of the work, you can prepare your taxes without worry or hassle. With live phone support available, you can consult tax experts that can provide you with advice and guidance.

Waiting in long lines at the tax office is a thing of the past. File your 2011 taxes for free online and take the hassle out of tax filing. Gather your paper work and file your 2011 taxes online today.

Implications Of Passing A Senate Bill Enacting An Online Sales Tax

The Senate Bill Enacting An Online Sales Tax

Congress is currently moving forward with a Senate bill that could place sales taxes on buyers who place orders for items housed out of state. This proposed law applies to e-commerce sites, and the main goal of this online sales tax is to generate revenue for cash-strapped state governments in jurisdictions where online retailers are headquartered. The bill has its opponents among online retail giants such as eBay, and it also has supporters among the President and a number of state government officials.

Oregon - no sales tax
Oregon – no sales tax (Photo credit: Richard Masoner / Cyclelicious)

Only online retailers that gross more than $1 million per year in sales will be subject to this online sales tax. Shoppers at large online retailers such as Amazon will see slightly higher bills for each order they place, and the tax will also apply to brick-and-mortar retailers who sell items online. A few of these vendors include Best Buy, Target, Wal-Mart and many others.

Proponents of this online sales tax Senate bill argue that it will level the commerce playing field for both physical store locations and online retailers. Some believe that online vendors have had an unfair competitive advantage of being free from such sales taxation until now. According to this viewpoint, having a set of laws that taxes both types of sellers equally is considered a fair rule of doing business in the digital age. Depending on the individual taxes rates in different geographic regions, some states could have an online sales tax of 7% per purchase while others could have one as high as 9%.

Turn to a Phoenix Tax Lawyer for Advice

Taxes
Taxes (Photo credit: Tax Credits)

Filing taxes can feel like a daunting process at times. Tax laws at the federal, local, state, and foreign levels change constantly, causing potential confusion for taxpayers filling out a return. Turn to a Phoenix tax lawyer for advice; they possess the knowledge and combined expertise of tax, business and litigation to counsel and guide individuals effectively. Their understanding of how the different tax laws interplay helps clients to minimize their tax liabilities.

Tax issues can impact many areas of a person’s life, from estate planning to formation of a new business, and bankruptcy, to name just a few. Attorneys can assist with protection of assets through by setting up an entity to protect from malpractice, divorce, or any other threats to a client’s assets. In essence, proper planning avoids stress and anxiety in the event of unpleasant circumstances threatening the client’s tax situation.

A Phoenix tax lawyer can also assist with waiving IRS penalties and working out a payment plan for individuals owing money. In some situations the debt can be settled for less than the amount originally owed. Individuals behind on their filings can catch up quickly with an attorney’s assistance, thus avoiding further accrual of interest and penalties.

Individuals in need of tax assistance should seek a Phoenix tax lawyer today. Any issues or questions related to repayment of debt, filing, can be addressed knowledgeably by an attorney. They can help the client plan for the future and unpleasant events such as divorce, death, or malpractice.