Top 10 Tax Filing Tips




The income tax filing season has begun and important tax documents should be arriving in your mailbox. Even though your return is not due until April, you can make tax time easier on yourself with an early start. Here are the Internal Revenue Service’s top 10 tips to ensure a smooth tax-filing process.

For more questions contact the Law Office of Martin Cantu.

1. Gather your records. Round up any documents you’ll need when filing your taxes: receipts, canceled checks and other documents that support income or deductions you’re claiming on your return.

2. Be on the lookout W-2s and 1099s will be coming soon; you’ll need these to file your tax return.

3. Have a question? Use the Interactive Tax Assistant available on the IRS website to find answers to your tax questions about credits, deductions, general filing questions and more.

4. Use Free File. Let Free File do the hard work for you with brand-name tax software or online fillable forms. It's available exclusively at www.irs.gov. Everyone can find an option to prepare their tax return and e-file it for free. If you made $57,000 or less, you qualify to use free tax software offered through a private-public partnership with manufacturers.　If you made more or are comfortable preparing your own tax return, there's Free File Fillable Forms, the electronic versions of IRS paper forms. Visit www.irs.gov/freefile to review your options.

5. Try IRS e-file.  IRS e-file is the　safe, easy and most common way to file a tax return.　Last year, 79 percent of taxpayers - 106 million people - used IRS e-file. Many tax preparers are now required to use e-file. If you owe taxes, you have payment options to file immediately and pay by the tax deadline. Best of all, the IRS issues refunds to 98 percent of electronic filers by direct deposit within 14 days, if there are no problems, and some may be issued in as few as 10 days.

6. Consider other filing options There are many options for filing your tax return. You can prepare it yourself or go to a tax preparer. You may be eligible for free face-to-face help at a volunteer site. Give yourself time to weigh all the options and find the one that best suits your needs.

7. Consider direct deposit If you elect to have your refund directly deposited into your bank account, you’ll receive it faster than a paper check in the mail.

8. Visit the official IRS website often The IRS website at www.irs.gov is a great place to find everything you need to file your tax return: forms, publications, tips, answers to frequently asked questions and updates on tax law changes.

9. Remember this number: 17 Check out IRS Publication 17, Your Federal Income Tax, on the IRS website. It’s a comprehensive resource for taxpayers, highlighting everything you’ll need to know when filing your return.

10. Review! Review! Review! Don’t rush. We all make mistakes when we rush. Mistakes slow down the processing of your return. Be sure to double check all the Social Security numbers and math calculations on your return as these are the most common errors. Don’t panic! If you run into a problem, remember the IRS is here to help. Start with www.irs.gov.

Popular posts from this blog

Unlocking the Secrets of an Offer in Compromise: A Comprehensive Guide Chapter 3 - How Much Do I Offer?

  Calculating the Amount of your Offer in Compromise – What is Your Reasonable Collection Potential (RCP)? Drum roll please! This is what you’ve been searching for – how much do I offer? How little can I get away with? Why not low ball them?   Here are the two most important concepts to understand before you start your OIC.   Key Point 1 - You’re not buying a car or a house. The Settlement Agent does not work on commission. They don’t have to settle and the decision to settle rests entirely with the Settlement Officer. Any offer or counter-offer you make has to be backed up by the numbers.   Key Point 2 – Determine your Reasonable Collection Potential before making an offer. Reasonable Collection Potential (RCP) is a key factor considered by the IRS when evaluating an Offer in Compromise (OIC). RCP refers to the amount of money the IRS believes it can collect from a taxpayer based on their assets, income, and future earning potential.   The IRS...
Read more

Unlocking the Secrets of an Offer in Compromise: A Comprehensive Guide - Chapter 4

  Chapter 4 – Filing Details/Payment Terms/Important Consequences IRS FORM 656 – OFFER IN COMPROMISE Use IRS form 656, Offer in Compromise to submit your offer. You can access the form via this link .   Be sure to read the accompanying booklet. Note that there are different forms of Form 433, Collection Information Statement, that are a part of the submission process. Form 433-A is for use by Wage Earners and Self-Employed Individuals. Form 433-B is used by Businesses. Also note that there is a specific form, 656-L, for use if you are claiming doubt as to liability. The IRS site also has a pre-qualifier tool. But don’t get too upset if it reports that you are not eligible. The tool does not take into account any special circumstances or other issues that may be relevant to your situation. Please refer back to this section of my Blog for a more detailed discussion of this issue.   Who Can File An Offer? An Offer in Compromise (OIC) can be filed by any individ...
Read more

Your COVID-19 Relief Check is in the Mail! (Well, maybe. It depends.........)

President Trump signed the massive coronavirus relief bill last week. Money will be distributed to the public by the IRS. So will the IRS offset what I owe against the check? What about my spouse? Here are some specific takeaways that you need to know now, and take appropriate action: 1. The government is using the IRS to distribute the checks only. They will not offset any IRS debts against the checks as this is not an IRS matter. The government is just using their infrastructure. 2. However, the only exception to this rule is child support obligations. If you owe back child support, it will come out of the check. This is the only exception at this time. 3. The only way the IRS will know about you is if you have filed a return in 2018 or for 2019. If you have not filed for 2018, and have not filed 2019, you will not receive a check.  In order to receive a check you must file a return for either of those years.  We love working with taxpayers who are delinquent ...
Read more