Tag Archives: Internal Revenue Service

Complete Your 2012 Tax Return For Free

Complete Your 2012 Tax Return For Free

It’s time to prepare your 2012 tax return. But have you ever considered submitting your federal income tax return online? Well, if you are ready to deal with your 2012 tax then there’s good news; you can prepare and file your taxes for free. You have to admit that it would be far simpler to do all of your federal income tax preparation from the comfort of your own chair and then file the taxes for free. You can file your taxes for free if you use an online tax software provider. If you have all of the information for your 2012 tax return to hand then you can do the job in no time at all.

US Navy 080206-N-6538W-008 Electrician's Mate ...

US Navy 080206-N-6538W-008 Electrician’s Mate 2nd Class Nathan Hansen, left, helps Operations Specialist 1st Class Paul Lutton prepare his tax return aboard the Nimitz-class aircraft carrier USS John C. Stennis (CVN 74) (Photo credit: Wikipedia)

OK. So how do you go about doing your taxes for free online and preparing your tax return for 2012? Look online and locate a federal income tax preparation software site that has been IRS approved. The majority of the sites that let you file your 2012 tax return for free are easy to understand.  In fact doing your taxes has never been so easy. Anyone who is filling in their 2012 tax return needs to know that the site they use is speedy and secure. Find a site you like and fill in your 2012 tax return. When you have given all of the federal tax information needed then it’s time to let the software take over. Submitting your taxes has never been as easy and you can do all of this for free.

VN:F [1.9.22_1171]
Rating: 9.7/10 (3 votes cast)
VN:F [1.9.22_1171]
Rating: +2 (from 2 votes)

Related Posts:

Details On Obtaining Prior Year Tax Information From The IRS

Obtaining Prior Year Tax Information

The ability to get prior year tax information from the IRS is virtually a guarantee due to the fact that the IRS is required to keep tax returns on file for seven years. As with most actions related to the IRS there is a form that is required to fill out in order to obtain prior tax information. This is Form 4506 that can be found by completing a simple form search on the IRS website. The IRS will not provide prior tax information without filling out a hard copy of Form 4506.

Seal of the United States Internal Revenue Ser...

Seal of the United States Internal Revenue Service. The design is the same as the Treasury seal with an IRS inscription. (Photo credit: Wikipedia)

The form is self explanatory and should be filled out to include the exact information from the tax return of the prior year. At the very least, the name and social security number should match as well as the spousal information if the return was filed jointly. Additional information should include the prior year tax form such as Form 1040, 1040A, or 1040EZ. Form 4506 can be completed regardless of a recent divorce without spousal consent.  One of the final requests on the form is to fill out the prior year tax information being requested such as 12/31/2012.

The required fee for Form 4506 as of 2012 is $57 in the form of check or money order payable to the US Treasury that is required when mailing the form to the appropriate IRS office. However, tax filers that used Turbo Tax 2013 have the distinct advantage of obtaining prior year tax information at no cost. This free service is included with the use of Turbo Tax 2013 Basic, Deluxe, Premier, Home & Business, or Freedom Edition. Even greater is the use of the online edition of Turbo Tax 2013 that will automatically look up prior year tax information for a user to view or print.

VN:F [1.9.22_1171]
Rating: 10.0/10 (3 votes cast)
VN:F [1.9.22_1171]
Rating: +3 (from 3 votes)

Related Posts:

How To Organize Your Tax Records

How To Organize Your Tax Records

Learning how to organize your tax records can save you stress and time when it is time to file your taxes.  Start the year with an organization system so you know where all of your records are when it is time to file your taxes.  If you aren’t sure what records you need, here is a general guide that is suitable for most people.

Income

Your employer will issue a W-2 with your income and tax information for the year.  You should also include interest statements from investment accounts and any 1099s that you may receive for work done the previous year.

English: Same as :File:2010 Receipts & Expendi...

English: Same as :File:2010 Receipts & Expenditures.PNG, but slightly improved. Bar chart comparing estimates for United States federal government total receipts and expenditures in fiscal year 2010. (Photo credit: Wikipedia)

Medical Expenses

File receipts for all medical expenses and your out-of-pocket health expenses.

Donations

Keep all receipts for cash donations made from the previous year.  You can also deduct non-cash donations made to a charitable organization.

Real Estate

If you own your home or other real estate, keep all interest statements and tax assessments.

Child Care

If your children are in day care for all or part of the year, keep a copy of your receipts for payment.

Student Loans

The interest you pay monthly on a federal student loans is tax deductible.

Letters from the IRS

If you receive any letters from the IRS, keep these in your file.

Previous Tax Forms

Keep all previous tax forms for future years.

Other Receipts

Keep all receipts that you may need for a deduction.  You may not need them, but it is better to have them in case you do. If you plan on itemizing your deductions, keep all receipts for taxes you paid, medical expenses, interest you paid, charitable donations, loss due to theft, job expenses and other receipts you think may qualify for a deduction.

If you plan to itemize your deductions, it will be a lot easier for you if you keep these receipts organized throughout the year.

If you do not have a lot of paperwork each year, you can store them in one file.  However, if you have a lot of receipts or other tax papers, you should organize them by type to make your free tax filing 2012 easier and quicker.

For most people, a simple paper organizer that holds several files is sufficient to organize tax information.  Use a separate file for each type of paperwork, and file receipts and information as soon as you get them.  Keeping paperwork organized and not letting it pile up is important to stay organized, so file your paperwork as soon as your get it or once a month as needed.

VN:F [1.9.22_1171]
Rating: 10.0/10 (3 votes cast)
VN:F [1.9.22_1171]
Rating: +3 (from 3 votes)

Related Posts:

How To Free File Online Using The IRS Website

How To Free File Online Using The IRS Website

Many taxpayers are using free file online programs that are based on popular tax software programs like the TurboTax 2013 programs. The free file online program is offered directly by the IRS on their website. It is available to all taxpayers, but different taxpayers can access different portions of the program based on their income and other factors.

The IRS free file online program connects taxpayers with participating software companies like TurboTax 2013. Taxpayers can choose between a range of software programs including the TurboTax 2013 Freedom edition. Once the taxpayer has selected a software company, they can get started on their returns.

English: YOU ARE FREE TO USE THIS FILE

English: YOU ARE FREE TO USE THIS FILE (Photo credit: Wikipedia)

Taxpayers who have an adjusted gross income of $57,000 or less can file using the free program. Taxpayers who earn more than that amount cannot use the free software programs. However, they can download free file online forms. These forms are primarily for people who enjoy doing their own taxes. Using these forms, these taxpayers can prepare and file their own taxes online. However, these taxpayers do not get the extra assistance that is offered to people who can take advantage of programs like the TurboTax 2013 software programs.

Before they get started with the program, taxpayers need to prepare themselves. They will need to have copies of their last year’s tax return, copies of their W-2s, 1099s, and any other information that they will need for their taxes. For instance, taxpayers who plan to itemize their deductions may want copies of their charitable deductions or information on how much interest they have paid to their mortgage company throughout the year.

Before starting, taxpayers should also estimate their adjusted gross income. If you have not had any significant changes to your income over the last year, you should be able to estimate your adjustable gross income using last year’s tax return. Once you have determined whether or not your adjusted gross income is more or less than $57,000, you will know which program you are allowed to use. About 70% of all taxpayers have adjusted gross incomes of less than $57,000 so the chances are high that you will qualify to file free online.

Once you have completed the tax preparation work, you can submit your return electronically with the click of a few buttons. If you qualify for a tax refund, you can elect to have it mailed to you in a paper check, or you can have it electronically deposited into your bank account. Electronic deposits are typically the fastest way to get your returns, and you may see your refund within three weeks or less of your filing date. If you owe taxes, you can also make your payments electronically.

The free file online program is perfect for many taxpayers. However, taxpayers with unique situations may simply want to use some of the low cost software offered by a company like TurboTax 2013. This is especially true for people who own their own businesses or who need to file an extension.

VN:F [1.9.22_1171]
Rating: 10.0/10 (3 votes cast)
VN:F [1.9.22_1171]
Rating: +3 (from 3 votes)

Related Posts:

Free Online Options To File Your Taxes

Free Online Options To File Your Taxes

Filing your taxes on time can be a very long and time consuming process if you do not have a clue of what you are doing. However, you can make this process as easy as possible by simply choosing to file online with TurboTax or TaxAct. If neither of these tax filing options is ideal based on your personal needs, you should consider using H&R Block Home edition which also receives good reviews.

TaxACT Logo (Photo credit: Wikipedia)

It is important that you consider your free online options to file your taxes prior to deciding which would be able to best meet your needs. There is no one solution that is going to work for every person, you may find one service to be very useful, but your brother may enjoy the layout of another service. Typically, this decision is very much about personal preference and the company that you are most comfortable with. However, they are very different when it comes to guiding you through the process of filing. TurboTax makes the tax filing process easy by guiding your every step through a return, they make the steps easy by providing simple explanations that you can understand. As a result of this approach, TurboTax is great for those that want to save time, it is a quick solution that can help you get your taxes completed easily.

When it comes to time involved with filing your taxes, the H&R Block solution would be the slowest. There are no in depth explanations and this can mean that you would spend a lot more time to get through the filing process. The TaxAct solution is going to fall in the middle, it will save you money and make your taxes easier to do while limiting your stress.

VN:F [1.9.22_1171]
Rating: 10.0/10 (2 votes cast)
VN:F [1.9.22_1171]
Rating: +2 (from 2 votes)

Related Posts:

Processing of Tax Returns to Begin on January 30

Processing of Tax Returns

Earlier this week, the US Internal Revenue Service (IRS) announced that electronic filing of tax payments for the year 2013 will commence on January 30.  As a result, individual income tax returns will not be processed before then.

Electronic tax filing had been originally scheduled to begin on January 22. The nine-day extension is a result of the changes in tax law which took effect on January 1. The American Taxpayer Relief Act (ATRA) was the result of the “fiscal cliff” tie between the president and the house.

IRS Form W-2

IRS Form W-2 (Photo credit: Wikipedia)

The IRS is getting set for the year’s activities by upgrading its systems to suit the new tax payment procedure. IRS is now updating their forms and setting new programs to make this successful. According to the IRS, the updates should be ready to serve Americans from January 30. Other documents for treating cases such as residential energy credit claims, general business credits and depreciation of property will be available towards the end of February when their updates should be completed.

The acting commissioner of IRS, Steven T. Miller further reassured the public that this year’s tax electronic filing will soon kick off. The shift in date is to make sure that everything is properly done.

This year, IRS hopes to process all tax returns electronically. Last year, they processed more than 80% tax returns electronically. Even the paper type will not begin until after January 29.

Miller concluded by saying that electronic filling of tax returns is the most convenient for tax payers.

VN:F [1.9.22_1171]
Rating: 10.0/10 (4 votes cast)
VN:F [1.9.22_1171]
Rating: +4 (from 4 votes)

Related Posts:

IRS Tax Relief Programs

IRS Tax Relief Programs

The Internal Revenue Service building in Washington D.C., one of the targets of Hubbard’s “Snow White Program” (Photo credit: Wikipedia)

The Internal Revenue Service (IRS) has several programs that offer tax relief for persons who have outstanding back taxes.

One IRS tax relief program is the Installment Agreement which allows people who are financially unable to make the payments to pay their tax debt over time. Monthly payments can be made until the entire tax debt if paid off. There is also an Offer in Compromise (OIC) program which allows taxpayers to settle their tax debt for a lesser amount than what they owe. This program works well for persons with limited means.

There are also situations where the IRS may abate penalties for taxpayers who were unable to pay taxes because of a special hardship. Persons who match this criterion may have their penalties forgiven by the IRS. However, this abatement of interest is very limited and hardly is ever granted.

You are able to apply for an Installment Agreement, penalty abatement or an OIC on your own. However, if you wish for someone to represent you, there are only a few persons that can assist you.

If you are unable to pay your taxes, look at the various programs for one that you can qualify for. Then contact the IRS to see if they can help you.

VN:F [1.9.22_1171]
Rating: 9.5/10 (2 votes cast)
VN:F [1.9.22_1171]
Rating: +1 (from 1 vote)

Related Posts: