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.

The IRS is getting set for the year’s … Read the rest

IRS Tax Relief Programs

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 … Read the rest

Turbo Tax Software

TurboTax Software 2012

The 2012 tax season continues for some that have not filed their returns. An individual cannot avoid playing taxes and needs to estimate a payment and supply that estimated amount to the IRS by the deadline. Since no one can avoid playing their taxes, thy need to look for ways to lower the score the IRS achieves against them. The TurboTax software package for 2012 can help someone achieve a lower tax liability.

The software from TurboTax Intuit helps a taxpayer organize his/her information in a way that makes sense. It cannot help someone who has not … Read the rest

A Look At Free Tax Filing Opportunities

Free 2012 Tax Filing

There is not much that people can get for free these days. Hardly anyone would think of ‘free’ and ‘taxes’ in the same sentence either. Still, it turns out there are free 2012 tax filing opportunities.

This is an ongoing trend: offering free tax filing software to consumers so they reduce their paper consumption, simplify the process, and locate potential tax rebates. The software is offered by the IRS, whose website indicates that almost anyone is eligible to use their free programs. Only one criterion prevents certain consumers: their computers must be secure enough to engage … Read the rest

My Taxes Need To Be Done!

Nothing strikes a note of fear into the heart of the average person more than taxes. I learned this from doing taxes for several years in a CPA office. I saw clients come in with several years of unfiled returns. They were totally unable to confront getting the taxes filed. The really sad fact is that most of them lost the refunds they would have gotten by filing on time because the IRS doesn’t refund if the return is over 3 years late.

But that fear is now largely unfounded. Everyone has heard horror stories of past strong-arm tactics … Read the rest

How to Choose a Tax Accountant for Your Business

While you may have been doing taxes on your own in the beginning, a growing business usually needs an accountant. Unfortunately, not all accountants are the same. While some may know a lot about your type of business, others may not. Then there’s the fact that some accountants may be too busy to work with you one on one. If you’re starting to feel overwhelmed, don’t. Here are a few tips on how to choose a tax accountant for your business.

Find an Accountant That Understands Your Business

There are many different fields of work out there and different … Read the rest