Wednesday, 21 March 2012

Struggling with Tax Prep & Filing – More Tax Return Tips

March 21, 2012

Tax Return Tips – IRS Website

The April 17 tax filing deadline is fast approaching and If you are still in need of assistance to help complete you tax forms and return, check out the help features on the IRS website ( IRS.gov ).

The home page is easy to navigate with links to forms, news, hot topics, helpful hints and other features. Help and search buttons are in the upper right corner of the page.

Tax Return Tips – YouTube Videos

The IRS has made it easy for you by providing some tax tips and assistance through YouTube at www.youtube.com/irsvideos . The IRS has a YouTube channel which currently has 116 videos uploaded to the channel. The channel has received over 3 million views.

Tax Return Tips – Social Media

To stay up to date with the latest IRS updates, news and messaging, you can follow and sign up for other forms of social media on their website. Follow the IRS on Twitter, sign up and configure to receive RSS news feeds and Podcasts. Check out Social Media buttons in the lower right hand section of the IRS Home page. Also located on their page are widgets and mobile apps to assist you with information for your tax prep and filing.

Strategy Plan One

http://strategyplanone.com

Business information, resources and tips for the entrepreneur

Monday, 19 March 2012

Fresh Start Initiatives Expanded and Other Tax Tips

Strategy Plan One

March 19, 2012

IRS Fresh Start Initiatives Expanded

In blogging about more tax tips we decided to highlight some key points to today’s Internal Revenue Service’s (IRS) latest bulletin. For taxpayers who have a balance of taxes owing and are finding it difficult to keep up, today’s note expands on the IRS’ Fresh Start Program.

Here are the 3 key areas:

Penalty Relief – provides some relief for taxpayers from failure-to-pay penalties, essentially giving the taxpayer a six month extension to pay taxes
Instalment payments – for taxpayers who cannot pay all the balance owing,IRS allows negotiated instalment payments, with new maximum limits of $50,000 and extended time frames to six years to pay off tax debt
Offer in compromise – an agreement between a taxpayer and theIRS that settles the taxpayer’s tax liabilities for less than the full amount owed

For more detailed information on the above initiative, you should review the IRS link at http://www.irs.gov/newsroom/article/0,,id=255470,00.htm. You will need to check in, contact and apply to the IRS for some of these initiatives.

Helpful Tax Tips

Here are some addition tax preparation and filing tips and information:

Get organized – ensure you have the proper documentation and forms for your tax return
Pay attention to deadlines; April 17^th is an important date
Take advantage of tax deductions and incentives such as incentives around volunteering, donations, and charitable gifts
Take advantage of tax exemptions on dependents
Investigate and claim for the tax benefits for caring for parents
This is the last year to claim the American Opportunity Tax Credit – be sure to claim this
New form 1099-K – make sure you use this to report online income, payments received by credit cards, and other platforms such as PayPal.
If you will be receiving a tax refund, spend it wisely, starting with paying down the most expensive debt with the highest interest rate charges

Deadlines to file are approaching, with over 1 month to go. Check out the IRS website for up to date information, forms and information on preparation and filing.

Strategy Plan One

http://strategyplanone.com

Business information, resources and tips for the entrepreneur