Archive for April, 2010

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Seven Things about Getting More Time to File your Tax Return

by P. Lewis Robinson
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Apr
8

If you can’t meet the April deadline to file your tax return, you can get an automatic six month extension of time to file from the IRS.

Here are seven things you need to know about filing an extension:

  1. Extra time to file An extension will give you extra time to get your paperwork to the IRS, but it does not extend the time you have to pay any tax due. You will owe interest on any amount not paid by the April 15 deadline, plus a late payment penalty if you have not paid at least 90 percent of your total tax by that date. (more…)
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Seven Important Facts about Your Appeal Rights

by P. Lewis Robinson
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Apr
8

The IRS provides an appeals system for those who do not agree with the results of a tax return examination or with other adjustments to their tax liability. Here are the top seven things to know when it comes to your appeal rights.

  1. When the IRS makes an adjustment to your tax return, you will receive a report or letter explaining the proposed adjustments. This letter will also explain how to request a conference with an Appeals office should you not agree with the IRS findings on your tax return. (more…)
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Top 10 First-Time Homebuyer Credit Tax Tips

by P. Lewis Robinson
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Apr
7

There is still time to claim the First-Time Homebuyer Tax Credit on your 2009 tax return. If you purchased or entered into a binding contract to purchase a home in 2009 or early 2010, you may be eligible to claim the First-Time Homebuyer Credit. Claiming this credit might mean a larger refund. Here are 10 things the IRS wants you to know about the First-Time Homebuyer Credit and how to claim it.

  1. You must buy – or enter into a binding contract to buy – a principal residence located in the United States on or before April 30, 2010. If you enter into a binding contract by April 30, 2010, you must close on the home on or before June 30, 2010. (more…)
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Seven Things to Know About the Taxpayer Advocate Service

by P. Lewis Robinson
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Apr
6

The Taxpayer Advocate Service is an independent organization within the Internal Revenue Service whose employees assist taxpayers who are experiencing economic harm, who are seeking help in resolving problems with the IRS, or who believe that an IRS system or procedure is not working as it should. Here are seven things every taxpayer should know about TAS.

  1. TAS is your voice at the IRS.
  2. TAS service is free, confidential, and tailored to meet your needs. (more…)
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Top Ten Tips for Last Minute Filers

by P. Lewis Robinson
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Apr
1

With the tax filing deadline close at hand, here are the top 10 tips the IRS wants you to know if you are still working on your federal tax return.

  1. E-file your return  Don’t miss out on the benefits of e-file. Your tax return will get processed quickly if you use e-file.  If there is an error on your return, it will typically be identified and can be corrected right away.  E-file is available 24 hours a day, seven days a week, from the convenience of your own home. If you file electronically and choose to have your tax refund deposited directly into your bank account, you will have your money in as few as 10 days. Two out of three taxpayers, 95 million, already get the benefits of e-file. (more…)
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