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Labels: Expecting Early Tax Refund from IRS

Need a Tax Identification Number? A Tax Identification Number or TIN is an identifying number used for tax purposes in the United States. It may be assigned by the Social Security Administration or by the IRS. A business need a Federal Tax Identification Number or Employer Tax Identification Number, so that they can maintain their own image or entity in the market. It is to be noted that, the tax ID number could not be transfer in case of the transferring of any business. If the structure or ownership would be changed then a new tax ID number is required for the business. But above all you have to collect the relevant information to get an EIN.

Need a Copy of Past Tax Return? Taxpayers have two easy and convenient options for getting copies of their federal tax return information — tax return transcripts and tax account transcripts — by phone or by mail. If you need a photocopy of a previously processed tax return and attachments, complete Form 4506, Request for Copy of Tax Form, and mail it to the IRS address listed on the form for your area. Copies are generally available for the current and past 6 years.

2.2 Billion Dollars in Unclaimed Tax Refunds About To Expire. Get your Income Tax Refund as early as possible.

For all the complaining about taxes, it is rather amazing that taxpayers leave so much money on the table each year. The IRS announced that 2.2 billion dollars in refunds are about to expire unclaimed.

April 17,2008 represents Christmas for the federal government. Why? If 1.8 million Americans don’t wake up, the federal government will get a gift of 2.2 billion dollars. How would you like to find that under the tree!

The 2.2 billion dollars is a 2003 issue. Specifically, taxpayers failed to claim the money in the form of tax refunds for the 2003 tax filing period. How many taxpayers? About 1.8 million. This equates to an average refund of $1,222. Obviously, some are smaller and others bigger, but it is a nice chunk of change.

Given the amount of the tax refund pool, one might wonder how so many people could have failed to claim their refunds. The answer can be found in a couple of areas.

1. People who failed to file returns because they didn’t earn a lot.

2. People who switched jobs and didn’t calculate the taxes paid by both employers.

3. People who moved and didn’t tell the IRS. Tax refunds are not forwarded in the mail.

4. People who can claim the earned income tax credit.

5. Self-employed people who overpaid certain quarterly taxes.

So, why is there a deadline to file for the refunds? Tax law is such that you have three years to look back in time on tax issues. As a result, the April 17th deadline is three years from April 15th 2004, the date you should have filed a tax return for your 2003 taxes. The extra two days have to do with the fact the 15th is a Saturday this year.

If you complain about your taxes, you should go back and check your 2003 return. If you are due a refund and let it expire, you have nobody to blame but yourself. Just think, you could apply it to the amount you owe this year!

The things you need to keep in this file folder include receipts and things of that nature if you will be itemizing your taxes. You will also want to keep track of your expenses, mileage, doctor's visits, student loan interest, rental income, and the like when you are preparing your taxes for your free efile. You will find that you are much happier when it comes time to file because you have everything you could possibly need located in your tax file folder. So, when a question is asked you can find the information and answer it within moments. This is the best way to save time when it comes to efiling.

Remember, that you can have a tax file folder you use all year long. Then, when you have qualifying expenses, charitable donations, or the like, you simply add the information to your file folder and it will sit there waiting for you. That way, when you need this information you will have it and you will be so relieved that you can claim all of your exemptions because you have all of the information located close by to claim. You will also love the fact that you can file your taxes early simply because you were organized and kept all of your tax information in one convenient location. If you get into the practice of this then every single year you will be able to file your taxes early and receive your tax refund early, too. There is no reason to get all caught up in the rush to file your taxes on the very last day when you could easily keep up with your tax information all year long and then simply pull it out when filing time comes. This will save you a lot of stress as well as time looking for documents so give it a try. You will find it is not so difficult to keep up with a tax folder and that it really is a great idea.

There are several methods which can get you your tax refund quicker. It depends on whether you keep detailed records on at least a monthly basis or not. The price of good organization is the rapid response to your tax return. It will help you, if you are a business rather than an individual, to have conscientious employees. You must first have the means to determine whether you have a refund. Some have tax attorneys, if this is your case then insure that you have the very best tax attorney who has a fantastic accountant. They will have your books updated monthly and will probably have your tax return ready to file before January 31. They can submit your return electronically over the internet through your tax attorney. If you aren't in this category then you can take all your expense records which include sales slips, interest for school loans, medical expenses, records of loss from investments, thefts and personal checks from your bank account with your 1090's from all of your jobs to a well known tax agency. They will review your records and assist you in claiming any legal deductions. Some of these agencies will for a percentage of your return provide you a check immediately for any return funds owed you by the federal and state governments.

Another method can be the use of the EZ tax form whereby you only take the standard deduction and skip making detailed deductions. Another method is the EZ eform tax return where the tax payer goes to irs gov and uses tax preparation software free. There are several free contractor provided tax preparation software packages for you to use in preparation of your tax return. Each walks you through your tax return where you can choose whether to take the standard deduction or itemize them. The software is extremely reliable and should enable you to accurately complete your tax return. After they complete the process of correctly preparing their tax return online, you can sign it electronically and submit it immediately. This will start their tax return process much faster than snail mail.

If you want to get your 2008 taxes in early and get your refund quickly, here are Seven Strategies to getting those dollars in your pockets ASAP. Here's what you have to do:

1. Get started
The first step is the hardest. Stop thinking about it and get moving. Until you actually start your return, you'll never finish it. That's probably going to slow down your refund. If you don't have all your numbers, just put your name and address on the form. It will get you in the mind-set to move forward.

2. Accumulate the data
January is collection month. By the end of the first month of 2008, you should have the numbers in hand. Make sure you've gotten W-2s and any statements from your brokers and banks. You'll receive 1099 forms for any interest, dividends, and sales of stock. Your mortgage company will send you a Form 1098 for any interest and real-estate taxes paid. Get those statements together and review the numbers. They're not always right.

3. Put the numbers in IRS categories
Neither the IRS nor your CPA is going to add up those numbers for you. Well, maybe your CPA. Several years ago, a psychiatrist on the Main Line near Philadelphia paid me $150 an hour to open his mail because he couldn't be bothered. In any case, don't even suggest it to the IRS.

You're going to want to have totals for the income and deduction categories the IRS provides. You'll need that final "number" if you're doing your own return, whether by hand or by computer. If you're having your return prepared, you'll want to give that number to your CPA to minimize his or her bill.

I suggest my clients use what I call the "envelope" system. You create an envelope for each of the IRS income/deduction categories. There'll be an envelope for medical expenses, charitable contributions, job expenses, interest paid, etc. Find all the receipts, all the checks, all the invoices and put them in the appropriate envelope.

If you live in a state without an income tax, don't forget to look for numbers for a possible deduction of sales taxes.

These states are: Alaska, Florida, Nevada, New Hampshire, South Dakota, Tennessee, Texas, Washington and Wyoming.

In December 2008, Congress extended a number of tax breaks including the sales-tax and college-expense deductions, as well as increasing the tax-free contribution limits to health savings accounts. These breaks are still on the books for 2008. Although they expire after this year, they likely to be extended for 2008 and beyond.

You can use this simple system all year. Throw all of your receipts into a file or even a shoe box. When you reconcile your checking account, on a monthly or at least a quarterly basis, you break down the checks and receipts according to the categories you selected.

By the end of January, you should have all your checks and receipts broken down in each envelope by deduction category. You add up the receipts and checks (don't double count!), and that's the number you use on your return or give to your preparer.

That's how much you've spent in each deduction category. And, with this system, you never have to fear an audit.

An audit is nothing more than the IRS asking you to prove the numbers you put on your return. You've already done that. Just hand over the deduction-category envelope with the receipts and checks. After a series of matches, it's going to be a quick audit.

4. Analyze the numbers
Sometimes, the raw numbers you have are going to be wrong.

On the income side, you're required to report any and all interest and dividends received, even if you don't receive a Form 1099.

You'll have to match up the sales of stock with the cost of those shares. The number shown by your broker on Form 1099 B is only the sale price. You're not taxed on 100% of that number. You reduce it, on Schedule D of your return, by your cost, including broker's fees. You're only taxed on the net profit.

If you don't sell 100% of your position, you'll have to allocate your costs on a per-share basis.

On the deduction side, you may have deductions not reflected by the raw data.

Say you make your Jan. 1, 2008, mortgage payment on Dec. 31, 2008. The interest you paid won't be reflected on the Form 1098 sent by your mortgage company. That's because they didn't get the check or the online payment until 2008. (If you pay online, be sure your bank records the date that you send the payment properly. A canceled check is still adequate proof.)

Paying before the end of the year transforms your January 2008 payment into a 2008 deduction, and you should run an amortization schedule to compute the additional interest. That additional interest would be shown on line 11 of your Schedule A.

5. Call your accountant
If you're going to have your return professionally prepared, call your accountant now for an appointment.

I know, you're her favorite client. But if you want an appointment tomorrow, you better call her yesterday.

In any case, once you've made that appointment, you've made a commitment to get that return done. And that means you've committed to get ready yourself. Just make sure you've got the numbers in order when you show up. Your wallet will appreciate it.

6. Put ink to paper
Or, at least, open the tax program on your computer. You've got your numbers. If you're doing your own return, put ink to paper. Go to your quiet place and actually do your return.

You've done the real work. Now you're just putting numbers in boxes. Relax; this is really the easy part. Remember, we started with how to get your refund faster.

7. Mail your return
A completed return on your desk that calls for a refund is the IRS' idea of heaven. It's your money. Don't leave it with the IRS. It's bad enough that they've held it all year without paying you any interest on your excess payment. Don't compound the pain by delaying the mailing.

Of course, the best way to speed up your return is to e-file. The IRS appreciates the cost savings and claims it expedites your refund. The IRS is offering what it bills as a free e-filing service. It's not quite free. You may still have to pay a "transmitter" to convert your return into IRS code and send it on.

Source : articles.moneycentral.msn.com

Labels: Seven Steps to Get Eary Tax Refund

The best part about filing your taxes is getting the tax refund check! Chances are, you have been paying your taxes directly, or your employer has been withholding tax dollars from your paychecks. Many individuals overpay on their taxes, so they quickly file their taxes to get their tax refunds and soon as possible.

How do tax refunds work?
Your employer withholds some of money from your paycheck, based on a formula and the information you provided on your W4 when you got hired. This withheld amount is applied towards your tax payment to the IRS.

Because the formula is only based on the allowances you showed on your W4 and of your paycheck, it doesn’t take other factors of your life into consideration. For example, hospital expenses, tuition payments, and childcare expenses aren’t considered.

When you file your taxes, you have the opportunity to claim these expenses as deductions. A deduction reduces your overall income. Therefore, you owe less in taxes and are qualified for tax refunds.
Because you pay taxes to both the federal government and to the state, you might receive two tax refunds. The amount will depend on how much you have overpaid throughout the year. To make sure you receive both tax refunds, you will have to file your taxes with both the federal government and the state government.

How do I get my tax refunds?
To get your tax refunds, you have to file your tax returns. You can do this on your own or by hiring a tax accountant or specialist. You must also make the deadline, which is usually in April, or file for an extension. You can find more information on these topics at the IRS website.

Most individuals opt to file taxes on their own to save from having to pay professional fees to tax specialists. Thanks to the Internet, almost anyone can easily file their taxes online! There are many software and program choices available online.

You will need your W2’s or 1099’s, and other documents to file your taxes. Once you have these documents, you can use online tax filing programs to plug in your information. Tax filing programs are easy to use, with clear instructions and instant help. The program will guide you through each step, and will even help you find deductions to maximize your deductions and refund checks!

If you already filed your federal tax return and are due a refund, you have several options for checking on the status of your refund.

One way is to use “Where’s My Refund?” an interactive tool on simple online instructions guide taxpayers through a process that checks the status of their refund after they provide identifying information shown on their tax return. Once the information is processed, you could get several responses, including:

1. Acknowledgement that your return was received and is in processing.

2. The mailing date or direct deposit date of your refund.

3. Notice that the IRS could not deliver your refund due to an incorrect address. To ensure delivery, you can change or correct your address online.

Where’s My Refund? is a very flexible tool. Whether you split your refund among several accounts, opt for direct deposit into one account, or ask IRS to mail you a check, where’s My Refund? gives you online access to your refund information. You can even use where’s My Refund? If you filed taxes only to claim a refund of the telephone excise tax.

It also includes links to customized information based on the taxpayer’s specific situation. The links guide taxpayers through the steps they need to take to resolve any issues that may be affecting their refund. For example, if you do not get the refund within 28 days from the original IRS mailing date shown on Where’s My Refund?, you can do a refund trace online.

The “Where’s My Refund?” service meets stringent IRS security and privacy certifications. Taxpayers enter identifying information that includes their Social Security number, filing status and the exact amount of the refund shown on the return. This specific information verifies that the person is authorized to access that account and avoids an unsuccessful response.

Split Tax Refunds The IRS Wants You To Save Money

The IRS is offering a new split tax refund option for parties that choose direct deposit for their tax refunds. Why? The agency wants to promote savings.