Tax Article
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Divorce, Taxes, and the IRS
by: Howard Iken
In Divorce, potential tax liability can frequently become the tool for one spouse to use against the other spouse. If improperly used, this tool can destroy all of the marital assets. In the worst case, tax liability can seriously impact the future financial security of either spouse and subject them to criminal sanctions.
Situation 1 - Your Spouse Owns a Business
The most common situation where taxes become an issue in a divorce is they there is a family business. The owner - spouse may have hidden cash receipts or engage in a practice of recording inflated expenses. This common practice by many business owners is a fraudulent attempt to minimize taxes. The other spouse is often aware of and approves of this practice. During the marriage, minimization of taxes results in higher household income and a better lifestyle for the couple.
This practice is illegal or borders on illegal. During the marriage it is a secret between the married couple. But during a divorce each spouse may try to use past tax behavior to gain an advantage. The owner - spouse wants to minimize past income in an effort to lower child support, alimony, or division of marital property. Of course the other spouse wants to prove the opposite.
The result is a game of chicken - with one spouse threatening to turn the other spouse in to the IRS. This is a dangerous game for all involved. Do it yourselfers will find the situation blowing up in their face. People with attorneys may find the attorney reluctant to deal with the situation.
The Potential Problems:
• Your Attorney cannot assist the owner/spouse commit the crime of tax evasion.
• The non-owner spouse may end up liable for half of the back taxes, penalties, and fines.
• The divorce court Judge may decide to turn everyone in.
• In an extreme situation, everyone can go to jail.
Situation 2 - You Make a Surprise Discovery: Your Spouse is a Tax Cheat
Another common situation in divorce: the sudden realization that a spouse is a tax cheat – and you were completely unaware until the divorce.
The Potential Problems:
• You may end up owing the IRS half the overdue taxes.
• You may end up owing the IRS the ENTIRE tax bill.
• The overdue tax bill may be double the actual unpaid taxes, due to penalties, fines, and interest.
The Potential Solution:
The IRS has a provision called Innocent Spouse Relief. This provision gives complete or partial tax forgiveness to an innocent spouse. But be aware - the definition of “innocent” is technical, elusive, and difficult to understand.
Two available forms of tax relief:
• Innocent Spouse Relief - Discharge of Liability
• Separate Tax Liability for Each Spouse
The first form of relief wipes out your tax debt in part or full. You must have not had any knowledge of the incorrect or fraudulently prepared tax returns. That means you cannot look like you were aware of any part of the return. Also, you must not have benefited from the hidden income. That means you cannot be driving a Mercedes and at the same time signing a tax return that show $200/week in income.
The second form of relief is slightly easier to get. If you qualify, the IRS will separate out the tax liability of your income from your spouse’s hidden income. This type of relief may have the effect of wiping out extreme tax bills and penalties.
The Bottom Line: Always be aware of these types of tax situations. The financial effect can be far worse than the divorce. If you believe this type of problem is in your future, start preparing immediately. Do not sign a joint tax return for your upcoming tax filing. File married-filing-separately. The moment you suspect a potential tax liability, begin to separate your financial life from your spouse’s financial life and then promptly file for divorce.
Copyright 2006 The Divorce Center P.A.
What is a Tax Attorney?
When a taxpayer has problems with the Internal Revenue Service, or the state department of revenue, he may be able to solve it himself. However, with the intricacies of
A tax attorney specializes in working with taxpayers to solve their problems with the IRS or state revenue department. In fact, they generally focus only on tax issues and relief. A tax attorney can help a taxpayer in trouble make it through an audit, have fines reduced, liens removed, and can navigate through the minefield of small business and self-employment tax issues.
Many small business owners consider their tax attorney to be as vital as their accountant. This is because a good tax attorney can help head off tax problems before they even begin. He or she can see potential trouble spots for a business and can advise the owner how to avoid them.
A person looking for a tax attorney shouldn’t call the first one listed in the phone book. He should look around, ask friends, or even his personal attorney (if he has one) to recommend a good tax specialist. As a prospective client, the taxpayer should look for a tax attorney with extensive experience in dealing with the IRS, in debt management cases, and in working with real live taxpayers. He should also ask the attorney for references. The taxpayer should also make certain his tax attorney is a member of the American Bar Association and the state bar association. A client should also make sure he knows what his attorney’s rates are, and make arrangements for payment early on in the consultation process preparation.
If a taxpayer finds himself in over his head where the IRS is concerned, he should certainly consult a tax attorney. Tax fines tend to snowball, and it is always in the taxpayer’s best interests to get problems solved while they are still relatively small ones. Waiting until the last minute to see a tax attorney could be extremely costly, and might result in jail time for the taxpayer, as well as higher legal fees.
Money invested in the services of a tax attorney can be considered a wise investment for a taxpayer.
What is a Tax Attorney?
When a taxpayer has problems with the Internal Revenue Service, or the state department of revenue, he may be able to solve it himself. However, with the intricacies of
A tax attorney specializes in working with taxpayers to solve their problems with the IRS or state revenue department. In fact, they generally focus only on tax issues and relief. A tax attorney can help a taxpayer in trouble make it through an audit, have fines reduced, liens removed, and can navigate through the minefield of small business and self-employment tax issues.
Many small business owners consider their tax attorney to be as vital as their accountant. This is because a good tax attorney can help head off tax problems before they even begin. He or she can see potential trouble spots for a business and can advise the owner how to avoid them.
A person looking for a tax attorney shouldn’t call the first one listed in the phone book. He should look around, ask friends, or even his personal attorney (if he has one) to recommend a good tax specialist. As a prospective client, the taxpayer should look for a tax attorney with extensive experience in dealing with the IRS, in debt management cases, and in working with real live taxpayers. He should also ask the attorney for references. The taxpayer should also make certain his tax attorney is a member of the American Bar Association and the state bar association. A client should also make sure he knows what his attorney’s rates are, and make arrangements for payment early on in the consultation process preparation.
If a taxpayer finds himself in over his head where the IRS is concerned, he should certainly consult a tax attorney. Tax fines tend to snowball, and it is always in the taxpayer’s best interests to get problems solved while they are still relatively small ones. Waiting until the last minute to see a tax attorney could be extremely costly, and might result in jail time for the taxpayer, as well as higher legal fees.
Conventional Way for Tax Filing
The easiest and quickest way to file a return and obtain a refund, is to do this electronically–a practice already used by more than half of all taxpayers. The conventional way of filing taxes with the IRS has been opposed by online tax filing systems in recent times. Filing online will allow you to get your tax refund in as little as 10 days.
The process of filing taxes online is simple and trouble free. The customer first prepares his tax papers personally or approaches professional tax consultants to do so on his behalf. After the tax papers have been prepared they can be effortlessly filed through an IRS e-file provider. Filing can be done online as well, but if an individual is not sure about the mechanics, it is better to seek professional guidance. Usually most tax experts will be licensed IRS e-file providers. The relevant documents are signed and retained by the customer for future reference. The IRS e-file provider then files the returns electronically on the behalf of the customers. Next, the IRS e-file provider sends the customer an acknowledgement mentioning the current status of the filing process.
Online filing eliminates the need for going through tiring steps of rushing to the local IRS offices and post offices and waiting in never ending queues to post the papers before the due date. Office hopping has been completely eliminated. The only thing required is a reliable computer and Internet connection. Mistakes and errors can be corrected online in comparatively less time. Online tax filing has reduced the time gap prior to receiving tax refunds and papers can be printed to maintain precise records for future reference. Online tax filing also facilitates tax payments using credit cards. It has reduced back office processing time considerably.
Join the millions of people who have discovered how easy, online tax filing can be. The cost will be much less, your tax forms will get to the IRS with no hand-written errors, and you’ll get your Tax Refunds in as little as 10 days.
Labels Easy Online Tax Filling
Online Income Tax Filling.
Online Income Tax Option.
The list of the advantages you can experience by doing online income tax preparation and filing is pretty impressive. That’s one reason that 53 million taxpayers went with the online filing option last year and that millions more will probably join them this year. After all, why not do your taxes in the easiest, fastest, and most accurate way possible.
Online Tax Return starts the same way no matter which filing option you choose. Inevitably,you are the one who will have to gather your tax documents, receipts, and other information pertinent to your taxes. Once you’ve done that much, however, the rest of the process really changes when you do your taxes online.
Online Income Tax Advantages
Below is a list of the advantages you will enjoy when you do your taxes online:
* Once you have determined which form to use, you will be asked a series of questions and will simply enter information from your tax documents into the appropriate fields on your screen.
* You may have the option to have your W-2 and 1098 information pulled directly off the Internet by your vendor thus eliminating some data entry.
* You don’t have to pay for the service until your return is completed and you are ready to submit it or print it out for mailing.
* Before you get to the final version, the program will usually do an error review in order to eliminate problems that could cause a delay in your tax refund if you have one coming.
* You will get an emailed confirmation of receipt from the IRS, often within a day or so.
* If you owe taxes, you can pay online using a credit card or electronic check.
* If you are expecting a refund and elect the direct deposit option, your refund will be there in days rather than weeks.
* Most online tax preparation vendors offer some form of help including online tax tips, email, and/or phone support.
What is a Tax Attorney?
When a taxpayer has problems with the Internal Revenue Service, or the state department of revenue, he may be able to solve it himself. However, with the intricacies of
A tax attorney specializes in working with taxpayers to solve their problems with the IRS or state revenue department. In fact, they generally focus only on tax issues and relief. A tax attorney can help a taxpayer in trouble make it through an audit, have fines reduced, liens removed, and can navigate through the minefield of small business and self-employment tax issues.
Many small business owners consider their tax attorney to be as vital as their accountant. This is because a good tax attorney can help head off tax problems before they even begin. He or she can see potential trouble spots for a business and can advise the owner how to avoid them.
A person looking for a tax attorney shouldn’t call the first one listed in the phone book. He should look around, ask friends, or even his personal attorney (if he has one) to recommend a good tax specialist. As a prospective client, the taxpayer should look for a tax attorney with extensive experience in dealing with the IRS, in debt management cases, and in working with real live taxpayers. He should also ask the attorney for references. The taxpayer should also make certain his tax attorney is a member of the American Bar Association and the state bar association. A client should also make sure he knows what his attorney’s rates are, and make arrangements for payment early on in the consultation process preparation.
If a taxpayer finds himself in over his head where the IRS is concerned, he should certainly consult a tax attorney. Tax fines tend to snowball, and it is always in the taxpayer’s best interests to get problems solved while they are still relatively small ones. Waiting until the last minute to see a tax attorney could be extremely costly, and might result in jail time for the taxpayer, as well as higher legal fees.
Money invested in the services of a tax attorney can be considered a wise investment for a taxpayer.
Tax Refund
In the United States, taxpayers will get a tax refund, a refund on their U.S. income tax, if the tax they owe is less than the sum of:
* The total amount of refundable tax credits that they claim.
* The total amount of withholding that they paid.
According to the Internal Revenue Service, 77% of tax returns filed in 2004 received a refund check, with the average refund check being $2,100. Taxpayers may choose to have their refund directly deposited into their bank account, have a check mailed to them, or have their refund applied to the following year’s income tax. As of 2006, taxfilers may now split their tax refund with direct deposit in up to three separate accounts with three different financial institutions. This has given taxpayers an excellent opportunity to save and spend some of their refund (rather than only spend their refund)
Every year, a number of
Refund anticipation loans are a common means to receive a tax refund early, but at the expense of high fees that can reach over 2,000% annual interest. In the 1990s, refunds could take as long as twelve weeks to come back to the taxpayer; however, the average time for a refund is now six weeks, with refunds from electronically filed returns coming in three weeks.
Some people believe that getting a large tax refund is not the greatest thing; that instead, it represents a loan paid back by the government interest-free. Optimally, a return should result in a payment owed of just less than would cause a penalty charge, which is 100% of the prior year’s tax (110% for high income individuals), 90% of the current year’s tax, or $1,000 for individuals who have direct withholding and do not pay estimated tax). However, some people use the tax refund as a simple “savings plan” where they’re pleasantly surprised to get money back each year (even though it is excess money that they paid earlier in the year). Another argument is that it is better to get a refund rather than to owe money, because in the latter case one might find oneself without sufficient money in the checking account to pay the necessary payment. When properly filled out, the Form W-4 will withhold approximately the correct amount of tax to eliminate a refund or amount owed, assuming the W-4 was filled out at the beginning of the tax year.
Tips for Finding the Right Tax Accountant
Taxpayers of all types can benefit from hiring a tax accountant. But before you spend your hard-earned cash, here’s some simple steps you can take to protect yourself, to find the right professional for your situation, and some questions to ask.
Understand Why You Need a Tax Accountant
You should take some time to focus on exactly what you need your tax accountant to do. Here are some common situations:
* Preparing your own taxes is time-consuming, stressful, or confusing.
* You want to make sure your tax returns are accurate.
* Your tax situation is pretty complex, and you need specialized advice and tips.
* You would like to pay as little taxes as possible, and need detailed planning and advice.
* You are facing a tax problem, such as filing back taxes, paying off a tax debt, or fighting an IRS audit.
* You run a business, invest in the stock market, own rental property, or live outside the
Finding Tax Accountants
You should find an experienced tax accountant who specializes in the areas you need help with. Here are my tips for finding the right professional who has the specialized tax expertise you need:
* Referrals are your best bet. Ask everyone you can think of: family, friends, business owners, financial advisors and attorneys. It will help to ask someone who has a similar tax situation to yours.
* Be wary of an accountant who promises you big refunds or that says you can deduct everything. You, not the accountant, are ultimately responsible for the information on your tax return.
* Do not be afraid to shop around or to change accountants if you are not comfortable.
* Retail tax franchises such as H&R Block, Jackson Hewitt, and
* Local, independent tax firms often specialize in the tax needs of individuals and small businesses in their neighborhood. Again, some independent tax accountants will be more experienced than others. Ask if the firm has the expertise to handle your taxes.
* Enrolled Agents (EAs) are tax professionals who have passed a rigorous test and background check administered by the IRS. Enrolled agents often specialize and are best for complex tax situations.
* Certified Public Accountants (CPAs) are accountants who have passed the rigorous CPA Exam and are licensed by the state they work in. CPAs will specialize in a specific area, such as audits, tax, or business consulting. CPAs are best are complex accounting work, and not all CPAs handle tax issues.
* Tax attorneys are lawyers who have chosen to specialize in tax law. Often, tax attorneys will have a master of laws degree in taxation (LL.M.) in addition to the required juris doctor (J.D.) degree. Attorneys are best at complex legal matters, such as preparing estate tax returns or taking your case before the US Tax Court. For more information, see When Do You Need a Tax Attorney?
Questions to Ask a Tax Accountant
The tax industry is constantly changing and tax professionals are subject to various federal and state regulations. Here are some questions you can ask to help ensure you find an experienced, trustworthy tax accountant:
* What licenses or designations do you have?
* How long have you been in the tax business?
* What tax issues do you specialize in?
* Do you have the knowledge and experience to handle my tax situation?
* What are your fees?
* Do you outsource any of your work? Do you perform the work personally? If not, what is the review process? Who signs the returns?
* How long, approximately, will it take to finish my taxes?
* What’s your privacy policy? Will you share my tax information with any third-parties?
* Do you believe I’m paying too much, too little, or just the right amount of tax?
Tax accountants come from a wide variety of backgrounds, and have different attitudes about the
After your interview, you’ll want to perform a quick background check. Contact your state’s board of accountacy to check the status of a CPA’s license, or to find out if any disciplinary action taken against the CPA. For enrolled agents, you can ask the IRS Office of Professional Responsibility if an EA has been censured, disbarred or subjected to other disciplinary action.
Tax preparation
Tax preparation is the act of preparing the filing of income tax returns. Because
Tax preparation may be done by the filer, with the help of a Certified Public Accountant, with the help of a tax preparation business, or with the help of tax preparation software and online services.
The Free File Alliance provides free electronic tax filing services for individuals with less than $52,000 adjusted gross income.
Controversy
The cost of preparing and filing all business and personal tax returns is estimated to be $250-$300 billion each year. According to a 2005 report from the U.S. Government Accountability Office, the efficiency cost of the tax system-the output that is lost over and above the tax itself-is between $240 billion and $600 billion every year. That means Americans spent for preparation roughly 20% of the amount collected in taxes In addition, tax preparation businesses have been plagued with controversies such as over Refund anticipation loans.
Tax lien
A tax lien is a lien imposed on property by law to secure payment of taxes. Tax liens may be imposed for delinquent taxes owed on real property or personal property, or as a result of failure to pay income taxes or other taxes.
Tax liens in connection with property taxes
Unlike personal debts, tax liens on real estate “run with the land”; that is, a property owner becomes responsible for payment even if the tax obligation was incurred by a prior owner. Depending on the law of the State or jurisdiction, the owner of the property may also be personally liable for payment of the taxes.
Payment of a tax lien may occur through various methods:
* Payment may be made directly by the property owner or, in many cases, indirectly by the mortgage holder using an escrow account. Notice is given both to the property owner and mortgage holder when a property tax is delinquent; thus, even if the property owner does not have an escrow account on the mortgage, the mortgage company will receive notice of the delinquency and may pay the tax. The mortgage company will then demand repayment from the owner/borrower and/or create an escrow account to recoup the proceeds, since the mortgage company might lose some of the value of its mortgage lien if the property were sold by the taxing agency to satisfy unpaid taxes foreclosure.
* If a property is sold by the owner prior to tax foreclosure by the government body, the tax lien (which is generally discovered as part of a title search) is usually paid as part of closing costs from the sale proceeds.
* Procedures vary from State to State. Generally, in the event a tax lien on personal property is not paid within a specified time (and after several notices are generally given), the property may be seized and sold at foreclosure sale. On real property, one of two methods may be used: either the property may be seized and sold (a tax deed sale), or in some States the tax lien may be offered to investors (in the form of a tax lien certificate) with an accompanying right for the investor, after a specified period of time, to institute foreclosure proceedings (a tax lien sale).
Federal tax lien in the
In the
Federal tax lien basics
Internal Revenue Code section 6321 provides:
Sec. 6321. LIEN FOR TAXES.
If any person liable to pay any tax neglects or refuses to pay the same after demand, the amount (including any interest, additional amount, addition to tax, or assessable penalty, together with any costs that may accrue in addition thereto) shall be a lien in favor of the United States upon all property and rights to property, whether real or personal, belong to such person.
Internal Revenue Code section 6322 provides:
Sec. 6322. PERIOD OF LIEN.
Unless another date is specifically fixed by law, the lien imposed by section 6321 shall arise at the time the assessment is made and shall continue until the liability for the amount so assessed (or a judgment against the taxpayer arising out of such liability) is satisfied or becomes unenforceable by reason of lapse of time.
The term “assessment” refers to the statutory assessment made by the Internal Revenue Service (IRS) under 26 U.S.C. § 6201 (that is, the formal recording of the tax in the official books and records of the U.S. Department of the Treasury). Generally, the “person liable to pay any tax” described in section 6321 must pay the tax within ten days of the written notice and demand. If the taxpayer fails to pay the tax within the ten day period, the tax lien arises automatically (i.e., by operation of law), and is effective retroactively to (i.e., arises at) the date of the assessment, even though the ten day period necessarily expires after the assessment date.
Under the doctrine of Glass City Bank v. United States, the tax lien applies not only to property and rights to property owned by the taxpayer at the time of the assessment, but also to after-acquired property (i.e., to any property owned by the taxpayer during the life of the lien).
The statute of limitations under which a Federal tax lien may become “unenforceable by reason of lapse of time” is found at 26 U.S.C. § 6502. For taxes assessed on or after November 6, 1990, the lien generally becomes unenforceable ten years after the date of assessment. For taxes assessed on or before November 5, 1990, a prior version of section 6502 provides for a limitations period of six years after the date of assessment. Various exceptions may extend the time periods.
Perfection of Federal tax liens against third parties (the Notice of Federal Tax Lien)
A Federal tax lien arising by law as described above is valid against the taxpayer without any further action by the government.
The general rule is that where two or more creditors have competing liens against the same property, the creditor whose lien was perfected at the earlier time takes priority over the creditor whose lien was perfected at a later time (there are exceptions to this rule). Thus, if the government (which is treated as a “creditor” with respect to unpaid taxes) properly files a Notice of Federal Tax Lien (NFTL) before another creditor can perfect its own lien, the tax lien will often take priority over the other lien.
To “perfect” the tax lien (to create a priority right) against persons other than the taxpayer (such as competing creditors), the government generally must file the NFTL in the records of the county or state where the property is located, with the rules varying from state to state. At the time the notice is filed, public notice is deemed to have been given to the third parties (especially the taxpayer’s other creditors, etc.) that the Internal Revenue Service has a claim against all property owned by the taxpayer as of the assessment date (which is generally prior to the date the NFTL is filed), and to all property acquired by the taxpayer after the assessment date. (As noted above, the lien attaches to all of a taxpayer’s property such as homes, land and vehicles and to all of a taxpayer’s rights to property such as promissory notes or accounts receivable.) Although the Federal tax lien is effective against the taxpayer on the assessment date, the priority right against third party creditors arises at a later time: the date the NFTL is filed.
Subsequent liens taking priority over previously filed Federal tax liens
In certain cases, the lien of another creditor (or the interest of an owner) may take priority over a Federal tax lien even if the NFTL was filed before the other creditor’s lien was perfected (or before the owner’s interest was acquired). Some examples include the liens of certain purchasers of securities, liens on certain motor vehicles, and the interest held by a retail purchaser of certain personal property.
Federal law also allows a state — if the state legislature so elects by statute — to enjoy a higher priority than the Federal tax lien with respect to certain state tax liens on property where the related tax is based on the value of that property. For example, the lien based on the annual real estate property tax in
Notice of release of Federal tax lien
In order to have the record of a lien released a taxpayer must obtain a Release of the Notice of Federal Tax Lien. Generally, the IRS will not issue a notice of release of lien until the tax has either been paid in full or the IRS no longer has a legal interest in collecting the tax. The IRS has standardized procedures for lien releases, discharges and subordination. In situations that qualify for the removal of a lien, the IRS will generally remove the lien within 30 days and the taxpayer may receive a copy of the Certificate of Release of Federal Tax Lien.
The difference between a Federal tax lien and an administrative levy
The creation of a tax lien, and the subsequent issuance of a Notice of Federal Tax Lien, should not be confused with the issuance of a Notice of Intent to Levy under 26 U.S.C. § 6331(d), or with the actual act of levy under 26 U.S.C. § 6331(a). The term “levy” in this narrow technical sense denotes an administrative action by the Internal Revenue Service (i.e., without going to court) to seize property to satisfy a tax liability. The levy “includes the power of distraint and seizure by any means. The general rule is that no court permission is required for the IRS to execute a section 6331 levy.
In other words, the Federal tax lien is the government’s statutory right that encumbers property to secure the ultimate payment of a tax. The Federal tax levy is the actual seizure of that property.
In general, a Notice of Intent to Levy must be issued by the IRS at least thirty days prior to the actual levy. Thus, while a Notice of Federal Tax Lien generally is issued after the tax lien arises, a Notice of Intent to Levy (sometimes misleadingly called simply a “notice of levy”) generally must be issued before the actual levy is made.
Also, while the Federal tax lien applies to all property and rights to property of the taxpayer, the levy is subject to certain restrictions. That is, certain property covered by the lien may be exempt from an administrative levy. (Property covered by the lien that is exempt from administrative levy may, however, be taken by the IRS if the IRS obtains a court judgment.)
A detailed discussion of the administrative levy, and the related Notice, is beyond the scope of this article.
In connection with Federal taxes in the
Conventional Way for Tax Filing
The easiest and quickest way to file a return and obtain a refund, is to do this electronically–a practice already used by more than half of all taxpayers. The conventional way of filing taxes with the IRS has been opposed by online tax filing systems in recent times. Filing online will allow you to get your tax refund in as little as 10 days.
The process of filing taxes online is simple and trouble free. The customer first prepares his tax papers personally or approaches professional tax consultants to do so on his behalf. After the tax papers have been prepared they can be effortlessly filed through an IRS e-file provider. Filing can be done online as well, but if an individual is not sure about the mechanics, it is better to seek professional guidance. Usually most tax experts will be licensed IRS e-file providers. The relevant documents are signed and retained by the customer for future reference. The IRS e-file provider then files the returns electronically on the behalf of the customers. Next, the IRS e-file provider sends the customer an acknowledgement mentioning the current status of the filing process.
Online filing eliminates the need for going through tiring steps of rushing to the local IRS offices and post offices and waiting in never ending queues to post the papers before the due date. Office hopping has been completely eliminated. The only thing required is a reliable computer and Internet connection. Mistakes and errors can be corrected online in comparatively less time. Online tax filing has reduced the time gap prior to receiving tax refunds and papers can be printed to maintain precise records for future reference. Online tax filing also facilitates tax payments using credit cards. It has reduced back office processing time considerably.
Join the millions of people who have discovered how easy, online tax filing can be. The cost will be much less, your tax forms will get to the IRS with no hand-written errors, and you’ll get your Tax Refunds in as little as 10 days.
Labels Easy Online Tax Filling
Online Income Tax Filling.
Online Income Tax Option.
The list of the advantages you can experience by doing online income tax preparation and filing is pretty impressive. That’s one reason that 53 million taxpayers went with the online filing option last year and that millions more will probably join them this year. After all, why not do your taxes in the easiest, fastest, and most accurate way possible.
Online Tax Return starts the same way no matter which filing option you choose. Inevitably,you are the one who will have to gather your tax documents, receipts, and other information pertinent to your taxes. Once you’ve done that much, however, the rest of the process really changes when you do your taxes online.
Online Income Tax Advantages
Below is a list of the advantages you will enjoy when you do your taxes online:
· Once you have determined which form to use, you will be asked a series of questions and will simply enter information from your tax documents into the appropriate fields on your screen.
* You may have the option to have your W-2 and 1098 information pulled directly off the Internet by your vendor thus eliminating some data entry.
* You don’t have to pay for the service until your return is completed and you are ready to submit it or print it out for mailing.
* Before you get to the final version, the program will usually do an error review in order to eliminate problems that could cause a delay in your tax refund if you have one coming.
* You will get an emailed confirmation of receipt from the IRS, often within a day or so.
* If you owe taxes, you can pay online using a credit card or electronic check.
* If you are expecting a refund and elect the direct deposit option, your refund will be there in days rather than weeks.
* Most online tax preparation vendors offer some form of help including online tax tips, email, and/or phone support.
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