Tag Archives: IRS

How to Get Your Prior Year Tax Information from the IRS

Taxpayers who need certain prior year tax return information can obtain it from the IRS. Here are nine things to know if you need federal tax return information from a previously filed tax return.

  1. There are three options for obtaining free copies of your federal tax return information – on the web, by phone or by mail.
  2. The IRS does not charge a fee for transcripts, which are presently available for the current tax year as well as the past three tax years.
  3. A tax return transcript shows most line items from your tax return as it was originally filed, including any accompanying forms and schedules.  It does not reflect any changes made after the return was filed.
  4. A tax account transcript shows any later adjustments either you or the IRS made after the tax return was filed. This transcript shows basic data – including marital status, type of return filed, adjusted gross income and taxable income.
  5. To request either transcript online, go to http://www.irs.gov and look for our new online tool called Order A Transcript. To order by phone, call 800-908-9946 and follow the prompts in the recorded message.
  6. To request a 1040, 1040A or 1040EZ tax return transcript through the mail, complete IRS Form 4506T-EZ, Short Form Request for Individual Tax Return Transcript. Businesses, partnerships and individuals who need transcript information from other forms or need a tax account transcript must use the Form 4506T, Request for Transcript of Tax Return.
  7. If you order online or by phone, you should receive your tax return transcript within 5 to 10 days from the time the IRS receives your request. Allow 30 calendar days for delivery of a tax account transcript if you order by mail using Form 4506T or Form 4506T-EZ.
  8. If you still need an actual copy of a previously processed tax return, it will cost $57 for each tax year that you order.  Complete Form 4506, Request for Copy of Tax Return, and mail it to the IRS address listed on the form for your area.  Copies are generally available for the current year as well as the past six years. Please allow 60 days for actual copies of your return.
  9. Visit http://www.irs.gov to determine which form will meet your needs. Forms 4506, 4506T and 4506T-EZ can be found at http://www.irs.govor by calling the IRS forms and publications order line at 800-TAX-FORM (800-829-3676).

Links:

  • Form 4506-T, Request for Transcript of Tax Return (PDF 45.3K)
  • Form 4506, Request for Copy of Tax Form (PDF 42.3K)

Get A Six-Month Tax Extension!!!

What is Extension Tax?

You may need more time to prepare your federal income tax return, and then you can file an Extension for time to file tax returns. Please be aware that an extension of time to file your return does not grant you any extension of time to pay your tax liability.

If you are not able to file your federal individual income tax return by the due date, you may be able to get an automatic 6-month extension of time to file. To do so, you must file Form 4868, Application for Automatic Extension of Time To File U.S. Individual Income Tax Return by the due date for filing your calendar year return (usually April 15) or fiscal year return.

Other Extension Tax forms that we support are:

Form 7004, Application for Automatic Extension of Time To File Certain Business Income Tax, Information, and Other Returns

Form 8868, Application for Extension of Time To File an Exempt Organization Return.

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Why e-file an Extension?

The answer is easy; you want to avoid extra charges.

Your income tax return is due on April 18, 2011. Late charges may add as much as 50% to your tax bill.

If you don’t file your tax return by that date, then you will be subject to Late Filing Penalties and interest.

These penalties can cost you hundreds and often thousands of dollars. The normal penalty for late filing is 4.5% of tax owed for each month or part thereof; or up to 22% total over five months. The minimum for over 60 days late on your tax return, is the lesser of $100 dollars or 100 percent of tax owed.

By filing an extension, you will avoid Late Filing Penalties. Our fee is considerably less than those potential penalties you may incur. Not to mention the peace of mind that our service provides to you.

Therefore, you can easily determine and understand the benefits of filing your own tax extension through our service. Late Penalties are normally one half of the tax owed for each month, or part of a month, alternatively the 25% maximum penalty is applied.

If your taxes are unpaid 10 days after the IRS issues a notice of levy, the half of one percent increases to one percent. Individuals who file by the return due date, will be charged one quarter percent for any month in which an installment is in effect.

In general the interest is calculated on any unpaid balance from the due date of your tax return until the date of payment. This interest rate is the federal short-term rate plus three percent, which is determined every 3 months.

Note: Please visit www.IRS.gov for updated penalties and interest details for 2011.

Eight Facts About Filing Status

The first step to filing your federal income tax return is to determine which filing status to use. Your filing status is used to determine your filing requirements, standard deduction, eligibility for certain credits and deductions, and your correct tax. There are five filing statuses: Single, Married Filing Jointly, Married Filing Separately, Head of Household and Qualifying Widow(er) with Dependent Child.

Here are eight facts about the five filing status options the IRS wants you to know so that you can choose the best option for your situation. Continue reading

IRS Reminds Small Charities to Check Their Reporting Requirements Because They May Have Gotten Simpler

The Internal Revenue Service today announced that small tax-exempt organizations may be able to shift to the simpler Form 990-N (e-Postcard) for their 2010 annual information reporting.

The IRS today issued guidance (Revenue Procedure 2011-15) that will allow more tax-exempt organizations to file the e-Postcard rather than the Form 990-EZ or the standard Form 990.

For tax years beginning on or after Jan. 1, 2010, most tax-exempt organizations whose gross annual receipts are normally $50,000 or less can file the e-Postcard. The threshold was previously set at $25,000 or less. (However, supporting organizations of any size must file the standard Form 990 or, if eligible, Form 990-EZ).

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