Although it is not mandatory, you may send a payment for the estimated balance due in order to avoid the addition of any penalties and interest. Here is more information about applying for an extension or making an estimated tax payment.
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Responding to an IRS Notice Although no one wants to open a letter from IRS, the best advice is to just open it, read it and deal with it in a timely manner. In reality, many IRS letters can be dealt with simply and painlessly. The following page has more information about IRS Notices regarding collection actions. Any taxpayer has the right to appeal an IRS decision.
If you disagree with the IRS about the amount of your tax liability or about proposed collection actions, you have the right to ask the IRS Appeals Office to review your case. We have helped many clients appeal their tax liabilities, often reducing or even eliminating the entire tax debt. Here is more information about resolving a dispute with the IRS. Filing an Amended Return While the IRS usually corrects math errors or requests missing forms such as W-2s or schedules without requiring that an amended return be filed, there are certain instances where an amended return is necessary.
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These include a missed deduction, a missed tax credit, an overlooked income adjustment or a change in filing status. Although a tax return can be amended within three years from the date of the original return or within two years from the date a tax was paid, the best time to file an amended return varies according to whether you owe additional tax or are due a refund.
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Call info bchconsulting. Here are four suggestions for getting your taxes filed early: Gather your records in advance. Make sure you have all the records you need, including W-2s and s. Make copies for your files too.
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Get the right forms. They are available around the clock on IRS. Take your time. A small error can cause a significant delay in the processing of your return and can even reduce the amount of your refund. Double-check your math calculations and your Social Security number. Errors in either one of these areas will delay the processing of your tax return. If you are filing to claim an additional refund, wait until you have received your original refund before filing an amended tax return.
However, if you find that you actually owe additional tax for the prior year, you must amend the return with the IRS and pay the additional tax by April 15th of that year in order to avoid the addition of any penalties or interest. Hours of Operation Monday — Friday: am — pm Saturday: am — pm Evening and weekend appointments. Tax-Related Resources. Industries of Focus.
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Contact Information. I have had many stories about my tax situation.
My brother and I owned my parents property for over 10 years. We sold it in when they went into a nursing home. We each received about 60k after splitting the money. Do we pay taxes on this money.
Frequently Asked Questions About Individual Income
Everyone I have asked give my different answers. Ok, what about those who file a EZ? Search the Blog Latest tax and finance news and tips.
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Tax season is well under way, and as you feverishly work toward getting everything together, here are some lesser-known tax facts you might not be aware of: Tax deadline: April 18th! Post navigation. How do I file a schedule M if my Turbo Tax did not include it automatically?