Thursday, January 4, 2007

TAX TIPS FROM IRS - and My Comments


**TAX TIPS FROM THE IRS**


SEVEN WAYS TO GET A JUMP START ON YOUR TAXES
Earlier is better when it comes to working on your taxes. Taxpayers are encouraged to get a head start on tax preparation, especially since early filers avoid the last minute rush and get their refunds sooner.
Here are seven easy ways to get a good jump on your taxes long before the April deadline is here:
1. Gather your records in advance. Make sure you have all the records you need, including W-2s and 1099s. Don’t forget to save a copy for your files.
Taxxcpa comment: Also you need your home loan statement, Real Estate tax, Charitable donation documentation and Investment Statements. If you bought some large item subject to sales tax, you can add it if you take the sales tax deduction instead of the State Income tax deduction.
2. Get the right forms. They’re available around the clock on the IRS Web site, IRS.gov.
3. Take your time. Don’t forget to leave room for a coffee break when filling out your tax return as rushing can mean making a mistake.
4. Double-check your math and verify all Social Security numbers. These are among the most common errors found on tax returns. Taking care will reduce your chance of hearing from the IRS and speed up your refund.
Taxxcpa comment: You need ALL SSNs, yours, your spouses, your children and, if you go to a paid preparer, you need dates of birth for age-related items affecting your taxes.
5. Get the fastest refund. When you file early, you receive your refund faster. When you choose direct deposit, you receive your refund sooner than waiting for a check.

taxxcpa comment: Don't file too early. Be sure you have all 1099s from banks, etc.
6. E-filing is easy. E-filing catches math problems, provides confirmation your return has been received and gives you a faster refund.
Taxxcpa comment: To find an e-filer near you, type in your zip code after accessing this link
http://www.irs.gov/efile/article/0,,id=118449,00.html
Taxxcpa additional comment: E-filing does NOT start until Jan 12. If you efile that early you may not have all statements from banks, brokers and other income sources.
7. Don’t panic. If you have a problem or a question, remember the IRS is there to help. Try the IRS Web site at IRS.gov or call the IRS customer service number at 1-800-829-1040.
Taxcpa comment: Additiional items to consider: Did you get married, divorced, have a child, sell your home, contiribute to an IRA or to a charity. Use your car for business, make a job-related move to another town.


REFERENCES –KEY ITEMS:
WHERE TO FILE: http://www.irs.gov/file/index.html
RESTORED DEDUCIONS for Sales Tax
http://www.irs.gov//pub/irs-pdf/p600.pdf

OTHER FORMS AND PUBLICATIONS:
Car Expense-- Pub 334,463,535 (See link below)
Sale of Principal Residence-- Pubs 523 and IRC § 121
Sec 179 write-offs for SUVs and other equipment-- Form 4562, Pub 946, IRC §167
Office in Home--- Form 8829, Pub 587
Mutual Fund -- phantom profits, reinvested dividends:-- Pub 550 and 564
Alternative Minimum Tax --- Pub 929 (individuals) Pub 542 (corporations)
Link to IRS forms and publications:http://www.irs.gov/formspubs/index.html
Link to IRS Section No. http://www.taxalmanac.org/index.php/Internal_Revenue_Code
To subscribe to IRS Newswire http://www.irs.gov/newsroom/content/0,,id=103381,00.html
=>SEE ARCHIVES FOR December (81 blogs) ==>
Link to IRS forms and publications:
http://www.irs.gov/formspubs/index.html
TO CONTACT ME OR SUBSCRIBE TO THIS BLOG:
Email me at taxxcpa2007@hotmail.com

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This information is not intended to be advice to the recipient. In compliance with Treasury Department Circular 230, unless stated to the contrary, any Federal Tax advice contained in this Blog was not intended or written to be used and cannot be used for the purposes of avoiding penalties.
















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