![]() |
Taxes Information |
|
Tax Trap #5 -- Ignoring The IRS (and the 5 best ways to contact them!)
We all love to criticize the IRS, don't we? And I'mjust as guilty as anyone. It's easy to ridicule a hugeorganization of government bureaucrats who often seemto be Public Enemy #1. Our negative attitude toward the IRS can lead to astrong desire to just ignore it altogether. Butself-employed people who ignore the IRS do so at theirown peril. So when it comes to providing free information abouttaxes, let's not throw the baby out with the bath water.The IRS does provide some excellent resources to helpus make the best of a potentially bad situation. If you need tax assistance and prefer not to pay for it,do not overlook these five ways to obtain help from the IRS: 1. The Internet http://www.irs.gov There's a wealth of information just for small businessowners and self-employed people at:http://www.irs.gov/smallbiz Here you'll find everything from how to obtain a federalbusiness tax ID to a free 6-session streaming videopresentation of the "IRS Small Business Workshop."Also known as the Small Business Self-Employed OnlineClassroom, you can access this directly at:www.irs.gov/businesses/small/article/0,,id=97726,00.html If you prefer to attend an IRS small business workshop inperson, check here to see what's available in your state:www.irs.gov/businesses/small/article/0,,id=99202,00.html Need tax forms and/or their instructions?Look no further than the IRS website:http://www.irs.gov/formspubs/index.html Here you'll find a boatload of links to every tax formimaginable, available as downloadable PDF files orin fill-in format. All form instructions can also bedownloaded. http://www.irs.gov/formspubs/lists/0,,id=97817,00.html The IRS has many free publications that explain virtuallyevery major (and many minor) tax topics in great detail.Sure, IRS "pubs" are not always written in the mostentertaining style, but, hey, remember the price.http://www.irs.gov/formspubs/lists/0,,id=97819,00.html 2. Telephone Hotlines. Special toll-free numbers exist for the following: -- To order forms & pubs: 800-829-3676(in case you'd like to receive a paper copy via snail-mail) -- To ask business tax questions: 800-829-4933 -- To ask personal tax questions: 800-829-1040Use common sense when phoning the IRS: to avoid longwait times, don't call on Monday morning. And no matterwhen you call, be prepared! Write out your questionsbeforehand and have all relevant documentation in frontof you, as well as a favorite book or magazine to readduring the inevitable wait time. Stay calm; don't yell;treat the IRS employee like a human being and he/shewill likely return the favor. -- Need help with long-standing problems: 877-777-4778 -- Prerecorded messages on 140 topics: 800-829-4477 3. TaxFax Service. You can receive most IRS forms instructions via faxby calling 703-368-9694 from your fax machine. 4. CD-ROM for Small Business. This is known as "The Small Business Resource GuideCD-ROM", aka Publication 3207. It includes all thetax forms and publications needed to run a smallbusiness. Call 800-829-3676 to request a free copy. 5. Walk-In Offices. Need some face-to-face tax help? For a completelist of IRS offices in all 50 states, includinghours of operation and contact info, check out:http://www.irs.gov/localcontacts Wayne M. Davies is author of 3 tax-slashing eBooks forthe self-employed, available separately or as a 3-volumeset, "The Ultimate Small Business Tax Reduction Guide".http://www.YouSaveOnTaxes.com/ultimate-guide To get your free copy of Wayne's 25-page report,"How To Instantly Double Your Deductions" visit:http://www.YouSaveOnTaxes.com
MORE RESOURCES: RIVERWOODS, Ill., Feb. 7, 2012 /PRNewswire/ -- As more and more baby boomers are reaching retirement age, they'll have many factors to consider in choosing where to live in retirement, including the tax ... NEW YORK (TheStreet) - Candidate Mitt Romney wants you to believe he will lower taxes while cutting the national debt. But President Romney will need to raise taxes if he is going to have any chance of lowering U.S. debt, according to his former private equity pals. Now a strong frontrunner for the Republican presidential nomination, Romney has repeatedly said that cutting the national debt ... When it comes to taxes, it seems that everyone has an opinion. Whether it's the way they're spent (or misspent), or whether we should pay less (or someone else should pay more), this surprisingly feisty ... WASHINGTON, Feb. 6 (UPI) -- Small U.S. business owners are unhappy with the amount of taxes large corporations and their executives pay, a recent survey indicates. With tax season getting under way, today I'll answer reader questions about property taxes, the new Medicare surcharge starting in 2013 and how to get those old-fashioned paper tax forms. Q: Tony G. asks, "Has anything... Small business owners see corporate tax loopholes and the shifting of U.S. profits to offshore tax havens as serious problems, according to a new independent national poll. Small business owners think big corporations and the wealthy don’t pay their fair share of taxes, the poll shows. Retirees can face hefty taxation if they don't follow certain strategies when managing their money. Using these tactics will help lower the bill. Kevin Drum looks at how regressive taxes are at the state and local level, an issue that doesn’t get nearly enough attention. These strange taxes are making everything from bagels to hot air balloon rides more expensive. Is it April Fool’s Day? Has somebody in Paris hacked the website at the Organization for Economic Cooperation and Development? Have we been transported to a parallel dimension where up is down and black is white? |
RELATED ARTICLES
Anticipating Your IRS Refund Can Cost You Plenty While accountants are reaching for aspirin, millions of Americans are reaching for some fast cash this tax season. Unfortunately, those who reach for fast cash in the form of a "refund anticipation loan" are getting hit with interest rates and fees that are out of this world. Slash Tax when Buying a Business When buying a business, how the "purchase price" is made up can affect what you pay in tax. The plan is to make as much of the price tax deductible for you and not the other party. Fiscal Deity: Tax Consultant Strategic planning throughout the year results in a minimal tax balance. The objective of planning your tax payables is not to prevent paying taxes, it is to pay no more than your fair share of taxes, and keep your money where it earns you the most. How to Donate Your Car to Charity and Get Tax Deduction Donating your used car to charity is a win-win situation; the charity gets your gift and you get tax deduction. Below are some simple steps to make a car donation. Tax Help Secret: Avoiding the Entreprenuers Curse Your days as an entrepreneur and businessperson are consumed with one primary activity; making money. Whether you think in terms of growing your business, getting the word out there, or some fancy new marketing technique, your days and weeks and months in business are focused on that one group of activities. Marriage or Divorce - Check Your Social Security Number Newlyweds and the recently divorced should make sure that names on their tax returns match those registered with the Social Security Administration (SSA). A mismatch between a name on the tax return and a Social Security number (SSN) could unexpectedly increase a tax bill or reduce the size of any refund. Seven Key Tax Deductions for the Self Employed As a sole proprietor, it's wise to familiarize yourself with the some key deductions that may reduce your tax bill for 2004.Small-business consultants generally recommend that you hire an accountant to prepare your tax returns, payroll and financial statements. Insider Guides to IRS Audits! Ever wish that, as a business owner, you knew exactly what would raise "red flags" at the IRS? Or how to make an IRS audit go as smoothly and painlessly as possible?If you're in the right type of business, you can get that information, directly from the IRS!Traditionally, IRS examiners have been responsible for auditing many types of businesses. An examiner might audit a grocery store one week and a construction company the next. Failure To Pay Employment Taxes - Penalties As an employer, you must pay employment taxes if you have employees. Fail to pay and the IRS will rain all over your parade. Deducting Points On Home Refinances Deduction of Refinance PointsAny points that you pay in the refinancing of your residence are tax deductible over the length of the loan in question. The deduction is allowable only if the residence is your primary home and the new mortgage replaces a previous one and/or is used to improve the residence. IRS Reports Tax Gap of $300 Billion The Internal Revenue Service is reporting that the difference between what U.S. Uncle Sam is Ready...Are You? Organizing Tips for Tax Time Anyone who is closely related to an accountant knows that there are not four, but five seasons in a year: Spring, Summer, Fall, Winter, and 'Tax Season.' During the other seasons, we accumulate leaves, snow, and mosquito bites. Requirements To Produce Tax Information (Whats Up With That?) "What we've got here is a failure to communicate." --Strother Martin in Cool Hand Luke Statutory Law Governments pass laws, it's what they do. Need a Copy of Your Tax Return Information? 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.A tax return transcript shows most line items from the tax return (Form 1040, 1040A or 1040EZ) as it was originally filed, including any accompanying forms and schedules. What the Tax Software Companies Dont Want You to Know Haven't done your taxes yet? No problem. Now there is a new way you can use top tax software programs, like TurboTax and H&R Block, to get your taxes done quickly and easily. 10 Thoughts on Tax Offer in Compromise Beware of advertisements that claim to settle tax debts for "pennies on the dollar". Check the Offer In Compromise requirements to see if it is right for you. How To Get An Instant Pay Raise As a gentleman was leaving my class recently, he wanted me to clarify something I had said. He was making sure that he should take his four or five thousand dollar tax refund and pay off debt. Taxation of Forgiven Debt: The 1099C & You Often people fall on hard times and stop paying on credit cards. After a while the account may go to an outside debt collector who might offer a settlement of the debt for 30-40% of theoriginal sum. State Tax Information All states also have their own tax system. Typically there is a tax on real estate, and there may be additional income taxes, sales taxes, and excise taxes. Gambling Income and Expenses - Tax Requirements Hit a big one? With more and more gambling establishments, keep in mind the IRS requires people to report all gambling winnings as income on their tax return.Gambling income includes, but is not limited to, winnings from lotteries, raffles, horse and dog races and casinos. |
|
home | site map |
| © 2006 |