Why haven’t I received a second IRS letter about my economic stimulus paper check?
January 25, 2009 by Tax Blog
Filed under Questions & Answers
The IRS tool shows my paper check is to be sent out BY May 16th. A lot of people have been saying they received a letter in the mail in the last few days about how much it’s gonna be and when they’re getting theirs. I haven’t. Why?
My last two digits are 01 and e-filed back in February. I was hoping my check would’ve been sent on May 9th like some people. But no letter yet!
When will I be receiving my IRS stimulus check?
January 20, 2009 by Tax Blog
Filed under Questions & Answers
I e-filed through turbo tax for direct deposit. Does this make me fall into the group of people receiving theirs by May 9th? I wasnt sure if there was a difference between e-filing through turbo tax and the IRS website.
Easy Ways to start your Income Tax Return - Reccomended by IRS
Gather and organize (particularly important for businessmen) your records in advance. Make sure that you have all activity records and receipts that you will need, such as W-2S and 1099s. To be safe more truly than sorry, make a copy of all your records.
IRS e-file: Secure Online Tax Filing
The IRS e-file system has never had a security breach. In fact, over 400 million returns have been electronically filed since 1986 without a security incident.
FACTS
IRS e-file transmissions are very secure because the IRS has been extremely diligent in the design, development, analysis and testing of the current infrastructure and system. IRS e-file meets or exceeds all government security standards and includes multiple firewalls.
Most e-filed online tax returns are transmitted over phone lines from the return preparer to a third-party transmitter. From there, the returns are forwarded over secured lines to the IRS. Intercepting telephone transmissions is quite difficult and requires access to phone company major transmission lines. Also, to transmit data like tax returns over telecommunications lines means that the information gets converted into digital format which could not be easily read even if it were intercepted.
Source : irs.gov
How Long Should It Take To Receive my Tax Refund?
Are you expecting a tax refund from the Internal Revenue Service this year? If you file a complete and accurate paper tax return, your refund should be issued in about six to eight weeks from the date the IRS receives your return. If you file your tax return electronically, your refund should be issued in about half that time, and even faster when you have chooses direct deposit.
You can check on the status of your refund seven days after you e-filed your return or four to six weeks after mailing your return. There are several ways to check the status of your refund. To use these applications, you will your Social Security, your filing status and the amount of the refund.
• Where’s My Refund: The fastest, easiest way to find out about your current year refund is,
Access IRS.gov and click on the “Where’s My Refund” link available from the home page
• Refund Hotline: Or call the IRS Refund Hotline at 1-800-829–1954
• TeleTax: Call IRS TeleTax System at 1-800-829-4477. TeleTax’s refund information is updated each weekend — if you do not get a date for your refund, wait until the next week before calling back
In some circumstances, you may not receive your tax refund as quickly as you expected. Refund delays can be caused by a variety of reasons. For example, a name and Social Security number listed on the tax return may not match the IRS records. You may have failed to sign the return or to include a necessary attachment, such as Form W-2, Wage and Tax Statement. Or you may have made math errors that require extra time for the IRS to correct.
Filing an Irs Tax Extension With Filelater – 5 Minutes Gives You 6 More Months to File
Welcome to yet another tax season.
With a matter of days remaining until the April 15 IRS income tax deadline, the stress level of Americans is on the rise. Prepare yourself for more angry drivers on the freeways, impatient customers in the lines of local coffee shops and grocery stores, and friends who don’t quite treat you like the friends they were only weeks ago.
Looking for a way to cut down on the April tax time blues? There’s a little known secret called an IRS tax extension (the technical term is an IRS Form 4868 – Application for Automatic Extension of Time To File U.S. Individual Income Tax Return), and a company called FileLater who can help. Of 130M United States federal income tax filers, about 10M filed for automated extensions last year, so you won’t be alone. And the IRS doesn’t ask (or care) why you file for an extension.
Almost every tax-paying American is automatically eligible to file an IRS tax extension, and it can be easy to do. In about 5 minutes, you can go to File Later’s website, answer a handful of relatively simple questions, and have your tax extension e-filed to the IRS for you. In a couple of days, you’ll get an email with IRS confirmation that your new tax deadline is October 15.
To file a tax extension online you’ll need to provide some basic personal information, and an estimate of your tax liability. Don’t have a clue if you owe or if you’ll be getting a refund? Don’t worry, the better tax extension filing services like FileLater will provide you with a simple calculator to make determining your tax liability easy.
If you’re in the minority of tax filers who will owe money to the IRS (rather than getting a refund) the IRS will still want their money by April 15 or you could be hit with a late payment penalty. Filing a tax extension will give you the extra 6 months to file your tax return, but it doesn’t give you extra time to pay the IRS. That means you either have to mail a check postmarked by April 15 to the IRS or provide bank information online for an automatic withdrawal. If you expect to get a refund, then there’s nothing to consider.
The deadline for filing your income tax extension is April 15. A simple 5 minutes with File Later can give you an additional 6 months to file your taxes, and your stressed out CPA or tax professional will love you for it.
5 Good Reasons to File an Income Tax Extension
With not much time remaining until the April 15 IRS income tax deadline, many Americans are scrambling to finalize their income tax returns. This year, a growing percentage of taxpayers will choose to file an IRS income tax extension, which will postpone their tax deadline to October 15.
If you’re considering filing an income tax extension, you’re not alone. The IRS recently estimated that 10.2 million of the 140 million tax filers will file for a tax extension this year. What’s more, approximately 2 million of those extensions will be electronically filed online.
File Later tax extension service - a popular website where taxpayers can file their income tax extension - compiled the following list of reasons why taxpayers should consider joining the growing trend of taxpayers filing a tax ex tension rather than stress about getting their returns completed by April 15.
Although the IRS doesn’t care (or ask) why millions of taxpaying Americans file for extensions every year, you may find these valuable:
1. Accountants and tax professionals are much busier in April than they are in October. Getting the proper amount of time with an accountant gets harder and harder the longer you wait leading up to April 15. Extending your income tax deadline to October 15 will give your accountant or tax pro that extra time to focus on your tax return, which may mean extra tax savings in your pocket.
2. Filing an income tax extension may reduce your chance of audit. IRS auditors have quotas they need to meet every year on the number of returns audited. Returns are sorted for auditors by filing date, and most auditors will have met their quotas before they get to extended returns.
3. Getting paperwork together to complete your taxes isn’t easy. Organizing that shoebox of W2s, 1099s, mortgage interest statements, and receipts can take longer than you expect. Giving yourself the extra time needed will ensure you’re taxes are done right, and extending will give you extra time to track down any additional deductions so you’re getting the biggest tax return possible.
4. For business owners, funding retirement plans such as Simplified Employee Pensions (SEPs) or SIMPLE IRA’s can be expensive. Filing for an income tax extension will also extend your deadline to fund these types of retirement plans.
5. It’s easy. Your income tax extension can be filed in less than 10 minutes using an online provider like File Later. The process is completely paper-free, and your extension will be e-filed, meaning you’ll get an email confirming the IRS has approved your extension, and you’ll have 6 more months to finalize your tax return.
And remember, even though you may be interested in the reasons to extend your income tax return, the IRS doesn’t care or ask. As long as your application is filed correctly, your extension will be granted by the IRS and your new tax deadline will be October 15.
Tips for Filing your Tax Return
Don’t let the upcoming tax season fill you with dread. With a little preparation, you can learn to navigate the tax return preparation maze with confidence. To get you started, here are the basics of what you need to know when filing your tax return:
There are two ways in which to file your tax return, by IRS e-file or by mailing a paper return to the IRS.
Electronic Filing
IRS e-file is the electronic transmission of your tax return to the IRS. As a result, the processing of IRS e-file returns is more accurate than the processing of paper returns. You must have a valid Social Security number for every person included on the return to qualify for electronic filing.
If you e-file, your return is considered filed on time if the authorized electronic return transmitter postmarks the transmission by the due date. The electronic postmark is a record of when the authorized electronic return transmitter received the transmission of your electronically filed return on its host system. The date and time in your time zone controls whether the electronically filed return is timely.
Paper Returns
If you do not e-file your tax return, you can mail your return in the envelope provided with your tax form package. If you do not have an addressed envelope or you moved during the year, mail your return to the appropriate Internal Revenue Service Center listed for your state in your IRS tax form package.
Your paper return is filed on time if it is mailed in an envelope that is properly addressed and postmarked by the due date. If you send your return by registered mail, the date of the registration is the postmark date. The registration is evidence that the return was delivered. If you send a return by certified mail and have your receipt postmarked by a postal employee, the date on the receipt is the postmark date. The postmarked certified mail receipt is evidence that the return was delivered.
If you use a private delivery service designated by the IRS to send your return, the postmark date generally is the date the private delivery service records in its database or marks on the mailing label. The private delivery service can tell you how to obtain written proof of this date. IRS designated private delivery services are listed below:
* Airborne Express (Airborne): Overnight Air Express Service, Next Afternoon Service, and Second Day Service
* DHL Worldwide Express (DHL): DHL Same Day Service and DHL USA Overnight
* Federal Express (FedEx): FedEx Priority Overnight, FedEx Standard Overnight, FedEx 2Day, FedEx International Priority, and FedEx International First
* United Parcel Service (UPS): UPS Next Day Air, UPS Next Day Air Saver, UPS 2nd Day Air, UPS 2nd Day Air A.M., UPS Worldwide Express Plus, and UPS Worldwide Express
Filing Late
If you do not file your return by the due date, you may be subject to a failure-to-file penalty and interest. To avoid penalties and interest, file for an extension by before this date. If you were due a refund, but you did not file a return, you must file within three years from the date the return was originally due to obtain that refund.
Filing an Extension
When you file an extension, you can postpone filing your return until October 15. However, if you do not pay any tax owed by the due date, you will accrue penalty and interest charges. Complete Form 4868, Application for Automatic Extension of Time to File U.S. Individual Income Tax Return, to file for a six-month extension. If you estimate that you have a balance due, include this payment with the form.
For example, James and Sally Gaylord are married and file a joint return. Their home was damaged by a tornado and they have contacted their investment company to resend them Forms 1099 so they can file their tax return. It does not appear that they will have this information by April 17, so they decide to ask for an extension by filing Form 4868. James and Sally estimate that their total tax liability for 2006 will be $1,843. Their Forms W-2 indicate that a total of $1,215 of federal income tax has been withheld. To avoid late payment penalty and interest, James and Sally must pay $628 with their Form 4868.
E-filing Extensions
The IRS offers e-filing of extension applications. The IRS will process Form 4868 through the original due date of your tax return. By filing an extension, you postpone the filing date of your return until October 15; however, any tax due on the return will be subject to interest and penalties if not paid by the due date.
Installment Agreement
If you are not in bankruptcy and have a balance due, but cannot pay your full tax liability by the due date, you should consider the IRS installment plan. To request an installment agreement, complete Form 9465, Installment Agreement Request, and attach it to the front of your tax return or include it with an e-filed return. You can also request an Installment Agreement after you file your tax return by filing Form 9465 by itself to the address shown in the form instructions or by e-filing Form 9465 by itself. If the IRS approves the request, you will be charged a fee and interest on any unpaid balance. The fee has been increased in 2007 to $52 for agreements to pay direct debit and to $105 for all others. Although you generally may have up to 60 months to pay, you should make the payments large enough so that the balance due will be paid off by the due date of your next return. Before requesting an Installment Agreement, you should consider less costly alternatives, such as a bank loan.
Record Keeping
It is a good idea to keep your previous tax returns, as well as other important documents that have affected your income and deductions, for at least three years. If you need a copy of a prior- year return, you can obtain it for a fee from the IRS by filing Form 4506, Request for Copy of Tax Return. This can take up to 60 calendar days.
Change of Address
Are you planning a move before the end of the year? The IRS has an official change-of- address form, Form 8822, Change of Address. If you complete and mail this form to the appropriate IRS Service Center, you should receive your tax booklet at your new address.
For more tax tips and information on tax preparation, please visit the Tax Resource Center at http://www.jacksonhewitt.com.
About the Author
R.L. Fielding has been a freelance writer for 10 years, offering her expertise and skills to a variety of major organizations in the education, pharmaceuticals and healthcare, financial services, and manufacturing industries. She lives in New Jersey with her dog and two cats and enjoys rock climbing and ornamental gardening.