Monday, December 29, 2008

Top Errors in 2007 Tax Returns by Tax Payers and Tax Professionals

The number one error on 1040 Forms submitted by Taxpayers and Tax Professionasl in 2007 was the following:

Form 1040

Error Count: 48,974
We changed the amount of tax shown on your return. The tax rates on qualified dividends and capital gains are generally lower than standard rates.

Second Top Error Count: 32,381
We changed the amount of taxable social security benefits on page 1 of your tax return because there was an error in the computation of the taxable amount.

For help with past due returns, visit: http://www.taxeswilltravel.com/past_due_returns.htm

IRS Telephone Numbers for Tax Years 2009

IRS Tax Help Line for Individuals
(800) 829-1040
M–F, 7:00 a.m.–10:00 p.m., local time

Business and Specialty Tax Line
(800) 829-4933
M–F, 7:00 a.m.–10:00 p.m., local time

For help with Past Due Returns visit:
http://www.taxeswilltravel.com/past_due_returns.htm,

Avoid Past Due Business Tax Return

Form 7004 has been changed.

Application for Automatic Extension of Time To File Certain Business Income Tax, Information, and Other Returns can be found at: http://www.irs.gov/pub/irs-pdf/f7004.pdf

Form more information visit, irs.gov

For help with past due tax returns, visit: http://www.taxeswilltravel.com/past_due_returns.htm,

Sunday, December 28, 2008

Often Times, Filing Past Due Tax Returns & Installment Agreement Can Stop the IRS Collection Process

Levies

If IRS levies your bank account, your bank must hold funds you have on deposit - up to the amount you owe, for 21 days. This period allows you time to solve any problems from the levy or to make other arrangements to pay. After 21 days, the bank must send the money, plus interest if it applies to the IRS.

Often times, to stop the IRS collection process, all that is needed is to: 1) file past due returns and 2) request and Installment Agreement - if you can't pay all of your taxes.

And in some cases, the IRS will owe you.

(Note: If you own Real Estate or have a Small Business and IRS has sent an intent to Levy, it is best to contact an Enrolled Agent or a Tax Professional as soon as possible)

You can get a Levy released prior to full payment. There are conditions. For exact details visit irs.gov

Saturday, December 27, 2008

Past Due Tax Returns? Two Reasons To Hire Someone to Talk to the IRS

OK, you forgot to file several years of tax returns. It happens. Many times it's due to illness in the family, lost of job, lost of self, depression, divorce, death in the family or even the lost of your W2 or 1099 information.

If you need to file past due returns and have lost your W2, 1099 or mortgage interest, interest or dividend payment amounts - you can call the IRS, they will be happy to help you.

However, because you are a person of interest to them (because you haven't filed your past due returns) they will ask you questions.

Of course they will ask you questions so that they can identify you, but they will also ask you, "Where are you employed?" This is so they can garnish your pay check if necessary.

The second question they will ask is, "Where do your bank?" This is so they can levy your bank accounts, if necessary.

Most people say, they just won't tell them. Well that will cause a red flag and since it is a crime to lie to a Federal Agent - it's not a good idea to lie to an IRS employee about anything!

This is why you want to hire a reliable, experienced and affordable tax professional to seek out the information you need to file your past due returns. http://www.taxeswilltravel.com/past_due_returns.htm Now, if you insist on completing the task yourself you can check out http://pastduetaxreturn.info/ for more information.

Wednesday, December 24, 2008

Don't Have the Money to Pay Your Taxes?

If you cannot pay all the taxes that you owe, you may be able to:

Make monthly payments (You must have filed all past due returns)

The IRS usually will give you 60 months to pay your tax bill on a payment plan.

Most payment plans are accepted unless you have defaulted on a previous plan in the pass.

If you need help filing past due tax returns, Taxes Will Travel.com at http://taxeswilltravel.com will help you complete the necessary paperwork.

The IRS can collect outstanding taxes for ten years.

Have Not Filed Your Tax Return? The IRS Will File For You

This is not a good thing. You do not want the IRS to complete a tax return for you. You want to complete your own tax return.

When the IRS completes a return for you, they won't include ANY expenses.

They may or may not include all of your dependents. You loose out on much needed legal deductions. And it is legal for the IRS to do this.

So, file your own past due returns to get the best results
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