Author: Tax Accounting

What Causes a Tax Return to Be Rejected?

INTRODUCTION

Every sole owner and business should meet the tax filing point or face late penalty fees. Once the agency rejects your tax return, it’s technically “not filed” and subject to fees. Your best bet is to mend the inaccurate info on the come back and return before the point to avoid penalties and interest on your taxes.

Missing and Incorrect information

Omissions in personal info or dependent info usually result in a return rejection. Your business info, together with your leader identification, should air your return. Sole proprietors or family partnerships with dependents should enter their social insurance variety, relationship standing and date of birth on their return. Different errors embody incorrect routing numbers for direct deposit or payment, failure to enter a filing standing and olympian the quality deduction.

Mismatch Errors

The agency receives info from the social insurance Administration concerning your info. Typos may result in a mate error. These errors occur after you enter a social insurance or tax ID variety for yourself or your dependents that don’t match the data within the existing agency info. Incorrect dates of birth and names can even arise from mate errors. When filling out the tax return, tax payers often have their filing rejected because the names on the return are incorrect. Sometimes the last name changes or there may be updates to spelling that are shown on birth records that have not been reported to the Internal Revenue Service. Women who are married or divorced and change their names fall into this category. Another example involves social security numbers and names of children that the taxpayer claims on their return. Be sure that the information you provide matches what the IRS and Social Security Administration have on file.

Failure to Sign return

You must sign your return to be accepted by the agency. Your signature is your affirmation that each one the data of the return is true and proper to the most effective of your knowledge. Failure to sign leads to rejection. Even electronic filers should electronically sign their tax return exploitation their tax return code.…


Tips for Choosing a Tax Return Preparer

tax

Have you had trouble in the past with your tax returns? You are not the only one who has trouble with their returns. There are actually millions who struggle to deal with their return and have someone on hand to help them. However, when it comes to choosing a tax return preparer who should you choose? That can be a difficult question to answer because there are so many good options to consider. However, if you know a few things, you might find it’s a lot easier than you thought. Read on to find just a few tips that could prove useful to you today.

Look At Their History within This Field

Are the preparer just as much a rookie as you? To be honest, you need someone who knows what they’re doing and preferably with a few years of experience behind them too. When it comes to choosing someone to help you with your tax return, you have to take a very close look at their history within the field. You need to know they are going to be able to help you rather than cause you even more issues. Always take a very close look at their history before hiring anyone.

Ensure They Are Qualified

When choosing a tax accountant or someone else similar to these people you have to ensure they have the right qualifications. Always take a close look at the type of qualifications they have. If they have no qualifications then are you really happy enough to trust them? Sometimes, you might find that it’s a lot safer to choose someone with the necessary history and qualifications so that you get professional help. It will make a big difference, especially when it comes to ensuring everything is in good order. Your tax returns must be handled in a professional manner otherwise there may be more headaches coming your way.

Enquire Over Costs

While you might need a little assistance with your tax return, you shouldn’t be overpaying the odds otherwise it’s a waste. You have to look at the type of costs …


Claiming Property Taxes on Your Tax Return

Many people don’t know that you can claim property taxes on your tax return form. However, if you don’t know this, you might be wasting money in not claiming this tax refund. With this information, you will learn how you can claim property taxes on your tax return, and you will know as much about property taxes and your tax return:

Only available in some states

Before you can start claiming for property taxes on your tax return, you need to make sure that this is available in your country and state.

There are many states where you can’t claim for your property tax on your return forms. So, you need to make sure that you are going to be able to claim in the area where you are living. You can ask a professional for this information. Just remember to ask a really experienced person with a tax return for this information.

Property owners

There is some confusion about when you can claim property taxes on your return forms for getting some tax refund back. You need to know that only people that have one property can claim for this refund. Those people that are renting out property have less chance of claiming some of the property taxes.

You should be living in the property that you are claiming for. This doesn’t really matter if you have property for a business or if the property is your home. However, if you have property that you’re renting, then you might not qualify for this.

What you can’t claim for

There are a couple of things that you can’t claim for, when you have property and paying property taxes. You can’t claim for fees that you paid for services delivered like water or trash collections. You also can’t claim for the fees that you paid for flat-fees that you have paid for fines because your lawn was too long, and you got a fine for it.

Any fee that you have paid because of any type of fine that has to do with your property isn’t claimable for tax refund. …


Get the Tax Return with Entering Accurate Information

A tax return is extremely important and is the unknown savings for you by the end of the year. The entire year you keep on earning and by the end, you get the money back which you have been giving through every payroll cheque you get. The taxes which you save from your job or anything which you buy will get you back in the form of a cheque which is in your name. If you are someone who is working then, you are sure to get the tax back.

Get the Tax Refund

There are tax advisors who help you reach the goals financially which you have never thought of. People find it frustrating to a point that they have to pay the taxes, but when they receive the cumulative amount back through the tax refunds, then they are surely thankful. Everyone’s tax savings are different than others which are why you cannot count the return exact amount. The first year of getting the taxes back may not be the same as the ones which you got the next year. So it can differ time to time according to the pay which keeps on getting up and down due to the hours you work each week.

Choose the Right Tax Preparer 

The tax preparers need to know how to file the taxes in which you need to add all the relevant information such as your payroll slip and the verification numbers which it requires. There is a proper form of it which you need to submit with a fee before the due date which can help you get the tax return. Have someone else do the tax filing other than the bookkeeper to do the work for you. There are certain tax skills which are done through the professionals by knowing the in and out of the filing. Make sure to keep all the documents organized and do not come unprepared. Focus on getting the form filled completely so that you do not miss out on any information. You need to keep the tools organized to get the returns …


Why You Need To Ensure Your Tax Return Is Submitted On Time Every Year

Very few people enjoy filling out their tax return but unfortunately they are necessary in Australia! Filling can be a big pain and very frustrating too because there are lots of information to fill out and go through. However, when you miss the deadline you could bring a whole heap of trouble to your door. The following are just a few simple reasons why you always need to ensure you submit your returns before the deadline.

You Could Be Fined

More often than not, people who fail to submit their tax return before the final deadline could actually face a fine. Now it doesn’t matter if you are one day over the deadline or several, you are going to be fined. This is not something you want simply because it ends up costing you more and it’s just one big pain. Instead you should try to ensure the return is sent off before the final deadline.

Your Tax Refunds May Be Delayed

Let’s say you were going to receive a massive refund for the previous year; normally it would take a few weeks, maybe a month or two to reach you. This is the usual period of time for the refunds to reach you but if you delay things even slightly, there is going to be a lot of issues. Missing the deadline will cause you to pay a fine, more than likely, but it could also mean a delay in your tax refunds. Yes, you did hear right but unfortunately this occurs more often than you would think. Missing the deadline causes delays and that means your refund won’t get to you any faster.

It Makes Thing Much Easier To Submit Before the Deadline

You may want to consider using taxreturn247.com.au when it comes to dealing with your next tax return in Australia. It might not seem to be like such a big deal missing the final deadline for your returns but actually it is really important. Missing the deadline at the end of the year is crazy because you’ve had months to fill out the forms and …


Free tax return preparation for Veterans, military members and their families

Are you dreading the idea of dealing with your tax return? The IRS has tried to make it easier by allowing electronically filed tax returns alongside traditional paper ones. It will also significantly impact o the speed of your tax refund.

Can you get free tax return preparation for Veterans?

The quick answer is yes, you can. In thanks for the years of service and personal risk taken by troops, there are free tax preparation services which will assist both serving and former members of the armed forces as well as their families to gain access to free tax services.

Firstly, the IRSs own Volunteer Income Tax Assistance service, alongside the service of Tax counselling for the Elderly, are available to any and all tax payers who earned less than $53000. The volunteers are IRS certified, ensuring that your preparation is accurate, and there are 12000 locations country wide to help you get the assistance with your tax return that you need. MyFreeTaxes also offers a free online tax preparation service which will assist qualified Veterans, military on active duty, family members and taxpayer’s earning less the $6000o to access their services for federal and state tax regardless of your local. They will also provide in person services. This vital service is delivered in partnership with several global non-profits. Find more details here.

What other tax refund services are there?

There are other services to assist with tax returns for members of the military. Do note, however, that some will have eligibility requirements or be available in limited areas, and you will need to double check with these services directly. FreeFile allows you to choose from leading software options to file. Every one of the 14 companies that are part of this program will offer different special offers depending on a varying set of factors. You can look at each to see which would suit you best. By supplying the answers to a set of questions, they will help you find the right forms, tax credits and deductions and also do the math. TurboTax Freedom edition will also …


How to Get a Rapid Refund on your Taxes

The long wait is over. Now is the time to get the rapid refund on your tax. As you anticipate your money, it would be best to know if you can get it quickly. Try these steps for you to fast and easily get your tax advance refund.

Where To Start To Get Your Rapid Refund On Your Taxes

  1. If you have no W2 or 1099 from your employer, what you can do is get total gross salary from your previous paycheck, probably the last one. Call your employer for the code of their tax ID in case you do not have one.
  2. Browse online to see balances on your retirement account and other taxable income. If it is very much needed, don’t hesitate to call to get the information.
  3. Now it is time to file your taxes. If you are comfortable with computer and have a fairly straight forward return then you may want to use Turbo Tax or a similar tax software for preparing your taxes on your PC.  These tax software packages are pretty handy they help you find all sorts of ways to increase your tax refund, find tax credits and deductions you did not even know you qualified for.
  4. Once you have finished preparing your tax returns in you tax software package if you have a tax refund coming then you can transition right then and there to expedite your refund process by using a rapid refund option, this will enable you to essentially get a tax refund advance for a modest fee, the funds are deposited into your account anywhere from 48hrs to 10 days.

That is how easy and fast it is to get a rapid refund on your taxes, but you can also read more tips in our post here!

Tracking Down your Rapid Refund

If you have filed for  a rapid refund you may be worried that its taking too long to get your tax advance refund check… Tracking your tax refund is now made easier whether you elected a direct deposit or via mail. How to track your …


Income Tax Return Forms: At A Glance

We all toil to earn and save. If you are a salaried person or a businessman it is good to pay your taxes on time and with full acuity. I am a professional who swears by ethics and have a clean chit of the taxes that I need to pay out. Filing a return has become easy online I must say that. Due to lack of time, I do not go for DIY methods, but the credible online firms can offer your proficient services when you ask for their help to deal with income tax return forms.

Why e-File Income Tax Return: A Briefing

  • It becomes an easy and hassle-free process for the tax payers.
  • The salaried professionals just need to make the payments like I do. The uploading process of form 16, the calculations and deductions for ITR is done by the chartered accountants and the expert finance analysts.
  • The personal details that you need to put in theincome tax return forms are the name of the person, address, bank details and the like. It was a very smooth process and furnishing my personal details for e-filing was not at all a problematic one!
  • Some of the key documents that I need to furnish while filing a tax return is the required information for form 16, salary certificate and supplying of information of other income (if any).

The Benefits the Taxpayers Avail

When the tax time rolls out, people need to file taxes within the specified time. The D-day by which you need to have settled your tax issues is April 15. However, due to unavoidable circumstances, you can ask for an extension. It happened last year with me, I was so caught up with some emergency professional work, that the process of finding out how much I owe to the IRS in taxes and other calculations and deductions got delayed. More details here!

When thinking about the income tax return forms, it is from 16 which is crucial for the professionals to understand. When I spoke about the need of other additional income tax


Did 1.1 Million Federal Tax Felonies Go Uninvestigated and Unpunished?

As the Wall Street Journal recently uncovered in the latest chapter of the “Lois Lerner Scandal,” in the run-up to the 2010 election, the IRS transmitted a 1.1 million-page database of confidential tax return information to the FBI. The IRS’s idea – which, to its credit, the FBI apparently immediately and rightly rejected – was to use this information to criminally investigate nonprofit groups’ political activity, according to House Republican legislators investigating the IRS who cited internal emails between the two federal agencies.

Congress compelled disclosure of this information by subpoena, which the IRS complied with after more than one year, ultimately owning up to the fact that the IRS disclosed the confidential taxpayer information without any authority to do so and explaining that this was really no big deal because most of the information sent to the FBI was publicly available.

It is black letter federal law that an IRS official may not unlawfully disclose confidential tax return information for an improper purpose.  26 U.S.C. 6103actually makes it a federal felony for a government official to willfully disclose confidential taxpayer information.  The tax secrecy laws stemmed from President Richard Nixon’s corrupt use of the IRS to further his political purposes, permitting disclosure of taxpayer and tax return information only for legitimate, proper purposes (such as a specific criminal investigation requiring a specific referral of a specific criminal case by the IRS to the U.S. Department of Justice’s Tax Division).  Each unlawful disclosure constitutes a felony.

So why is this significant?

First of all, the IRS regularly uses this same statute – perhaps reasonably – to hide information from criminal tax attorneys and from the press, so if it is to be used as a shield, IRS employees should be criminally prosecuted when they violate this statute and use confidential taxpayer information as a sword.  This is especially true when IRS officials do exactly as President Nixon did — attempt to use the IRS to criminally investigate political opponents.

Second, as a former federal tax prosecutor who worked regularly with the IRS on the majority of cases I …


The Importance of Filing Your Tax Return

Just the simple idea of filing tax returns makes most people cringe. They seem difficult and complicated and require you to share a great deal of your personal information with strangers if you have an accountant or a company taking care of the process for you. Alternatively, you assume a whole lot of responsibility as an untrained accountant when you file your own taxes, especially that you subject yourself to potential errors and loopholes that you do not exist. All and all it is not the most pleasant experience for most people, however, such is the way in which the system functions in our world today. Filing your tax return is very important and should not be overlooked and that’s why.

It is a legal requirement

First and foremost filing tax returns is required by law and by the constitution for all adults, regardless of their marital or professional stats. It is an offense not to file taxes and you will be pursed, just as it is an offense to misrepresent data on your tax or to hide income or benefits that you accumulated in a certain year. Hence, filing your tax return is not just important, it is simply required and you will be saving yourself and whole lot of trouble if you just do it.

You may get money back

The good news about filing your tax returns, even when you do not think you have made enough money or that you have already paid your due taxes is that you may actually get some money in return. Getting a tax refund is a very common occurrence albeit being misunderstood sometimes. Most workplaces taxes people in similar situation a similar amount of money without taking into consideration much of their personal situations. Now when it is time to file taxes, you can detail some of that information which may show that you overpaid in taxes and you will be refunded the difference.

It is a good way to understand your finances

When you file your taxes you have to share all your sources of income and ensure …