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Topic: Income taxes

Tennessee Consumer Affairs says Free Consumer Tax Help Available through IRS Taxpayer Advocate Service

 

Tennessee Department of Commerce and InsuranceNashville, TN – With Tax Day only a month away, the Tennessee Department of Commerce & Insurance’s (TDCI) Division of Consumer Affairs wants the public to know they have a voice at the Internal Revenue Service (IRS).

“For many, filing income taxes is a task that can be time-consuming and stressful,” TDCI Deputy Commissioner Bill Giannini said. “Our Consumer Affairs team and our partners with the IRS Taxpayer Advocate Service remind Tennesseans that tax help is just a phone call away.” «Read the rest of this article»

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Last-Minute Filers in Tennessee have Options for Free Help

 

Internal Revenue Service - IRSNashville, TN – With the April 18 tax deadline close at hand, Tennesseans have e-filed nearly 695,000 tax returns from their own computers, an increase of 10.7 percent over last year at this time, according to the Internal Revenue Service.

But the IRS estimates that 600,000 Tennesseans have waited until April to file their federal income tax returns and another 169,000 are expected to request a six-month filing extension. Those who owe tax must either file their return or an extension form by April 18th to avoid the late-filing penalty.

«Read the rest of this article»

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Four Tax Tips about Tip Income

 

Internal Revenue Service - IRSWashington, D.C. – If you work in an occupation where tips are part of your total compensation, you need to be aware of several facts relating to your federal income taxes. Here are four things the IRS wants you to know about tip income:

1. Tips are taxable. Tips are subject to federal income, Social Security and Medicare taxes. The value of non–cash tips, such as tickets, passes or other items of value, is also income and subject to tax. «Read the rest of this article»

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Chamber’s Ribbon-Cutting makes it Official

 

Kirk Low C.P.A.Clarksville, TN – Members of the Clarksville Chamber of Commerce were on hand Monday to officially open the new office of Kirk Low, C.P.A. with a ribbon cutting ceremony. The office is located at 2535 Madison Street Suite D in the Blue Stone Center.

Clarksville Chamber of Commerce officially opened Kirk Low C.P.A. with a ribbon cutting ceremony.

Clarksville Chamber of Commerce officially opened Kirk Low C.P.A. with a ribbon cutting ceremony.

«Read the rest of this article»

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Your Income Taxes and Energy Credits

 

Many taxpayers know that the recent stimulus tax legislation included a provision for tax credits when you make energy saving improvements to your home. These credits are available for improvements made in both 2009 and 2010. But the part that some are not aware of is that these are “non-refundable” tax credits. This means that if you do not owe any tax, you do not get the credit. The credit offsets taxes you owe.

I work at several local locations as a tax prep volunteer for AARP Tax-Aide and we have had several taxpayers very disappointed that they could not claim the credit they were “promised” by a contractor, or thought they deserved.

Energy StarThe tax credits are available for a number of improvements to your ”principle residence,” that includes exterior windows and doors, roofs, insulation, heating, ventilating and A/C (HVAC) systems, and certain water heaters. The products must meet minimum “Energy Star” requirements set by the US Department of Energy. The credits for these types of improvements are for 30% of the cost, up to a combined total of $1500 for both 2009 and 2010. This program ends December 31, 2010. «Read the rest of this article»

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The IRS offers help for financially distressed taxpayers

 

With tax season fast approaching the IRS would like to ensure you have the best information available to make informed decisions on tax matters as you prepare your 2010 income tax returns.

If you are facing financial difficulties and struggling to meet your tax obligations the IRS can help. As the 2010 tax filing season begins, in addition to new credits, deductions and exclusions, the IRS is taking steps to help people who owe back taxes. Here are some areas where IRS can help: «Read the rest of this article»

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IRS Forms and Publications: Get ’em when you need ’em

 

With tax season fast approaching the IRS would like to ensure you have the best information available to make informed decisions on tax matters as you prepare your 2010 income tax returns.

The IRS has free tax forms and publications on a wide variety of topics. If you need IRS forms or information, try one of these easy options:

  • Internet: You can access forms and publications on the IRS website 24 hours a day, 7 days a week, at IRS.gov.
  • Phone: Call 1-800-TAX-FORM (800-829-3676) to order current year forms, instructions and publications and prior year forms and instructions. You should receive your order within 10 days.
  • Locations in your community: During the tax-filing season, many libraries and post offices offer free tax forms to taxpayers. Some libraries also have copies of commonly-requested publications, including the Clarksville-Montgomery County Public Library. Braille materials may also be available. Many large grocery stores, copy centers, and office supply stores have forms you can photocopy or print from a CD.
  • Mail: Order your tax forms and publications from the National Distribution Center, P.O. Box 8903, Bloomington, IL, 61702-8903. You should receive your products 10 days after receipt of your order.
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More taxpayers may qualify for Earned Income Tax Credit this year

 

With tax season fast approaching the IRS would like to ensure you have the best information available to make informed decisions on tax matters as you prepare your 2010 income tax returns.

The EITC is for people who work at least part of the year but have lower incomes. If you qualify, it could be worth up to $5,657 this year. So you could pay less federal tax or even get a refund. That’s money you can use to make a difference in your life.

The IRS anticipates that many who had reduced incomes in 2009 may qualify for the EITC but may not be aware it exists.

Did you know that last year nearly 24 million taxpayers received $49 billion in EITC – making the credit a great investment in the lives of those who claim it? However, the IRS estimates 20 percent to 25 percent of people who qualify for the credit do not claim it. At the same time, there are millions of Americans who have claimed the credit in error, many of whom simply don’t understand the criteria.

It’s easy to determine whether you qualify for the EITC. The EITC Assistant, an interactive tool available on IRS.gov, removes the guesswork from eligibility rules. Just answer a few simple questions about yourself, your children, your living situation and your income to find out if you qualify and to estimate the amount of your EITC. You will see the results of your responses right away. «Read the rest of this article»

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Need help with a federal tax problem? Contact Taxpayer Advocate Service

 

With tax season fast approaching the IRS would like to ensure you have the best information available to make informed decisions on tax matters as you prepare your 2010 income tax returns.

The Taxpayer Advocate Service is an independent organization within the IRS whose employees assist taxpayers who are experiencing economic harm, who are seeking help in resolving tax problems that have not been resolved through normal IRS channels, or who believe that an IRS system or procedure is not working as it should.

Each state and IRS center has at least one local Taxpayer Advocate who is independent of the local IRS office and reports directly to the National Taxpayer Advocate. The goals of the Taxpayer Advocate Service are to protect individual and business taxpayer rights and to reduce taxpayer burden.

You may be eligible for Taxpayer Advocate Service assistance if: «Read the rest of this article»

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Getting a free transcript of my tax return information

 

With tax season fast approaching the IRS would like to ensure you have the best information available to make informed decisions on tax matters as you prepare your 2010 income tax returns.

Most needs for tax return information can be met with a computer print-out of your return information called a “transcript”. A transcript may be an acceptable substitute for an exact copy of a return by the United States Citizenship and Immigration Services and lending agencies for student loans and mortgages. A “tax return transcript” will show most line items contained on the return as it was originally filed.

If you need a statement of your tax account which shows changes that you or the IRS made after the original return was filed, however, you must request a “tax account transcript”. Both transcripts are generally available for the current and past three years and are provided free of charge. The period in which you will receive the transcript varies from within ten to thirty business days from the time the IRS receives your request for the tax return or tax account transcript. «Read the rest of this article»

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