6 (not so) Dumb Tax Questions You’re Too Embarrassed to Ask

qu1est_fotolia_57383528_subscription_monthly_mSome of these questions related to tax return may seem foolish or easy, but they certainly are not.

Filing a Federal Tax Return

Do you really have to file it? Very likely.

You should not file for the tax return only when your income is less than  personal exemption including standard deduction. This depends on your marital status and age. In general, according to Mark Luscombe (principal federal tax analyst at Wolters Kluwer Tax and Accounting US) any person who made more than $23,100 in 2015 has to file the tax return. However, even your income is much lower, you can benefit from filing a return as you can get a refund. It may happen so that you are entitled to a refundable tax break and receive money as a qualified filer even though the credit surpasses the tax bill.

Withholding my Refund

Is it possible that the IRS withholds my tax refund? This is possible in some situations. For example;

  • In case of overdue child support payments;
  • If you are late with paying off federal student loans or state income taxes;
  • Getting too much of a subsidy from the government for buying health insurance on state or federal exchange.

How Long Does it Take?

Most people get refunds about 21 days from the date they filed the tax return.

You Are Unable to Pay

If you owe money to the IRS and are unable to pay, you should file anyway. Otherwise, this could incur a failure-to-file penalty which is pretty heavy.  Also, different payment options are available so you can make an agreement with the IRS to pay in several installments instead of paying at once. On the other hand, if your debt is more than $10,000 we recommend hiring a tax attorney, CPA with experience or registered agent to represent you. If your debt is not that large, you can still seek advice from a tax professional.

When to File

This year, the deadline for filing the tax return was Monday, April 18. For residents of Maine and Massachusetts, it was Tuesday, April 19 as the April 18th is the Patriot’s Day which is a public holiday in these two states. If you cannot meet this deadline, you can apply for automatic 6-month extension form. However, an extension to file does not mean an extension to pay. Any debts you have for 2015 is due to April 18 (or April 19 for Maine and Massachusetts).You can send your check to the IRS with your extension form. Failing to do so, the interest will be added to the amount and a failure-to-pay penalty will be imposed.

How About Audit?

You will most likely not get audited due the budget cuts at the IRS, but this does not mean your tax return will every time escape scrutiny. Make sure to report your income, as the IRS has copies of the tax forms you get from banks, employers, brokers, etc. They use an automated system to check if the numbers on your return match the numbers from their records. Any discrepancy could entail audit.

Find out more informations here: http://www.forbes.com/sites/learnvest/2013/03/19/11-common-questions-about-taxes-answered/#7a5ed44e638a


Tips on Finding the Best Tax Attorney

Tax returns are certainly one of the more hated subjects of today, but most people don’t like to get into trouble in this area. However, should you get into trouble with the Inland Revenue in Australia you may require serious help to you in this matter. You probably will need a tax attorney, the very best in fact. But how can you find the best? Following are a few tips to find the best attorney for your needs:

Highly Experienced In Dealing with Tax Matters

If you are looking for the best tax attorney, you ideally need one with a lot of experience in this area. Tax law is extremely tough because it changes rapidly, and it is certainly something very few people know well. However, whether you have issues with a tax refund or evasion you really need an attorney who specializes in tax law. Tax attorneys are important, but not all can deal with your specific circumstances. Therefore, ensure your attorney has the relevant experience to deal with your personal case.

A Strong Reputation

When you go up against the Australian government you absolutely want to ensure you choose a tax attorney who has an excellent reputation. Now reputation counts for a lot and, to be honest, if you choose someone with a poor reputation, can you be sure they will do their best to fight your case? It doesn’t matter if you have failed to submit tax returns or have other complications, you need someone with a good reputation working for you. Strong reputation goes a long way when it comes to tax matters.

Do You Feel Comfortable With The Attorney?

If you believe you have found a good attorney, you may want to consider how you feel personally. Having trust in someone is extremely important because if you don’t feel able to trust that person, how can you allow them to fight your case? You can’t have confidence and if you don’t you only feel worse. However, if you are able to feel comfortable with the attorney then you can remove some stress if that is possible. Tax returns are really important and when you get into trouble with the government you need the best tax attorney.

How Much Will You Have To Pay?

Tax Attorney

One very important tip you have to consider to find the best tax attorney has to be their costs. Every attorney will charge differently and it will be crucial for you to understand them. If you aren’t happy with their costs or how they charge then you can look for someone else. This is something that could be very useful to you also. From a tax refund to evasion, whenever there is an issue, the best attorney is needed.see more updates from http://www.businesswire.com/news/home/20160504005234/en/Tax-Attorney-Laercio-Guimaraes-Joins-Avila-Rodriguez

Finding the Best Is Important

When you have issues with the Inland Revenue service you need to ensure you have the best people working with you. This is not only crucial but potentially life-changing. If you do not have the best people fighting for your cause, you might end up facing some terrible consequences. That is why you need to ensure your tax attorney is the very best. Whether you have issue with previous tax returns or tax debt, you need to ensure the attorney you hire is the best.


Self-Assessment Tax Returns

Who likes to submit their tax returns? No one does, of course. Unfortunately, it is necessary in Australia today! However, when it comes to filing there are many different options. That said, one of the more popular choices has to be the self-assessment return and this can work out great. They can be especially important for those who earn very little money and even though the process can be a little complicated, it is actually very simple.continue reading!

Who Will Need To Submit A Return?

Almost every citizen in Australia who works, will need to file a tax return. There will be some who will use the self-assessment forms and it is also a very important process. However, there are one or two exceptions when it comes to who is actually required to submit a return. For those who work casually, it may be important to submit a self-assessment tax return rather than a normal tax return. There are minor differences really, but self-assessments can be crucial for those who work casually or not long-term. Of course, anyone can complete a self assessment but it varies over why there is the need.

Filing Online Is Simple

A lot of people think filing a return online is extremely tough, but in reality it doesn’t have to be. There are lots of people each year who file and don’t have help. However, if you aren’t too sure about what you’re doing, it’s a very complicated procedure. That said, once you have a few tries at completing a self-assessment form then it should be a lot simpler to complete. Of course, filing a return isn’t something most people enjoy, but it is necessary. Check out www.taxreturn247.com.au for more information about filing online. It can be very simple and once you get used to the process, it shouldn’t be too difficult for you.

Get Help When You Don’t Know What to Do

A self-assessment tax return can be very difficult to understand, and let’s be honest – it can be a very complicated procedure. However, when it comes to submitting your returns, it might be a lot easier for you if you ask a professional tax accountant. These are the very best people to help you and it is also going to be much easier for you. Now, if you don’t have the money to spend on a new accountant, then that is fair enough, but if you have enough, then it might be wise to consult a professional.

Tax Returns

Always File Your Tax Return on Time

Self-assessment returns are some of the simplest things to carry out and even if you aren’t too sure what you need to do, it is actually easy to learn. However, it is extremely important to remember that self-assessment returns must be filed on time. It doesn’t matter if you don’t earn a huge amount of money or EARN millions, all returns must be filed before the final deadline. If you don’t, you might end up facing a little fine or two. A tax return is crucial so don’t forget to submit.


Online Tax Return Preparation for a Hassle-Free Business

Tax returns must be filled out and filed at the end of each tax year though this isn’t a favoured topic for many. No one likes to have to file a return because it involves a lot of work and for most it is really hard. Regular individuals will certainly find returns a complicated business, but for actual companies, it is a lot harder.

There is so much that needs to be included and it really is difficult, but when you look at online tax return preparation, it may be much easier for everyone involved.

What Are The Benefits Of Choosing Online Software To Help With Tax Returns?

One of the biggest advantages of choosing online software has to be the fact that everything is stored electronically. This means you do not have to worry about finding certain documents because everything is saved digitally which is a lot easier to find and keep track of. Also, in business, you can look at hiring someone with experience using different tax software. This will of course make it much easier for them to deal with all financial matters and you can save lots of time, too. When it comes to submitting a tax return a lot of people find it a very lengthy process simply because they haven’t been well prepared.view more info from http://www.cbsnews.com/news/still-not-ready-to-file-your-tax-return-do-this-now/

Outsource the Work to a Professional Tax Accountant

The great thing about using software for preparing your tax returns is that you don’t have to personally do the work. You can outsource to a professional tax accountant who can easily handle all tax matters. This is not only going to allow you to ensure less stress is put on your shoulders but can allow you to focus on other important business matters. Of course, businesses will have lots of financial information to sort through and just because you run a business doesn’t mean you know how to handle finances. However, when you outsource you can ensure all matters are dealt with effectively.

Remember To Submit Before the Deadline

It is vitally important to remember that even though you choose online tax return software you still have to submit the return on time. Now, a lot of people forget there is a deadline and, if you miss it, you will face a fine and that is money you didn’t need to pay out. That is why you need to ensure you always submit the tax returns before the final deadline. If you choose to outsource, then they should ensure the returns are sent off well before the deadline. However, if you aren’t outsourcing and just using online software, you still need to be sharp.

Online Tax Return

Less Hassle for You When You Outsource

To be honest if you don’t know what you’re doing when you run a company you need help. Outsourcing to an individual with experience is crucial and they can use online tax return software to prepare your returns. You can still have access but they deal with all necessary matters. File your tax returns safely and quickly.


Benefits of a Tax Return Processed With ATO E-Tax Software

For millions they look at submitting their tax returns electronically and it certainly does look to be an interesting concept. ATO E-tax software is vastly becoming popular and it isn’t hard to see why. What exactly are the benefits of using the ATO e-tax software to process your returns?

ATO E-Tax Software Is Easy To Use

One of the biggest benefits of going down the electronic route has to be the fact that the software is super easy to use. You don’t have to worry about going through any complicated procedures because it is really simple. When you submit your returns on paper, you can easily lose track and have to start over. However, when you use electronic software to submit a return, you can save your place. You don’t need to worry about starting over again. If you would like to find out more, check out www.taxreturn247.com.au.

Saving You Time

When you submit your tax returns via e-tax software it can be a lot easier. For starters you can save a lot of time and effort giving you more time to worry about other things. However, the process is quite simple and you don’t have to worry about going through a complicated process. Electronic submission is rather easy and it is very much like a paper return with the exception that it’s online. Things are much easier to follow and of course you don’t lose any of your returns either.

Getting Your Tax Refund Faster

When it comes to submitting your tax returns online you can find any and all refunds are processed much quicker than when you go down the paper route. This is truly fantastic because it means everything has been taken care of and you no longer have to worry about your taxes for another year. There are going to be more and more people who will look at the electronic route and it is something to treasure. It does make things go faster.

Electronic Submission Is the Best Way Forward

It doesn’t matter if you want a quicker tax refund or just want to move into the digital age submitting online is fantastic. This is really the very best way forward when it comes to getting your tax matters dealt with quickly. Of course, submitting online is really very simple and it will be what everyone is using very soon. Paper returns are quickly getting phased out and that essentially means in a few years time you will need to go online. This is something you also want to consider.

Tax Return

Software Is What You Want To Consider

When it comes to submitting your tax returns, you want to find a simple process. Paper submission is great, but unfortunately it isn’t always the best solution, especially if you find it a struggle. However, going online and submitting electronically via ATO e-tax software is great and also the best way forward. When it comes to submitting your tax returns you may want to consider the electronic tax software to make the process faster.