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Tax Trap #5 -- Ignoring The IRS (and the 5 best ways to contact them!)
We all love to criticize the IRS, don't we? And I'm just as guilty as anyone. It's easy to ridicule a huge organization of government bureaucrats who often seem to be Public Enemy #1. Our negative attitude toward the IRS can lead to a strong desire to just ignore it altogether. But self-employed people who ignore the IRS do so at their own peril. So when it comes to providing free information about taxes, let's not throw the baby out with the bath water. The IRS does provide some excellent resources to help us make the best of a potentially bad situation. If you need tax assistance and prefer not to pay for it, do not overlook these five ways to obtain help from the IRS: 1. The Internet http://www.irs.gov There's a wealth of information just for small business owners and self-employed people at: http://www.irs.gov/smallbiz Here you'll find everything from how to obtain a federal business tax ID to a free 6-session streaming video presentation of the "IRS Small Business Workshop." Also known as the Small Business Self-Employed Online Classroom, you can access this directly at: www.irs.gov/businesses/small/article/0,,id=97726,00.html If you prefer to attend an IRS small business workshop in person, check here to see what's available in your state: www.irs.gov/businesses/small/article/0,,id=99202,00.html Need tax forms and/or their instructions? Look no further than the IRS website: http://www.irs.gov/formspubs/index.html Here you'll find a boatload of links to every tax form imaginable, available as downloadable PDF files or in fill-in format. All form instructions can also be downloaded. http://www.irs.gov/formspubs/lists/0,,id=97817,00.html The IRS has many free publications that explain virtually every major (and many minor) tax topics in great detail. Sure, IRS "pubs" are not always written in the most entertaining style, but, hey, remember the price. http://www.irs.gov/formspubs/lists/0,,id=97819,00.html 2. Telephone Hotlines. Special toll-free numbers exist for the following: -- To order forms & pubs: 800-829-3676 (in case you'd like to receive a paper copy via snail-mail) -- To ask business tax questions: 800-829-4933 -- To ask personal tax questions: 800-829-1040 Use common sense when phoning the IRS: to avoid long wait times, don't call on Monday morning. And no matter when you call, be prepared! Write out your questions beforehand and have all relevant documentation in front of you, as well as a favorite book or magazine to read during the inevitable wait time. Stay calm; don't yell; treat the IRS employee like a human being and he/she will likely return the favor. -- Need help with long-standing problems: 877-777-4778 -- Prerecorded messages on 140 topics: 800-829-4477 3. TaxFax Service. You can receive most IRS forms instructions via fax by calling 703-368-9694 from your fax machine. 4. CD-ROM for Small Business. This is known as "The Small Business Resource Guide CD-ROM", aka Publication 3207. It includes all the tax forms and publications needed to run a small business. Call 800-829-3676 to request a free copy. 5. Walk-In Offices. Need some face-to-face tax help? For a complete list of IRS offices in all 50 states, including hours of operation and contact info, check out: http://www.irs.gov/localcontacts Wayne M. Davies is author of 3 tax-slashing eBooks for the self-employed, available separately or as a 3-volume set, "The Ultimate Small Business Tax Reduction Guide". www.YouSaveOnTaxes.com/ultimate-guide">http://www.YouSaveOnTaxes.com/ultimate-guide To get your free copy of Wayne's 25-page report, "How To Instantly Double Your Deductions" visit: www.YouSaveOnTaxes.com">http://www.YouSaveOnTaxes.com
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Anticipating Your IRS Refund Can Cost You Plenty While accountants are reaching for aspirin, millions of Americans are reaching for some fast cash this tax season. Unfortunately, those who reach for fast cash in the form of a "refund anticipation loan" are getting hit with interest rates and fees that are out of this world. Slash Tax when Buying a Business When buying a business, how the "purchase price" is made up can affect what you pay in tax. The plan is to make as much of the price tax deductible for you and not the other party. Fiscal Deity: Tax Consultant Strategic planning throughout the year results in a minimal tax balance. The objective of planning your tax payables is not to prevent paying taxes, it is to pay no more than your fair share of taxes, and keep your money where it earns you the most. How to Donate Your Car to Charity and Get Tax Deduction Donating your used car to charity is a win-win situation; the charity gets your gift and you get tax deduction. Below are some simple steps to make a car donation. Tax Help Secret: Avoiding the Entreprenuers Curse Your days as an entrepreneur and businessperson are consumed with one primary activity; making money. Whether you think in terms of growing your business, getting the word out there, or some fancy new marketing technique, your days and weeks and months in business are focused on that one group of activities. Marriage or Divorce - Check Your Social Security Number Newlyweds and the recently divorced should make sure that names on their tax returns match those registered with the Social Security Administration (SSA). A mismatch between a name on the tax return and a Social Security number (SSN) could unexpectedly increase a tax bill or reduce the size of any refund. Seven Key Tax Deductions for the Self Employed As a sole proprietor, it's wise to familiarize yourself with the some key deductions that may reduce your tax bill for 2004.Small-business consultants generally recommend that you hire an accountant to prepare your tax returns, payroll and financial statements. Insider Guides to IRS Audits! Ever wish that, as a business owner, you knew exactly what would raise "red flags" at the IRS? Or how to make an IRS audit go as smoothly and painlessly as possible?If you're in the right type of business, you can get that information, directly from the IRS!Traditionally, IRS examiners have been responsible for auditing many types of businesses. An examiner might audit a grocery store one week and a construction company the next. Failure To Pay Employment Taxes - Penalties As an employer, you must pay employment taxes if you have employees. Fail to pay and the IRS will rain all over your parade. Deducting Points On Home Refinances Deduction of Refinance PointsAny points that you pay in the refinancing of your residence are tax deductible over the length of the loan in question. The deduction is allowable only if the residence is your primary home and the new mortgage replaces a previous one and/or is used to improve the residence. IRS Reports Tax Gap of $300 Billion The Internal Revenue Service is reporting that the difference between what U.S. Uncle Sam is Ready...Are You? Organizing Tips for Tax Time Anyone who is closely related to an accountant knows that there are not four, but five seasons in a year: Spring, Summer, Fall, Winter, and 'Tax Season.' During the other seasons, we accumulate leaves, snow, and mosquito bites. Requirements To Produce Tax Information (Whats Up With That?) "What we've got here is a failure to communicate." --Strother Martin in Cool Hand Luke Statutory Law Governments pass laws, it's what they do. Need a Copy of Your Tax Return Information? Taxpayers have two easy and convenient options for getting copies of their federal tax return information - tax return transcripts and tax account transcripts - by phone or by mail.A tax return transcript shows most line items from the tax return (Form 1040, 1040A or 1040EZ) as it was originally filed, including any accompanying forms and schedules. What the Tax Software Companies Dont Want You to Know Haven't done your taxes yet? No problem. Now there is a new way you can use top tax software programs, like TurboTax and H&R Block, to get your taxes done quickly and easily. 10 Thoughts on Tax Offer in Compromise Beware of advertisements that claim to settle tax debts for "pennies on the dollar". Check the Offer In Compromise requirements to see if it is right for you. How To Get An Instant Pay Raise As a gentleman was leaving my class recently, he wanted me to clarify something I had said. He was making sure that he should take his four or five thousand dollar tax refund and pay off debt. Taxation of Forgiven Debt: The 1099C & You Often people fall on hard times and stop paying on credit cards. After a while the account may go to an outside debt collector who might offer a settlement of the debt for 30-40% of theoriginal sum. State Tax Information All states also have their own tax system. Typically there is a tax on real estate, and there may be additional income taxes, sales taxes, and excise taxes. Gambling Income and Expenses - Tax Requirements Hit a big one? With more and more gambling establishments, keep in mind the IRS requires people to report all gambling winnings as income on their tax return.Gambling income includes, but is not limited to, winnings from lotteries, raffles, horse and dog races and casinos.
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