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FOR
IMMEDIATE RELEASE:
TAX INFORMATION FOR SINGLE PARENT AND FIRST-TIME FILERS
It's hard enough facing all the challenges that come with becoming a single parent or filing your taxes for the first time. With proper planning, it can be much easier.
Whatever your situation, you may now find yourself filing taxes for the first time or filing under a different status. You may not know what questions to ask or what is important for filing your tax return correctly.
Here are some simple steps to help point you in the right direction:
Gather up last year's tax records if you have them. They can be
a wonderful guide for finding what information is the same and what
has changed. To request free transcripts, call 1-800-908-9946 toll
free and follow the prompts in the recorded message. You should
receive your transcript in one to two weeks. You may also complete
IRS Form 4506T, Request for Transcript of Tax Return, and mail it
to the address listed in the instructions. Most requests are processed
within 30 days, when requested by mail. You can get a copy of Form
4506T by visiting IRS.gov.
Organize important documents that will be needed for this year's
taxes. This can include:
Proof of identification
Social Security cards for you, your spouse and dependents or a Social
Security number verification letter issued by the Social Security
Administration, or Individual Taxpayer Identification Number (ITIN)
issued by the IRS
Birth dates for you, your spouse and dependents on the tax return
Current year's tax package, available online or at your IRS office
Income statements such as, Form W-2, W-2G, 1099-R, 1099-MISC from
all employers
Interest and dividend statements from banks, credit unions, or brokerage
company (Forms 1099)
A copy of last year's federal and state returns, if available
Bank routing and account numbers for direct deposit
Total amount paid for a daycare provider and the daycare provider's
tax identifying number (the provider's Social Security number or
the provider's business Employer Identification Number) and
Divorce, trust or estate documents, if applicable
WHAT HAPPENS IF I DON'T FILE?
It's important to understand the ramifications of not filing a past
due return and the steps that the IRS will take.
Penalties and interest will be assessed and will increase the amount
due.
The
IRS will file a substitute return for you. But this return is based
only on information the IRS has from other sources. Thus, if the
IRS prepares this substitute return, it will not include any additional
exemptions or expenses you may be entitled to and may overstate
your real tax liability.
Once the tax is assessed, the IRS will start the collection process,
which can include placing a levy on wages or bank accounts or filing
a federal tax lien against your property.
Even if the IRS has already
filed a substitute return, it still makes sense for you to file
your own return to make sure you take advantage of all the exemptions,
credits and deductions you are allowed. The IRS will generally use
the information you provide to correct your account. Avoid the hassle
- reach out for the help you need and file your tax return today.
Go
to YEAR
END TAX PLANNING FOR INDIVIDUALS for more details on what you
can do to prepare your personal taxes for year end.
These are just some tax tips you should consider when thinking about
your year-end tax planning.
This article was intended to provide general information about year-end
tax planning. It does not contain all the rules and exceptions that
may apply to your situation. If you have further questions regarding
year end tax planning, I can be reached at www.dgoodmancpa.com.
About the Author
Dianne
Goodman, CPA, FCPA - Specializes in servicing Small Businesses
and Individuals. Visit www.dgoodmancpa.com
for relevant and current information on a variety of financial
and tax issues focusing on small businesses and individuals or call
at 1-888-851-1975.
CONTACT INFORMATION:
Dianne
Goodman, CPA, FCPA
Comprehensive Small Business Solutions, PC
505 323-2307
1 888-851-1975 toll free
www.dgoodmancpa.com
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