Wang Solutions

Please Hold…Off on Calling the IRS: Point and Click for Quicker Answers

When the IRS phone lines are clogged, who you gonna’ call? You don’t – you hop on the computer and type in IRS.gov to access its always-available online tools. That’s right, these tools work 24/7 with no vacation to keep you in-the-know about your taxes, so show them some love.

There’s no question about which question is asked most: Where the heck is my refund? Unless you like listening to on-hold muzak, there’s no need to wait for the next available IRS representative – the Where’s My Refund? tool will give you the most up-to-date information.

YouTube Video: When Will I Get My Refund – English | Spanish

Avoid backed-up telephone lines when you’re looking for a back-up. If you need to validate income, tax filing status for mortgage, etc. you can quickly order a copy of your tax return or a transcript on IRS.gov. Getting that fast doesn’t mean you’ll get your refund faster though.

What? If you find yourself rereading something tax-related, and no light bulb goes on, doing a keyword search on IRS.gov might make you see the light. You can narrow things down with the searchable income tax guide, Publication 17, or by searching specific keywords on the IRS Tax Map. Or if you’re a verbal learner who loves robotic voices call TeleTax at 1-800-829-4488 for recorded tax info.

There’s no need to plead with an IRS representative to please, please let me pay my tax bill later. The Online Payment Agreement tool will tell you in a minute if you qualify for an installment agreement, while the Offer in Compromise Pre-Qualifier will help determine if the IRS can let you off easy with an offer in compromise.

YouTube Video: Online Payment Agreement – English | Spanish | ASL

There’s no question about which question is muttered most: Where the heck is my W-2? I know, it’s annoying when the boss wants you to do everything promptly, and then doesn’t send you a Statement of Earnings by Jan 31. Before you hit the IRS speed-dial button, the agency wants you to ask your employer nicely if they have the correct address on file. If the Form W-2 is still a no-show, then go ahead and contact the IRS so they can send a letter to the boss.

W-2 Missing? – English | Spanish | ASL

That last one requires you to actually call the IRS (as a last resort). But otherwise, almost all tax answers are online. And you can even find them on the go with the IRS2Go Smartphone App. All of this is good because the IRS has changed the services provided at their toll-free telephone number and IRS Taxpayer Assistance Centers due to limited resources. Do yourself a favor and make 1040 Central and the IRS Services Guide your first stop.

IRS Free File is Like Taking a Stroll Down Easy Street

From looking up movie showtimes to reading the daily forecast to checking your bank account balance, chances are you do most things online nowadays. So why not file your taxes online too? Join the crowd that’s taking the easy road – over 40 million taxpayers have made the switch to IRS Free File. Whether you use the simple software or the online fillable forms, the hardest part of IRS Free File is remembering why you didn’t utilize it before.  

IRS Free File is brought to you by the IRS, of course, and a group of private-sector tax software companies known as the Justice League of America. Just kidding, they’re known as the Free File Alliance, and the goal of the partnership is to make tax filing a safe, fast, easy process for everyone. And you know IRS Free File is secure because the only way to access the service is through IRS.gov. Once you choose a Free File company, you’ll head over to their website to prepare, print, and e-file your tax return.

No head-scratching, nail-biting, and tearing-out hair necessary when you use Free File. If you made $58,000 or less you can access the brand-name software. If your income was higher, you’ll use electronic versions of IRS paper forms, a.k.a. Free File Fillable forms. The Q&A format of the software figures out which tax breaks you might be able to claim, then selects the correct tax forms and does the calculations for you. You can finally retire that old calculator.

With an option for direct deposit, e-filing is the fastest way to get your tax refund. And if April 15 is bearing down on you like a high-speed train, Free File is also the quickest way to request more time to file your tax return. Tax filing doesn’t get easier than with IRS Free File. In honor of that, here’s a nice and pleasant video explaining more about Free File.

http://www.youtube.com/watch?v=ldZcsSGA3Cs

Have Someone Else Do All the Work for You…For Free!

So maybe you know somebody who’s about as sharp as a marble when it comes to doing anything on the computer (here’s to you keyboard hunt-and-peckers). If telling them to take advantage of IRS Free File would be sending them to their doom, instead direct them to free tax preparation with the VITA and TCE programs.  

VITA sites in neighborhoods across America provide free tax return preparation and e-filing to people who earn $52,000 or less. But folks already over the hill will want to check out their local TCE site, as it’s geared towards people 60 and up, with volunteers specializing in tax issues unique to seniors.

The VITA and TCE programs come with all kinds of amenities. Some sites provide bilingual help so nothing important gets lost in translation. Even better, VITA provides free tax assistance to all military members and their families. Finally, going to VITA or TCE for tax preparation means no tax credit or deduction gets left behind:  volunteers make sure you claim every credit for which you’re eligible. Finally, now is the best time to start learning how to have no fear of technology. Some VITA sites let you prepare your tax returns using free web-based software and volunteers are on site to guide you if you feel faint with confusion.

Thousands of VITA and TCE sites are opening up this month. To find one nearest you, visit the “Free Tax Return Preparation for You by Volunteers” page on IRS.gov or pick up that good ole’ telephone and call 800-906-9887. 

Sufen Wang, M.S.Accountancy

Still sitting on the fence about whether you should file a tax return or not to file a tax return??? Here are some thoughts to help you with your decision…

It’s easy to get caught up in the frenzy that is tax filing season. Lady Liberty wannabees and Uncle Sam look-a-likes are shakin’ their stuff outside every strip mall, waving you in to have your taxes filed by ahem, professionals. Before you get ahead of yourself, take a step back and use the Interactive Tax Assistant to see if you actually need to submit a federal tax return this year. If you discover that you’re not required to, here’s a checklist of why you still might want to file.

-Maybe your boss withheld federal income tax from your check and you missed a pretty chunk of change each pay period. Or maybe you made estimated tax payments. Or perhaps you overpaid last year. If you want your refund for any of these things this year, you’ll have to file a return.

-A nice and shiny Earned Income Tax Credit could be waiting for you on the other side. Everybody wants this extra credit, but only those who do their homework will find out if they qualify. Here’s a quick hint: if you earned less than $51,567, you could be eligible to receive EITC as a tax refund. Use the EITC Assistant to find out more.

-Speaking of homework, the American Opportunity Credit is for students in their first four years of higher education and the people who support those students. Unofficial signs of being a college student supporter include doing their dirty laundry while they’re home and bribing them to talk to and visit you by paying their phone bill and transportation costs. Students may be eligible for as much as $2,500 with this credit and even those who owe no tax could get up to $1,000 refunded per student. You can find out all of the official rules and regulations here.

-If you try and don’t succeed, you could be rewarded with the Additional Child Tax Credit. It’s given to those who didn’t get the full Child Tax Credit amount for a qualifying child. To claim your prize, file Schedule 8812 with your tax return.

-This one’s boring, but important: anyone who received Trade Adjustment Assistance, Reemployment Trade Adjustment Assistance, Alternative Trade Adjustment Assistance or pension benefit payments from the Pension Benefit Guaranty Corporation may qualify for the Health Coverage Tax Credit. This credit pays 72.5 percent of qualified health insurance premiums. Visit IRS.gov for more on this credit, and bring coffee.

The bottom line is that all of the above benefits are only available to you if you file. If you’re on the fence about filing, remember that you can only access all of those green bills in the grass by submitting that tax return.