Tax Tip 2010-09 lists 10 advantages of a visit to the IRS website this tax season:
1. Unlimited access
Get answers 24 hours a day seven days a week. If you find yourself working on your tax return over the weekend, there's no need to wait to get a form or an answer to a question - visit the IRS Web site anytime. IRS.gov is accessible all day, every day.
2. Find out all about electronic filing
Virtually everyone can prepare a return and file it for free. You can e-file from the comfort of your home 24 hours a day, seven days a week. E-file is fast and safe. Last year, 2 out of 3 taxpayers used e-file. Additionally, about 70 percent of taxpayers are eligible for the Traditional Free File. Find out more about Free File at IRS.gov.
3. Check the status of your tax refund
Whether you chose direct deposit or asked IRS to mail you a check, you can check the status of your refund through Where's my Refund? at IRS.gov.
4. Find out how to make payments electronically
You can authorize an electronic funds withdrawal, use a credit or debit card, or enroll in the U.S. Treasury's Electronic Federal Tax Payment System to pay your federal taxes. Electronic payment options are a convenient, safe and secure way to pay taxes.
5. Find out if you qualify for the Earned Income Tax Credit
EITC is a tax credit for people who earned less than $48,000. Find out if you are eligible by answering some questions and providing basic income information using the EITC Assistant at IRS.gov.
6. Get tax forms and publications
You can view, download and order tax forms and publications any hour of the day or night. Free File Fillable Forms are also available for those taxpayers that are comfortable filling out the forms and schedules without the help or assistance of software.
7. Calculate the right amount of withholding on your W-4
The IRS Withholding Calculator at IRS.gov will help you ensure that you don't have too much or too little income tax withheld from your pay.
8. Request a payment agreement
Paying your taxes in full and on time avoids unnecessary penalties and interest. However, if you cannot pay your balance in full you may be eligible to use the Online Payment Agreement Application to request an installment agreement.
Search Publication 78, Cumulative List of Organizations to find out if an organization is exempt from federal taxes and, if so, how much of your contributions to that organization are tax deductible.
10. Get information about the latest tax law changes
Learn about tax law changes that may affect your tax return. Special sections of the Web site highlight changes that affect individual or business taxpayers.
Please note that the address of the official IRS Web site is www.irs.gov. Don't be confused by internet sites that end in .com, .net, .org or other designations instead of .gov.
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Posted by Joshua Hock, Associate Editor, Wealth Strategies Journal
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