Monday, November 29, 2010

Open that letter !

How many of you,  right now, have somewhere in your home, that (those) letter(s) that you received from the IRS (Internal Revenue Service) and have been to afraid to open ?
Open that letter !
Some of you know what that letter pertains to, and some of you have no idea.  Folks, for those of you that know that you have to file a tax return, and your letter is assessing a crazy looking tax bill...what you need to do is file a return for the year in question.  Understand that the IRS just knows that some employer or some entity has reported that they paid you money....and yes, the IRS wants their cut.  The IRS does not take into account any credits, that you are entitled to or any dependents you may have or in the case of the business owner any business expenses you may have a right to claim. This is where your tax practitioner comes into play.  He or she will prepare a tax return that encompasses any taxes paid, any credits, exemptions, write offs and always your standard deduction...this will bring you to your actual tax liability if there is one at all.
Speculating that you are working with past year returns...make sure that you SIGN YOUR RETURN, before you send it in.
Many folks receive letters just because they haven't signed their tax return.
All letters received from the IRS will have the department that it is coming from and a phone number to call.

Here is an important fact; if you have a tax liability after preparing a tax return and you are sending that return in late, you will be assessed a penalty for not sending your return in on time by tax day.

Please look at all correspondence that you receive from the IRS. Receiving a letter from the Internal Revenue Service doesn't always mean that one is in some kind of trouble or that you owe money.

I offer free telephone consultations. call me with your questions.  If you need me to, I can call the IRS for you.
Always affordable and accurate tax preparation....always free e-file and direct deposit.

Wanda E Green