Nesteggg Accounting

  • Home
  • Services
    • Nesteggg Accounting
      • Payroll Services
      • Cannabis Accounting
    • Egggsact Tax, Inc.
    • Forms
      • Free Accounting Analysis
      • Business Services Agreement
      • New Corporation/LLC Request
      • New Account Setup
  • Contact Us

Taxpayers can zip over to IRS.gov for answers to many tax questions

Taxpayers can zip over to IRS.gov for answers to many tax questions

As taxpayers are filing their 2018 tax returns, they might have questions about their taxes. The IRS reminds taxpayers that they can quickly find most answers to these tax questions on IRS.gov. Here are some of the pages and resources on IRS.gov where people can go to find more information about tax topics.

IRS Services Guide
This guide provides an overview of the many IRS.gov tools available to taxpayers and tax professionals.

Interactive Tax Assistant
This tool provides answers to several tax law questions. It can help taxpayers determine if a type of income is taxable, if they are eligible to claim certain credits, and if they can deduct expenses on their tax return. It also provides answers for general questions, such as determining filing status and if they have to file a tax return.

Tax Topics and Frequently Asked Questions
The Tax Topics and FAQs both contain general information about a wide range of tax topics for individual and business taxpayers.

Tax Trails
This interactive tool helps people find answers to general tax questions.

IRS Tax Map
This tool helps people search and quickly find the information they need. It directs users to information including official guidance, forms, publications, frequently asked questions, and news relevant to several topics.

Publication 5307, Tax Reform: Basics for Individuals and Families
This publication provides information to help individual taxpayers understand how changes from the Tax Cuts and Jobs Act affect them.

Publication 5318, Tax Reform: What’s New for Your Business
This electronic publication covers many of the TCJA provisions that are important for small and medium-sized businesses, their owners, and tax professionals

Where’s My Refund?
Those who have already filed can use this tool to track their tax refund. Taxpayers get personalized information based on the processing of their tax return. The tool provides an actual refund date after the IRS has approved a refund.

IRS Withholding Calculator
Doing a Paycheck Checkup with the Withholding Calculator can help protect against having too little tax withheld and facing an unexpected tax bill and even a penalty. Some taxpayers might prefer to have less tax withheld up front and receive more in their paychecks.

Get Transcript
Taxpayers who need a transcript for tax preparation or for other purposes such as validating income can use Get Transcript. This tool to allows users to get a transcript online or by mail.

Account Information
Taxpayers can go to IRS.gov/account to securely access information about their federal tax account.

Tips for taxpayers who need to reconstruct records after disaster strikes

Tips for taxpayers who need to reconstruct records after disaster strikes

After a disaster, taxpayers might need to reconstruct records. This could help them prove their losses, which may be essential for tax purposes, getting federal assistance or insurance reimbursement.

Here are several things taxpayers can do to help reconstruct or get copies of specific types of records after a disaster:

Tax Return Transcripts

  • Taxpayers can get free tax return transcripts by using the Get Transcript tool on IRS.gov. They can also call 800-908-9946 to order them by phone.

Proof of loss

  • To establish the extent of the damage, taxpayers should take photographs or videos of affected property as soon as possible after the disaster.
  • Taxpayers can look on their mobile phone for pictures that show the property before the disaster damaged it.
  • If a taxpayer doesn’t have photographs or videos of their property, a simple method to help them remember what items they lost is to sketch pictures of each room that was affected.
  • Taxpayers can support the valuation of property with photographs, videos, canceled checks, receipts, or other evidence.
  • If they bought items using a credit card or debit card, they should gather past statements from their credit card company or bank. If the taxpayer didn’t keep these records or they were destroyed, statements may be available online or they can contact their financial institution.

Records about property

  • Taxpayers can contact the title company, escrow company, or bank that handled the purchase of their home to get copies of appropriate documents.
  • Taxpayers who made improvements to their home should contact the contractors who did the work to see if records are available. If possible, the home owner should get statements from the contractors to verify the work and cost. They can also get written accounts from friends and relatives who saw the house before and after any improvements.
  • For inherited property, taxpayers can check court records for probate values. If a trust or estate existed, the taxpayer can contact the attorney who handled the trust.
  • When no other records are available, taxpayers can check the county assessor’s office for old records that might address the value of the property.
  • There are several resources that can help someone determine the current fair-market value of most cars on the road. These resources are all available online and at most libraries. They include Kelley’s Blue Book, the National Automobile Dealers Association, and Edmunds.

What taxpayers should know about tax return copies and transcripts

What taxpayers should know about tax return copies and transcripts

The IRS recommends that taxpayers keep a copy of tax returns for at least three years. Doing so can help taxpayers prepare future tax returns or even assist with amending a prior year’s return. If a taxpayer is unable to locate copies of previous year tax returns, they should check with their software provider or tax preparer first. Tax returns are available from IRS for a fee.

Even though taxpayers may have a copy of their tax return, some taxpayers need a transcript. These are often necessary for a mortgage or college financial aid application.

Here is some information about copies of tax returns and transcripts that can help taxpayers know when and how to get them:

Transcripts
To get a transcript, taxpayers can:

  • Order online. They can use the Get Transcript tool on IRS.gov. Users must authenticate their identity with the Secure Access process.
  • Order by mail. Taxpayers can use Get Transcript by Mail or call 800-908-9946 to order a tax return transcripts and/or tax account transcripts.
  • Complete and send either Form 4506-T or Form 4506T-EZ to the IRS. They should use Form 4506-T to request other tax records, such as a tax account transcript, record of account, wage and income, and a verification of non-filing.

Transcripts are free and available for the current tax year and the past three years. A transcript usually displays most line items from the tax return. This includes marital status, the type of return filed, adjusted gross income and taxable income. It also includes items from any related forms and schedules filed. It doesn’t reflect any changes the taxpayer or the IRS may have made to the original return.

Taxpayers needing a transcript should remember to plan ahead. Delivery times for online and phone orders typically take five to 10 days from the time the IRS receives the request. Taxpayers should allow 30 days to receive a transcript ordered by mail, and 75 days for copies of your tax return.

Copies of tax returns
Taxpayers who need an actual copy of a tax return can get one for the current tax year and as far back as six years. The fee per copy is $50. A taxpayer will complete and mail Form 4506 to request a copy of a tax return. They should mail the request to the appropriate IRS office listed on the form.

Taxpayers who live in a federally declared disaster area can get a free copy of their tax return. More disaster relief information is available on IRS.gov.

Recent Posts

  • Economy Opening… Stop… Start…
  • Road Map to Opening
  • Tried Calling?
  • Free Credit Reports
  • CA License Extensions for Cannabis Business
  • What Are Libraries Doing Now
  • Cannabis Markup to Remain the 80%
  • Time to Retire?

Archives

  • May 2020
  • April 2020
  • March 2020
  • February 2020
  • January 2020
  • December 2019
  • November 2019
  • October 2019
  • September 2019
  • August 2019
  • July 2019
  • June 2019
  • May 2019
  • April 2019
  • March 2019
  • February 2019
  • January 2019
  • December 2018
  • November 2018
  • October 2018
  • September 2018
  • August 2018
  • July 2018
  • June 2018
  • May 2018
  • April 2018
  • March 2018
  • February 2018
  • January 2018

Categories

  • Cannabis Compliant Accounting + Tax
  • NestEggg's Small Business HELP
  • News
  • Uncategorized

Stay Connected

Nesteggg Facebook

The Nesteggg Group ©2019
All Rights Reserved

Get in Touch

1127 St. Paul Ave
Tacoma WA 98421

1-(888) 987-NEST

accounting@nesteggg.com

Web Design & Maintenance by AquaZebra

constant contact

Copyright © 2022 · Executive Pro Theme on Genesis Framework · WordPress · Log in