Clients that we do entity income tax returns for, who choose to do their own personal returns, should consider using the https://www.1040.com/?did=311447 software and the resources on the website to be informed consumers. Make sure that you print and review your individual self-prepared tax returns prior to e-filing them, so that you keep copies for your records. The software company charges a flat $12 for e-filing. Don't forget to prepare/file any state and/or local income tax returns that you are subject to. There are self-prepared resources for other types of returns in the virtual tax center if needed. Self-prepared returns can be reviewed on an hourly basis by making an appointment on the Appointments scheduler, prepaying for the time frame desired on our paypal site, and uploading your returns and tax documents fore real-time consultation.
We are glad to refer you to a reputable self-preparation service for your income taxes at: 
Please click on the square above and follow the instructions. You may file your federal and state/local returns directly from this service. It will direct you to the simplest and cheapest processing option available.
|
|||
Useful Links:News EssentialsThe Newsroom TopicsIRS Resources
|
Issue Number: COVID Tax Tip 2020-17Common and costly errors taxpayers should avoid when preparing a tax return Electronically filing a tax return reduces errors because the tax software does the math, flags common errors and prompts taxpayers for missing information. It can also help taxpayers claim valuable credits and deductions. Using a reputable tax preparer – including certified public accountants, enrolled agents or other knowledgeable tax professionals – can also help avoid errors. The IRS urges all taxpayers to file electronically and choose direct deposit to get their refund faster and avoid pandemic-related paper delays. IRS Free File offers online tax preparation, direct deposit of refunds and electronic filing, all for free. Some options are available in Spanish. Here are some common errors taxpayers should avoid when preparing a tax return:
|
||
|
|||
News EssentialsThe Newsroom TopicsIRS Resources |
Issue Number: IR-2021-35Inside This IssueAvoid pandemic paper delays: Use e-file with direct deposit for faster refunds as IRS prepares to open 2020 filing season WASHINGTON – With filing season opening on Feb. 12, the Internal Revenue Service urged taxpayers to take some simple steps to help ensure they file accurate tax returns and speed their tax refunds to avoid a variety of pandemic-related issues. Although every year the IRS encourages taxpayers to e-file their returns and use direct deposit to receive refunds, to those taxpayers who have previously not used e-file, the IRS emphasizes using it this year to avoid paper-related processing delays. Taxpayers can file electronically by using a tax professional, IRS Free File or other commercial tax preparation software. The IRS cautioned paper-filed tax returns and paper checks will take even longer this year due to a variety of reasons. Taxpayers have until Thursday, April 15, 2021, to file their 2020 tax return and pay any tax owed. The IRS expects to receive more than 160 million individual tax returns this year with nine out of 10 returns filed electronically. At least eight out of 10 taxpayers get their refunds by using direct deposit. “The pandemic has created a variety of tax law changes and has created some unique circumstances for this filing season,” said IRS Commissioner Chuck Rettig. “To avoid issues, the IRS urges taxpayers to take some simple steps to help ensure they get their refund as quickly as possible, starting with filing electronically and using direct deposit. "Following months of hard work, we are ready to start this year’s tax season,” Rettig added. "Getting to this point is always a year-round effort for the IRS and the nation’s tax community. Doing it in a continuing COVID-19 environment while simultaneously delivering stimulus payments for the nation is an unprecedented accomplishment by IRS employees. I also want to thank all our tax partners and tax professionals for their hard work that makes tax time smoother for the nation. All of us stand ready to serve America’s taxpayers during this important filing season.” Wage and Investment Commissioner and Chief Taxpayer Experience Officer Ken Corbin provides an in-depth perspective on how the IRS is preparing for a successful filing season in his A Closer Look column.
Be tax ready: Review pandemic-related changes
Recovery Rebate Credit helps people still eligible for Economic Impact Payments
New language preferences to help taxpayers The IRS also wants to remind taxpayers of other important changes that could impact their tax return this year.
Remember to factor in retirement plan distributions Taxpayers should also remember that they can make contributions to traditional IRAs until April 15, 2021, and still deduct that amount on their 2020 tax return, if eligible.
New for 2020: non-itemizers can deduct $300 for charitable cash contributions
Now more than ever, e-file is best The fastest way to get a refund is to file electronically and use direct deposit. Most refunds are issued in less than 21 days, but some refunds may take longer for a variety of reasons. Taxpayers can track their refund using "Where's My Refund?" on IRS.gov or by downloading the IRS2Go mobile app where they’ll get a personalized refund date as soon as 24 hours after the tax return is electronically submitted. Most early Earned Income Tax Credit/Additional Child Tax Credit filers should see an update to “Where’s My Refund?” by Feb. 22. The IRS cannot answer refund status inquiries unless it has been 21 days since the return was electronically filed. IRS tax help is available 24 hours a day on IRS.gov, where people can find answers to tax questions and resolve tax issues online from the safety of their home. The Let Us Help You page helps answer most tax questions, and the IRS Services Guide PDF links to other important IRS services. |
||
|
|||
Useful Links:News EssentialsThe Newsroom TopicsIRS Resources
|
Issue Number: Help for TaxpayersInside This IssueHere is a video tax tip from the IRS: Help for Taxpayers English | ASL Subscribe today: The IRS YouTube channels provide short, informative videos on various tax related topics in English, Spanish and ASL. |
||
|
|||
News EssentialsThe Newsroom TopicsIRS Resources |
Issue Number: IR-2021-89Inside This Issue
Steer clear of typical tax return errors; May 17 deadline nears WASHINGTON — The Internal Revenue Service today reminded taxpayers to check their tax returns for common errors that could delay refunds or otherwise affect normal processing. Here are some ways to avoid tax return slipups as the May 17 due date gets closer. Use electronic filing. Filing electronically, whether through IRS Free File or other e-file service providers, is a great way to cut the chances for many tax return mistakes and maximize deductions to reduce tax owed at the same time. The tax software automatically applies the latest tax laws, checks for available credits or deductions, does the calculations, and asks taxpayers for all required information. Report all taxable income. Be sure to have income documents on hand before starting the tax return. Examples are Forms W-2, 1099-MISC or 1099-NEC. Underreporting income may lead to penalties and interest. Get names and Social Security numbers right. Enter each Social Security number (SSN) and individual’s name on a tax return exactly as printed on the Social Security card. Persons generally must list on their individual income tax return the SSN of any person they claim as a dependent. If a dependent or spouse does not have and is not eligible to get a SSN, list the Individual Tax Identification Number (ITIN) instead of a SSN. Learn about filing status. If taxpayers are unsure about their filing status, the Interactive Tax Assistant on IRS.gov can help them choose the correct status, especially if more than one filing status applies. Tax software, including IRS Free File, also helps prevent mistakes with filing status. Correctly answer the virtual currency question. The 2020 Form 1040 asks whether at any time during 2020, a person received, sold, sent, exchanged or otherwise acquired any financial interest in any virtual currency. If a taxpayer’s only transactions involving virtual currency during 2020 were purchases of virtual currency, they are not required to answer ‘yes’ to the question. Mail paper returns to the right address. Paper filers should check the right address for where to file on IRS.gov or on form instructions to avoid processing delays. Note that due to staffing issues related to COVID-19, processing paper tax returns could take much longer than usual. Taxpayers and tax professionals are encouraged to file electronically if possible. Use the right routing and account numbers. Requesting direct deposit of a federal refund into one, two or even three accounts is convenient and allows the taxpayer access to his or her money faster. Make sure the financial institution routing and account numbers entered on the return are accurate. Incorrect numbers can cause a refund to be delayed or deposited into the wrong account. Taxpayers can also use their refund to purchase U.S. Savings Bonds. Sign and date the return. If filing a joint return, both spouses must sign and date the return. E-filers can sign using a self-selected personal identification number (PIN). Keep a copy. When ready to file, taxpayers should make a copy of their signed return and all schedules for their records. Request an extension, if needed. Taxpayers who cannot meet the May 17 deadline can easily request an automatic filing extension to Oct. 15 and prevent late filing penalties. Use Free File or Form 4868. But keep in mind that while an extension grants additional time to file, tax payments are still due May 17. |
||
Please make sure that you hire a professional tax consultant and/or preparer should you need help with your tax preparation. Licensed tax preparers include federally licensed Enrolled Agents (EA), state licensed Certified Public Accountants (CPA), and state licensed Attorneys (Esq.).
Please note that not all CPAs and Esq.s are specialized in tax compliance. All EAs are focused on tax compliance and IRS taxpayer representation. You will want to therefore ask about a professional's specific practice, tax education, and tax experience before deciding to engage a specific tax expert to help you with tax planning, tax preparation, or taxpayer representation services.
Useful links to check out include:
Additional information about these types of licensed professionals may be researched on Google in the search box.
Business Consulting & Taxation, Inc.
11001 W. 120th Ave., Suite. 400
Broomfield, CO 80021-3493
303-690-2030 (office)
303-690-4055 (fax)
