Entries Tagged 'Taxes' ↓

Did you know that you can request copies of your old federal tax returns via phone or mail absolutely free? If you are missing a tax return and would like it for your records, you can get a free copy one of two ways.

• Call 1-800-829-1040 and request a copy through the automated telephone system, or,
• Mail in IRS Form 4506T (Request for Transcript of Tax Return).

How long until I get it? Two weeks for delivery.
What you get: You get a ‘tax return transcript’ that will include your original return including any forms or schedules. It will not include any changes after the return was filed. A ‘tax account transcript’ will include those later adjustments but otherwise will show basic information including marital status, type of return, AGI, and taxable income.

Here’s a popular money hack for those of us who have their income withheld by our employers. When you started working, you might remember filling out a W-4. The W-4, titled “Employee’s Withholding Allowance Certificate,” is where you indicate how many exemptions are eligible for and your employer uses that to determine the proper amount of withholding. Even if you were to use the IRS’ handy calculator (or use their rules listed on the form), you might find that you get a hefty rebate check each year. So, rather than give the government an interest free loan, adjust your withholdings so that you get as little of a rebate back as possible.

If you ever owe money, I would adjust your withholdings such that you don’t owe again next year. The Safe Harbor rules with respect to the pay-as-you-go aspect of income taxes is fairly easy. If you pay within 90% of your current year’s tax liability or pay over 100% of last year’s tax liability, then you’re safe. So if you received a rebate last year, you can adjust aggressively as long as you pay more taxes than you did last year or are within 90% of your target this year.

As part of Intuit’s Tax Freedom Project, if you were a member of the Active Military in 2007 with an AGI under $54,000, then you qualify for free tax filing with Intuit. “You must have a 2007 W-2 form from the military and earned an Adjusted Gross Income (AGI) of $54,000 or less. Active Duty Military includes Reservists and National Guard.”

The free tax filing covers 1040EZ, 1040A, 1040 and many others (full list of forms covered) but won’t cover more complex situations like rental property and investments (some of the schedules).

If you know you’re going to be filing a 1040EZ, the simplest of the 1040 forms to file, then you can probably take advantage of TurboTax Free Edition. If you rent your home, will be taking the standard deduction, and generally have a simple tax situation, you will qualify for the 1040EZ. What’s great about this offer is that you also get free E-filing, generally a service that costs something like $15.95. This means that you will get your rebate faster (if you are due one) and you don’t have to worry about losing the return in the mail, it’s definitely something to use even if you don’t get it for free.

If you hare a StateFarm.com customer, you can file your 2007 federal income taxes online through TurboTax absolutely free. It’s a service that Intuit, the makers of TurboTax, are providing and it’s a promotional offer they’ve had since at least last year. To take advantage of this, log into your account and look underneath the “Additional Links” header on the left side of your My Account page. There, you should see a link that will direct you to the free offer. The only “negative” is that you always have to log into your StateFarm.com account before you can access that link, but you can save your progress.