• About Us
  • Contact Us

bookkeepingmiamiblog

~ taxes, finances and more…..

bookkeepingmiamiblog

Tag Archives: Business

IRS Tax Tip: How to Get a Transcript or Copy of a Prior Year’s Tax Return from the IRS

22 Monday Oct 2012

Posted by bookkeepingmiami in Income Tax

≈ Leave a comment

Tags

Adjusted gross income, Business, Fiscal year, government, Internal Revenue Service, IRS, IRS tax forms, Tax, Tax Returns, YouTube

Taxpayers should keep copies of their tax returns, but if they cannot be located or have been destroyed during natural disasters or by fire, the IRS can help. Whether you need your prior year’s tax return to apply for a loan or for legal reasons, you can obtain copies or transcripts from the IRS.

Here are 10 things to know if you need federal tax return information from a previously filed tax return.

1. Get copies of your federal tax return via the web, phone or by mail.

2. Transcripts are free and are available for the current and past three tax years.

3. A tax return transcript shows most line items from your tax return as it was originally filed, including any accompanying forms and schedules. It does not reflect any changes made after the return was filed.

4. A tax account transcript shows any later adjustments either you or the IRS made after you filed your tax return. This transcript shows basic data including marital status, type of return filed, adjusted gross income and taxable income.

5. To request either type of transcript online, go to IRS.gov and use the online tool called Order A Transcript. To order by phone, call 800-908-9946 and follow the prompts in the recorded message.

6. To request a 1040, 1040A or 1040EZ tax return transcript through the mail, complete IRS Form 4506T-EZ, Short Form Request for Individual Tax Return Transcript. Businesses, partnerships and individuals who need transcript information from other forms or need a tax account transcript must use Form 4506-T, Request for Transcript of Tax Return.

7. If you order online or by phone, you should receive your tax return transcript within five to 10 days from the time the IRS receives your request. Allow 30 calendar days for delivery of a tax account transcript if you order by mail.

8. If you need an actual copy of a previously filed and processed tax return, it will cost $57 for each tax year you order. Complete Form 4506, Request for Copy of Tax Return, and mail it to the IRS address listed on the form for your area.  Copies are generally available for the current year and past six years. Please allow 60 days for delivery.

9. The fee for copies of tax returns may be waived if you are in an area that is declared a federal disaster by the President. Visit IRS.gov, keyword “disaster,” for more guidance on disaster relief.

10. Forms 4506, 4506-T and 4506T-EZ are available at IRS.gov or by calling 800-TAX-FORM (800-829-3676).
Links:

  • Order a Transcript – Online Service
  • Tax Return Transcripts
  • Form 4506-T-EZ, Short Form Request for Individual Tax Return Transcript (PDF)
  • Form 4506-T, Request for Transcript of Tax Return (PDF)
  • Form 4506, Request for Copy of Tax Form (PDF)

YouTube Videos:

  • How to Request a Copy Your Tax Return: English | Spanish | ASL

 

Advertisement

Share this:

  • Tweet
  • Email
  • Print

Like this:

Like Loading...

IRS Tax Tip: IRS Can Help When Starting a Small Business

13 Monday Aug 2012

Posted by bookkeepingmiami in Small Business

≈ Leave a comment

Tags

Business, Fiscal year, Internal Revenue Service, Limited Liability Company, Small business, Tax, Tax form

If you are opening a new business this summer, the IRS has some basic federal tax information to help you get started.

Here are some things to consider when starting a business:

  • Type of Business One of the first decisions you need to make is what type of business you are going to establish. The most common types of businesses are sole proprietorship, partnership, corporation, S corporation, and Limited Liability Company. The type of business you establish determines which tax forms you will need to file.
  • Types of Taxes The type of business you operate also determines what types of taxes you will pay and how you will pay them. The four general types of business taxes are income tax, self-employment tax, employment tax and excise tax.
  • Employer Identification Number A business typically needs to get an Employer Identification Number to use as an identifier for tax purposes. Check IRS.gov to find out whether you will need this number, and, if so, you can apply for an EIN online.
  • Recordkeeping Good records will help you keep track of deductible expenses, prepare your tax returns and support items that you report on your tax returns. Good records will also help you monitor the progress of your business and prepare your financial statements. You may choose any recordkeeping system that clearly shows your income and expenses.
  • Tax Year  Every business taxpayer must figure taxable income on an annual basis called a tax year. Your tax year can be either a calendar year or a fiscal year.
  • Accounting Method  Each taxpayer must also use a consistent accounting method, which is a set of rules for determining when to report income and expenses. The most commonly used accounting methods are the cash method and accrual method. Under the cash method, you generally report income in the tax year you receive it and deduct expenses in the tax year you pay them. Under an accrual method, you generally report income in the tax year you earn it and deduct expenses in the tax year you incur them.

Visit the IRS.gov website and click on the ‘Businesses’ tab for more information and resources, including a special section on starting a business. Publication 583, Starting a Business and Keeping Records, can also help new business owners understand their federal tax responsibilities. The publication is also available on IRS.gov or by calling 800-TAX-FORM (800-829-3676).
Links:

  • Starting a Business
  • Publication 583, Starting a Business and Keeping Records (PDF)
  • Business Taxes
  • Employer ID Numbers (EINs)
  • Publication 334, Tax Guide for Small Business (PDF)
  • Publication 535, Business Expenses (PDF)
  • Publication 538, Accounting Periods and Methods (PDF)

YouTube Video:

  • Employer Identification Number – English

Share this:

  • Tweet
  • Email
  • Print

Like this:

Like Loading...

Tax Relief for Victims of Tropical Storm Debby in Florida

19 Thursday Jul 2012

Posted by bookkeepingmiami in Income Tax, Small Business

≈ Leave a comment

Tags

Business, Disaster area, Internal Revenue Service, IRS, Tax, Tax return (United States)

 

i guess i'll drive around, then

(Photo credit: jamelah)

 

 

IRS Notice 2012-28

 

Victims of tropical storm Debby that began on June 23, 2012 in parts of Florida may qualify for tax relief from the Internal Revenue Service.

 

The President has declared Baker, Bradford, Clay, Columbia, Duval, Franklin, Hernando, Highlands, Hillsborough, Manatee, Nassau, Pasco, Pinellas Suwannee, Taylor, Union and Wakulla counties a federal disaster area. Individuals who reside or have a business in these counties may qualify for tax relief.

 

The declaration permits the IRS to postpone certain deadlines for taxpayers who reside or have a business in the disaster area. For instance, certain deadlines falling on or after June 23, and on or before Aug. 22, have been postponed to Aug. 22, 2012.

 

In addition, the IRS is waiving the failure-to-deposit penalties for employment and excise tax deposits due on or after June 23, and on or before July 9, as long as the deposits are made by July 9, 2012.

 

If an affected taxpayer receives a penalty notice from the IRS, the taxpayer should call the telephone number on the notice to have the IRS abate any interest and any late filing or late payment penalties that would otherwise apply. Penalties or interest will be abated only for taxpayers who have an original or extended filing, payment or deposit due date, including an extended filing or payment due date, that falls within the postponement period.

 

The IRS automatically identifies taxpayers located in the covered disaster area and applies automatic filing and payment relief. But affected taxpayers who reside or have a business located outside the covered disaster area must call the IRS disaster hotline at 1-866-562-5227 to request this tax relief.

 

Covered Disaster Area

 

The counties listed above constitute a covered disaster area for purposes of Treas. Reg. § 301.7508A-1(d)(2) and are entitled to the relief detailed below.

 

Affected Taxpayers

 

Taxpayers considered to be affected taxpayers eligible for the postponement of time to file returns, pay taxes and perform other time-sensitive acts are those taxpayers listed in Treas. Reg. § 301.7508A-1(d)(1), and include individuals who live, and businesses whose principal place of business is located, in the covered disaster area. Taxpayers not in the covered disaster area, but whose records necessary to meet a deadline listed in Treas. Reg. § 301.7508A-1(c) are in the covered disaster area, are also entitled to relief. In addition, all relief workers affiliated with a recognized government or philanthropic organization assisting in the relief activities in the covered disaster area and any individual visiting the covered disaster area who was killed or injured as a result of the disaster are entitled to relief.

 

Grant of Relief

 

Under section 7508A, the IRS gives affected taxpayers until Aug. 22 to file most tax returns (including individual, corporate, and estate and trust income tax returns; partnership returns, S corporation returns, and trust returns; estate, gift, and generation-skipping transfer tax returns; and employment and certain excise tax returns), or to make tax payments, including estimated tax payments, that have either an original or extended due date occurring on or after June 23 and on or before Aug. 22.

 

The IRS also gives affected taxpayers until Aug. 22 to perform other time-sensitive actions described in Treas. Reg. § 301.7508A-1(c)(1) and Rev. Proc. 2007-56, 2007-34 I.R.B. 388 (Aug. 20, 2007), that are due to be performed on or after June 23 and on or before Aug. 22.

 

This relief also includes the filing of Form 5500 series returns, in the manner described in section 8 of Rev. Proc. 2007-56. The relief described in section 17 of Rev. Proc. 2007-56, pertaining to like-kind exchanges of property, also applies to certain taxpayers who are not otherwise affected taxpayers and may include acts required to be performed before or after the period above.

 

The postponement of time to file and pay does not apply to information returns in the W-2, 1098, 1099 series, or to Forms 1042-S or 8027. Penalties for failure to timely file information returns can be waived under existing procedures for reasonable cause. Likewise, the postponement does not apply to employment and excise tax deposits. The IRS, however, will abate penalties for failure to make timely employment and excise tax deposits due on or after June 23 and on or before July 9 provided the taxpayer makes these deposits by July 9.

 

Casualty Losses

 

Affected taxpayers in a federally declared disaster area have the option of claiming disaster-related casualty losses on their federal income tax return for either this year or last year. Claiming the loss on an original or amended return for last year will get the taxpayer an earlier refund, but waiting to claim the loss on this year’s return could result in a greater tax saving, depending on other income factors.

 

Individuals may deduct personal property losses that are not covered by insurance or other reimbursements. For details, see Form 4684and its instructions.

 

Affected taxpayers claiming the disaster loss on last year’s return should put the Disaster Designation “Florida/Tropical Storm Debby” at the top of the form so that the IRS can expedite the processing of the refund.

 

Other Relief

 

The IRS will waive the usual fees and expedite requests for copies of previously filed tax returns for affected taxpayers. Taxpayers should put the assigned Disaster Designation in red ink at the top of Form 4506, Request for Copy of Tax Return, or Form 4506-T, Request for Transcript of Tax Return, as appropriate, and submit it to the IRS.

 

Affected taxpayers who are contacted by the IRS on a collection or examination matter should explain how the disaster impacts them so that the IRS can provide appropriate consideration to their case.

 

Taxpayers may download forms and publications from the official IRS website, irs.gov, or order them by calling 1-800-TAX-FORM (1-800-829-3676). The IRS toll-free number for general tax questions is 1-800-829-1040.

 

Related Information

 

Disaster Assistance and Emergency Relief for Individuals and Businesses
Recent IRS Disaster Relief Announcements

 

Source:  IRS Webiste

 

Share this:

  • Tweet
  • Email
  • Print

Like this:

Like Loading...

Small Business Owners – Start out right; keep good records

07 Thursday Jun 2012

Posted by bookkeepingmiami in Small Business

≈ Leave a comment

Tags

Accounting, Business, Fiscal year, Internal Revenue Service, Records management, Small business, Tax, tax return

New Small Business owners should check out the following IRS link to Publication 583 which tells you important information you need to know when starting your business. It discusses forms of business, identification numbers, tax year, accounting method, business taxes and more.

Good recordkeeping helps new businesses monitor their progress, prepare financial statements and keep track of deductible expenses for filing tax returns.

Related link:

  • Publication 583, Starting a Business and Keeping Records

Share this:

  • Tweet
  • Email
  • Print

Like this:

Like Loading...

Miami Bookkeeper offering affordable bookkeeping Services

06 Monday Jun 2011

Posted by bookkeepingmiami in Bookkeeping Services, Small Business, Taxpayers

≈ Leave a comment

Tags

Accounting, Bookkeeping, Bookkeeping and Tax Preparation, Business, Finance, Firms, Quickbooks, Small business, United States

Welcome to The Bookkeeping Miami Blog. We offer affordable services to South Florida businesses on bookkeeping, payroll, bank reconciliation, QuickBooks, Peachtree and more. Check back regularly for updates to our blog and our services or email us at info@bookkeepingmiami.com with questions.

Share this:

  • Tweet
  • Email
  • Print

Like this:

Like Loading...
Proud member of the AIPB

NACPB

Proud member of the NACPB

Categories

  • About Us (2)
  • Bookkeeping Services (2)
  • College (2)
    • College Financial Aid (1)
  • Income Tax (24)
  • Miami (1)
  • Retirement (2)
  • Small Business (7)
  • Tax Credits (6)
  • Tax Volunteer (1)
  • Taxpayers (13)
    • Students (1)
  • Uncategorized (1)

Pages

  • About Us
  • Contact Us
February 2023
M T W T F S S
 12345
6789101112
13141516171819
20212223242526
2728  
« Aug    

Enter your email address to follow this blog and receive notifications of new posts by email.

Join 283 other subscribers

Accounting Adjusted gross income Adoption Adoption tax credit Amended U.S. Individual Income Tax Return American Opportunity Credit American Opportunity Tax Credit Barack Obama Bookkeeping Bookkeeping and Tax Preparation Business Charitable organization Child and Dependent Care Credit College Financial Aid Dependent Care Expenses Donation Earned Income Tax Credit Efficient energy use Employment Energy Energy accounting Energy Star Expense Facebook FAFSA Filing (legal) Finance Firms Fiscal year Form 1040 Free File Fresh Start Initiative Higher education Hire purchase Home Improvements House Income Tax Individual Retirement Account Insurance Internal Revenue Service IRS IRS e-file IRS tax forms Itemized Deduction Lifetime Learning Credit marriage Notice Payment Pension Preparer Tax Identification Number Quickbooks Records management Relocation (personal) Roth IRA Small business Social media Social Security Social Security number Solar water heating Standard Deduction Tax Tax credit Tax deduction Tax form Tax preparation Tax refund tax return Tax return (United States) Tax Tip Tax Withholding Twitter United States United States Postal Service Wage YouTube

Create a free website or blog at WordPress.com.

Privacy & Cookies: This site uses cookies. By continuing to use this website, you agree to their use.
To find out more, including how to control cookies, see here: Cookie Policy
  • Follow Following
    • bookkeepingmiamiblog
    • Already have a WordPress.com account? Log in now.
    • bookkeepingmiamiblog
    • Customize
    • Follow Following
    • Sign up
    • Log in
    • Report this content
    • View site in Reader
    • Manage subscriptions
    • Collapse this bar
 

Loading Comments...
 

    %d bloggers like this: