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- IRS expects many extension
requests as filing season winds down, ready to provide limited
- House Ways And Means Committee sets sights on Small Business
- Updated Form 941, Employer's Quarterly Federal Tax Return,
highlights new additional Medicare tax/sunset of payroll tax
- How do I: prove timely filing of my income tax return?
- FAQ: How are LLCs taxed?
- April 2013 tax compliance calendar
8 Tax-Time Errors to Avoid -
Five 11th Hour Tax Tips For 2013!
you make a mistake on your tax return, it usually takes the
IRS longer to process it. The IRS may have to contact you
about that mistake before your return is processed. This will
delay the receipt of your tax refund.
The IRS reminds filers that e-filing their tax return
greatly lowers the chance of errors.
In fact, taxpayers are about twenty times more likely to make
a mistake on their return if they file a paper return instead
of e-filing their return.
Here are the 8 common errors to avoid:
or missing Social Security numbers. Be sure you
enter SSNs for yourself and others on your tax return exactly
as they are on the Social Security cards.
wrong or misspelled. Be sure you enter names of all
individuals on your tax return exactly as they are on their
Social Security cards.
errors. Choose the right filing status. There are
five filing statuses: Single, Married Filing Jointly, Married
Filing Separately, Head of Household and Qualifying Widow(er)
With Dependent Child. See Publication 501, Exemptions,
Standard Deduction and Filing Information, to help you choose
the right one. E-filing your tax return will also help you
choose the right filing status.
mistakes. If you file a paper tax return, double
check the math. If you e-file, the software does the math for
you. For example, if your Social Security benefits are
taxable, check to ensure you figured the taxable portion
in figuring credits, deductions. Take your time and
read the instructions in your tax booklet carefully. Many
filers make mistakes figuring their Earned Income Tax Credit,
Child and Dependent Care Credit and the standard deduction.
For example, if you are age 65 or older or blind check to make
sure you claim the correct, larger standard deduction amount.
bank account numbers. Direct deposit is the fast,
easy and safe way to receive your tax refund. Make sure you
enter your bank routing and account numbers correctly.
not signed, dated. An unsigned tax return is like
an unsigned check – it’s invalid. Remember both spouses must
sign a joint return.
signature errors. If you e-file your tax return,
you will sign the return electronically using a Personal
Identification Number. For security purposes, the software
will ask you to enter the Adjusted Gross Income from your
originally-filed 2011 federal tax return. Do not use the AGI
amount from an amended 2011 return or an AGI provided to you
if the IRS corrected your return. You may also use last year's
PIN if you e-filed last year and remember your PIN.
Five 11th Hour Tax Tips For 2013
one of the millions of Americans who haven't filed (or even
started) your taxes yet? With the April 15th tax filing
deadline less than two weeks away, here's some last minute tax
advice for you.
Not Procrastinate. Resist the temptation to put off
your taxes until the very last minute. Our office needs time
to prepare your return, and we may need to request certain
documents from you, which will take additional time.
Include All Your
Income. If you had a side job in addition to a
regular job, you might have received a Form 1099-MISC. Make
sure you include that income when you file your tax return
because you may owe additional taxes on it. If you forget to
include it you may be liable for penalties and interest on the
Request an Extension
or File on Time. This year's tax deadline is April
15. If the clock runs out, you can get an automatic six-month
extension, bringing the filing date to October 15, 2013. The
extension itself does not give you more time to pay any taxes
due. You will owe interest on any amount not paid by the April
deadline, plus a late-payment penalty if you have not paid at
least 90 percent of your total tax by that date.
Call me at 714-619-0667 if you need to file an
extension and we'll take care of it for you. If you
need to file for late-penalty relief, we can help with
that to. Monica Rebella, CPA
NOT Panic If You Can't Pay. If you can't
immediately pay the taxes you owe, consider some alternatives.
You can apply for an IRS installment agreement, suggesting
your own monthly payment amount and due date, and getting a
reduced late-payment penalty rate. You also have various
options for charging your balance on a credit card. There is
no IRS fee for credit card payments, but the processing
companies charge a convenience fee. Electronic filers with a
balance due can file early and authorize the government's
financial agent to take the money directly from their checking
or savings account on the April due date, with no fee.
Check and Sign Your Return. The IRS will not
process tax returns that aren't signed, so make sure you sign
and date your return. You should also double check your social
security number, as well as any electronic payment or direct
deposit numbers, and make sure that your filing status is
Remember to get your documents to us as soon as you can, and
we'll help you take care of whatever comes up.
To read this & my other articles online go to
and click on the Newsletter section.
always you can call me at 714-619-0667 if you have any
questions about investing, retirement or any other tax &
accounting related issues.
Regards, Monica Rebella, CPA/IAR
President, Rebella Accountancy
Disclaimer: The opinions
contained herein are not intended to be investment advice or a
solicitation to buy or sell any securities. With any
investment you should carefully consider the investment
objectives, potential risks, management fees, and charges and
expenses before investing. Past performance is not a
guarantee of future results. The investment return and
principle value of any investment will fluctuate so that an
investor’s shares, when redeemed, may be worth more or less
than their original cost.
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Clients talk about Monica,
Monica Rebella, CPA/IAR | President - Rebella Accountancy | Certified Public Accountants
507 E. First Street, Suite A | Tustin, CA 92780 | Phone:
714-619-0667 | Fax: 714-544-0236
Email: firstname.lastname@example.org |