There are numerous things which one could do through internet. Explore any part of the world; communicate with anyone live, send messages instantly, get loads of information on anything you feel like and much more. All this can be done just by sitting at your home or your office desk. Many business and non-business organizations have conducted their business over internet and benefited immensely out it. The best part of internet is parting information without any obligation on part of the giver. Be it day or night any time you can get what you want and you don’t even would have to bother anyone to get it. Internal Revenue Service (IRS) department also revolutionized the pay we use to perceive out tax regime. For Almost past 10 years we have the option submitting our income tax returns online and we do also have support of computer programs to assist us in doing so.
What all one can do on the IRS’s official website is listed below:
- Get access to loads of authentic and latest information concerning tax provisions
- Get answers to your tax related problems.
- Establish your contact with IRS.
- Check if you qualify for mandatory filing of tax returns.
- Get access for different income tax forms
- Preparing and submission of tax returns.
- Track your income tax refunds.
- Register yourself for various services offered by IRS.
- Your one stop destination for all your tax needs.
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Does someone need to file their income tax returns or not depends on number of parameters. Parameters such as income category, income generated, age, source of income and number of other variable factors will decide whether it is mandatory for you to file your tax returns or not. To make things simpler Internal Revenue Service (IRS) has a tool on their website which is called “Interactive Tax Assistant”. Interactive Tax Assistant will ask to few set of questions and your answers those will decide whether you qualify for a mandatory filing of tax return or not. There are so many taxpayers who do not qualify for mandatory tax filing but still they do it. The main reason to do the same is that they want to claim tax benefits. Yes, you got that right there are some people who actually file tax return to get something from IRS rather than to pay something to them. Some of the reasons which would encourage you to file tax returns even when it is not mandatory for you are mentioned as under:
- In order to claim Making Work Pay Credits
- To claim Earned Income Tax Credits
- For claiming Additional Child Tax credits
- To Claim American Opportunity Credits.
- Claims related to First Time Homebuyers Credits.
- Health Coverage Tax credit Claims
All the above tax credits are reason you would like to file your tax return get something in return.
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As we all are in the middle of the tax season for year 2011 it won’t be a bad idea to receive some last minute tips on income tax related matters. These tips should come handy for all of you irrespective of whether you already have started preparing for your taxes or still motivating yourself to do so. So let us go through these tips as mentioned under:
- We will begin these tips by stating that the individuals who still are thinking on getting their act together on preparing for their tax returns should rise to the occasion. All such taxpayers must not waste any more time and start gathering required information. I hope you already have had a nice New Year holidays and now it’s time for some work.
- Keep your eyes and ears open to any news related to income tax. Getting forms W-2 and 1099 should be high on priority. In case your employer has still not provided you with the same start bugging them, it’s your right to get these details from your employers on time. Participate actively in office discussions related to income tax preparation it will give to idea of what’s happening and what are your peers are up to.
- Be clear on under which status you will be filing your tax returns at the beginning of your tax preparation. It will help to manage the things henceforth from there on.
- You must take advantage of the free filing options in case you qualify to avail them.
- In case you have not e-filed your returns before you should know that you are part of the minority of taxpayers who are still sticking to paper returns. Try filing your returns electronically this time around.
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