| The tax year 2009 had so many changes in tax laws | | | | balance for 2009? Did you end up paying under |
| and for many taxpayers, tax filing ended with | | | | payment tax penalty? Please check line 76 on page 2 |
| unpleasant surprises. Did you file your taxes and | | | | of your Federal tax form 1040. If that is the case, you |
| receive your tax refund by now? Great, but that's not | | | | should consider following suggestions. |
| the case with many taxpayers. The purpose of this | | | | |
| article is to provide answers to some of their questions | | | | 1. Did you prepare your own taxes? Are you sure you |
| and concerns. | | | | did not make any expensive error in preparing your |
| You filed your taxes but did not get your tax refund | | | | taxes? |
| yet. Please visit IRS website and find out a link for | | | | 2. Compare your 2009 income and deductions with |
| where is my refund. This is a very good interactive | | | | that of 2008. Did you see any unjustifiable variation? |
| tool available to help you. You will need your SS #, filing | | | | 3. Make sure you did not over claim number of |
| status, and refund amount claimed information so | | | | exemptions on your form W-4. If necessary, submit a |
| please keep your 2009 Form 1040 in front of you. If | | | | new form W-4 with correct number of exemptions |
| you do not have access to internet, you can call IRS | | | | and with higher withholding choice. |
| REFUND HOTLINE at 800-829-1954. If you gave your | | | | 4. Please see if you can raise pretax deductions like |
| bank account information on line 73 of page 2 of Form | | | | 401K from your pay check. |
| 1040 and did not see the tax refund credit yet, please | | | | 5. If you are self employed, consider paying higher |
| double check the bank account info to make sure that | | | | amount for estimated taxes. |
| it is right. | | | | 6. You need help from a tax professional like us for |
| You filed and owed taxes but can't pay: (Thanks to | | | | better tax planning. |
| current economic turmoil) Please don't get panic as | | | | Did you file extension? Please don't relax, prepare and |
| you may qualify for Payment Plan offered by IRS. | | | | file your taxes as soon as you can. |
| Please download Installment Agreement Request | | | | You did not file extension? Don't panic. It is not the end |
| Form 9465 from IRS website and see if you qualify | | | | of the world. First of all, please find out if you qualify |
| for this option. There is an application fee of $52 or | | | | for certain tax relief declared by IRS for tax payers |
| $105 depending upon the payment method you select | | | | affected by recent disasters like severe storm and |
| to pay your tax balance. If you qualify, you can pay | | | | flood. You can check this on IRS website or call IRS |
| your tax balance in installments. Can you pay in full | | | | Disaster Hotline at 1-866-562-5227. For example, tax |
| within 120 days? If yes, please call IRS at | | | | payers affected by storm and flood in some counties |
| 1-800-829-1040 to establish your request to pay in full. | | | | of New Jersey have until MAY 11 to file their tax |
| If you can do this, you can avoid paying the fees to | | | | returns. In order to avoid paying additional penalties and |
| set up an installment agreement. | | | | interest, you need to file your past due unfiled tax |
| Are you still wondering how come you owed huge tax | | | | returns as soon as you can. |