Category: tax forms

  • How to File Taxes When You’re Missing Documents or They’re Messed Up

    How to File Taxes When You’re Missing Documents or They’re Messed Up

    Filing taxes is stressful enough without the added headache of missing paperwork or forms that just don’t add up. Maybe your W-2 vanished into thin air, or that 1099 you got has numbers that look totally off. Whatever the case, it’s a mess—but it’s not the end of the world. You’ve got options, and I’m here to walk you through them step-by-step so you can get this done without losing your mind.

    How to file when taxpayers have incorrect or missing documents
    How to file when taxpayers have incorrect or missing documents

    1. Figure Out What’s Wrong ASAP

    First things first: let’s pinpoint the problem. Are you missing a W-2 from your job? Did a client send you a 1099 with a dollar amount that makes no sense? Or maybe you can’t find that receipt for the big donation you made last year? Dig through your emails, check your bank account, and rummage through that pile of papers on your desk. The earlier you spot what’s missing or off, the more time you’ll have to fix it before the deadline sneaks up.

    2. Reach Out to Whoever Dropped the Ball

    If something’s missing or wrong, don’t just sit there—get in touch with the person or company who’s supposed to have your back:

    • W-2 woes? Call up your employer’s HR or payroll folks and ask for a new copy or a fix.
    • 1099 mix-up? Hit up the client, bank, or investment company and say, “Hey, can you send me the right one?”
    • No 1095-A? Log into your Health Insurance Marketplace account or give them a ring.

    Be nice but firm—you need this stuff! And jot down who you talked to and when, just in case you need proof later that you tried.

    3. Make Do with What You’ve Got

    If the clock’s ticking and you still don’t have the real deal, don’t panic. You can piece things together with what’s lying around:

    • No W-2? Grab your last pay stub from the year and guesstimate your wages and taxes withheld. Double-check it against your bank deposits if you can.
    • Missing 1099? Look at your bank statements—those deposits from a client or interest from savings can back up what you earned.
    • Lost receipts? Pull out credit card statements or canceled checks. For donations, maybe the charity can send you a quick note saying, “Yep, you gave us this much.”

    The trick is to be as accurate as you can. The IRS might ask questions later, so don’t just pull numbers out of thin air.

    4. Use Form 4852 When Your W-2’s AWOL

    If your employer’s ghosting you and April’s closing in, there’s a lifeline: Form 4852. It’s like a DIY W-2. You fill it out with your best guess of your income and taxes withheld (using pay stubs or whatever you’ve got), attach it to your tax return, and explain why the real W-2 isn’t there. The IRS will take it and sort things out with your boss later. Just make sure your estimates are solid—you don’t want extra headaches down the road.

    5. Fix Mistakes After the Fact

    Say you file with a wonky 1099 because it’s all you had, and then the corrected one shows up in May. No biggie—you can fix it with Form 1040-X. Wait until your original return’s processed, then fill out the 1040-X with the right numbers and mail it in (yep, old-school paper only). You’ve got three years to make it right, so take a deep breath and handle it when you can.

    6. Buy Yourself Some Time

    If you’re still scrambling and April 15 is looming, file Form 4868 to get an extension. It’s super easy and gives you until October 15 to sort everything out. One catch: if you owe money, you still need to pay something by April 15. Guess what you might owe and send it in to keep penalties and interest from piling up.

    7. Call in the Pros When It’s Too Much

    If this whole thing feels like a puzzle with half the pieces missing, don’t be afraid to ask for help. A tax pro—like an enrolled agent, CPA, or even a tax attorney—can take the wheel. They’re great at piecing together records, talking to the IRS, and making sure you don’t miss anything. Plus, if the IRS comes knocking later, they’ve got your back.

    8. Tell the IRS If Someone’s Slacking

    If your employer or a payer just won’t budge on sending you what you need, you can let the IRS know. Call them at 1-800-829-1040 or fill out Form 3949-A to spill the beans. It won’t fix your filing right away, but it might light a fire under someone—and you can still use substitutes in the meantime.

    9. Keep Track of Everything

    While you’re juggling all this, save every scrap of paper and note:

    • Copies of pay stubs, bank statements, or whatever you used as a stand-in.
    • Emails or call logs from chasing down forms.
    • How you came up with your numbers.

    If the IRS ever asks, “What’s this about?” you’ll have your story straight and ready to go.

    Wrapping It Up

    Dealing with missing or messed-up tax documents is a pain, but it’s not a dealbreaker. You’ve got tools—like substitute forms, extensions, and a little elbow grease—to get through it. The IRS knows life happens, and they’ve built in ways to handle these hiccups. Whether you’re piecing it together yourself or calling in a pro, the key is to keep moving forward. You’ll get it filed, breathe a sigh of relief, and be back to your normal life before you know it.

  • Watch Out For IRS Tax Scams

    Watch Out For IRS Tax Scams

    There have been reported incidents of swindlers using an IRS pitch as a IRS Tax scam. One such incident happened to Brett. He panicked after hearing a phone message that the IRS was about to investigate him. Brett is a 43 year old contractor from the County of Morrow. He wondered whether he had missed anything in regards to his Free Turbo Tax application. So he decided to make a call back and then his worry turned to anger. There are lots of scammers out there especially as the Tax period gets near. More about IRS Tax Scams:

    IRS Tax Scams

    At this time of the year, thieves and con artists fine tune their tricks and up their game in order to swindle individuals, often threatening them with jail terms and deportation. The IRS has now issued an alert to the public, warning of the phone scam and other scams people are likely to be exposed to at this time of making their tax returns. Turbo Tax should help people allay their fears in regards to their 2016 taxes.

    IRS Tax Scams
    Photo by Judith E. Bell 

    The Ohio State Attorney General has been fielding questions and complaints from local residents, especially those from the counties of Morrow, Fairfield and Franklin. It is expected that con artists will pull scams pretending to be from the government as this helps their scams seem more legitimate.

  • Three Savings Strategies Used By Millennials

    The pressing desire for consumers to search for low prices lets us know that Millennial’s love great deals. Because of the volatile economy, individuals born between 1980 and 2000 are always looking for ways to save on purchases. Here are some savings strategies you should consider.

    Even economists are noticing how conscious these consumers are being with their funds. How are Millennial’s capable of maintaining this frugal lifestyle consistently?

    Millennial’s Use Social Media for Savings Strategies

    You may or may not be a fan of social media, but it is one of the main ways this generation chooses to communicate. Individuals are sharing everything from their opinions to pictures of their dinner plate. Social media users are also sharing their shopping experiences. It is not uncommon to see someone promote a deal or coupon in their status.

    savings strategies
    Savings Strategies at the Mall

    Millennial’s will search the web for the best deal

    Since most shoppers have desktops or mobile devices, they can research a product before making a purchase. They can visit multiple retail websites and coupon websites for hours before finally making a purchase. They even look for the least expensive ways to handle obligations like paying bills and filing taxes. For instance, Millennial’s would rather use turbo tax software than visit a tax preparer in a shopping mall.

    Millennial’s will usually stick to the price they wish to pay

    Instead of allowing the store owner to set the price, Millennial’s are forcing these online retail merchants to adjust their prices. The amount of competition online gives this generation the upper hand. If store owners will not offer reasonable prices, these shoppers will click off and visit another site within seconds.

    Millennial’s are always searching for the best price, and they will set a limit and stick to it. This generation is always looking for the best deal and rate. The internet allows them to compare prices from virtually everywhere. This great convenience gives them the ability to be frugal at all times.

  • H&R Block- Small Business Tax Software Review

    H&R Block- Small Business Tax Software Review

    H&R Block is one of the best tax preparation software packages used worldwide. Today more than 500 million clients mainly in Australia, the U.S., and Canada use H&R block. With almost 50 years of small business experience H&R Block system understands the requirements of their clients and creates, sustains and implements such systems to support the franchisee in their business growth. Take a look at Small Business Tax Software options.

    Not only experience, but the H&R block tax preparation services has very strong recognition, making itself a house hold name all over the world. H&R Block is one of the leading and top selling products in tax preparation and continues to use it every year; that has built its own reputation on popularity, reliability and simplicity. Millions of people today use H&R Block to prepare their State and Federal income tax returns each year as they trust the professionals.

    Small Business Tax Software

    Various features include Tax Tips, along with a knowledge center that offers useful information on how to increase your refund. FREE Tax Calculators and Tax Estimator for various purposes help in computing your tax figures easily. Online help from the H&R Block professionals is at your fingertips at any point of time, and uncomplicated forms with step by step assistance ease you through the tax return process.

  • All You Need To Know About Dealing With Tax Liability

    Do not let tax liability force you to pay more than your fair share of taxes. The IRS has been providing special reliefs to people who have not been able to meet their tax obligations for the last few years.

    The tax revenue authority body through its “Fresh Start” initiative is taking target at small business owners and the unemployed to meet revenue collection targets set previously.

    According to Doug Shulman, IRS Commissioner, the agency has an obligation to work with struggling taxpayers in order to find a workable solution for both parties.

    Every taxpayer should know that failing to file returns or to pay taxes on time will attract penalties which will increase their tax liability.

    » Failure to file on time will result in a penalty of five percent per month of the unpaid taxes until the amount is fully settled.

    » Failure to pay taxes will lead to a penalty of half of 1 percent of the unpaid taxes every month.

    The good news is that the agency is giving a half-year grace period to some self-employed people and eligible unemployed people. During this period, these groups of taxpayers will not incur penalties for late payment or failure to file returns. However, taxpayers who fall into these two categories will have to fill out the IRS Form 4868 to ask for an extension.

    Under the Fresh Start initiative, eligible taxpayers will have up to 15th October to pay their taxes. Self-employed individuals who have seen their income drop by more than 25 percent due to the economic crisis in 2011 can also qualify for this deadline extension.

  • Use Turbo Tax For Easy Tax Filing

    Filing taxes can be a frustrating experience. Hiring a professional for tax filing is not an option for some people. It is easy to file your own taxes with TurboTax. In fact, it is possible to file right from an iPhone.

    Since many people use their smart phones to do virtually everything, tax filing should not be left out. That is why TurboTax has a app for easy filing. It is as easy as snapping pictures of required documents and the app turns them into proper forms.

    There is a small charge for electronic tax filing. If the taxpayer falls below a specified income they may not have to pay a fee at all to file. Even so, filing electronically is a quick way to file. If money is owed to the taxpayer it can direct deposited right into their account. If there are no problems, the money can be in the bank in less than two weeks.

    The entire process of electronic tax filing and TurboTax in particular is completely safe. Some people worry about the privacy of their documents when filing electronically, but the information sent is safe and kept confidential. Errors are also minimal with electronic filing. There is actually a greater chance for errors when filing a paper return.

    Many people are switching to electronic filing over the older paper way of filing. It is more convienent, quicker and easier than traditional paper filing. TurboTax is an inexpensive way to file on-line. Try out the program and take the stress out of tax filing this year.