Duluth/Gwinnett/Atlanta CPA: Need a Copy of Your Tax Return Information?
The IRS is happy to provide taxpayers with a copy of their tax return information including by year details by a variety of ways from either online, by phone or mail. To order a transcript you can do so by following the instructions the IRS has on their web-site at http://www.irs.gov/individuals/article/0,,id=232168,00.html For those who say nothing is for free anymore, please note getting a copy of your IRS transcript is free.
An IRS tax return transcript will list line items from your return as it was originally filed including the accompanying IRS tax forms and schedules. A tax account transcript will show any adjustments made (whether by you or the IRS) after the initial tax return is filed including Adjusted Gross Income (AGI) and taxable income.
If you need copies of the actual tax returns the IRS has a process for this as well.
To request from the IRS a copy of your tax forms you can do so by using IRS Form 4506. Copies of Forms 1040, 1040A, and 1040EZ are generally available for 7 years from the filing date. Other returns may be available for a longer period of time.
A copy of a transcript will typically take ten days whereas obtaining a copy of the actual tax return filed will take typically sixty days.
Great care should be exercised when using transcripts and IRS records as the sole basis of tax return preparation as IRS records will not reflect the below items.
• The original purchase price and date of stocks sold during the year. IRS records, unless you give them the information on a properly compiled Schedule D (Schedule of Stock Gains and Losses) these items will presume (for lack of information otherwise).
• Certain itemized expenses such as real estate taxes, property taxes on cars, cash and property donations to charities, medical expenses and un-reimbursed employee expenses.
• Business expense of your S Corporation, C Corporation, LLC (Limited Liability Company), Partnership or Proprietorship. To get information on what constitutes valid business expenses on your returns visit http://www.hiscpa.com/business-expenses.html
This is just a partial listing of items that will not be reflected if the IRS were to prepare a tax return or assess your return for you. Filing your return on a timely basis with all of you legal deductions is the best option to ensure that you pay only your lowest legal possible tax. Failure to include these items will do much to guarantee that you will overpay your tax bill. Be sure to work hand-in-hand with a CPA who is well versed in such matters.
Atlanta/Alpharetta/Johns Creek CPA: Corporate Income Taxes
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