W4 - Make sure your information is correct

Don't leave this to the last minute, you can still make the appropriate adjustments to your filing status, your address and the number of dependent, right now is half so the year you can still adjust if necessary.  Any questions you can call me at the office

 

No deje Esto para el ultimate minuto, todavia puede hacer los adjusted apropiados a su estado civil, su direction y el numero correcto de dependientes, ahora es medio año y puede hacer los adjustes que se requieran.  Alguna pregunta me puede hablar  a la oficina

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There are some tools that you can use for calculating the withholding on you paycheck so when it is time to do your taxes you withholdings are correct

IRS Withholding Calculator

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If you are an employee, the Withholding Calculator can help you determine whether you need to give your employer a new  Form W-4Employee's Withholding Allowance Certificate to avoid having too much or too little Federal income tax withheld from your pay. You can use your results from the calculator to help fill out the form.

CAUTION: This Withholding Calculator works for most taxpayers. However, if you owe self-employment tax, alternative minimum tax, or certain Other Taxes; you should use the instructions inPub 505Tax Withholding and Estimated Tax.

Tips For Using This Program

  • Have your most recent pay stubs handy.
  • Have your most recent income tax return handy.
  • Estimate values if necessary, remembering that the results will be no more accurate than the input you provide.

Ready to start? Make sure Java scripting is enabled before using this application.

https://apps.irs.gov/app/withholdingcalculator/

For the tax payers that did not file by the due date and owe money this could come very handy from the IRS web page

Things You Should Know about Filing Late and Paying Penalties

IRS Tax Tip 2016-66, April 20, 2016

April 18 was this year’s deadline for most people to file their federal tax return and pay any tax they owe. If you are due a refund there is no penalty if you file a late tax return. If you owe tax, and you failed to file and pay on time, you will most likely owe interest and penalties on the tax you pay late. To keep interest and penalties to a minimum, you should file your tax return and pay the tax as soon as possible. Here are some facts that you should know.  

  1. Two penalties may apply. One penalty is for filing late and one is for paying late. They can add up fast. Interest accrues on top of the penalties.
     
  2. Penalty for late filing. If you file your 2015 tax return more than 60 days after the due date or extended due date, the minimum penalty is $205 or, if you owe less than $205, 100 percent of the unpaid tax. Otherwise, the penalty can be as much as five percent of your unpaid taxes each month up to a maximum of 25 percent.  
     
  3. Penalty for late payment. The penalty is generally 0.5 percent of your unpaid taxes per month. It can build up to as much as 25 percent of your unpaid taxes.
     
  4. Combined penalty per month. If both the late filing and late payment penalties apply, the maximum amount charged for the two penalties is 5 percent per month.
     
  5. File even if you can’t pay. Filing on time and paying as much as you can will keep your interest and penalties to a minimum. If you can’t pay in full, getting a loan or paying by debit or credit card may be less expensive than owing the IRS. If you do owe the IRS, the sooner you pay your bill the less you will owe.
     
  6. Payment Options. Explore your payment options on our website at IRS.gov/payments. For individuals, IRS Direct Pay is a fast and free way to pay directly from your checking or savings account. The IRS will work with you to help you resolve your tax debt. Most people can set up a payment plan using the Online Payment Agreement tool on IRS.gov.
     
  7. Late payment penalty may not apply. If you requested an extension of time to file your income tax return by the tax due date and paid at least 90 percent of the taxes you owe, you may not face a failure-to-pay penalty. However, you must pay the remaining balance by the extended due date. You will owe interest on any taxes you pay after the April 18 due date.

Each and every taxpayer has a set of fundamental rights they should be aware of when dealing with the IRS. These are your Taxpayer Bill of Rights. Explore your rights and our obligations to protect them on IRS.gov.

Paperwork

Please start getting all your paperwork together receipts and specially proof of address. We need w-2 to transmit to IRS no exceptions

PAPERWORK

Don't forget to bring all the forms to do your income tax when it is time to do it

W2s if you work for someone,    profit and loss if you are self employed

for your dependents social security cards birthdates and proof of address for dependents

Taxpayers bring ID

Unemployment, 1098, 1098t, 1099R or any other forms that pertain to your tax preparation

 

STARTING TO ENTER INFORMATION

At this point if you want to do electronic filing we can enter your information in the computer and you will have to come back after January 31 2014 to finish the signing of your taxes.

At the time of the signing you need to have your W-2s your proof of address for your dependents and copies of the social security cards and the tax payers ID cards.

 

A este punto si quiere hacer sus impuestos electronicamente podemos poner su informacion en la computadora pero tiene que regresar despues de Enero 31 2014 para terminar y firmar sus impuestos.

En este tiempo cuando viene a firmar ya necesitamos tener sus formas w-2 y la pueba de direccion de los dependientes y ocupamos copias de las tarjetas de numero social y la identificacion de las persona o personas que van a preparer los impuestos