Ten great ways to use IRS.gov

Ten great ways to use IRS.gov

At any time during the year, when you need reliable tax help, information, publications, or forms, be sure to visit IRS.gov. A variety of tools and services are only a click away on their website. For additional help, or if you have any questions please call Vermillion Financial Advisors at 847-382-9999.

Here are ten great ways to use IRS.gov:

1. Get Answers to Your Tax Questions. The Interactive Tax Assistant covers many common tax topics. Type in your question or search terms, and it can lead you step-by-step to the answer.

2. Get Forms and Publications. View, download and print federal tax forms and publications anytime. Approximately 100 IRS publications are available for download this year.

3. Use IRS Free File. If you need to file your tax return, you can file a federal tax return for free using IRS Free File. If you earned $64,000 or less, you can prepare and e-file your taxes using free brand-name tax software. If you e-file your tax return, you don’t need to prepare or mail any paper forms to the IRS.

4. Get Information on the Affordable Care Act (ACA) tax Provisions. Find out how to:
• Report health care coverage.
• Claim an exemption from the coverage requirement.
• Make an individual shared responsibility payment.
• Claim the premium tax credit.

Use the Interactive Tax Assistant tool to determine if you qualify for an exemption from the coverage requirement or need to make an individual shared responsibility payment.

5. Check on Your Refund. The Where’s My Refund? tool is a fast and easy way to check on your tax refund. Use the IRS2Go mobile app to access the tool, or click on the ‘Refunds’ tab on IRS.gov.

6. Use IRS Direct Pay. If you owe taxes, pay with IRS Direct Pay. It’s a safe, easy and free way to pay from your checking or savings account. Go to IRS.gov/directpay to pay your federal tax bill. Be sure to carefully choose the correct tax year and correct type of payment.

7. Apply for an IRS Payment Plan. If you owe $50,000 or less and can’t pay all your taxes at once, you can apply for an IRS Online Payment Agreement, make monthly payments, and possibly reduce any fee, penalties, or interest.

8. Check Out a Charity. You must donate to a qualified charity if you want to deduct that donation on your tax return. Use the IRS EO Select Check tool to see if a charity is qualified.

9. Calculate your Tax Withholding. If you get a larger refund or owe more taxes than expected, you may want to change your tax withholding. The IRS Withholding Calculator tool will help you figure it out.

10. Get a Transcript. The quickest way to get a copy of your tax transcript is to use the Get Transcript tool on the IRS website. You should receive your transcript in the mail within five to 10 days from the time the IRS receives your request online. Plan ahead to ensure you have it when you need it.

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 all these helpful tools at IRS.gov.

Note: The opinions voiced in this material are for general information only and not intended to provide specific advice or recommendation for any individual. Please remember that past performance of investments may not be indicative of future results. Different types of investments involve varying degrees of risk, and there can be no assurance that the future performance of any specific investment, investment strategy, or product made reference to directly or indirectly in this newsletter (article), will be profitable, equal any corresponding indicated historical performance level(s), or be suitable for your portfolio. Due to various factors, including changing market conditions, the content may no longer be reflective of current opinions or positions. Moreover, you should not assume that any discussion or information contained in this post serves as the receipt of, or as a substitute for, personalized investment advice from Vermillion Financial Advisors, Inc. To the extent that a reader has any questions regarding the applicability of any specific issue discussed within this newsletter to his/her individual situation, he/she is encouraged to consult with the professional advisor of his/her choosing. A copy of our current written disclosure statement discussing our advisory services and fees is available for review upon request.