Take Charge of Your Tax Matters Using the IRS Website
By Shane Flait © 2011 

In this age of exploding internet information, the Internal Revenue Service wants you to know how you can take charge of your income tax using its website at www.irs.gov. Here are 9 ways you can use it if you have a computer with internet access.

 

1.      Get information about the latest tax law changes: Learn about tax law changes that may affect your tax return.

2.      Get a filing form fast: You can view and download tax forms and publications any hour of the day or night.

3. Find out how to make payments electronically: You can authorize an electronic funds withdrawal, use a credit or debit card, or enroll in the U.S. Treasury’s Electronic Federal Tax Payment System to pay your federal taxes. Electronic payment options are a convenient, safe and secure way to pay taxes.
4. Calculate the right amount of withholding on your W-4: The IRS Withholding Calculator will help you ensure that you don’t have too much or too little income tax withheld from your pay.
5. Use brand-name tax software for free to file your taxes. Everyone can find an option to prepare their tax return and e-file it for free. If you made $58,000 or less, you qualify for free tax software that is offered through a private-public partnership with manufacturers. If you made more or are comfortable preparing your own tax return, there's Free File Fillable Forms - the electronic versions of IRS paper forms.
6. Use IRS e-file this year: Last year, 70 percent of taxpayers - 99 million people - used IRS e-file. Starting in 2011, many tax preparers will be required to use e-file and will explain your filing options to you. If you owe taxes, you have payment options to file immediately and pay by the tax deadline. Best of all, combine e-file with direct deposit and you get your refund in as few as 10 days.
7. Find out if you qualify for the Earned Income Tax Credit (EITC): this tax credit is for many people who earned less than $49,000. Find out if you are eligible by answering some questions and providing basic income information using the EITC Assistant.
8. Check the status of your tax refund: Whether you chose direct deposit or asked the IRS to mail you a check, you can check the status of your refund through Where’s My Refund?
9. Request a payment agreement: Paying your taxes in full and on time avoids unnecessary penalties and interest. But, if you cannot pay your balance in full you may be eligible to use the Online Payment Agreement Application to request an installment agreement.

 

Many of you already do your banking online – checking your balances, paying bills, and more. So, now, you can pay your taxes online too. It eliminates a lot of paperwork and running around.

 

 

Shane Flait is a writer and educator. See more at www.EasyRetirementKnowHow.com