IRS

Internal Revenue Service Extension

Many events can happen in our lives especially when unexpected leaving us unable to file taxes by that April deadline. Luckily the IRS or Internal Revenue Service has an option available for those who find themselves swamped in work or other life events that keep them from getting taxes ready when they are due. The internal revenue service extension is a form found on the IRS website available for when you find yourself needing it most during an unusually stressful tax season.

The internal revenue service extension is a form found on the IRS website available for when you find yourself needing it most during an unusually stressful tax season.

So if you find yourself unable to file your individual federal income tax by the due date which is typically around April 15th, form 4868 can be completed for a possible 6 month extension depending on if you qualify under whatever your circumstances may be. Check out the special rules that may apply if you are serving in the military or living overseas. There are also a number of other tax extension forms including the form 7004 and 1138 for corporations and businesses. Form 7004 for certain business income tax and to request an automatic extension. Form 1138 differs in that it is an extension for corporations or business who need to pay a tax but are expecting a loss.

There are also other extension forms available for those who fall under special tax credits, employee returns and others. Check out the IRS webpage to find the form that is right for you. While six months may seem like a lot of time to catch up on filing, often this time goes by quickly. SO make sure you have all the right paperwork needed to get the documents filed correctly. Work with a tax expert to ensure that your needs are met.
While an internal revenue service extension can help you better prepare and organize your tax information, remember that while the extension is more for people who need more time filing and not for more time to pay taxes where they are owed. Check with the IRS about possible payment plans and other relief if you need more time to pay. With an extension to file, the IRS expects that paper work by October instead of the initial April deadline. So make sure you get going and reduce late payment penalties if needed.

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IRS Form W-9

by Kylee Sanders

The IRS is a government organization in the US that is responsible for collecting revenues, employment and income tax and implementation of new laws on tax.

The IRS is a government organization in the US that is responsible for collecting revenues, employment and income tax and implementation of new laws on tax.

Form W-9 is the most common (and most popular) type of a form, filled by almost every employee. Form W-9 is filled up by individuals who have been requested for their identification number and certification from the companies that will pay them their income. The company or individuals (in other words the employer) that collect this form do not send it to the IRS. Rather, they use it and keep it with themselves in order to create their pay checks. For business owners, their clients can also ask them to provide a W-9 form in order to keep a track of the payments they make to them.

Completing Form W-9

On the form you will be asked to fill in your name as mentioned in your federal income tax return. The next thing will be to write down the company name or business you own, if any. The third part will be to classify your tax from the provided options by choosing the most appropriate one.

Taxpayer identification number

In the next section you will need to jot down your address and write down either your Social Security Number or (if you are a non-resident) the TIN, Taxpayer Identification Number.

Business owner or employers will have to fill in the next blank with their respective identification number of the employer. Date can be filled at the bottom and then signed.

Backup withholding

Backup Withholding is when the IRS requests the individual or company that has asked for you W-9 form to keep a certain amount to withhold from your payment in order to pay for your federal income taxes. The IRS always notifies if your account has been considered subject to Backup Withholding. You will be required to inform the individual or company to withhold a part of your income as a part of federal income taxes.

Submitting Form W-9

The W-9 form needs to be submitted to one’s company. You may hand it over to the supervisor or the person looking after the HR department. The fully-filled forms are kept with your employer, stored in your personal file and referred during pay.

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IRS – Internal Revenue Service form 8822

by Ryan Kendall

IRS is a US government body which takes the responsibility of collecting revenues and taxes. For example, income tax, corporate, estate, excise and various other types of taxes.

Form 8822 is used to notify the IRS, Internal Revenue Service, when you have changed your address.

Form 8822 is used to notify the IRS, Internal Revenue Service, when you have changed your address. All the important details and information is sent by the IRS to your mailing address. Hence, if you have changed your current address, then it is advisable that you inform the IRS; and you can do this through the filled up form sent directly to the IRS office. Otherwise, document, information and notices will not reach you.

How to update your address using Form 8822

Using the 8822 form, you can update IRA about the change of your mailing address. It is an important step because all the details, information and notices relating to your taxes is only sent to your mailing address provided during the set up of your first account.

How to fill the form?

Form 8822 requires you to fill out only a few basic details, including the old as well as the new address, type of tax return you are applying for, etc. If you share the returns, that is, have joint returns, then you may simply fill all the details in one form.

Alternatives to Form 8822

Form 8822 is mandatory to be filled by only those who file for tax returns. If you don’t, then there is no requirement as such. If you plan to file a tax return and planning to change your address in the near future, you can fill in your new address directly on the form instead of using an additional one, the 8822 form. The other details can be sent via a written letter to the IRS stating the rest of the information.

If matters like paying tax within a time-limit, are sent to the wrong address you will not receive extra time to pay your taxes because the government does not acknowledge or take responsibility for not informing them of your new address.

Failing to update your mailing address on time will have other consequences as well. That is why it is so important to remember and make a note of it to inform the IRS about your new address.

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Fill Out A W-9 Form

by Kylee Sanders

A W-9 form is an internal revenue service (IRS) form, which is used to register you as a taxpayer. It is issued by companies to independent workers, consultants and freelancers. As a self-employed person you are required to fill this form.

It is a self-certification of the fact that the tax identification provided by you to the company you are working for is correct. In the form you are required to certify that you are not subject to backup withholding. Federal income tax has special provision for withholding payment for interest, dividends, royalty, rent or payments from fishing boat operators or stock brokers. However, the US citizens and residents who have declared their tax identification and people not notified by Internal Revenue Service are exempt from it.

W-9 form requires careful filling.

W-9 form requires careful filling before signing as it is a document IRS uses to certify you as a legitimate taxpayer. Here are a few tips to fill the form easily.

Name Field: First fill out your name. The name should match with the name on your tax returns. Being careful will ensure that there is no mismatch.
Business Name Field: In the next column, you need to fill out your business name. It will be the name of your company, you have registered which may be sole proprietorship, a limited liability company or an S-corporation. If you are using your personal name for the business as in case of freelancers, write your own name.
Business Type Box: Check the box signifying the type of business entity. If you are working alone check sole proprietorship box.
Exemption Boxes: Next are the exemption boxes. In most cases it has to be left blank. These boxes do not apply to consultants or freelancers. You need to pay attention only if you are registered as a corporation.
Address Field: Write down your full address here complete with ZIP code. The address should match the one on your tax return.
The requester field: Write the name of company who has requested you to fill out the form. Include address and telephone number.
The tax identification number: Here you have to fill out the TIN(Tax identification number) which may be your SSN ( Social Security number) if you are a sole proprietor or EIN (Employer identification number) if you are not a sole-proprietor.
Declaration: The declaration is that the information filled by you is correct. In case of furnishing wrong information you will liable to perjury. Sign after carefully reading the declaration.

After filling the form send it to your employer. The best way is to personally deposit it, but in this digital age e-mail is the preferred choice. So, make sure to encrypt the form before sending it to avoid data theft.

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