Tax Management (2024)

FAQs

What is tax form management? ›

Tax form management is a secure digital system for safely storing and tracking tax forms, information returns, direct deposit information, and more.

Contact your former employer

If the company does not have an HR department, call your former manager. Offer to pick up your W-2 in person to save time.

You can access your federal tax account through a secure login at IRS.gov/account. View the amount you owe, along with details of your balance, your payment history, tax records, and key tax return information from your most recent tax return as originally filed.

A tax planner's primary goal is to ensure that the client is prepared for the next filing season and pays the minimum taxes legally possible.

In addition, we take great care to safeguard all information that is transmitted to us and stored by us on our computers, servers, and databases. This protection includes the use of network intrusion prevention and detection technology as well as other industry accepted security practices.

Tax Planning involves analyzing a taxpayer's financial situation to make strategic decisions that will minimize tax liability. Tax Management is a broader term encompassing the ongoing process of handling tax-related matters efficiently and effectively.

If you fail to file your taxes by April 15 and do not request an extension, the IRS may assess a failure-to-file penalty on the amount of any unpaid taxes. The penalty for failing to file is 5% of the unpaid taxes for each month your return is late, with a maximum of 25% of the total balance due.

You still must file your tax return on time even if you do not receive your Form W-2. If you cannot get a W-2 by your tax-filing deadline, you may use Form 4852, “Substitute for Form W-2, Wage and Tax Statement,” but it will delay any refund due while the information is verified.

If your employer has an online portal where you access paycheck information, time cards, and other employment information, log into the website to see if your W-2 can be accessed there. Even if you can't find it in your email or online, you may still be able to get it electronically.

The Short Answer: Yes. Share: The IRS probably already knows about many of your financial accounts, and the IRS can get information on how much is there. But, in reality, the IRS rarely digs deeper into your bank and financial accounts unless you're being audited or the IRS is collecting back taxes from you.

How do I know if I owe taxes? ›

If you're unsure whether you owe money to the IRS, you can view your tax account information on IRS.gov.

You can also call us at 1- 800-829-0922 to discuss your options. For information on how to obtain your current account balance or payment history, go to www.irs.gov/balancedue.

Hiring a tax professional to help with filing your return can take stress out of the process and ensure you don't make any errors. Tax preparers, especially enrolled agents or CPAs, can be expensive to employ. Those with more complex tax situations should consider hiring professional help.

For example, a CPA might charge a flat fee per tax form or schedule filed, which may cost anywhere from $250 to $1,500 or more depending on the level of complexity. Tax professionals also commonly offer fixed fees for annual tax preparation services, with prices varying from $250 to $3,000 or more per return.

But you can request a change at any time; just fill out and hand in another Form W-4. If you always get a big refund – and you'd rather have that money in your pocket every month – increase the number of personal allowances on the W-4 worksheet to have a tad more money taken out for taxes.

Income tax forms are the official government documents you're required to fill out when you pay your taxes. Generally, the more complex your finances are the more tax forms you may need to fill out. Each state and city also creates their own tax forms, but oftentimes they are modeled after the federal ones.

IRS Form 1040 is the standard federal income tax form people use to report their income, claim tax deductions and credits, and calculate their tax refund or tax bill for the year.

There are three personal income tax forms — 1040, 1040A and 1040EZ — with each designed to get the appropriate amount of your money to the IRS. Differences in the forms, however, could cost you if you're not paying attention.

Accounts Management responds to taxpayer inquiries for advice on a variety of tax law and procedural questions, account inquiries and adjustments, and responses to notices that are received via the telephone, correspondence and email at 25 Account Management sites.