LJVCPA - E-File Federal and State Tax Returns - LJVCPA

Providing accounting services, tax preparation and representation for corporations, small businesses
and individuals.
Linda J. Vail
Certified Public Accountant
Certified Public Accountant
Linda J. Vail
Certified Public Accountant
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e-File Q&A

IRS e-file is a fast, accurate, safe and paperless way to file a Federal Income Tax Return. Get your refund in half the time, even faster and safer with Direct Deposit. If you owe tax, you can e-file and electronically pay in a single step. Ask me, an Authorized IRS e-file Provider about e-file today!

WHAT IS AN AUTHORIZED IRS e-file PROVIDER?
An Authorized IRS e-file Provider is a tax professional or firm accepted into the IRS electronic filing program. One type of Authorized IRS e-file Provider is an Electronic Return Originator (ERO). An ERO is a person or firm that taxpayers entrust with tax information for the purpose of filing income tax returns electronically to the IRS.

WHAT DO I GAIN BY USING IRS e-file?
Accuracy! Security! Electronic Signatures! Proof of Acceptance! Fast Refunds with Direct Deposit! Electronic Payment Options! Federal/State e-file! Only IRS e-file offers these advantages.

DO I REALLY GET MY REFUND FASTER?
With IRS e-file, you get it back in half the time. It's even faster and safer if you have your refund deposited directly to your bank account. Ask your ERO for the estimated date of deposit.

IS THERE A FEE FOR IRS e-file?
The IRS does not charge a fee for e-filing. I do not charge any additional fee to efile your return. This is free to you.

IF I OWE, HOW DO I PAY MY TAXES ELECTRONICALLY?
You can authorize an electronic funds withdrawal from your checking or savings account at the time you file your tax return. Funds will be withdrawn on the date you specify. So even if you file early, the taxes won't be taken until the due date. You can also pay by credit card or use the Electronic Federal Tax Payment System.

WHAT FEDERAL INDIVIDUAL INCOME TAXES CAN I PAY BY ELECTRONIC FUNDS WITHDRAWAL?
Payment can be made for current year (1) Individual Income Tax Returns (1040 series), (2) Form 4868, Application for Automatic Extension of Time to File U.S. Individual Income Tax Return, (3) Form 2350, Application for Extension of Time to File u.s. Individual Income Tax Return, and (4) Tax Year 2006 Form 1040-ES, Estimated Tax for Individuals.

Electronic payment eliminates the need to mail a paper Form 1040-V, Payment Voucher, Form 4868, Form 2350 or Form 1040-ES. E-filing your balance due return with an electronic payment is a safe, secure and convenient way to be assured of on-time receipt of both the return and payment. This reduces the chance of errors.

HOW CAN I PAY BY ELECTRONIC FUNDS WITHDRAWAL AND WHAT ARE THE BENEFITS?
When I e-file a balance due return you can authorize an electronic funds withdrawal from your checking or savings account. The withdrawal cannot be authorized after the return is transmitted. A payment can be scheduled to be withdrawn on a future date. Check with your financial institution to be sure that electronic fund transfers can be authorized from your designated bank account (money management accounts, money market accounts, certificate of deposit accounts and some credit union savings accounts do not allow for such transactions) Your tax payment will be reflected as a "United States Treasury Tax Payment" on your bank statement as proof of payment. Additionally, you receive an electronic acknowledgement once your electronic return is received and accepted.

Note: There are no additional transaction charges for electronic funds withdrawals authorized to pay taxes.
Note: Only authorized withdrawals can be made. No other funds can legally be withdrawn.

WHAT IF I OWE AND CANNOT PAY THE FULL BALANCE DUE?
The tax preparation software I use allows you to make partial payments. You can make a payment for less than the balance due amount on your return. If you cannot pay in full by the due date I can file a Form 9465, Installment Agreement Request. An approved Installment Agreement allows you to make a predetermined series of partial payments. Payments received after the tax due date will be subject to penalties and interest.

WHAT HAPPENS IF MY RETURN IS FILED ELECTRONICALLY, I AM RECEIVING A REFUND, AND I OWE TAXES FROM PREVIOUS YEARS?
The amount owed on back taxes is automatically deducted from your refund just as if you filed a paper return.

IF MY RETURN IS ELECTRONIC, HOW DO I SIGN IT?
The most convenient way for you to sign your electronic return is to use a self-selected Personal Identification Number (PIN). It's completely paperless! You have two methods of electronic signatures to choose from: Self-Select PIN method or Practitioner PIN method. With both methods you select the PIN. If you do not choose to use a PIN, you simply sign a signature document, Form 8453, U.S. Individual Income Tax Declaration for an IRS e-file Return. If your return contains an attachment required to be submitted to IRS, you must use Form 8453.

WHAT IS THE SELF-SELECT PIN METHOD?
The Self-Select PIN method allows you to personally sign your electronic tax return using a five-digit number. The Self-Select PIN method serves as your signature and takes the place of Form 8453. You can either sign your own return with your PIN electronically, authorize the ERG to sign the return with your PIN, allow the ERG to assign you a PIN, or allow the software to generate a PIN.

The Self-Select PIN process includes entering a five-digit PIN and your Adjusted Gross Income (AGI) from your prior year originally filed income tax return, (This amount is not the amount from an amended tax return Form 1040X, or a math error correction made by IRS.) The AGI is on Line 36 of Form 1040, Line 21 of Form 1040A, or Line 4 of Form 1040EZ. You should ensure your Date of Birth is accurate and matches the information in Social Security Administration's (SSA) files prior to e-filing by checking your SSA statement entitled, "Your Social Security Statement."

For additional information on qualifications and required taxpayer information on the Self-Select PIN Method or on IRS e-file, please visit the IRS Web site at www.irs.gov/efile

WHAT IS THE PRACTITIONER PIN METHOD?
The Practitioner PIN method is an additional electronic signature option for taxpayers who use an Authorized IRS e-file Provider to file their taxes electronically. Taxpayers using the Practitioner PIN method must also select a five-digit PIN to sign their electronic tax return, Taxpayers choosing to use this method must complete Form 8879, IRS e-file Signature Authorization. Unlike the Self-Select PIN method, the Date of Birth and prior year's Adjusted Gross Income are not required with the Practitioner PIN method.

HOW DO I KNOW THAT THE IRS REALLY HAS MY RETURN?
The IRS notifies your Authorized IRS e-file Provider within 48 hours of transmission that your return information was received. If the IRS detects any errors, it sends a message back to the Authorized IRS e-file Provider indicating the error. The error is corrected and the return is retransmitted to the IRS.

IS THERE A PAPERLESS METHOD FOR FILING AN EXTENSION?
For your convenience, you can get an automatic extension of time to file your tax return by filing Form 4868 electronically. You can authorize an electronic funds withdrawal from your checking or savings account. Also, you can get an extension if you pay part, or all, of your estimate of income tax due by credit card.

DO I HAVE A GREATER CHANCE OF GETTING AUDITED BY THE IRS IF I USE IRS e-file?
No. The chance of an audit of an e-filed return is no greater than with a paper return.

CAN MY STATE TAX RETURN BE E-FILED WITH MY FEDERAL RETURN AT THE SAME TIME?
There are 37 States and the District of Columbia participating in the IRS e-file program. To see if your state participates, please visit www.irs.gov/efile or ask me for additional information.

WHERE CAN I GET ADDITIONAL INFORMATION ABOUT IRS e-file?
Visit the IRS Web site at www.irs.gov/efile.
916-483-8969

linda@ljvcpa.com

3807 Pasadena Ave.
Suite #180
Sacramento, CA 95821
Because life is already taxing enough.
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