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Tax Tips

What to do if You Receive an IRS Notice

It’s a moment many taxpayers dread. A letter arrives from the IRS — and it’s not a refund check. Don’t panic; many of these letters can be dealt with simply and painlessly. Each year, the IRS sends millions of letters and notices to taxpayers to request payment of taxes, notify them of a change to their account or request additional information. The notice you receive normally covers a very specific issue about your account or tax return. Each letter and notice offers specific instructions on what you are asked to do to satisfy the inquiry. If you receive a correction notice, let the Prime Edge review the correspondence and compare it with the information on your return.

* Agree? If you agree with the correction to your account, usually no reply is necessary unless a payment is due, Prime Edge will make that determination.

* Disagree? You might be instructed as follows “If you do not agree with the correction the IRS made, it is important that you respond as requested”. Don’t buy any of this, CONSULT WITH THE PRIME EDGE.

Write to explain why you disagree. Include any documents and information you wish the IRS to consider, along with the bottom tear-off portion of the notice. Mail the information to the IRS address shown in the upper left-hand corner of the notice. Allow at least 30 days for a response. Most correspondence can be handled without calling or visiting an IRS office. However, if you have questions, call the telephone number in the upper right-hand corner of the notice. Have a copy of your tax return and the correspondence available when you call to help us respond to your inquiry. Be sure to keep copies of any correspondence with your records.

Know About Tax Refunds

Are you expecting a refund from the IRS this year? Here are the top ten things you should know about your refund.

 

1. Refund Options You have two options for receiving your individual federal income tax refund: a paper check or a direct deposit.

2. Separate Accounts You may use Form 8888, Direct Deposit of Refund to More Than One Account, to request that your refund be allocated by direct deposit among up to three separate accounts, such as checking or savings or retirement accounts.

3. Paper Return Processing Time If you file a complete and accurate paper tax return, your refund will usually be issued within six weeks from the received date.

4. Returns Filed Electronically If you filed electronically, your refund will normally be issued within three weeks after the acknowledgment date.

5. Check the Status Online The fastest and easiest way to find out about your current year refund is to go to the Prime Edge's Web site and click on the "Tax Refund" link available from the home page. You will need your Social Security number, filing status and the exact whole dollar amount of your refund to check the status online.

6. Check the Status By Phone Call the IRS Refund Hotline at 800-829–1954 or 800-829–1040. When you call, you will need to provide your Social Security number, your filing status, and the exact whole dollar amount of the refund shown on your return.

7. Delayed Refund There are several reasons for delayed refunds. For things that may delay the processing of your return, ask the Ledgerking for reasons which include a Checklist of Common Errors When Preparing Your Tax Return.

8. Larger than Expected Refund If you receive a refund to which you are not entitled, or one for an amount that is more than you expected, do not cash the check until you receive a notice explaining the difference. Follow the instructions on the notice.

9. Smaller than Expected Refund If you receive a refund for a smaller amount than you expected, you may cash the check, and, if it is determined that you should have received more, you will later receive a check for the difference. If you did not receive a notice and you have questions about the amount of your refund, wait two weeks after receiving the refund, then call the Prime Edge at (848) 248-6653.

10. Missing Refund The IRS will assist you in obtaining a replacement check for a refund check that is verified as lost or stolen. If the IRS was unable to deliver your refund because you moved, you can change your address online. Once your address has been changed, the IRS can reissue the undelivered check. For more information, ask one of our professionals or call (848) 248-6653 or Click Here .

ITIN (Individual Taxpayer Identification Number) for H4, L2, and F1 Visa Holders

ITIN(Individual Taxpayer Identification Number) is for US federal tax reporting only. It is for people who need to file US tax but don't have and are not eligible to apply for SSN.

Examples of individuals who need ITINs include:

  • Non-resident alien filing a U.S. tax return and not eligible for a SSN
  •  U.S. resident alien (based on days present in the United States) filing a U.S. tax return and not eligible for a SSN
  • Dependent or spouse of a U.S. citizen/resident alien
  • Dependent or spouse of a non-resident alien visa holder(H4, L2 and F1 Visa). Even if your dependent is not here in usa during filing year, but they have visa. Taxpayer is still qualify for dependent ITIN and tax deduction.
  • For Example, You are married before or on December 31, 2010. But, your spouse is not entered in USA during 2010. While Filing tax return of 2010, you should file 'Married Filing Jointly' if your spouse has VISA. If your spouse doesn't have VISA, you can amend 2010 tax return before April 15, 2013.

1099 Qualification & Tax Structure

Any Individual who is US Citizen, Greencard Holder or EAD Work Authorized can work on 1099. H1B Visa holder is not allowed to work on 1099 as per USCIS guildeline.

1009 Total Income - Expenses related work(Travel, uniforms, computer equipment, cell phones, etc.)= 1099 Taxable Income

Individual will pay following taxes on 1099 Taxable Income:

  • Federal Taxes
  • State Taxes
  • Self-Employment Taxes(15.3%)
  • Local City/County taxes if applicable

Invidual doesn't require to have a company(LLC, S-Corp, LLP or etc.)


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1099 -$ 29.99

 

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