Thursday, 20 June 2013

5 Point You Should Know When File Your Tax Return

Filing your tax return is an important task, which should be performed with great care. Even a little inaccuracy or ambiguity may affect your credit history adversely. It is advisable to get it done by a professional if you don’t want to get into any kind of complications. Consider hiring the services of New York tax help to sail through the entire process with ease. But before that, here are five points that you must know while filing your tax return – 

Tax Return
Tax Return

  • If you are a self-employed tax payer, the payroll tax credit will affect you. Usually, the payroll tax credit is divided between the employee and the employer, where each pays 7.65% of eligible wages. But in case you are self-employed, you will have to pay both the halves, i.e. 15.3% in total. 
  • If you forgot to include some important detail in the tax return, this year you can correct it by using the new IRS tool, named “Where’s My Amended Return?” You need to use Form 1040X for this purpose. But remember that this cannot be filed online. You will need to do it on the papers. 
  • For US citizens who live abroad, 17th June, 2013 is the last date for paying any taxes that are due, and filing individual tax returns. If you need more time, you can request an additional extension period of four months by using Form 4868. 
  • If you have a total sum of $10,000 in any foreign bank account, you will have to file a TD F 90-22.1 report. 30th June, 2013 is the deadline for filing this. 16th September, 2013 is an important date in terms of filing your tax return in the year of 2013 as this is the final deadline for filing corporate tax returns (only if you had requested an extension). You can use Form 1120A, 1120 and 1120S for this purpose. 

 So, keep these facts in mind to ensure that you file your tax returns on time. If you find it too tough to handle on your own, you can always hire New York tax help to deal with the tax issues.

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