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In order for
Alpha Personnel to assist with preparing a tax return, taxpayers should bring
any and all information related to income and deductions for the tax years
for which a return is required to be filed. Some of the documents may
include:
ü
Forms
W-2 - Forms from employers showing wages for the year.
ü
Forms
1099 - Forms from banks and other financial institutions showing interest and
dividends. Forms 1099 also report self-employment income.
ü
Information
on expenses to claim on the return, such as itemized deductions, medical
expenses, career related education expenses, child care expenses, or employee
business expenses.
ü
Social
Security numbers for dependent children and any other person claimed as a
dependent
ü
A
copy of the last tax return filed.
Facts About Filing Tax Returns
·
Failure
to file a return or filing late can be costly. If taxes are owed, a delay in
filing may result in penalty and interest charges that could increase your
tax bill by 25 percent or more.
·
There
is no penalty for failure to file a tax return if a refund is due. But by
waiting too long to file, you can lose your refund. In order to receive
a refund, the return must be filed within 3 years of the due date. If
you file a return, and later realize you made an error on the return, the
deadline for claiming any refund due is three years after the return was
filed, or two years after the tax was paid, whichever expires later.
·
Taxpayers
who are entitled to the Earned Income Tax Credit must file a return to claim
the credit even if they are not otherwise required to file. The return
must be filed within 3 years of the due date in order to receive the credit.
·
If
you are self-employed, you must file returns reporting self-employment income
within three years of the due date in order to receive Social Security
credits toward your retirement.
NOTE: Taxpayers who continue to
not file a required return and fail to respond to IRS requests for a return
may be considered for a variety of enforcement actions. Continued
non-compliance by flagrant or repeat nonfilers could result in additional
penalties and/or criminal prosecution. See Filing
Late Returns - Frequently Asked Questions.
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