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DogEared Corners – Tax Facts & Tips Etc FYI – I 3

DogEarned Corners, those folded corners of book pages are to prompt yourself or someone else to read an item or a fact, or a tip or note on that page. Visit my DogEarned Corners pages for Tax Facts & Tips Etc. where I will be posting interesting items that I come across in the land of tax preparation and that I would DogEar for future reference because I think they might be of interest to many taxpayers.

*Sometimes no matter how hard you look for your copy of your tax return you just can’t seem to find it. Maybe you need it to take to a loan officer for financing or maybe you just want to check some fact or figure from a prior year return. Luckily you can request a copy of your federal tax return information in the form of tax return transcripts and tax account transcripts. To make your transcript request you can phone 800-829-1040 and follow the prompts in the recorded message; or complete and mail Form 4506-T, Request for Transcript of a Tax Return. If you want to request a photocopy of a previously processed tax return and attachments you should complete and mail Form 4506, Request for Copy of Tax Form to the address listed on the form for your area. Now unfortunately, these are not free and there can be up to a 30 day turn-around time. There is a fee of $39.00 for each tax period requested and the copies are generally available for the current year as well as the previous 6 years. Where do you get the forms you need? Forms 4506-T and 4506 can be found on the IRS Web site at IRS.gov or by calling the IRS forms and publications order line at 800-TAX-FORM (800-829-3676).

*So what happens if you realize that you have made an error or omitted information on your return and with the inclusion of that information you would now be entitled to a larger refund than you were originally. You may file a Form 1040X, an amended return to claim the additional refund. If it’s on a return you just filed and you are receiving a refund, you should wait until the refund or the current year’s due date whichever is earlier. If it is on a previous year’s return, as a general rule when filing for a refund on a prior year’s return the 1040X must be received within three years after the date you filed the original return or within two years after the date that you paid any tax due that was due, whichever is later.

*The deduction for each eligible personal exemption on your 2007 federal tax return is $3400. Note: Personal exemption deductions can be phased out for higher income taxpayers.

*If a taxpayer does not want to itemize their deductions or does not have many applicable itemized deductions they are entitled to reduce their taxable income by the claiming the annual specified standard deduction. The standard deductions varies according to your filing status.

I hope you're enjoying Tax Facts on the Taxing Subject of Taxes!

Any U.S. tax advice contained in this electronic communication was not intended or written to be used, nor can be used, by any recipient of this communication for the purpose of avoiding penalties that might be imposed pursuant to the Internal Revenue Code or U.S. Treasury Regulations, or any other state or local law or regulation.

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