Mom's Gone Virtual's Telecommuting Taxes

Income taxes can be a very difficult topic, especially if you telecommute or work from home! Mom's Gone Virtual helps take the confusion out of telecommuting taxes by giving you free tax tips.

1.04.2006

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IRS Website Improvements & Changes

Happy New Year to everyone!
Mom's Gone Virtual wishes you and yours great happiness and success in 2006!

This New Year brings changes to the Internal Revenue Services' Website. The entire site has been redesigned. Just a few of the updates/changes include:

1.
1040 Central: Here you can find forms, new tax codes and a FAQ section.

2.
Free File: Various tax software/companies have paired with the IRS to provide this service. Eligibility based on your income: approximately $50,000 or less, differs for each tax company. You must go through www.irs.gov in order to qualify!

3.
Earned Income Tax Credit Assistant: This tool will help you find out if you are eligible for the EITC and gives you an estimate of the amount you are eligible for.

4.
Alternative Minimum Tax Assistant: Gives a simple test for taxpayers who don't use software to complete their tax returns to help figure out if they owe the Alternative Minimum Tax.

5.
Hurricane Assistance: There are many tax changes for victims of, donators to victims and businesses located in the areas of 2005 Hurricanes Katrina, Rita, & Wilma. You can check the website for information concerning these changes or call a special toll-free number set up by the IRS for victims: 1-866-562-5227.

Also, note that the due date for returns to be filed is April 17, due to the 15th being on a weekend. A few states (Maine, Maryland, Massachusetts, New Hampshire, New York, Vermont and the District of Columbia) will also get an extra day on top of that due to a state holiday in Massachusetts, which is where the processing office for those states is located.

If you plan to file an extension (Form 4868, Application for Automatic Extension) this year you will be pleased to know that you will automatically get an extension to October 16. This gives those taxpayers who file this form an automatic 6 month extension versus the old 4 month one. Please note you must file the form by April 17 in order to receive this extension.

These are just some of the changes 2006 brings to taxpayers. Keep your eye out here and on the IRS website for more!

As always, this is just information and is not to be construed as legal or tax advice, please check with your tax professional for information regarding your specific situation.

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The information found at www.momsgonevirtual.blogspot.com is not intended to be, nor should it be taken as, legal advice of any kind. Please contact your personal tax advisor, accountant, or attorney for questions pertaining to your specific situation.