Wednesday, April 16, 2014

10 Tips for Taxpayers Who Owe

For taxpayers who owe taxes with their tax returns, the IRS has provided ten tips about how to pay:
1. Taxpayers should never send cash.
2. If taxpayers e-file, they can file and pay in a single step with an electronic funds withdrawal. If they e-file on their own, they can use their tax preparation software to make the withdrawal. If they use a tax preparer to e-file, they can ask the preparer to make their tax payment electronically.
3. Taxpayers can pay taxes electronically 24/7 on IRS.gov. Just click on the ‘Payments’ tab near the top left of the home page for details.
4. They can also pay by check or money order. They should make their check or money order payable to the “United States Treasury.”
5. Whether they e-file their tax return or file on paper, taxpayers can also pay with a credit or debit card. The company that processes their payment will charge a processing fee.
6. Taxpayers may be able to deduct the credit or debit card processing fee on next year’s return. It’s claimed on Schedule A, Itemized Deductions. The fee is a miscellaneous itemized deduction subject to the 2 percent limit.

To read full article, click here.
Source: Roger Russell (www.accountingtoday.com)

Creative Financial Staffing (CFS) is the nation’s largest, privately-held accounting and financial staffing firm. We provide qualified accounting and finance professionals on a temporary and permanent basis across a broad range of industries.

Visit our website: http://www.cfstaffing.com/

Click here to locate and contact a CFS office near you