Your Questions Answered

Tax Return Deadlines

1040 Individuals – Apr 15 (Extension: Oct 15)

1040 (Expats) – June 15 (Extension: Oct 15)

1065/1120 (Partnerships and Corporations) – Mar 15 (Extension: Sept 15)

Note: If extensions are not filed in a timely manner, you can expect penalties. Failure to File Penalty | Internal Revenue Service (irs.gov)

Quarterly Deadlines (Applicable to business owners)

941s (Federal Payroll taxes)

Q1 (Jan-Mar) – Apr 30

Q2 (Apr-Jun) – July 31

Q3 (Jul-Sept) – Oct 31

Q4 (Oct-Dec) – Jan 31 (following year)

940 – Annually due on Jan 31 (following year) (Federal Payroll tax)

Alaska ESC Tax (Unemployment) – Annual (If self-employed with no employees, this is not applicable).
Register for this account under the myAlaska account. It is the same account where you apply for PFD. This is the Alaska state payroll tax.

Important IRS numbers.

Websites

The IRS encourages the use of electronic filing. However, in certain cases, a paper filing might be necessary.

For mailing a paper copy of your quarterly reports 941.

For mailing a paper copy of the annual quarterly reports 940.

First and foremost, log on to Internal Revenue Service | An official website of the United States government (irs.gov)

There are 9 options ranging from making payments, refund status, Applying for EIN.

It is highly recommended that you sign up for an account with the IRS. This adds another layer of security against any identity and tax frauds. Signing up for ID.me makes it easier to verify your account with the Treasury Department. THE IRS has made a concerted effort in recent years to update its systems and worked on its ease of use. Click this link that takes you directly to IRS’s website to get started: Your account | Internal Revenue Service (irs.gov)

In case you need phone numbers:

• 800-829-1040 for individuals (Form 1040 filers)
  
• 800-829-4933 for business callers
  
• 267-941-1000 for international callers or overseas taxpayers. (Overseas taxpayers may also fax a tax question to 681-247-3101 or use our international contact address page.)
  
• 800-829-1040 if you are in Guam, the Bahamas, U.S. Virgin Islands, or Puerto Rico

Need additional help from the IRS? Here is the direct link from the IRS’s website: Let us help you | Internal Revenue Service (irs.gov)

Important information about Alaska Employment Tax codes: Alaska Employer Packet

Here is the online link: Payments | Internal Revenue Service (irs.gov)

When mailing anything to the IRS, it is highly recommended to send it certified mail (and immediately take a picture of the receipt). Email the screenshot to Raj at raj@taxonellc.com along with a brief description of what was mailed to the IRS.

Now, you can safely freak out.  Just Kidding!

Do not procrastinate on opening it. Immediately open it and send an email to raj@taxonellc.com along with the screenshots of the first 4 pages of the letter.

If you are brave and unfazed by this letter because you know your house is clean and squeaky, most of the time, this letter is just a simple explanation of a mismatch. Common reasons are misreported social security numbers, underpayment/overpayment of taxes, identity theft pin number, Interest tax forms. The top right hand of the letter explains the letter type and the tax period in question. Now, you may email raj@taxonellc.com to discuss next steps.

Email is the best way to get in touch with Raj – raj@taxonellc.com

Once contact is established, a phone number is shared.

Office Address:
405 W 36th Ave
Suite 218
Anchorage, AK 99503

The IRS never calls the taxpayer demanding payments. The Department’s preferred method of communication is via good old-fashioned mail. Any calls demanding payment should not be entertained.

Tips to stay organized:

• Maintaining a place that houses all your website credentials (pen/paper, iPhone notes, Google spreadsheet), essentially, anywhere that you can get access to it easily.
• If this is a home computer, you can turn on the remember passwords feature or save a document on the local hard drive. Don’t forget to lock the computer when not in use.
• Taking a little interest in sorting personal finances can reap huge rewards in later life. Schedule a consultation with Raj to learn more about protecting personal assets, growth metrics for your business and scaling wealth. Learn more about Raj.

An offer in compromise allows you to settle your tax debt for less than the full amount you owe. It may be a legitimate option if you can’t pay your full tax liability or doing so creates a financial hardship. We consider your unique set of facts and circumstances:

• Ability to pay
• Income
• Expenses
• Asset equity

The IRS generally approves an offer in compromise when the amount you offer represents the most we can expect to collect within a reasonable period of time. Explore all other payment options before you submit an offer in compromise. The Offer in Compromise Program is not for everyone. Be sure to check the qualifications of any tax professional you hire to help you file an offer.

Here is a link that offers more information on eligibility: Offer in compromise | Internal Revenue Service