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How to Request a Transcript or Copy of a Prior Year’s Tax Return

How to Request a Transcript or Copy of a Prior Year’s Tax Return

  How to Request a Transcript or Copy of a Prior Year’s Tax Return

Always keep a copy of your tax return for your records. Copies of your filed tax returns may be needed for many reasons. A few reasons include:

  • To prepare future tax returns
  • To amend prior year’s tax returns
  • To apply for loans including student loan, line of credit, revolving credit
  • To refer/respond to a notice you received from the IRS

If you can’t find you have mislaid your returns or cannot find a copy, you can access a copy of your federal tax return on the IRS website once again. Transcripts are free and they are available for the current year and the past 3 years. Please remember that it is infact a summary of the tax return that was filed and it will not have a lot of the details that you are accustomed to. It does reflect any changes that you or the IRS may have made to the original filed return.

Once you have accessed the IRS website: https://www.irs.gov – click on the filing tab and within the body of the page and under “After you file” you will see an option to Get a transcript of your return. You will then see the option of get transcript online to get a copy immediately. You will need the following to be able to access or request an online copy of your transcript:

  • A readily available email address;
  • Your Social Security number;
  • Your filing status and address from your last-filed tax return;
  • Access to certain account numbers for either:
    • credit card, or
    • home mortgage loan, or
    • home equity (second mortgage), or
    • Home equity line of credit (HELOC), or
    • car loan
  • A readily available mobile phone. Only U.S.-based mobile phones may be used. Your name must be associated with the mobile phone account. Landlines, Skype, Google Voice or similar virtual phones as well as phones associated with pay-as-you-go plans cannot be used.
  • If you have a “credit freeze” on your credit records through Equifax, it must be temporarily lifted before you can successfully complete this process.

If you are unable to access online copy of your transcript, you may use Get Transcript by Mail or by calling 800-908-9946. Transcripts arrive at the address the IRS have on file for you in five to 10 calendar days from the time IRS receives your request.

Source: https://www.irs.gov

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Four Reasons You Should Not Wait Until Extension Deadline to File Your Return

Four Reasons You Should Not Wait Until Extension Deadline to File Your Return

Four Reasons You Should Not Wait Until Extension Deadline to File Your Return

If you filed for an extension of time to file your 2015 federal tax return and you also chose to have advance payments of the premium tax credit made to your coverage provider. If you fall into this category, it’s important you file your return sooner rather than later. Here are four things for these taxpayers to know:

  • If you got a six-month extension of time to file, you do not need to wait until this fall to file your return and reconcile your advance payments. You can – and should – file as soon as you have all the necessary documentation.
  • You must file to ensure you can continue having advance credit payments paid on your behalf in future years. If you do not file and reconcile your 2015 advance payments of the premium tax credit by the Marketplace’s fall re-enrollment period – even if you filed for an extension – you may not have your eligibility for advance payments of the PTC in 2017 determined for a period of time after you have filed your tax return with Form 8962.
  • Advance payments of the premium tax credit are reviewed in the fall by the Health Insurance Marketplace for the next calendar year as part of their annual re-enrollment and income verification process.
  • Use Form 8962, Premium Tax Credit, to reconcile any advance credit payments made on your behalf and to maintain your eligibility for future premium assistance.

Source: https://www.irs.gov/

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Social Security Wage Base Remains the Same

Social Security Wage Base Remains the Same

Social Security Wage Base Remains the Same for 2016

The Social Security Administration (SSA) announced that the maximum earnings subject to the Social Security component of the FICA tax will remain at $118,500 for 2016.

This means, that for 2016, the maximum Social Security tax that employers and employees will each pay is $7,347 ($118,500 x 6.2%), and a self-employed person with at least $118,500 in net self-employment earnings will pay $14,694 for the Social Security part of the self-employment tax.

The Medicare component remains 1.45% of all earnings, and individuals with earned income of more than $200,000 ($250,000 for married couples filing jointly) will pay an additional 0.9% in Medicare taxes.

Other 2016 cost-of-living adjustments announced by the SSA are available at www.ssa.gov/news/press/factsheets/colafacts2016.html .

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Scams Relating to South Carolina Flood Relief

Scams Relating to South Carolina Flood Relief

Income Tax—Scams Relating to South Carolina Flood Relief

The IRS issued a warning about possible fake charity scams emerging due to severe flooding this month in South Carolina and neighboring states.

Taxpayers should be wary of charities with names that are similar to nationally known organizations—the IRS website (www.irs.gov) has a search feature, Exempt Organizations Select Check, that helps taxpayers find legitimate, qualified charities that are eligible to receive tax deductible donations.

Furthermore, taxpayers should not give or send cash, and should not provide personal financial information—such as Social Security numbers or credit card and bank account numbers—to solicitors. Further information about tax scams is available on www.irs.gov , search phrase “scams and schemes”. News Release IR-2015-114.

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Welcome to Padgett Business Services

Welcome to Padgett Business Services

Padgett Business Services

Assisting the communities of Centre County and Clinton County with the main office in State College, PA.

Poincia Lockcuff, MBA, EA, is the owner of the Padgett Business Services. Poincia has over 20 years’ experience with various industries which include : Finance Manager – Conagra Foods; Corporate Controller – Delta Galil USA; Cost Manager – Dean Foods and Accountant – KPMG. Her knowledge and experience allows her to offer practical solutions to the challenges facing business owners.

As an Enrolled Agent (EA) she is a federally-licensed tax practitioner who specializes in taxation and also has unlimited rights to represent taxpayers before the IRS. She earned her Masters in Business Administration from Crummer School of Business, Rollins College, FL.

She is a member of the National Society of Accountants, National Association of Enrolled Agents and Pennsylvania Society of Enrolled Agents. She is also a member of the State College Chamber of Commerce and State College Rotary Club.

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