12 IRS Tax Tools

IRS Tax ToolsDid you know there are free IRS Tax Tools that can help minimize your tax bill and manage your taxes all year round? Most taxpayers are unaware of them. The are located on their website.

Here are a 12 of the best IRS tax tools including links.

1.  IRS Audit Technique Guides

These are the same guides that IRS tax examiners use when conducting an audit. The Freedom of Information Act require the IRS to provide these audit guides

These guides can be very helpful in aligning your 2017 tax return with audit guidelines. It can also help you eliminate audit risk by having better knowledge of the law and IRS rules and procedures.

More than 50 audit guides are available on the IRS web site for free download. They cover topics including: Executive Compensation, Lawsuit Awards and Settlements, Business Consultants, Architects, Attorneys, Cash Intensive Businesses, Golden Parachutes, Split Dollar Life Insurance, Veterinary Medicine, the Wine Industry, and dozens more.

2.  Interactive Tax Assistant

There are currently 45 calculators online to answer your questions, including:

  • Retirement: Pensions, IRAs, Social Security
  • Filing Status, Dependents and Exemptions
  • Itemized Deductions
  • Filing Requirement, Form to Use, Due Date
  • Other Income (from gambling winnings to academic scholarships)
  • …And more

3.  Tax Reform

The Tax Reform sections shares news about IRS explanations of, and initiatives regarding, the Tax Cuts and Jobs Act. It gives answers to Frequently Asked Questions, links to IRS notices and other legal guidance, and reports latest information about implementing the Act. This is the first place to look if you have questions about the Tax Reform Act.

4.  Where’s My Refund? 

Where’s my tax return?  This tool lets you learn its status right away by checking online.

5.  Free File

A partnership between the IRS and commercial providers of tax return preparation software, this program lets taxpayers prepare and file their returns using commercial software for free. Taxpayers with income up to $66,000 can use Free File. A great tool!

6.  Select Check

Verify that the charitable contribution you want make is going to a charity that is tax-qualified on the IRS’s Select Check web page. This is particularly useful when receiving solicitations from unfamiliar charities and donating to a charity for the first time.

7.  Transcript of Your Tax Account

If you need a transcript of a past year’s tax return, you can obtain it online or have it mailed. Transcripts are generally available up to three years back.

8.  Taxpayer Advocate

Do you have a problem with the IRS bureaucracy that you just can’t fix?  Do you believe you are being treated unfairly by the IRS regarding a collection matter, missing refund, or other issue?  Taxpayer Advocate Service is an independent organization within the IRS that represents taxpayers to assure they receive fair treatment and helps resolve their problems.

9.  Small Business and Self-Employed Tax Center

This provides a comprehensive range of resources for self-employed individuals and businesses with under $10 million of assets. Information such as; Starting a business, closing one, business structure, use of independent contractors, employment taxes, and much more in an “A-Z Index for Business.”

10.  e-News Subscriptions

Sign up for an IRS electronic newsletter containing the latest news on topics of interest to your email. Topics include general tax news, advance copies of IRS rulings and notices, news for payroll professionals, for employee retirement plans, for small and large businesses, and more.

11.  Videos

The IRS offers more than 100 videos on its web site on subjects ranging from the Appeals Process to IRA/Retirement Plan 60-Day Rollover Waivers, Military Tax rules, and Securing Tax Information. They  also have an IRS YouTube Channel.

12.  IRS Newsroom

This link takes you to the IRS Newsroom with the latest news of the tax filing season and new tax developments. Updates on topics like; filing extensions for businesses suffering from winter storms, the current “Dirty Dozen” tax scams posing danger to taxpayers, and news of refunds still unclaimed on 2014 tax returns, among other items.