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Paying Your Taxes And Ensuring Proper Credit Of The Payments You’ve Made

Paying your taxes and ensuring proper credit of the payments you’ve made

  • We’ve had a lot of cases recently where clients are sending in IRS notices because payments that they’ve made, estimated payments, quarterly estimates, even prepayments or payments on tax plans are not being credited. When you’ve got a payment plan with the IRS, for whatever reason it’s not being properly credited to your account.
  • The most important thing that you can do is, make sure that you have your name, your last name, your social security number of the main taxpayer as well as what payment are you actually paying. So are you paying a quarterly estimate? Are you paying on a payment plan? You know, what is it that you’re actually paying on? So if it’s husband and wife, whoever is listed first on the tax return is the main taxpayer for the IRS.
  • If you’re paying the federal government, it should be made out to the US Treasury. I would highly recommend double-checking the address of where your payment is going.

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Hey, it’s Shauna, The Tax Goddess, here today to talk to you about paying your taxes and making sure that those taxes actually get credited to your account. We’ve actually had a lot of cases recently where clients are sending in IRS notices because payments that they’ve made, like estimated payments, quarterly estimates, even prepayments or payments on tax plans, right? Where you’ve got a payment plan with the IRS, are for whatever reason not being properly credited to your account. So most important thing that you can do, make sure that you have your name, your last name, your social security number of the main taxpayer, so if it’s husband and wife, it’s whoever is listed first on the tax return is the main taxpayer for the IRS. So should have last name, main taxpayer’s social security number, as well as what payment are you actually paying? So are you paying a quarterly estimate? Are you paying on a payment plan? You know, what is it that you’re actually paying on?

So those three things should all be in the memo. And of course, if you’re paying the federal government, it should be made out to the US Treasury. I would highly, highly recommend double-checking the address of where your payment is going. We have had some cases where taxpayers were told to pay, for example, here in Arizona, told to pay over to California, but really the money should have gone to Ogden, Utah. So definitely double-check. You know, it’s worth that extra minute to make sure that your memo section is filled out properly, you’ve got the total tax bill correct, how much you’re supposed to be paying.

Then of course if you have any questions on that, there is a website, the irs.gov has a great, great kind of self-service website right on the main page there. So if you have any questions or for whatever reason a payment of yours isn’t showing up, something like that, definitely a great place to check. So if you guys have any questions, don’t hesitate to reach out to us at taxgoddess.com. And you can obviously email us, call us, whatever you need. Make sure you’re joining us for our next webinar, which I believe is August 31st, so looking forward to seeing you guys there. We’ll make sure the link to the webinar is above. All right, thanks so much. Have a great day, guys. Bye.

 

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PLEASE NOTE: As of late Aug 2018 there was a proposed law change that would disallow a double deduction for these charitable credits at the federal level for contributions made after Aug 2018. You are still eligible for the AZ state tax credits as the change would only impact your ability to take them as charity donations at the federal level.
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