Getting and Protecting your Copy Tax Return

Why you might need a Copy Tax Return

There are several different reasons why you might need a copy tax return. Most of them have to do with taking out a line of credit for a large purchase. A prime example of this is your mortgage. Banks and mortgage brokers need this information to verify that your income is good enough to make your purchase. If your income is too low then the payment could put you under financial strain and make it hard for you to maintain your mortgage. You might also need them for getting government aid when you are going to school. If your income is too high then you run the risk of being unable to qualify for financial aid. For these reasons it is important to have a copy tax return available

Keeping up with your Copy Tax Return

When you have your copy tax returns, it is important to keep them organized and in a safe place. If you are not careful, they can fall into the wrong hands or become lost or damaged. Thieves can use the information on your tax return copies to impersonate you and steal your identity. A great way to keep your financial information safe is to place it in a safety deposit box at the bank. Here there will beno worries of thieves or fires that may destroy them. You can also purchase a fireproof safe for your home. Smaller ones are inexpensive and available at several different retailers. You should also keep your copy tax return organized. Make sure they are in order by year and all the sheets are together. Also put any receipt and other things used for itemizes deductions with it. Try using manila folders to keep all of this together.

What if Something happens?

No matter what we do, it is possible that something may happen to the copy tax return you have. If this is the case, do not worry. You can obtain another copy from the IRS. There are two main ways that you can go about this. The first method is by telephone and the second is through the mail. If you are looking to get the most recent 3 years then you will not have to worry about being charged. The IRS will provide these to you for free. If you need older copies of your tax return then you will have to request them through the mail. There is also a fee involved with getting older copies. This fee can vary from year to year but it usually does not change much. You can find out the fee at the IRS web site.

What do You Need?

If you are requesting a replacement copy tax return then you will need to have one thing in particular, this is the form 4506. This can be printed from the IRS web site or picked up in locations where federal forms are available. You will also need a postage stamp and an envelope. Once you have mailed the form and the IRS receives it, then you will usually have to wait up to 60 days to get the information that is needed. Luckily it is happening much faster than it used to. This is because much of our tax data is now being stored digitally. This means that soon they will no longer have to sort through large files of old returns looking for the specific on you requested. Soon, you may be able to request a copy of your taxes over the internet and receive a printable copy in your email.

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Posted by on Sep 14 2011. Filed under Request Tax Return. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry

101 Comments for “Getting and Protecting your Copy Tax Return”

  1. […] Of all the potential deductions that are available, self employed individuals qualify for a large amount. This is because a large portion of their income goes into keeping their business running. One of the most common deductions for self employed individuals is the home office deduction. This allows a portion of your rent or mortgage, utility bills, internet, phone and possibly other bills to be claimed as a deduction on your tax return. If you get your insurance for you and your family then it may also be an itemized deduction, however this cannot be used if insurance is available through the spouses employment. If you are entertaining clients or having a business meeting over dinner, then these can be claimed as deductions. Make sure to save all receipts and record the reason for each deduction for audit purposes. This will help you to stay safe in the event of an audit. These are a few deductions that are available for copy tax returns of the self employed. There are many other deductions available as well and records for all should be saved with a copy tax return. […]

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