Create Your Myblock Account
If you filed your taxes yourself on the H& R Block website or signed up for their virtual tax prep service, then you already have the MyBlock account you need to access prior tax records. But if you had a tax professional do your taxes in an H& R Block office, you’ll need to first sign up for a MyBlock account and verify your identity before you can access your prior H& R Block tax records.
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Visit the H& R Block website and click the menu icon that looks like a person, since this will show an option to either log in or create an account. Choose the “Create an Account” option and follow the screens to set up your login information, choose three security questions and verify your email address. You can then log in and click the “Confirm My Identity” option, where you’ll enter your name, birthday and Social Security number.
Once you’ve finished the account setup, you’ll have access to your H& R Block tax records online.
How Can I Get My Old Tax Returns
You can obtain a prior years tax return from the IRS for a fee. To request a copy of a tax return, taxpayers must complete and mail Form 4506 to the Internal Revenue Service address that appears on it. An individual copy costs $43. This includes services for the current tax year only and previous years, too.
What To Do If You Have Tax Owing
The federal government stepped in where they could and to offer benefits to those impacted by the ongoing COVID-19 pandemic. What many Canadians fail to realize is that those benefits are taxable. As a result, you may find yourself not getting money back at tax time, but instead, youll owe a portion of your benefits back to the government. Heres what to do if you suspect you may owe money at tax time.
- Prepare your return promptly if you think you might owe money at tax time, prepare your return as soon as possible. Preparing early will show you exactly how much you owe, and give you time to plan to pay it back
- File on time if you owe a tax balance, dont delay filing because of it. Filing after the deadline results in a late filing penalty and wont affect your taxes owing youll need to pay those anyway.
- Make a plan to pay your taxes if you dont have the cash on hand to pay your tax bill, consider tapping your cash resources. Emergency funds are there for a reason and paying an outstanding tax bill is one of them.
- Consider paying in installments If you dont have the cash on hand to pay your tax bill by the April 30th deadline, consider making payments in installments. The Canada Revenue Agency will charge interest on your outstanding balance, but the interest rate is low.
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Deduct Child Care Expenses
Childcare has quickly become one of the largest household expenses for young families. Thankfully, the CRA allows you to claim these expenses as a tax deduction on your tax return.
In most cases, childcare expenses must be claimed by the parent with the lower net income.
Basic limit for childcare expenses
- Eligible children under the age of seven years at the end of 2021 = $8,000
- Number of eligible children between the ages of seven and 16 at the end of 2021 = $5,000
Pro tip: In addition to the usual fees from daycares or in-home providers, most overnight camps and summer day camps are also eligible for the childcare deduction.
A File Taxes Online With Tax Software
If youve used tax software in the past, you already know how to prepare and file taxes online. Many major tax software providers offer access to human preparers, too.
TurboTax, H& R Block, TaxAct and TaxSlayer, for example, all offer software packages or support options that come with on-demand, on-screen or online access to human tax pros who can answer questions, review your return and even file taxes online for you.
The IRS Free File program can get you free online tax preparation software from several tax-prep companies, including major brands. You must have less than $72,000 of adjusted gross income to qualify.
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Checking The Status Of Your Tax Return
It is your responsibility to ensure your tax return is received on time, otherwise you could face stiff late filing penalties and interest if you owe a balance.
If you are sending your tax return by mail, you can check the status of your return on the CRAs website. To do so, visit the CRA My Account page and log in. If the status of your tax return is listed as not received, it means that the CRA has not officially received your tax return. You can check on a daily basis leading up to the tax deadline of April 30 to make sure your tax return is received.
Returns filed by mail can take up to six weeks to process.
Do You Even Have To File Taxes
Even if you dont have to file taxes, you might want to do it anyway: You might qualify for a tax break that could generate a refund. So give tax filing some serious consideration if:
You qualify for certain tax credits.
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Use Online Tax Software
These days, you can DIY your tax return and save a bundle on tax filing fees. Online tax software, like TurboTax, makes it easy: you can instantly import tax information from the Canada Revenue Agency with Auto-Fill My Return. The software includes a complete list of tax deductions to make it easy for customers to find the deductions that apply to them.
Once your information is entered, a review section offers suggestions on credits and deductions that may apply to your situation, as well as ones that definitely apply. The software then asks simple questions to determine if you qualify and applies credits and deductions automatically based on your responses.
The bottom line? TurboTax offers a cheap and easy way to file your taxes and get the most out of your tax return. Whether youve got a straightforward tax return or a complicated one involving business income and expenses, TurboTax has software suited to your needs at an affordable price. In particular, TurboTax Self-Employed is the only software in Canada designed specifically for people with self-employed income and provides expert guidance specific to these individuals.
How Do I Find Last Years Return
Can you please be more specific so we can assist you? Are you having trouble logging into the account that you used last year?
If you just need your AGI, you can also get it by obtaining an online tax return transcript from the IRS. Please see Can I get a copy of my tax return from the IRS? for more information.
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How To Get A Copy Of Your North Carolina Return
If you need a copy of your North Carolina income tax return, you should mail a written request to:
Be sure to include your name as it appeared on the return, your current mailing address, social security number and the tax year of the return that you need. Please allow 20 days to receive the copy of your return. You cannot request a copy by telephone. The Revenue Department must have a written request signed by you. There is no charge for copies of your return.
Maximize Your Tax Credits
Tax credits are different than tax deductions and come in two flavours: refundable and non-refundable.
- A non-refundable tax credit is applied directly against your tax payable. That means if you have tax owing of $500 and get a tax credit of $100, you now only owe $400. If you dont owe any tax, non-refundable credits are of no benefit.
- A refundable tax credit, such as the GST/HST credit, means you will receive the credit even if you have no tax owing.
Here are the best ways to take advantage of tax credits:
- Basic Personal Amount: Every Canadian resident is entitled to claim the basic personal amount on his or her tax return. For 2021, the basic personal amount is $13,808. This means that instead of paying taxes on your entire income, youll only be taxed on the remaining income once the basic personal amount has been applied. In other words, think of it as your first $13,808 worth of income being considered tax-free or tax-exempt.
- Spousal Amount: If you support your spouse or common-law partner, and their net income is less than $13,808, you can claim all or a portion of the spousal amount . The amount is reduced by any net income earned by the spouse. Only one person can claim the spousal amount for the spouse or common-law partner.
Other Eligible Tax Credits:
- , and exam fees
- Medical expenses
- Donations or political contributions
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How Long Can The Irs Collect Back Taxes
There is a 10-year statute of limitations on the IRS for collecting taxes. This means that the IRS has 10 years after assessment to collect any taxes you owe. This is a general rule, however, and the collection period can be suspended for various reasons, thus extending how long the IRS has to collect your debt.
You Amended Your Return
Amending a tax return can also create a delay. Though the IRS recently changed the rules to allow for electronic filing of certain yearsamended returns , if youre trying to amend an older return, you have to mail it. In that situation, it can take up to three weeks for it to show up in the IRS system, and another 16 weeks to be processed, meaning you may be waiting several months for your refund.
If you owe certain kinds of debts, your tax refund may have been taken, or offset, by the IRS to pay them.
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Go Online And Use The Wheres My Refund Irs Tool It Works
Although the IRS Wheres My Refund tool is available to check the progress of your return, it only applies to the tax return you filed for the mostcurrent tax year.
For example, lets say you file your 2013 tax return and soon after remember to file your late 2012 return. Although you filed your 2013 taxes before your 2012, 2013 is going to be the one that the IRS site shows the status for since it is the most recent tax year in their database for you.
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How To File An Amended Tax Return
To file an amended return, you must submit a copy of your original tax return and any additional information related to the changes you made to the existing return. Its important to fix all errors on your tax return, even if it means that youll end up owing money to the IRS.
Here are situations for filing an amended return:
Incorrect Personal Information
Social Security numbers or the previous tax return sometimes call for an amendment.
Wrong Tax Filing Status
You may have filed as head of the household but dont qualify as such.
Wrong Number of Dependents
One of the reasons to amend tax return is a wrongfully listed number of dependents, especially if it affects the number of tax breaks, such as the Child Tax Credit, Earned Income Tax Credit , or the Health Coverage Tax Credit .
Forgotten or Wrongly Reported Income
Additional income also has to be reported. In case youve forgotten, for example, dividend income, you need to refile federal tax to avoid fines and penalties. You should also know that cryptocurrencies are taxable property and must be reported. If you have cryptocurrencies, it might be advantageous to use great crypto tax software to help you report them on your return.
Incorrect Tax Form
Individuals sometimes file their taxes on the wrong formthis needs to be rectified by filing the correct form.
Forgotten Deductions or Credits
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Can You View Your Old Tax Returns Online Canada
In the event that a CRA slip was issued during the previous year or for a current year, you may be able to obtain it. Your My Account may allow you to view your tax form online. Please review the policy for yourself. Whether a notice of assessment has been issued or an assessment or reassessment has been completed.
Can Owing Back Taxes On Your Personal Return Be Harmful
Some business owners are impeccable with their business finances, but their personal finances are much less organized. Depending on the type of loan desired, as well as the entity structure of the business applying for the loan, many lenders will want to take a closer look at the personal finances of anyone who owns 20% or more of a business.
The lender might even require a personal guarantee of the loan, meaning if the business defaults, the owners or shareholders could be on the hook for repaying the loan. Thats why owing back taxes personally can be harmful if your business is in need of funding.
Just as your lender will likely request your business tax returns so they can make a decision about the business ability to repay the loan, theyll also likely want to see your personal tax returns to determine if you will be a viable guarantor of the loan. For this reason, you should file your personal past due tax returns before applying for a business loan. If you are in business with a partner, encourage your partner to file their tax returns prior to applying for a loan, too.
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How To Obtain A Copy Of Your Tax Return
You can request copies of your IRS tax returns from the most recent seven tax years.
The Internal Revenue Service can provide you with copies of your tax returns from the most recent seven tax years. You can request copies by preparing Form 4506 and attaching payment of $50 for each one. Once the IRS receives your request, it can take up to 60 days for the agency to process it. If you filed your taxes with a TurboTax CD/download product, your tax return is stored on your computer, so you can print a copy at any time. If you used TurboTax Online, you can log in and print copies of your tax return for free.
A Supersize List Of Some Of The Issues People Will Face This Year
The 2021 tax season is shaping up to be much like the touchdown of a tornado, leaving some taxpayers unscathed while creating turmoil for others.
The IRS whirlwind from last year is blowing over into this years tax season, which begins today. This includes coronavirus-related staffing issues, outdated IT systems, delayed refunds and unprocessed returns. On top of this, IRS workers are scrambling to implement multiple provisions of stimulus legislation.
This storm has been brewing for a long time and has been made worse by the coronavirus pandemic, says Erin M. Collins of the independent Taxpayer Advocate Service, an organization within the IRS that helps taxpayers resolve issues with the agency.
The covid-19 pandemic has presented frustrations and challenges, Collins, the national taxpayer advocate, wrote last month in an annual report to Congress. It also has pulled back the curtain on the significant limitations the IRS faces with technology and with its workforce.
Despite the IRSs overall success in managing the 2020 filing season and accurately distributing the vast majority of the 160 million stimulus payments included in the first round of coronavirus relief, some taxpayers experienced major problems and the agency was not always fully transparent about its struggles, Collins wrote.
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How Do I Request An Irs Tax Return Transcript
As part of the federal verification process, you may be required to provide a copy of an IRS Tax Return Transcript to confirm the information filed on your federal tax return.
An IRS Tax Return Transcript can be obtained:
- ONLINE: Visit www.irs.gov. Click on Get Your Tax Record, and then click on Get Transcript Online or Get Transcript by Mail.
- Online requests require the Social Security number, filing status and mailing address from the latest tax returns, an email account, a mobile phone with your name on the account, and your personal account number from a credit card, mortgage, home equity loan, home equity line of credit or a car loan.
- If you do not have all of the above, you will need to use an IRS Form 4506-T to request a copy of your tax return transcript.
Step-by-step instructions for completing the paper form: