V.O.L.T.S.
"Empowering Individuals, Families and Entrepreneurs on Taxes."
Virtual Online Tax & Services LLC
Frequently Asked Questions
Below are some of the most common asked questions related to taxes. If you have any other questions, please feel free to call us or contact us under the "contact us" tab.
01
When is Tax Season? Filing for an Extension?
Tax season is usually from January 15th to April 15th. Although Taxes are filed all year round, the masses normally have to file for their personal and business tax within this time frame. Filing for an extension are for those individuals who owe taxes and want time to file at a later date and prevent any additonal fees and penalties. You can go to the IRS website and file for an extension yourself.
02
How do I file for an Amendment?
An amendment of your taxes are done when you have realized that you have under reported income and/or when you have realized that there were some errors and/ or omissions that were not reported on your Tax. The IRS will notify you if something that was not reported on your Tax return was reported to them. The IRS will normally make an adjustment for you and if you agree there will be no need to file an amendment. Always have a Certified Tax Preparer look at your Tax situation before making a decision to amend your taxes. Taxes are usually amended once and you can go back for a maximum of 3 years.
03
Turbo Tax vs. Certified Tax Preparer?
Turbo Tax is a software program which allows you to prepare your own taxes and Mail them out. Although you can file your taxes free, certain tax situations may require specialized knowledge that you may or may not know how to answer within the software program. WARNING: if you go to a person that is preparing your taxes and they are charging you to prepare them for you using the Turbo Tax program,THEY ARE DOING THIS ILLEGALLY! They are required to have a PTIN (Preparer Tax Identification Number) assigned by the IRS. In California a legal tax preparer must also be registered with CTEC (California Tax Education Council). www.ctec.org A Certified Tax Preparer can ask you other qualifying questions that can benefit you, that a software program may not ask due to the limitation of the program.
04
Are all Tax Preparers the same? How do I choose?
Not all tax preparers approach your taxes the same way. Not all CPA's are tax preparers and vice versa. Just because you have not been audited or had an issue in the past with your taxes, does not mean that your taxes have been prepared at the maximum benefit. It is important for you to understand what is being reported on your Tax Return, for it is your responsibility to ensure that you agree with how your taxes are prepared. Interview the Tax Preparer, ask for references and make sure they have a PTIN (Preparer Tax Identification Number) .
05
How do I file if I'm an Independent Contractor or Home Based Business Owner?
As an Independent Contactor you will receive a 1099 Misc form for you to report on your taxes. You will be filing a long form called a 1040 and an additional form called a Schedule C. It is imperative that you are educated on what can be legally written off as business expenses. Not all expenses qualify. WARNING: Not all Tax Preparers or CPA's specialize in understanding the tax law regarding home based businesses. This may mean that you need to find a different Tax Preparer that is very knowledgeable in this area to better prepare your taxes. This is specialized knowledge that requires a different focus. You do not want to be unprepared in case of an IRS Audit.
06
What Address do I use to Mail out my Income Taxes?
Federal Income Tax Form 1040: INTERNAL REVENUE SERVICES CENTER
Fresno, California, 93888
California State Tax Form 540: FRANCHISE TAX BOARD
PO BOX 942840
Sacramento, California 94240
Federal Income Tax Form 1040 Internal Revenue Service
(W7-ITIN) Austin Service Center
ITIN Operation
P.O. Box 149342
Austin, TX 78714-9342
NOTE: State addresses vary please look it up online.