7 Tax Tools Every Taxpayer Must Know

Managing taxes can be a tedious task, especially if not done correctly. The IRS, keeping in mind the difficulties of managing and recording tax-related information manually, introduced seven tax tools you can use online to make your tax refund process easy, convenient, and time efficient. It is, however, important to be on the safe side and seek professional help by hiring a tax lawyer in Fort Worth or any other place. If you are looking for Fort Worth tax lawyers, a simple online search will send you in the right direction. It, however, remains important to be up-to-date with the latest tools available nowadays. Continuing the discussion, in this blog, we cover seven tax tools every taxpayer must know. Read on.

1.IRS Direct Pay

Taxpayers can directly pay taxes from their bank account using the IRS Direct Pay tool. In addition, taxpayers have the option to get periodic notifications regarding their tax payments via email. Using this IRS tool not only makes it easy and convenient to pay taxes, but also makes documenting the payment dates and other payment-related information accurately.

2. IRS Tax Map

The IRS Tax Map is a search engine tool offered by the IRS that combines tax instructions, forums, and publications into one result. Similar to an advanced web search, if you need guidance or tips related to taxes, the ITS Tax Map tool is the ideal way to understand and gain knowledge of a specific tax issue.

3. IRS Tax Assistant

Similar to an IRS Tax Map, the IRS Tax Assistant is the ideal tool if you have questions related to taxes. The IRS Tax Assistance has a database of answered questions, covering tax problems, tips, and solutions. In addition to answering your questions, the tool also gives you the opportunity to completely understand every aspect of a tax-related situation or issue.

4. IRS Free File

The IRS Free File tool is designed to be used by taxpayers who filed for an extension on their tax payment. The tool helps in preparing and e-filing a federal tax return. It is, however, important to know that people who earn $66,000 or less are eligible to use the IRS Free File tool. Usually, the tool is available for use throughout the month of October.

5. IRS Tax Account Information

Manually storing account information takes a lot of effort and time. In addition, it is easy to lose or misplace tax documents, making it an inconvenient method to record your tax returns and payments. The IRS introduced a tool — IRS Tax Account Information — that gives taxpayers the platform to store and easily access, print, or download previous tax records. Taxpayers can also apply to instalment agreements and set-up payment methods, including wire transfer, credit/debit transactions for easy and time-efficient payment.

6. “Where’s My Refund?”

“Where’s My Refund” is an important tool that every taxpayer can access and use to check the status of a tax refund. If you filed for a tax refund electronically, you can check its status after 24 hours the IRS receives the tax return. On the other hand, if you filed an IRS tax return through post or paper, you can check the status of the refund after four weeks of filing the refund. Make sure you keep the dates in mind and check the status of your refund periodically to stay updated and avoid potential tax issues.

7. Direct Deposit

Direct Deposit tool is the fastest, easiest, and most convenient way for taxpayers to get a tax return electronically. Tax returns are transferred to your bank account, without paying any transaction fees. Combining direct deposit with filing your tax return electronically makes your refund process faster.

Wrap Up

When filing a tax return, use the electronic tools introduced by the IRS to be up-to-date with tax documentation. The tools are user-friendly, easy to understand, and convenient, although it remains best to seek professional help. Browse the web to shortlist a few reputable companies that have teams of top tax lawyers, in Fort Worth or anywhere else. Check the credibility of the lawyers and company if you wish to land the best tax lawyer in Fort Worth. Engaging the IRS on any issues that arise is always advisable, as opposed to playing ‘hide-and-seek’.