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Always Remember...

5/28/2018

 
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Tips for Taxpayers Who Need to Amend a Return

5/21/2018

 
Taxpayers who discover they made a mistake on their tax returns after filing can file an amended tax return to correct it. This includes changing the filing status and dependents, or correcting income, credits or deductions. The instructions for Form 1040X, Amended U.S. Individual Income Tax Return, list more reasons to amend a return. Taxpayers should not file an amended return to fix math errors, because the IRS will correct those.
Here are some tips on how a taxpayer amends a tax return. Taxpayers should:
  • Complete and mail the paper Form 1040X, Amended U.S. Individual Income Tax Return, to correct errors to an original tax return the taxpayer has already filed. Taxpayers can’t file amended returns electronically and should mail the Form 1040X to the address listed in the form’s instructions. However, taxpayers filing Form 1040X in response to a notice received from the IRS, should mail it to the address shown on the notice.
  • Prepare Form 1040X. Many taxpayers find the easiest way to figure the entries for Form 1040X is to make the changes in the margin of the original tax return and then transfer the numbers to their Form 1040X indicating the year they are amending.  Use the second page of Form 1040X in Part III to explain the changes.
  • Know when not to amend. Aside from math errors, taxpayers also do not need to amend their return if they forgot to include a required form or schedule. The IRS will mail a request to the taxpayer, if needed.
  • Use separate forms for each tax year. Taxpayers amending tax returns for more than one year will need a separate 1040X for each tax year. Mail each tax year’s Form 1040X in separate envelopes.
  • Wait to file for corrected refund for tax year 2017. Taxpayers should wait for the refund from their original tax return before filing an amended return. It is okay to cash the refund check from the original return before receiving any additional refund.
  • Pay additional tax. Taxpayers filing an amended return because they owe more tax should file Form 1040X and pay the tax as soon as possible. This will limit interest and penalty charges.
  • File within three-year time limit. Generally, to claim a refund, taxpayers must file a Form 1040X within three years from the date they timely filed their original tax return or within two years from the date the person pays the tax – usually April 15 – whichever is later.
  • Track an amended return. Taxpayers can track the status of an amended return three weeks after mailing using “Where’s My Amended Return?” Processing can take up to 16 weeks.
More Information:
  • Tax Topic 308 – Amended Returns
  • Amended Tax Returns – Frequently Asked Questions
  • Interactive Tax Assistant - Should I File an Amended Return?
  • ​Contact GLM to help with your specific situation. You can call Tom Gosche at 630-675-8971 or email [email protected] 

Technology- Copiers, Printers, Document Management

5/15/2018

 
​What is a “Typical Situation” people are in when they realize they need your help?
Your customer is overwhelmed with manual paper processes. They are a print heavy environment and have no idea what the costs of that are or how they can cut down on printing.  

What is something someone might say that would lead me to think of you?

  • “Our printing costs are out of control.”
  • “We are not happy with our current managed print provider.”
  • “We would like to automate some of our processes but do not know where to start.”

What they Specifically do: 
The representative can assess your current environment.  Delve specifically into your print and process needs and devise a plan to help you streamline your work processes saving your company time and money.

How they do it:

They ask questions to understand your current situation, what you would like to change about it and what your businesses goals are for the future.  By understanding this they can devise a long range plan on how to document and streamline your processes to make your business more efficient.

Matching Ideas with Resources: 
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Tax Information for Small Businesses

5/7/2018

 
IRS Video Portal is One-Stop Shop Featuring Tax Information for Small Businesses

​For small business owners who have tax-related questions, the
IRS Video Portal offers a series of videos and webinars that can help them find answers.

Business owners can access the portal to find information on topics such as:

Starting a Business
This playlist features webinars that address several topics, including:
•Tips for new businesses
•Business taxes for the self-employed
•Who needs to file Schedule C and how to do it
•Things to ask an accountant
•Avoiding the biggest tax mistakes


Business Income
These videos have information about:
•Business income and expenses
•Recordkeeping
•Tip reporting requirements, including the difference between tips and service charges
•Resources on IRS.gov


Employers
Videos in this playlist cover several topics, including:
•General employment tax issues
•Seasonal business
•Employing family members
•Proper worker classification
•Seasonal employees


Filing and Paying Taxes
This playlist features videos on several topics, such as:
•Child and daycare provider tax compliance
•Payment alternatives
•Electronic signature options


Small Business Taxes
This virtual workshop includes nine lessons on a wide range of business topics, from paying taxes electronically to setting up retirement plans.

The IRS also posts videos on the portal for individuals, tax professionals, governments, and charities and non-profits. There’s also a playlist with videos in Spanish.


    GLM's Blog

    In true blog fashion, the last parts are at the top of the page. Scroll all the way down and work your way back up to read them in order. 

    Tom Gosche

    Tom is the Business Development Manager for GLM. If you are interested in learning more about GLM's services, contact him:

    630-675-8971
    [email protected]
    View my profile on LinkedIn

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GLM, Inc.
 
300 N. Martingale Rd., Suite 750
Schaumburg, IL 60173-2097
 
Phone: (847) 884-1781
Fax: (847) 884-1830
E-mail: [email protected]
Website: www.goglm.com 

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