A tax code is something an employer may use to help calculate the amount of taxes to deduct from an employees paycheck. Improper coding can cause a person to be taxed too little or too much.

Generally tax codes are consisting of numbers and letters which can symbolize different things. Here are common uses for some letters found in tax codes:

           L- eligible for basic personal allowance

           P- people who are 65-74 years old and are eligible for full personal allowance

           Y- people who are 75 years or old and are eligible for full personal allowance

Some people may see a tax code which is strictly letters. These tax codes, such as BR, D0, or NT also help the employer to tax a person correctly. If a person sees the tax code BR all of their income is taxed at a basic rate. If a person sees a tax code of D0 their income is taxed at a higher rate. Lastly, if a person sees a tax code of NT no taxes will be taken.

Tax codes may need to be changed by an employer if an employee undergoes a circumstance in which their taxation would be effected.  Things that may affect a tax code can include marriage or divorce, a second income, or a change in pay. By law, an employer must make not of any changes and update all tax codes if a change does occur.

If an employee is taxed improperly due to an improper tax code on the employers end, then the employer must refund the employee the money that has been taken from them.

To file for taxes, an individual or a business must fill out the appropriate paper work. All forms that are needed for filing for taxes can be found online. Using irs.gov for forms is quick and efficient. The website allows people to search for the needed document as well as access the forms both electrically or to print them.

Like many companies and people, the IRS is becoming ‘green’ meaning that they are trying to lessen the amount of paper used both in and out of their offices. By using irs.gov for forms a person is able to help in this effort by choosing the appropriate link of the necessary form, downloading the form and finally, filing the form without wasting any paper.

On  irs.gov forms that can be downloaded include:

Form and Instruction number

Publication number

All Tax Products

Topical index

Accessible tax products

Tax Products

Directory list of filenames

Tax publications

Instructions for tax forms

Topical index to forms and publications

IRS Tax Map  

On the irs.gov website, people can also view and print the forms that they have previously submitted.  By clicking on a certain link, individuals will be able to read and understand the rules and directions of filling out the necessary form(s). 

Also included is the revision date and the complete title in which an employer, company, or government would be calling the necessary form. Using irs.gov for forms allows for little confusion in finding the forms and aids each individual by featuring easily accessible directions.

 IRS auctions take place more often than most realize. Under the governmental authority of the Internal Revenue Service, they have the right to seize certain items of individuals who have failed to make their payments on the IRS taxes.

All items that the IRS acquires are done so without any payment. These items are then sold at IRS auctions to raise the money that the original owner could not afford to pay to the IRS from their taxes.  

IRS auctions are now normally done through the internet. A person can view locations and items that are up for auction and bid on them. Generally the most popular items in IRS auctions are houses, automobiles, commercial property, stocks, liquor licenses, medical equipment, and real estate.  

The government does not provide any form of financing to the bidders of an IRS auction.  There is no guaranty or warranty on any item purchased through an IRS auction, and everything being sold is sold as is.

Anything purchased through IRS auctions must be paid for in the form of cash, certified check, cashier’s check or a treasurer’s check. In most cases, IRS auctions will accept mail in bids as long as the person submitting the bid has obtained a copy of the Notice of Sale and is aware and agrees with the instructions and limitations.  

After a bid I made, and a person wins the IRS auctions they generally have up to 180 days after approval to redeem the purchase. Unlike other auctions, the IRS auctions do not charge a buy a premium at the sale, nor do they add one.

After filing IRS taxes a person may receive a refund if too much money has been taken from their pay check over the course of the year.  Currently, most IRS tax filing is done through the internet. 

To determine when a refund is going to be mailed out a person needs to verify that their taxes have in fact been filed properly. 

This can be done by checking the status of your filing on the internet. If an IRS refund is approved, then the refund will be mailed out on a certain day. Although no date is guaranteed, an IRS refund schedule can be based off of when a person submits their taxes.

Generally an IRS refund schedule can vary anywhere from one week to three weeks. The IRS refund schedule can vary due to whether or not a person is expecting a direct deposited refund, where the money will go directly from the IRS into the individual’s checking account, or if they are expecting the refund to come in a paper check form. 

Due to mailing time, a paper check generally takes longer to receive than the direct deposit. Another idea to consider when thinking about an IRS refund schedule is when a person submitted their taxes; during high volume tax times it may take longer for a check or a direct deposit to be sent out to the individuals who have filed.  Regardless of the type of preferred refund or the date submitted, it is important to check the statuses of one’s taxes to verify everything has been submitted properly and approved.

A stimulus is money that is given to individuals by the government in order to help aid the economy. With the current standing of the economy, the idea of government stimulus is a popular topic.

To determine if one is eligible for an IRS stimulus, they must look at their documents. Some individuals that may be eligible for and IRS stimulus are: those who receive social security retirement of disability benefits, those who receive Veterans Affairs pension, disability, or survivor’s benefits, or are a low-wage worker. 

It may be beneficial to look for a complete list of those who may qualify for an IRS stimulus that can be found at the irs.gov. For stimulus information, an online tool ‘How much was my stimulus payment?’, may direct individuals to determine how much they have previously received for an IRS stimulus.  

Generally, by looking at irs.gov for stimulus information, a person can determine if they qualify. In most cases, if a person or a family has received less than $3,000 in income or certain benefits, they will qualify for some sort of IRS stimulus. Searching for the amount one may receive can also be located on the irs.gov site.

 IRS stimulus payments can range anywhere from $300 to $1,200. Those who file with children who are eligible can receive up to $300 for each child who is eligible. Individuals can file for an IRS stimulus either as a separate filer, a joint filer, or a filer with eligible children. 

By using irs.gov for stimulus information, an individual will be able to understand the likelihood that they will or will not qualify as well as an estimation of how much they could receive.