5 Reasons You Should Have an Online IRS Account
Creating an online IRS account is a quick way to always have access to your tax information. Some of the tax data available is the status of your refund or amount owed, payment history for the last five years, economic impact payment history, advance child tax credit payment amounts, and authorizations for your tax professional, which is extremely helpful for your CPA.
(1) Personal Information
When logged into your IRS online account you can edit your email address and change your preferences for paper notices.
It’s worth mentioning here that you can view your mailing address on file, but you cannot change your mailing address through the online account.
To change your mailing address,
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- If you have not yet filed your income tax return, simply use your new address when you file your return. When your taxes are processed, the address will be updated in the IRS records.
- If you’ve already filed your taxes, you must submit Form 8822 by mail to the IRS.
(2) Account Status & Balance
You can use your online IRS account to check the status of your return no matter how you filed. You can also see if you owe taxes or if you are owed a refund.
(3) Payment History and Options
If you owe the IRS, you can log into your online account to pay online or set up a payment agreement. The details of any payment agreement are available as well as the ability to edit the payment plan.
The online IRS account allows payments from your bank account or payments made with debit or credit cards.
(4) Tax Records
Years of tax records are available in your account, which also includes any Advance Child Tax Credit payments received and any Economic Impact payments received.
(5) Transcripts
Your online account provides years and years of income tax records. To have access to those transcripts is incredibly valuable for you and your tax preparer.
CPA For Tax Preparation and Planning
Creating your IRS online account and providing the available tax history to your CPA is a tremendous benefit when preparing taxes and when planning tax strategies for the future.