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IRS Releases Filing Estimates
Internal Revenue Service estimates 2,489,000 individual income tax returns for 1984 will be filed by Virginians. Approximately 2,500 returns will come from the Rappahannock area, according to IRS figures.
The IRS is advising Virginians to file their returns as soon as all the necessary records are available from employers and financial institutions. Individuals who file at the last minute are more likely to make errors on their returns. Errors will cause delays in the processing of the return and in the mailing of refund checks, says the IRS.
The 1984 tax forms are generally unchanged from last year. There are, however, changes in the tax laws to consider when completing the returns.
— Individuals who bought passenger cars or computers for business use after June 18, 1984, will be limited in the amount of depreciation and investment credit they claim. Those who use their auto or computer for business purposes less than 50% of the time will not be entitled to an investment credit nor to use accelerated write-offs.
— Some higher income Social Security beneficiaries may have to pay tax on a portion of their benefits. Those receiving Railroad Retirement Tier 1 benefits are subject to the same provisions.
— For assets acquired after June 22, 1984, the holding period for long-term capital gain or loss treatment has been changed to six months from one year.
— Owners of a 1979 or newer model diesel-powered car or light truck may be entitled to a one-time tax credit or reftind of diesel fuel tax.
— The disability income exclusion has been repealed. However, beginning in 1984, there will be a tax credit for people who are permanently and totally disabled.
— The deadline for 1984 contributions to an Individual Retirement Arrangement can be made no later than April 15, 1985. Last year contributions could be made later if an extension of time to file was requested.
— The income averaging method of tax computation is changed for 1984, and fewer people may be eligible to income average. For 1984, averageable income will have to exceed 140% of base period income. The base period is reduced to 3 years.
Additional information on these topics and other changes appears in the instructions which come with the tax package.
The IRS says that processing a return will be faster if an individual uses the pre-printed label on the tax package and the envelope provided with the tax form. Common errors which delay processing include mathematical errors, incorrect use of the tax tables, and entries on the wrong lines. A review of the return before it is mailed will avoid many of these errors.
The Internal Revenue Service will continue to provide toll-free telephone service and walk-in assistance to taxpayers. The hours for the Baileys Crossroads, One Skyline Place, Room 900, 5205 Leesburg Pike office are Monday through Friday, 8:30 a.m. to 4:45 p.m.; Charlottesville, Federal Building, Room 110, 225 West Main Street office are Monday through Friday, 9:00 a.m. to 2:00 p.m.; Fredericksburg, United Virginia Bank Plaza Bldg., 601 Caroline Street office are Wednesday, 9:15 a.m. to 3:30 p.m.; Richmond, Federal Building, Room 1016, 400 North Eighth Street office are Monday through Friday, 8:15 a.m. to 4:30 p.m.; Winchester, Kuykendall Building - Second Floor, 20 South Cameron Street office are Thursday, Jan. 19, April 11, 9:30 a.m. to noon and 12:45 to 3:30 p.m. In addition, the IRS will offer group return preparation assistance in local communities during and after normal working hours and on weekends as part of its Outreach Program. Return preparation instruction will also be offered to groups at local IRS offices.
The IRS said many answers to general taxpayer questions can be found in the tax package instructions or in over 90 free IRS publications than can be requested using the order form in the tax package. Taxpayers with Touch-Tone telephones can also use Tele-Tax, a service that provides recorded tax information on topics of general interest.
The toll-free telephone number is 1-800-424-1040. The Tele-Tax telephone number is (804) 771-2369 in Richmond and (703) 557-0034 in Baileys Crossroads; a list of the taped tax topics can be found in the instruction package or in Publication 910, “Taxpayer’s Guide to IRS Information and Assistance.”
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