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As the August 17th deadline for taxpayers who filed for an automatic extension loomed, many attempting to file their last-minute returns found themselves facing additional hurdles as the IRS attempted to curtail fraud. To e-file a return, you will now have to enter your previous year's Adjusted Gross Income (AGI), according to the estate planning and tax attorneys at Arndt Buswell & Thorn S.C. in Sparta, WI.

If you filed a 1040A in 2014, your AGI can be found on line 21. It’s on line 4 for those who filed a 1040EZ. Regular 1040 filers will find their AGI on line 37 of their previous year's return. Because the IRS requests this information as proof of identity, the figure must be exact. Guessing, entering the incorrect number, or rounding could cause your return to be rejected, potentially leading to late fees, penalties, or a delay in any refund you're owed.

estate planningThe IRS will most likely continue to rely on your knowledge of your tax records to verify your identity, which makes keeping physical copies of your returns more important than ever. Taxpayers who have either misplaced their 2014 returns or who have never obtained physical copies may be able to get them through their tax preparation software, from the IRS site, or from the tax preparation professional used. Going forward, the estate planning and tax lawyers at Arndt Buswell & Thorn S.C. recommend keeping your returns in a well-organized file so you can access your information whenever you need it.

The law firm of Arndt Buswell & Thorn S.C. has been serving the western Wisconsin community for over a quarter of a century, providing high-quality legal counsel across a broad spectrum of practice areas, including estate planning. Visit their website now to learn more, or call their offices at (608) 269-1200 to get your tax questions answered.

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