1 00:00:00,000 --> 00:00:01,530 Ralph: So here's the question of today. 2 00:00:02,040 --> 00:00:10,079 Have you been avoiding creating an online account with the IRS because the process seemed daunting or you didn't understand the benefits well listen up. 3 00:00:10,379 --> 00:00:11,790 Because today we're going to walk through. 4 00:00:11,790 --> 00:00:18,750 Step-by-step how to set up your IRS online account, using their new ID me verification system. 5 00:00:19,230 --> 00:00:23,910 And you're going to see why having an IRS online account can make your life easier. 6 00:00:24,300 --> 00:00:27,000 And help you stay financially organized and savvy. 7 00:00:27,240 --> 00:00:28,888 So make sure you join our show today. 8 00:00:59,960 --> 00:01:01,940 Welcome to our technology Tuesday show. 9 00:01:01,970 --> 00:01:04,220 I am so glad that you chose to join us. 10 00:01:04,430 --> 00:01:07,940 I want to thank you for listening and sharing some time with us and supporting the program. 11 00:01:08,300 --> 00:01:12,860 I'm coming to you this morning from the Estep farm in the beautiful Saggio accounting studio. 12 00:01:13,250 --> 00:01:18,860 Let me put on my podcaster hat and put down those overalls and push that adding machine to the side. 13 00:01:19,220 --> 00:01:22,610 Let's get into some financial wisdom from a Christian perspective. 14 00:01:23,150 --> 00:01:29,810 When the IRS first introduced online accounts several years ago, the process of registering and getting verified was complex. 15 00:01:29,810 --> 00:01:31,430 Trust me, I had to do it. 16 00:01:31,790 --> 00:01:35,450 But they've recently streamlined the system and partnered with ID me. 17 00:01:35,840 --> 00:01:39,590 To make it much simpler to establish an IRS online account. 18 00:01:39,590 --> 00:01:42,170 So today we're going to walk through the new registration process. 19 00:01:42,470 --> 00:01:48,020 Step-by-step I'm going to share with you why having an IRS online account can be so useful. 20 00:01:48,380 --> 00:01:50,000 For managing your tax information. 21 00:01:50,330 --> 00:01:54,470 We're also going to talk about the key features you can take advantage of once your accounts set up. 22 00:01:54,770 --> 00:02:00,020 If you've been avoiding creating an IRS account or just haven't gotten around to do it, this is the episode for you. 23 00:02:00,020 --> 00:02:00,710 My friends. 24 00:02:01,310 --> 00:02:04,010 Don't forget to subscribe to the show and join our email list. 25 00:02:04,010 --> 00:02:07,460 You do that at askralphpodcast.com . So you don't miss tomorrow's show. 26 00:02:07,910 --> 00:02:10,010 Tomorrow, I'm going to unleash a new word. 27 00:02:10,040 --> 00:02:17,720 It's called TIPFLATION We're going to talk about whether tipping has gotten out of hand and you do any kind of work out in the real world. 28 00:02:17,720 --> 00:02:19,820 You see the tips are getting ridiculous. 29 00:02:20,060 --> 00:02:21,860 So we're going to talk about TIPFLATION tomorrow. 30 00:02:22,096 --> 00:02:23,921 Let's start with our relevant Bible verse today. 31 00:02:23,921 --> 00:02:26,141 And it comes from Proverbs chapter three, verse nine. 32 00:02:26,141 --> 00:02:28,211 It says honor the Lord with your wealth. 33 00:02:28,511 --> 00:02:31,061 And with the first fruits of all your produce. 34 00:02:31,158 --> 00:02:37,038 As Christians it's important that we honor God by being good stewards of the resources he's given us, including paying taxes. 35 00:02:37,308 --> 00:02:40,308 If you listen to this show, you know, I always say you need to pay your taxes. 36 00:02:40,668 --> 00:02:43,548 And more importantly, managing your finances wisely. 37 00:02:43,969 --> 00:02:46,998 Setting up an online account with the IRS is one practical way. 38 00:02:46,998 --> 00:02:51,798 We can organize our tax information and be prepared when it comes to file time. 39 00:02:52,158 --> 00:02:56,838 So let's talk about the registration process, Let's dive right into the step-by-step process. 40 00:02:57,198 --> 00:03:01,938 For establishing your IRS online account using id.me verification. 41 00:03:02,388 --> 00:03:03,618 And it's really quite simple. 42 00:03:03,668 --> 00:03:08,258 First thing you're going to do is go to irs.gov and then click on view your account. 43 00:03:08,678 --> 00:03:11,168 When you do that in the middle of the page, you're going to get a pop up. 44 00:03:11,198 --> 00:03:14,318 This'll bring you to the login page below the login field. 45 00:03:14,348 --> 00:03:16,328 You'll see a button that says, create an account. 46 00:03:16,328 --> 00:03:17,858 It's really that simple to get started. 47 00:03:18,458 --> 00:03:24,008 On the next page, you're going to click the button for secure access ID me and create an account. 48 00:03:24,278 --> 00:03:27,968 This will begin the ID me identity verification process. 49 00:03:28,148 --> 00:03:28,958 Now listen, folks. 50 00:03:29,318 --> 00:03:31,028 It's really not that complicated here. 51 00:03:31,388 --> 00:03:36,368 ID me will then guide you through the registering for an account with your email address and creating a password. 52 00:03:36,608 --> 00:03:41,798 They're also going to tell you the items that you're going to need to get started, then you're going to need to verify your identity. 53 00:03:41,798 --> 00:03:45,308 This is where it gets a little tricky, but there are several options to do this. 54 00:03:45,518 --> 00:03:53,378 If you have a driver's license or state issued ID card, you can verify through the ID me app by taking a selfie, just use your phone and take a selfie. 55 00:03:53,888 --> 00:03:56,738 You can also verify through a video call, which I thought was pretty cool. 56 00:03:56,738 --> 00:04:02,798 I actually did this when I registered a year or two ago, where an ID me agent will review your ID and look at you on the screen. 57 00:04:03,368 --> 00:04:06,818 You also can verify by answering some financial identity questions. 58 00:04:07,178 --> 00:04:12,068 Now, once you've identified with ID me, they will pass your information back to the IRS site. 59 00:04:12,518 --> 00:04:16,658 The IRS will then email you a confirmation code to finalize setting up your account. 60 00:04:17,048 --> 00:04:20,798 Once you enter that code, your new IRS online account will be activated. 61 00:04:20,828 --> 00:04:22,028 It is really that simple. 62 00:04:22,328 --> 00:04:25,898 Now the process does take a few minutes because they're going to ask you some questions. 63 00:04:26,138 --> 00:04:28,478 You're going to have to verify your ID, that sort of thing. 64 00:04:28,808 --> 00:04:31,118 It usually takes between 10 and 15 minutes. 65 00:04:31,388 --> 00:04:33,158 I know in the past it could be really confusing. 66 00:04:33,158 --> 00:04:34,448 they wouldn't have to send you. 67 00:04:34,808 --> 00:04:40,338 A pin mailer, but the IRS has done a nice job, simplifying it with their partnership, with integration, with ID.ME. 68 00:04:40,658 --> 00:04:44,408 So Ralph you ask, what are the benefits of an IRS online account? 69 00:04:44,838 --> 00:04:50,088 now that you know how easy it is to create an IRS online account, let's discuss some of the key benefits. 70 00:04:50,088 --> 00:04:50,988 And here's the first one. 71 00:04:51,318 --> 00:04:52,458 And I think this is great. 72 00:04:52,728 --> 00:04:56,208 You can view your tax records in one place in your account. 73 00:04:56,208 --> 00:04:58,008 You can see previous year's tax returns. 74 00:04:58,248 --> 00:04:59,958 You can see your tax payment history. 75 00:05:00,228 --> 00:05:03,048 You can see all the IRS notices and letters they've sent to you. 76 00:05:03,048 --> 00:05:07,878 And hopefully there's not a lot of those and more, it's so convenient to have all this information accessible. 77 00:05:08,238 --> 00:05:09,288 Anytime you need it. 78 00:05:09,678 --> 00:05:10,878 This is really helpful. 79 00:05:10,878 --> 00:05:15,498 If you get some notice from the IRS, I'm seeing more and more of my clients getting these accounts. 80 00:05:15,498 --> 00:05:18,318 And one of the things I'd definitely recommend it makes sense. 81 00:05:18,828 --> 00:05:22,068 In resolving issues so much easier when you have this account. 82 00:05:22,068 --> 00:05:26,358 The other thing you can do there is you can get an identity protection pin or IP pin. 83 00:05:26,868 --> 00:05:27,588 What is this? 84 00:05:27,618 --> 00:05:30,708 This is an extra security measure to prevent refund fraud. 85 00:05:31,158 --> 00:05:35,358 We've seen a lot of that over the last few years, we've seen people filing false tax returns. 86 00:05:35,578 --> 00:05:41,698 if you request an IP pin it will be required to file your return again, I'm seeing more and more of these as well. 87 00:05:41,908 --> 00:05:44,138 And it's truly a great additional layer of protection. 88 00:05:44,158 --> 00:05:45,118 Just remember this though. 89 00:05:45,748 --> 00:05:47,848 You have to get a new pin each year. 90 00:05:47,848 --> 00:05:53,258 A lot of my clients been tripped up by that and you've got to give that pin to somebody like myself or your accountant or tax preparer. 91 00:05:53,278 --> 00:05:54,178 Who's doing your taxes. 92 00:05:54,628 --> 00:06:00,488 We've had many e-file rejections this year in our practice because clients didn't realize they needed to get a new pin each year. 93 00:06:00,508 --> 00:06:02,998 They thought they would get one pin and they would use that forever. 94 00:06:03,358 --> 00:06:07,108 Another excellent thing you can do is you can update your account information. 95 00:06:07,438 --> 00:06:08,938 You can change your mailing address. 96 00:06:08,938 --> 00:06:14,218 You can change your email, address your phone number, your bank account details, right on your online account. 97 00:06:14,218 --> 00:06:15,478 That is super handy. 98 00:06:15,988 --> 00:06:19,078 Another thing you can do is request tax transcripts. 99 00:06:19,408 --> 00:06:24,028 These contain data from me, returns and are sometimes required for a mortgage and student loan applications. 100 00:06:24,418 --> 00:06:28,948 It is so much simpler to download this instantly versus waiting for them to be mailed to you. 101 00:06:28,978 --> 00:06:31,108 The old process is you'd have to send out a request. 102 00:06:31,408 --> 00:06:33,598 And then they'd mail to you four to six weeks. 103 00:06:33,958 --> 00:06:38,728 You can see all of your payment history, your refunds in anything else the IRS has done with your account. 104 00:06:39,148 --> 00:06:41,608 Another thing you can do is file amended returns. 105 00:06:42,028 --> 00:06:47,578 If you need to correct the previous year tax return, you could submit form 1040X electronically through your account. 106 00:06:47,578 --> 00:06:52,378 Now I haven't actually tried this yet, but when I was preparing for today's show, it did say this was an option. 107 00:06:52,618 --> 00:06:56,248 So I'm going to say to this as an option, but I honestly haven't tried it yet personally. 108 00:06:56,728 --> 00:07:01,258 Another fantastic thing you can do is you can set up or modify a payment plan. 109 00:07:01,498 --> 00:07:03,178 Let's say you owe the IRS back taxes. 110 00:07:03,478 --> 00:07:09,148 You may qualify for a monthly installment agreement, your account, let you apply and manage that right from that process. 111 00:07:09,328 --> 00:07:14,428 This is a much easier process than waiting on hold on the phone or chasing down letters back and forth to the IRS. 112 00:07:14,428 --> 00:07:14,788 Trust me. 113 00:07:14,818 --> 00:07:16,258 I been there done that. 114 00:07:16,468 --> 00:07:20,638 That is a process and a half, but now with these online accounts, that makes it so much easier. 115 00:07:21,088 --> 00:07:23,608 Another thing you could do is check your estimated tax payments. 116 00:07:23,908 --> 00:07:26,758 you can track how much you've paid towards your estimated quarterly taxes. 117 00:07:26,758 --> 00:07:28,288 This is a super useful tool. 118 00:07:28,678 --> 00:07:33,868 So you can make sure the IRS has posted your estimated tax payments to the correct account and tax year. 119 00:07:34,198 --> 00:07:35,818 This will save you from future problems. 120 00:07:35,818 --> 00:07:37,498 When filing, trust me, I've seen this. 121 00:07:37,738 --> 00:07:44,938 Sometimes clients will send in estimates, especially it gets towards the end of the year and the IRS might put those into the next filing year. 122 00:07:45,388 --> 00:07:50,758 As you can see getting an online IRS account set up gives you access to a ton of helpful capabilities. 123 00:07:51,058 --> 00:07:52,798 For managing your tax information. 124 00:07:53,218 --> 00:07:54,388 So what are some next steps? 125 00:07:54,388 --> 00:08:02,458 So now that you've gone through the registration process and benefits, here are some key things you can start taking advantage of with your new IRS online account. 126 00:08:03,208 --> 00:08:12,748 First thing I want you to do review your account information to make sure everything looks accurate, especially your contact information, Take a perusal and make sure you see all of your previously filed returns. 127 00:08:12,898 --> 00:08:15,088 Make sure there's no balances due on anything 128 00:08:15,328 --> 00:08:15,808 while you're there. 129 00:08:15,808 --> 00:08:19,618 You can download copies of previous year's tax returns or transcripts that you may need. 130 00:08:19,918 --> 00:08:22,708 I think this is a great thing to just have as a backup copy. 131 00:08:23,188 --> 00:08:30,508 You could also check for any IRS notices or letters that may require follow-up action and this'll help you stay on top of your tax obligations. 132 00:08:30,748 --> 00:08:33,568 If you've listened to this show for any length of time, you're going to know. 133 00:08:33,568 --> 00:08:34,858 I always say, stay on top. 134 00:08:35,188 --> 00:08:41,308 Another thing you can do is consider setting up an identity protection pin protects against any potential IRS refund fraud. 135 00:08:41,308 --> 00:08:43,048 But like I said, we talked about this a few minutes ago. 136 00:08:43,348 --> 00:08:47,278 If you do that, you're going to have to get a new one each tax filing season. 137 00:08:47,548 --> 00:08:52,948 Now, if you're one of those folks who have an outstanding tax due with the IRS, another thing, we talked about a few minutes ago. 138 00:08:52,948 --> 00:08:58,678 You can set up a monthly payment plan to get back on track, and again, be sure to update your address or bank details. 139 00:08:58,678 --> 00:08:59,818 If anything has changed. 140 00:09:00,418 --> 00:09:06,028 So having an online account makes it so much easier to stay organized and access important tax documents. 141 00:09:06,448 --> 00:09:12,718 Take time to review the information available and set yourself up for smooth tax filing, moving forward. 142 00:09:12,998 --> 00:09:16,418 before we wrap up, I want to remind all of our listeners to visit our podcast page. 143 00:09:16,718 --> 00:09:21,008 You do that at askralphpodcast.com . As I always say there, you can leave us a review. 144 00:09:21,338 --> 00:09:24,788 Share your thoughts, or even send us a message, a questions for future episodes. 145 00:09:25,148 --> 00:09:27,608 You know, I've been saying the last few days, we're building our calendar. 146 00:09:27,908 --> 00:09:33,098 If you have an idea for an episode, you'd like me to cover, do me a favor and just send that over to us. 147 00:09:33,338 --> 00:09:39,158 And while you're there, make sure you join our email list so we can send you our daily email with what's going on with the show. 148 00:09:39,398 --> 00:09:41,108 That's something you don't want to miss out on. 149 00:09:41,498 --> 00:09:45,908 And while you're there, you can also schedule a consultation, with me, discuss your specific circumstances. 150 00:09:45,908 --> 00:09:47,288 If there's something I can help you with. 151 00:09:47,828 --> 00:09:50,558 And here's my ask for today, share this episode. 152 00:09:50,978 --> 00:09:58,568 If you know someone who needs some assistance in getting their account set up online with the IRS, send them a link to this episode that I walked through how to do it. 153 00:09:58,568 --> 00:10:02,378 And if you haven't done it yourself, I highly recommend you get this account set up. 154 00:10:02,648 --> 00:10:04,118 So let's take a bit of a recap. 155 00:10:04,118 --> 00:10:06,848 In today's episode, we walked through the simplified process. 156 00:10:07,208 --> 00:10:16,088 For creating an online account using ID me verification, the streamlined system makes it quick and easy to register and establish an IRS online account. 157 00:10:16,418 --> 00:10:29,588 We also talked about the benefits of having an IRS account from viewing your tax records in one place to requesting transcripts and managing payment plans, setting up an online account helps you stay financially organized and we all need to do that. 158 00:10:29,888 --> 00:10:33,548 And it empowers you to handle tax information more efficiently. 159 00:10:34,058 --> 00:10:38,108 The truth is folks as Christian seeking to honor God through stewarding our finances wisely. 160 00:10:38,438 --> 00:10:42,638 Taking the time to establish an IRS online account is a great idea. 161 00:10:42,968 --> 00:10:47,288 Be sure to follow the steps we outlined and take advantage of this helpful account features. 162 00:10:47,678 --> 00:10:52,298 Share that episode with others who may benefit from getting their IRS count set up as well. 163 00:10:52,568 --> 00:11:06,008 And remember, you can find all of our episodes of practical guidance for your finances at askralphpodcast.com . And as I always say, stay financially savvy and may God bless you abundantly go get that IRS account set up today.