Creating an Online Account with the IRS

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So here's the question of today.

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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.

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Because today we're going to walk through.

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Step-by-step how to set up your IRS online account, using their new ID me verification system.

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And you're going to see why having an IRS online account can make your life easier.

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And help you stay financially organized and savvy.

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So make sure you join our show today.

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Welcome to our technology Tuesday show.

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I am so glad that you chose to join us.

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I want to thank you for listening and sharing some time with us and supporting the program.

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I'm coming to you this morning from the Estep farm in the beautiful Saggio accounting studio.

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Let me put on my podcaster hat and put down those overalls and push that adding machine to the side.

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Let's get into some financial wisdom from a Christian perspective.

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When the IRS first introduced online accounts several years ago, the process of registering and getting verified was complex.

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Trust me, I had to do it.

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But they've recently streamlined the system and partnered with ID me.

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To make it much simpler to establish an IRS online account.

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So today we're going to walk through the new registration process.

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Step-by-step I'm going to share with you why having an IRS online account can be so useful.

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For managing your tax information.

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We're also going to talk about the key features you can take advantage of once your accounts set up.

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If you've been avoiding creating an IRS account or just haven't gotten around to do it, this is the episode for you.

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My friends.

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Don't forget to subscribe to the show and join our email list.

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You do that at askralphpodcast.com . So you don't miss tomorrow's show.

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Tomorrow, I'm going to unleash a new word.

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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.

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You see the tips are getting ridiculous.

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So we're going to talk about TIPFLATION tomorrow.

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Let's start with our relevant Bible verse today.

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And it comes from Proverbs chapter three, verse nine.

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It says honor the Lord with your wealth.

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And with the first fruits of all your produce.

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As Christians it's important that we honor God by being good stewards of the resources he's given us, including paying taxes.

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If you listen to this show, you know, I always say you need to pay your taxes.

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And more importantly, managing your finances wisely.

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Setting up an online account with the IRS is one practical way.

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We can organize our tax information and be prepared when it comes to file time.

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So let's talk about the registration process, Let's dive right into the step-by-step process.

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For establishing your IRS online account using id.me verification.

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And it's really quite simple.

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First thing you're going to do is go to irs.gov and then click on view your account.

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When you do that in the middle of the page, you're going to get a pop up.

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This'll bring you to the login page below the login field.

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You'll see a button that says, create an account.

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It's really that simple to get started.

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On the next page, you're going to click the button for secure access ID me and create an account.

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This will begin the ID me identity verification process.

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Now listen, folks.

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It's really not that complicated here.

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ID me will then guide you through the registering for an account with your email address and creating a password.

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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.

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This is where it gets a little tricky, but there are several options to do this.

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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.

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You can also verify through a video call, which I thought was pretty cool.

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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.

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You also can verify by answering some financial identity questions.

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Now, once you've identified with ID me, they will pass your information back to the IRS site.

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The IRS will then email you a confirmation code to finalize setting up your account.

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Once you enter that code, your new IRS online account will be activated.

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It is really that simple.

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Now the process does take a few minutes because they're going to ask you some questions.

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You're going to have to verify your ID, that sort of thing.

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It usually takes between 10 and 15 minutes.

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I know in the past it could be really confusing.

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they wouldn't have to send you.

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A pin mailer, but the IRS has done a nice job, simplifying it with their partnership, with integration, with ID.ME.

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So Ralph you ask, what are the benefits of an IRS online account?

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now that you know how easy it is to create an IRS online account, let's discuss some of the key benefits.

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And here's the first one.

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And I think this is great.

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You can view your tax records in one place in your account.

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You can see previous year's tax returns.

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You can see your tax payment history.

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You can see all the IRS notices and letters they've sent to you.

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And hopefully there's not a lot of those and more, it's so convenient to have all this information accessible.

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Anytime you need it.

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This is really helpful.

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If you get some notice from the IRS, I'm seeing more and more of my clients getting these accounts.

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And one of the things I'd definitely recommend it makes sense.

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In resolving issues so much easier when you have this account.

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The other thing you can do there is you can get an identity protection pin or IP pin.

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What is this?

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This is an extra security measure to prevent refund fraud.

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We've seen a lot of that over the last few years, we've seen people filing false tax returns.

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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.

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And it's truly a great additional layer of protection.

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Just remember this though.

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You have to get a new pin each year.

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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.

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Who's doing your taxes.

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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.

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They thought they would get one pin and they would use that forever.

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Another excellent thing you can do is you can update your account information.

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You can change your mailing address.

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You can change your email, address your phone number, your bank account details, right on your online account.

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That is super handy.

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Another thing you can do is request tax transcripts.

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These contain data from me, returns and are sometimes required for a mortgage and student loan applications.

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It is so much simpler to download this instantly versus waiting for them to be mailed to you.

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The old process is you'd have to send out a request.

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And then they'd mail to you four to six weeks.

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You can see all of your payment history, your refunds in anything else the IRS has done with your account.

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Another thing you can do is file amended returns.

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If you need to correct the previous year tax return, you could submit form 1040X electronically through your account.

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Now I haven't actually tried this yet, but when I was preparing for today's show, it did say this was an option.

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So I'm going to say to this as an option, but I honestly haven't tried it yet personally.

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Another fantastic thing you can do is you can set up or modify a payment plan.

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Let's say you owe the IRS back taxes.

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You may qualify for a monthly installment agreement, your account, let you apply and manage that right from that process.

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This is a much easier process than waiting on hold on the phone or chasing down letters back and forth to the IRS.

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Trust me.

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I been there done that.

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That is a process and a half, but now with these online accounts, that makes it so much easier.

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Another thing you could do is check your estimated tax payments.

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you can track how much you've paid towards your estimated quarterly taxes.

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This is a super useful tool.

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So you can make sure the IRS has posted your estimated tax payments to the correct account and tax year.

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This will save you from future problems.

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When filing, trust me, I've seen this.

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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.

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As you can see getting an online IRS account set up gives you access to a ton of helpful capabilities.

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For managing your tax information.

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So what are some next steps?

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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.

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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.

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Make sure there's no balances due on anything

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while you're there.

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You can download copies of previous year's tax returns or transcripts that you may need.

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I think this is a great thing to just have as a backup copy.

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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.

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If you've listened to this show for any length of time, you're going to know.

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I always say, stay on top.

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Another thing you can do is consider setting up an identity protection pin protects against any potential IRS refund fraud.

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But like I said, we talked about this a few minutes ago.

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If you do that, you're going to have to get a new one each tax filing season.

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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.

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You can set up a monthly payment plan to get back on track, and again, be sure to update your address or bank details.

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If anything has changed.

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So having an online account makes it so much easier to stay organized and access important tax documents.

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Take time to review the information available and set yourself up for smooth tax filing, moving forward.

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before we wrap up, I want to remind all of our listeners to visit our podcast page.

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You do that at askralphpodcast.com . As I always say there, you can leave us a review.

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Share your thoughts, or even send us a message, a questions for future episodes.

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You know, I've been saying the last few days, we're building our calendar.

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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.

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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.

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That's something you don't want to miss out on.

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And while you're there, you can also schedule a consultation, with me, discuss your specific circumstances.

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If there's something I can help you with.

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And here's my ask for today, share this episode.

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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.

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And if you haven't done it yourself, I highly recommend you get this account set up.

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So let's take a bit of a recap.

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In today's episode, we walked through the simplified process.

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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.

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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.

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And it empowers you to handle tax information more efficiently.

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The truth is folks as Christian seeking to honor God through stewarding our finances wisely.

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Taking the time to establish an IRS online account is a great idea.

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Be sure to follow the steps we outlined and take advantage of this helpful account features.

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Share that episode with others who may benefit from getting their IRS count set up as well.

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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.