For information about your refund, go to the irs.gov homepage and click on the link titled Where’s My Refund? Where’s My Refund? will usually have information about your refund 72 hours after the IRS acknowledges receipt of your e-filed return, or three to four weeks after mailing a paper return. Check back weekly, on Wednesdays, [...]
The IRS now has as App called IRS2Go. This is a smartphone application that allows taxpayers to check on the status of their refund and obtain helpful information. Apple users can download the free IRS2Go application by visiting the Apple App Store. Android users can visit the Android Marketplace to download the free IRS2Go App.
Delays: The late passage of tax law changes has caused IRS to delay the filing season for a variety of taxpayers, most notably anyone filing a Schedule A. Due to late tax law changes, there are tax returns that will not be accepted, either electronically or on paper, until mid to late February….EROs and Online [...]
The House of Representatives and the Senate sent to the President the tax bill (Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010, RIC Modernization, and Other Late 2010 Tax Provisions) that will reduce taxes on virtually all working Americans and continue for two years the tax reductions enacted during the Bush Administration. [...]
Beginning January 1, 2011 $.51 per mile for business miles driven $.19 per mile driven for medical or moving purposes $.14 per mile driven in service of charitable organizations
The Internal Revenue Service released instructions to help employers implement the 2011 cut in payroll taxes that were included as part of the tax cut legislation passed by Congress. Millions of workers will see their take-home pay rise during 2011 because the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 provides a [...]
Flexible Spending Arrangement (FSA), or a Health Reimbursement Arrangement (HRA) A health FSA permits salary reduction by an employee to remain exempt from tax if used to reimburse medical expenses. The amounts placed in the FSA generally must be used within the same year they are contributed. An HRA is funded only by employer contributions [...]
Following late December’s law changes, the Internal Revenue Service announced Thursday the upcoming tax season will start on time for most people, but taxpayers affected by three recently reinstated deductions need to wait until mid- to late February to file their individual tax returns. The start of the 2011 filing season will begin in January [...]
Background – A self-employed individual (or a partner or a more-than-2%-shareholder of an S corporation) can deduct as an above-the-line expense 100% of the amount paid during the tax year for medical insurance on behalf of himself, his spouse and his dependents subject to the following requirements: The deduction cannot exceed the individual’s net earnings [...]
Beginning this year, taxpayers are able to convert funds in regular IRA retirement plans to Roth IRAs regardless of their income level. Roth IRAs provide two big advantages: all future qualified earnings and distributions at retirement will be tax-free, and the Roth IRAs are not subject to the required minimum distribution rules.
The government has provided a variety of tax incentives to help weather the economic storm, and you are urged to take advantage of these special tax benefits, as well as other strategies to keep your tax bite as low as possible. • State Estimated Tax Payments – Although the deadline to make the current year 4th [...]
As a result of changes made by the recently enacted Affordable Care Act, health coverage provided for an employee’s children under 27 years of age is now generally tax-free to the employee, effective March 30, 2010. Generally, under pre-Act law, to be a qualifying child of a taxpayer for this purpose the child must have [...]
The new American Opportunity Tax Credit, which expands and renames the existing Hope Credit, can be claimed for qualified tuition and related expenses that you pay for higher education in 2009 and 2010. Qualified tuition and related expenses include tuition, related fees, books and other required course Materials.
The Non-business Energy Property Credit, a tax credit for making energy efficient improvements to homes, has been increased as part of the American Recovery and Reinvestment Act of 2009. The new law increases the credit rate to 30 percent of the cost of all qualifying improvements and raises the maximum credit limit to $1,500 claimed [...]
The Internal Revenue Service reminds consumers to avoid identity theft scams that use the IRS name, logo or Web site in an attempt to convince taxpayers that the scam is a genuine communication from the IRS. Scammers may use other federal agency names, such as the U.S. Department of the Treasury.