Tag Archives: internalrevenueservice

Why People Use Instant Tax Refunds

People often need a break from their stressful and busy lives. It is nice to get away for a while to unwind. This can be a clear possibility with a same day tax refund. The money received can be used to finance a trip. Even a small excursion is worth the recouped energy levels that will be gained.

People that want to plan a last minute adventure can fund their travel with instant tax refunds. This is a great way to celebrate a year of work. This is also a terrific option if your vacation time happens to fall prior to the expected date of your tax refund receipt. There is no end to the possibilities of where to go.

It is often fun to take a longer journey and stop by places along the way. This is a wonderful way to see some beautiful out of the way places in the world. A bus trip is often fun, as there is no worry about driving. A person can just sit back and enjoy the scenery. Someone else is responsible for the driving. Other people love to fly to their destinations. This is a much quicker route to get to where you are going. Soaring above the clouds can be an awesome experience. This option also allows people to see places that are farther away. It is great that a refund can finance different opportunities.

A popular choice is to travel by cruise ship. There are many various journeys to embark on. The type of cruise should fit the personalities of the people traveling. Keep in mind that these arrangements may have to be booked well in advance. Some cruises are geared towards family pursuits. These would be recommended for those who have children. Others are more suited for the adventurous sort. It is astounding how many options there are in cruise lines today.

Take some time to plan your trip. Even last minute details can make a huge difference to the enjoyment of the vacation. There are some travel websites that offer prospective travelers a glimpse of their planned journey. The extra cash from tax refunds can provide the funding for the extra costs of an already planned trip.  I do urge you though not to wait until the last minute to plan your trip or you may get frustrated due to it being overwhelming. Read the info below if you want a instant refund today.

Visit MrTaxRefund.com.au to learn about the instant tax refunds that they offer to their customers. You could be taking a trip a few days after applying for a same day tax refund.

VN:F [1.9.22_1171]
Rating: 0.0/10 (0 votes cast)
VN:F [1.9.22_1171]
Rating: 0 (from 0 votes)

Related Posts:

My Taxes Need To Be Done!

Nothing strikes a note of fear into the heart of the average person more than taxes. I learned this from doing taxes for several years in a CPA office. I saw clients come in with several years of unfiled returns. They were totally unable to confront getting the taxes filed. The really sad fact is that most of them lost the refunds they would have gotten by filing on time because the IRS doesn’t refund if the return is over 3 years late.

But that fear is now largely unfounded. Everyone has heard horror stories of past strong-arm tactics by the IRS that were frightening. Those days are over.

Be Honest

In the last ten to fifteen years, the IRS has undertaken reforming themselves and rehabilitating their image. The only way the IRS can take legal action against you is if you intentionally try to defraud the government. Intentionally is the key word. The tax system for individuals is still voluntary as regards filing. If you don’t file a tax return, eventually the IRS will file it for you. They will not take advantage of any of the tax credits or possible deductions outside of the standard deduction. But there really is no need to fear.

Seek Help

Tax software has brought accurate, reliable tax preparation to the individual. You can do it yourself with free tax software. It isn’t foolproof but not for want of trying by Intuit. The IRS tax code and its several thousand pages gives a whole new meaning to the word complex. I have the utmost respect for the programmers who write tax software.

Filing your own federal and state tax returns has become simple. If you only have W-2 income, it probably won’t take more than 30 minutes start to finish. The software takes you down the road of filing without having to even look at a tax form until the end of the process. If you operate a small business as a sole proprietor (not incorporated), the software will help you gather everything you need to classify expenses and deductions and get them entered properly. You can even file your 1040EZ tax return on a PDA or smartphone.

So the fear factor is gone. Even if you file your taxes and later realize there was another deduction that you could have taken, TurboTax will walk you through filing an amended return to get those deductions and/or credits you are entitled to.

So take a deep breath, and get to it. Relax……………………

Dwight Mabe is a freelance writer and financial advisor based out of Greensboro, NC.

VN:F [1.9.22_1171]
Rating: 0.0/10 (0 votes cast)
VN:F [1.9.22_1171]
Rating: 0 (from 0 votes)

Related Posts:

Tax Season Is Upon Us Once Again

There is only one week left before the tax season comes to an end for 2012.

Every year at this time, people tend to ask the same types of questions. Let us examine some of the more common issues that people wonder about at this time of year.

Most people are very concerned about whether or not they will get a tax refund. Even though you know the refund is your own money, you tend to be happy when you get a refund and you are likely to feel upset if you have to write a check to the government.

Last year, Americans received $318 billion dollars of tax refunds from the IRS. This year, the number may be even larger. Last year, the average refund that was received was close to three thousand dollars. Getting a tax refund like that can be very exciting, especially if you have been a bit short of money recently.

What do many tax payers do with their annual tax refunds? Nearly one third of people spend the entire amount. About fifty percent of people receiving a refund put it in the bank or use it to pay off some of their debts.

There are some people who like to pay their taxes when  they submit submit their tax return at the end of the tax season. They do not want the government to receive their money any sooner than necessary.

If you prefer getting a refund of your taxes when the tax season has ended, you can ask to have the amount of taxes you pay to be increased throughout the year.

Slightly more than one percent of the tax returns that are submitted in the tax season will be audited.

VN:F [1.9.22_1171]
Rating: 0.0/10 (0 votes cast)
VN:F [1.9.22_1171]
Rating: 0 (from 0 votes)

Related Posts:

Higher Cigarette Tax Keeps Teens From Smoking

It has been shown that increasing the cigarette tax is a very effective way to get young adults and youths to reduce or stop smoking. The Centers for Disease Control and Prevention reports that increasing the cigarette tax is less common with states at the present time compared to the past.

In 2009, 15 states increased the tax on cigarettes, but in 2010 and 2011, the number of states doing the same was only eight. The state of New Hampshire actually lowered the excise tax. The CDC has found that when excise taxes are increased on cigarettes, the overall sales of cigarettes declines and fewer teens start the smoking habit. Just recently the Surgeon General surprisingly discovered that 20% of teenagers smoke. The rate of smoking among teens is declining, but the decline is slowing at the present time. For this reason, it is puzzling that state taxes on cigarettes are being kept low.

Why have states changed direction on this issue? In the 1990s and the first part of the 2000s, states increased the cigarette tax while also increasing funding for comprehensive programs against smoking. Now they are doing the opposite.

The poor economic conditions may be partly responsible for the states shying away from increasing the cigarette tax at this time. Dr. Tim McAfee, of the CDC’s Office on Smoking and Health, disagrees. “These programs work to reduce smoking and the states will benefit from making the investment. From the economic perspective, you have to wonder why the states do not wish to reap the full benefit of the cigarette tax,” he said.

VN:F [1.9.22_1171]
Rating: 0.0/10 (0 votes cast)
VN:F [1.9.22_1171]
Rating: 0 (from 0 votes)

Related Posts:

Which “Perks” need to be Declared on your Tax Return

A perk or fringe benefit is a financial benefit that your employer provides for you.  Whether that benefit is taxable depends on a number of factors.  The tax implications of many fringe benefits are well understood.  Here are some less familiar tax implications:

Airline Miles Become Taxable

Earlier this year (prompted by a claim by Citibank that the miles it grants its customers upon opening an account (among other items) are gifts and therefore the recipient is on the hook for paying taxes) the IRS publicly stated that the value of frequent-flier miles are “provided as a premium for opening a financial account” that those should be deemed taxable income. The miles earned for purchasing a ticket? Still unclear…

Health Insurance Benefits

Under federal law, certain fringe benefits provided to employees are not taxable. For example, health insurance benefits that an employer provides to an employee are not taxed (on the employee), as long as benefits go to the employee, spouse or dependents.  However, this definition excludes domestic partners, who are not spouses under the law.

If your employer offers health insurance to you and your “domestic partner”, the added cost of covering your domestic partner may be taxable as “imputed income”.  Imputed income in this instance is the monthly value of your domestic partner’s coverage. This amount is added to your gross income and subject to federal income tax withholding and employment taxes.

Depending on whether your state gives legal recognition to various forms of domestic partnerships, this type of benefit may be exempt from state taxes.

Transportation Benefits

Under the American Recovery and Reinvestment Act (ARRA), popularly known as the Stimulus Bill, beginning in March of 2009 tax exclusions on a monthly basis for employer-provided commuter highway vehicle transportation as well as transit pass benefits was increased to $230.  This fringe benefit, which gave transit and vanpool users the same tax break as drivers, was extended through December 2011.

However, Congress allowed this benefit to expire.  Starting January 2012, the amount that can be excluded from reported wages for individuals who buyrail, bus, or other mass transit licenses or passes under their employer-sponsored program will decline from the previous $230 per month exclusion to a $125 per month exclusion.  On the other hand, the monthly fringe benefit exclusion for workplace parking is increasing to $240 from $230 this year.

Employees in 2012 may still exclude from income up to $125 per month in transit benefits and $240 per month in parking benefits.  Employees are eligible to receive benefits for commuting, transit passes and parking during the same month. As part of the Act, these benefits are not considered part of the employee’s gross income for federal income tax reasons and are excluded from reported payroll wage figures.

Education benefits

Job-related educational expenses may be excluded from an employee’s income as a working condition fringe benefit.  This exclusion is available for any form of educational instruction or training that improves the job-related abilities of an employee.  Employees and contractors of government employers may qualify as well.  Educational expenses may include tuition and books, as well as certain transportation and housing costs.  For example, you may deduct expenses from driving your car at a statutory rate.

There are multiple provisions in the tax code for educational exclusions.  If an educational expense does not qualify under one provision, check the others.

For example, an employer may also help pay for an employee’s education, when the education is not job-related.  In this case, the employer is required to have a written educational assistance plan, and may not discriminate in favor of highly compensated employees.  Tax-exempt assistance is normally limited to $5250 per employer.

The firm of Katz & Phillips, P.A. believe that each American should have a comprehensive team of financial and legal advisors identified for commonly encountered problems, from tax preparation to personal liability protection. With a team identified you won’t be scrambling to find appropriate assistance when an issue crops up. When considering an Orlando DUI Lawyer, please keep Katz & Phillips, P.A. in the forefront of your mind and Rolodex.

VN:F [1.9.22_1171]
Rating: 0.0/10 (0 votes cast)
VN:F [1.9.22_1171]
Rating: 0 (from 0 votes)

Related Posts:

Reduced Tax Assessments Sought By North Jersey Homeowners

Last year, Nora and Pat Sfarra were in the unenviable position of watching the market value of their eighty two year old home in Teaneck decrease, while their property taxes simultaneously increased.

Assisted by a tax appeal firm, the Sfarras managed to put this right and got the assessed value of their home decreased from $351,000 to $310,000. This gave them the benefit of saving $1,000 worth of tax, which is a real gain when you are paying in excess of $8,000 in tax. Nora Sfarra was happy that she “got something off” in any event.

Dorothy Monoopli was in a similar scenario and had to appeal as the Sfarras did on how much her condo in Hackensack was assessed for. She ended up saving $30,000 as a result of her lower tax assessment.

Both Ms Monoopli and the Sfarras are among many thousands of North Jersey residents who have contested tax assessments on the real estate that they own, a necessity with the drop in the value of homes in recent years. And it is a scramble for these people to get their paperwork in order for the April 2 deadline.

The town budgets are being adversely affected by the sheer scale of these appeals for lower tax assessments. The League of Municipalities’ executive director, William Dressel, has admitted that problems are being caused for communities statewide.

The problems stem from these appeals reducing the amount of property tax revenue the towns would otherwise get, which has an impact on the quality of service that they provide. So it looks as though either a higher tax rate or cuts to those services will be introduced.

One method of responding to the surge in appeals has been for towns to perform their own reassessments to ensure that valuations are in step with the market, giving homeowners little leeway in disputing assessments. After all, they can dispute a property assessment, but not a tax bill. Hackensack based lawyer Martin Sharit puts it bluntly that thinking you pay too much in tax is not sufficient grounds to appeal, as “we all pay too much in taxes.”

While regional house prices have dipped twenty percent since the home price run-up this will not make your tax appeal a certainty. After all, towns change values with a ratio that takes into account the change in house price due to the economy after a revaluation. You can divide your assessed figure by the ratio to see what your real home value is, and find the ratio itself at state.nj.us/treasury/taxation/lpt/lptvalue.shtml.

For instance, Teaneck’s ratio is 104 percent, which would mean that a property with an assessed value of $350,000 is now actually valued at $336,500. It is clear that the town is aware that the assessment is much higher than the real value of the property.

VN:F [1.9.22_1171]
Rating: 0.0/10 (0 votes cast)
VN:F [1.9.22_1171]
Rating: 0 (from 0 votes)

Related Posts:

Money Saving Tips Through Tax Moves

Every year there are changes that are made in most homes. These changes always affect the taxes filed. In order for you to save up on tax, there are a few things to consider.

Check the following money saving tax moves before filing your tax returns

If you changed or set up a business in 2011, then the expenses for all the movements will be tax deductible.

• To be eligible for job search expense, you have to have used more than 2% of your adjustable gross income. Make sure to list your deductions. This means that those expenses greater than the 2% may be claimed back.

• Another tax deductible expenses include that moving expenses. However, this depends on a test of time and distance.

• All unemployment benefits received from 2011 onwards are taxable.

• If you use your home as your central place of business, as a meeting place for customers or you have a separate structure detached from your home, used as an office, then the home office deductions will apply.

If you sent a child to college or had another one join the family.

Or, if you are a parent you may be able to save up a dollar or two when filing your returns.

• If you have a boyfriend, girlfriend or any other individual that qualifies the test of being a relative and a dependent then you will qualify for dependent deductions.

• The government is generous enough to provide for education tax credits and deductions for those individuals who are paying expenses for their education or their spouse’s or dependent’s education.

• Qualified expenses of up to 35 percent of qualifying expenses are deductible under the child and dependent care credit.

• If you decide to adopt, then you will qualify for a Qualified Adoption Tax Credit of up to $13,360.

As long as you own a home, bought it or refinanced it, you may be lucky to receive some form of deductions on your tax to help you reduce the cost of being a property owner.

• The loan origination fees paid to refinance your mortgage taken up when the interest rates were lower then you may qualify for the mortgage refinance deductions.

• The overall Energy tax credit was dropped in 2011 but if you have new insulation, roofs and doors you may be able to save up to $500 on deductions.

• Most first-time Home buyers are lucky. This is because, if they took up credit for that purpose, they tax credit will be paid through their tax returns filed yearly.

From these money making tax moves, which one will you use to reduce you tax liability?

VN:F [1.9.22_1171]
Rating: 0.0/10 (0 votes cast)
VN:F [1.9.22_1171]
Rating: 0 (from 0 votes)

Related Posts: