To get your reund fast and without any additional fees: 1. Make sure your name and your dependents names are correct in your return. 2. E- file your tax return. 3. Ask for direct deposit of your refund check into your bank account. To check the status of your refund go to: https://sa2.www4.irs.gov/irfof/lang/en/irfofgetstatus.jsp
Check the person’s qualifications. Make sure that your tax return preparers have a Preparer Tax Identification Number (PTIN) from IRS. Check their affiliation with professional organizations such as National Associations of Tax professionals (NATP) and they are a CETC Registered Tax Preparer (CRTP), or Enrolled Agents (EA) or a Certified Public Accountant (CPA). Ask if they offer electronic filing. [...]
Scholarships received by a student toward a degreed education is tax free for qualified expenses such as tuition, fees, books, supplies and equipment. The room and board and travelling expenses are taxable and should be included in the 1040 tax return. The scholarships received for a non-degreed education is all taxable. For more information please refer to [...]
Yes, you are better off to file your business tax return on time even though you can’t pay your taxes due. You pay less in penalties if you file your taxes on time. The penalty of late filing will be added to the penalty of late payment of taxes and you end up paying more [...]
The IRS allows the cost of day camp and babysitters for your kids to be deducted from your taxes. This saving is in the form of a tax credit and it allows you to use 35% of all eligible child care expenses up to $6000 for two or more children. This credit is 35% of [...]
Workers born in 1943 to 1954 can retire with full benefits at the age of 66 years. Workers born in 1960 and after have to wait until they are 67 years old. You may request to receive your benefits at age 62. However, your benefit will be reduced by almost 20%. If you retire at [...]
You can contribute to the 529 College Savings plan account of your grandchild or any other beneficiary up to $13,000 per year. This contribution is considered a gift and it will also reduce your taxable income. The good thing is that this contribution does not reduce your federal and estate tax exemption ($5.12 million [...]
1.Review your paycheck and change your payroll taxes on your payroll check. If you had a good refund in your 2011 tax return, you may increase your exemptions. Ask your payroll administrator to give you a new W-4 and increase your exemptions. This way, you will be taking home more money through out the year [...]
What type of receipts you need to keep for IRS for your Meals and Entertainment? Make sure that you keep the detailed and itemized receipt of the restaurants instead of your credit card receipts. Also keep the itemized receipt of your hotel bill while travelling for your business instead of just your credit card receipts.
Six most common documents needed for preparing your Tax Return 1. W-2 form from your current employer and W-2 forms from all the other employers that you might have had in 2011. 2. 1099-Misc forms issued to you as an independent contractor. 3. 1099 Interest and 1099- Div from any bank or broker for accounts [...]