Federal & State Tax Payment Options and Refund Status Information
For everyone’s convenience, I decided to compile a list including refund and payment information for filing your Federal and State income tax. In general, you can check on the status of your refund 7 days after you e-file. If you filed a paper return, allow 4 to 6 weeks for processing before checking on the status. Therefore, the quickest way to get your refund back is to e-file your tax return. Here are some tips directly from IRS Website: How long should I wait to check for my refund status? Answer: Please wait 7 days after you e-file. If you filed ...
State Free Tax Preparation and Electronic Filing
If you read my previous entry on IRS Free File Alliance - eFile Your Taxes For Free, today we will take a look at the free file programs for the states. Like the IRS Free File Alliance Program, some state also participate in the State Free File Alliance to offer free tax preparation and e-file services to eligible taxpayers. Individual tax software companies provide these free services. Each participating company sets its own eligibility requirements. Not every taxpayer qualifies for the free services. Below are the requirements from some of the tax software companies. Intuit Tax Freedom Project offers free state ...
News
The Estate Tax Debate: Watch the Rate, Not the ExclusionIt is almost 2010, and Congress is scrambling to figure out what it is going to do...
Bank Bonus Taxes are a Bad IdeaThe UK recently instituted a 50% tax on bankers’ bonuses and France is reportedly...
How To Become The Executor Of An Estate In CaliforniaFind the original will or living trust signed by the person who died (known as the...
It’s Cold. It’s Icy. It’s Tax Extender TimeOne cheer for the House. In what’s become a dreary annual dance, it agreed to extend,...
Self Service Probate In CaliforniaHere is FREE California probate information from an authoritative source - the Superior...
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Study in House "Extenders" Bill Would Provide Valuable Info on Many Tax BreaksEarlier today, the House of Representatives passed its most recent version of the...
Louisiana: Can Property Tax be Too Low?In Louisiana, the answer is probably “yes, they could.”An excellent editorial...
How Democrats and Republicans Unite Behind Unsustainable Medicare Cost GrowthLink to the original site Read More →
Taxation of Credit DerivativesOne arguably good thing about the current financial crisis is that it has broadened...
Louisiana Tax Amnesty: A $303 Million Success?The count is in: the recently-ended Louisiana tax amnesty brought in $303 million...
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Won a PrizeToday TaxMama hears from Jed in Missouri, who says. “I won a trip. Due to health issues, I never booked or took the trip. The voucher has since expired. Now the IRS says I owe tax on the value of the trip. Is this correct?” Dear Jed, What? You don’t believe the IRS? This is actually a tough question. You won the prize. The company... [Read more of this review]
Settlement for Vioxx ®Today TaxMama hears from Lenora in Arkansas, who tells us. “Some friends of mine lost their mother due to taking the drug Vioxx® . She died due to complications from taking the drug. Her sons filed suit and are due for a pretty good sum of money. Is that settlement money taxable?” Dear Lenora, What a tragic way to lose a parent! Your... [Read more of this review]
Loan on Two HomesToday TaxMama hears from Jon in California, who has this plan. “I am going to refinance my current residence for $338,000. I will use $140,000 of that to pay off the existing mortgage. The remainder will be a down payment on my next house. The next house will be my primary residence; the current house will then be a rental. My question is... [Read more of this review]
Ask TaxMama Issue 532 - A Time For MiraclesDear Family, The year is ending and a lot of changes have taken place in your tax life. There have probably been more legislative changes this year, than ever – and more are still being contemplated by Congress this month. In fact, there are two tax bills that have been passed by the House of Representatives, awaiting passage in the Senate.... [Read more of this review]
Record Keeping for Business Barter TransactionsCourtesy of IRS In today’s economy, small-business owners sometimes look to the oldest form of commerce — the exchange of goods and services, or bartering. The Internal Revenue Service wants to remind small-business owners that bartering transactions generally have associated tax reporting, accounting and record-keeping responsibilities. Bartering... [Read more of this review]
Bar Stool Economics - UpdatedThis tale of taxes has been circulating on the Internet for years, attributed to various professors and economists Suppose that every day, ten men go out for beer and the bill for all ten comes to $100. If they paid their bill the way we pay our taxes, it would go something like this: The first four men (the poorest) would pay nothing.. The fifth... [Read more of this review]
Wash SalesToday TaxMama hears from Kay in New Jersey, who has done some thinking. “I am an investor in the stock market. How can I avoid a wash sale? For example I own 100 shares of stock A and want to sell it to help offset my capital gains for 2009. However I do not want to wait 30 days to buy that same stock. Any advise on how to avoid the wash sale... [Read more of this review]
Torn Down by AccidentToday TaxMama hears from Sandra in Texas, with this unusual situation. “I owned two rental properties; but one was accidentally torn down by the city. It had damage due to hurricane Ike. Can I take the value of this property off my taxes? Can I take it as a loss?” [Remember, use the Resource Box below for the working links.] Dear Sandra, If... [Read more of this review]
Separate NewlywedsToday TaxMama hears from Ingrid in Illinois, who tells us. “We are over 40 and got married in December 2008. We have two homes, separate bank accounts, and maintain our own households. Can we each file Head-of-Household for 2009?” Dear Ingrid, Congratulations! How interesting to get married and live totally separately. It’s certainly... [Read more of this review]
Donating Baby ClothesToday TaxMama hears from Chet in Illinois, with this question. “We are planning on donating many clothes that no longer fit our 9 month old daughter. We received many of these items as gifts. Can we still take a charitable contribution deduction?” Dear Chet, Baby girls are wonderful, aren’t they? Especially at that age. And yes,... [Read more of this review]
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