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
Keep the Bush Tax Cuts for a Couple of Years, But Reshuffle the DollarsIt seems increasingly likely that Congress will extend most, if not all, of the Bush...
Do You Owe More Than $100,000 In Tax?Often, before your tax problem is assigned to a revenue officer for collection “in...
Uncompassionate Economics: Blaming Unemployment Compensation for Our Job WoesIn a Wall Street Journal op-ed this morning, Robert Barro lays blame for the nation’s...
Obama’s Tax Reform Panel: A Missed OpportunityYou buy what you think will be a state-of-the-art GPS device to give you driving...
Comments on Social Security ReformWe’ve gotten some interesting comments on our recent post about Social Security...
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Lowering the Heat Around Raising Retirement AgeIn commentary to the San Francisco Chronicle, Gene Steurle asserts that all the following...
Five Myths about the Bush Tax CutThe tax cuts enacted in 2001 and 2003, known as the Bush tax cuts, are set to expire...
Extending Tax Credits for Low-Income FamiliesPolicymakers should be thinking hard about low-income families with children and...
The Impact of the Bipartisan Tax Fairness and Simplification Act of 2010 ("Wyden-Gregg") on Effective Marginal Tax RatesThe Wyden-Gregg tax reform proposal would represent a broad reform of the federal...
The Future of Individual Tax Rates: Effects of Economic Growth and Distribution : Leonard Burman’s Testimony before the Senate Committee on FinanceLeonard Burman’s testimony before the Senate Committee on Finance on whether...
Read More Posts From This CategoryQuestions & Answers
Real Estate DealerToday TaxMama hears from David in the TaxQuips Forum, who defines a dealer in real estate as someone who sells a single property for profit, as long as the intent to act as a dealer to real estate is present.” Dear David, You tell us that IRC 453(l)(1)(B) defines a dealer disposition as: Any disposition of real property which is held by the... [Read more of this review]
Selling Inherited HomeToday TaxMama hears from Jami from California in the TaxQuips Forum, who has this question. “My aunt left me her condo and I have to sell it. The deed passed to me a week after I turned 55. Will the 55 & over real estate rule apply to me when I file my tax return?” Dear Jami, Sorry to learn about your aunt dying. But how sweet of... [Read more of this review]
Gain on Real EstateToday TaxMama hears from Toni in the TaxQuips Forum, who tells us. “I’m doing my own partnership taxes and am confused about entering information. In 2009, I bought, fixed up and sold 2 properties. [and Toni adds lots of details. ] I’m confused because I’ve added the gain twice from Form 4797. What am I doing wrong?” Dear... [Read more of this review]
Selling_Inherited_HomeToday TaxMama hears from Jami from California in the TaxQuips Forum, who has this question. “My aunt left me her condo and I have to sell it. The deed passed to me a week after I turned 55. Will the 55 & over real estate rule apply to me when I file my tax return?” Dear Jami, Sorry to learn about your aunt dying. But how sweet of... [Read more of this review]
Loss on SurrenderToday TaxMama hears from Karla in the TaxQuips Forum, with this question. “Is the loss on surrender of life insurance deductible on 1040?” Dear Karla, It’s not clear why you would have a loss when you surrender a life insurance policy. Of course, I don’t have much experience in this area. Chapter 12 of IRS Publication 17... [Read more of this review]
Ask TaxMama Issue 565 – Thank YOUDear Family, THANK YOU. Did I remember to tell you just how much I appreciate you – your friendship and support, your comments and even, sometimes, your silences? Well, THANK YOU. We don’t always remember to show our gratitude or appreciation. So, many years ago, I created a holiday for this very purpose. (You’ll even find mentions... [Read more of this review]
Making IRS PaymentsProposed Regulations Expand the Use of Electronic Payment System and Discontinue Paper Coupons Next Year WASHINGTON — Consistent with a Financial Management Service initiative announced in April of this year, the IRS today issued proposed regulations to significantly increase the number of electronic transactions between taxpayers and the federal... [Read more of this review]
The Sheer Genius of PoliticiansIn a bid to stem taxpayer losses for bad loans guaranteed by federal housing agencies Fanny Mae and Freddy Mac, Senator Bob Corker (R-Tenn) proposed that borrowers be required to make a 5% down payment in order to qualify. His proposal was rejected 57-42 on a party-line vote because, as one Senator explained, “passage of such a requirement would... [Read more of this review]
Happy Thanks for All the Gifts WeekIs there someone you forgot to thank? Is that Thank You card burning a hole in your pocket? Is Mom pestering you about calling your aunt? How long have you meant to thank him for that locket? Well, for all you procrastinators, you ‘I meant to do it’ divas, you folks with good hearts and poor memories – This one’s for YOU!... [Read more of this review]
Is This Taxable IncomeToday TaxMama hears from Karen in California in the TaxQuips Forum, who tells us. “My father died from lung cancer that was determined to be caused by job conditions. My brother and I may be receiving a one-time survivors benefit compensation check for a large amount of money. Will this be taxable income?” Dear Karen, How awful about... [Read more of this review]
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