Those of you who were incensed and insulted with the wastefulness of the new rebates, you’re not alone. You’ll find Jennifer Waters’ article “Take your stimulus rebate and shove it, many readers say” Andrea Coombes gives you “Five valuable tax perks you don’t want to miss when you file” I learned some amazing things about […]
Category Archives: Tax Returns
Courtesy of the Internal Revenue Service Taxpayers who pay someone to do their taxes should choose a preparer wisely. If you choose to use a paid tax preparer, it is important that you find a qualified tax professional. Taxpayers are ultimately responsible for everything on their return even when it’s prepared by someone else The […]
Courtesy of Internal Revenue Service WASHINGTON — The Internal Revenue Service and its private-sector partners today announced the Jan. 11 opening of this year’s Free File program. The free tax preparation and electronic filing initiative begins its sixth year with high customer satisfaction ratings. Most Taxpayers Eligible Seven out of 10 taxpayers — 97 million […]
[Courtesy of the Internal Revenue Service] WASHINGTON — The Internal Revenue Service this year received nearly 80 million tax returns through e-file, breaking the record set last year. The 2007 level is up about 9 percent from the 73 million returns filed for the same period last year. Of the 139.3 million returns filed in […]
[Courtesy of Internal Revenue Service WASHINGTON — The Internal Revenue Service is extending tax return filing and payment deadlines for victims of the severe Southern California wildfires. Taxpayers in the Presidential Disaster Area –– consisting of Los Angeles, Orange, Riverside, San Bernardino, San Diego, Santa Barbara and Ventura counties –– will have until Jan. 31, […]
[Courtesy of the Internal Revenue Service] The Internal Revenue Service is closely watching the situation in Southern California and will soon issue specific guidance for victims of the wildfires. In the meantime, if you own property damaged by fire in the presidential disaster area, you have a choice: You may claim uninsured or unreimbursed disaster […]
Tax-filing Extension Expires Oct. 15; Don’t Overlook Tax Breaks, Choose e-file or Free File, IRS Urges IR-2007-165, Oct. 5, 2007 WASHINGTON — The Internal Revenue Service today urged taxpayers whose tax-filing extension runs out on Oct. 15 to double check their returns for often-overlooked tax breaks and then file their returns electronically using IRS e-file […]
September 12, 2007 – Reminder from IRS The Internal Revenue Service is starting a new National Research Program (NRP) reporting compliance study for individual taxpayers that will provide updated and more accurate audit selection tools and support efforts to reduce the nation’s tax gap. This new NRP study, which begins in October 2007, will be […]
Courtesy of IRS – IR-2007-153 WASHINGTON — The Internal Revenue Service today announced the release of the summer 2007 issue of the Statistics of Income Bulletin, featuring data from 21.5 million individual income tax returns that reported non-farm sole proprietorship activity in tax year 2005. Profits from all non-farm sole proprietorships totaled $269.9 billion in […]
Courtesy of IRS – STT-2007-22 During summer months many people sell their home and move to a new location. Many of those individuals will make a profit on the sale and still will not have to pay a single dime of additional income tax to the IRS. Generally, you have made a profit if the […]
[TaxMama Note: $245 billion (71%) of the Tax Gap results from individuals who under-report their income, over-report expenses, don’t pay tax, or file tax returns, IRS estimates that non-filers account for about $25 billion of the Tax Gap. And that over $100 billion is caused by small businesses. I tell you this just so you […]
Tax practitioners can e-file individual income tax returns in 2008 only if the returns are signed electronically using either the taxpayer’s Self-Select PIN, or a Practitioner PIN. Form 8453, U.S. Individual Income Tax Declaration for an IRS e-file Return, will no longer be used for paper signatures, but will be redesigned to transmit supporting documents […]