Written by Hillsboro Free Press Tuesday, 04 January 2011 15:32Following tax law changes Dec. 17, the Internal Revenue Service recently announced the upcoming tax season will start on time for most people.
But taxpayers affected by three recently reinstated deductions need to wait until mid- to late February to file their individual tax returns.
In addition, said Doug Shulman, IRS commissioner, taxpayers who itemize deductions on Form 1040 Schedule A will need to wait until mid- to late February to file as well.
The start of the 2011 filing season...
Written by Hillsboro Free Press Tuesday, 06 April 2010 18:46It now takes more than 71,000 pages to cover and explain federal tax laws. So it’s not surprising the vast majority of taxpayers look for help preparing and filing their tax returns.
Use of online tax preparation and e-filing continues to grow at record rates. In fact, more than 32 million taxpayers e-filed their tax returns from home last year, according to the Internal Revenue Service.
“Online tax prep can take a lot of the hassle out of doing your taxes,” says Gary Lundberg, product management director for CompleteTax (CompleteTax.com), an online income tax preparation and e-filing service.
“But you want to make sure you use a program that best meets your needs.”
A recent independently conducted survey of about 1,000...
Written by Hillsboro Free Press Tuesday, 06 April 2010 18:45Kansas unclaimed refunds totaling more than $11.7 million are awaiting nearly 13,400 people who did not file a federal income tax return for 2006. The median average refund is estimated to be $586.
In Missouri, more than 25,000 people have unclaimed refunds totaling more than $21 million The median average refund is estimated to be $561.
“Some people may not have filed because they had too little income to require filing a tax return even though they had taxes withheld from their wages or made quarterly estimated payments,” said Michael Devine, IRS Media Relations for Kansas and Missouri.
“In cases where a return was not filed, the law provides most taxpayers with a three-year window of opportunity for claiming a refund,” he...
Written by Hillsboro Free Press Tuesday, 02 March 2010 19:54More people are looking forward to tax time this year. More than 25 tax cuts for 2009 federal returns have been passed to help those struggling in the downturned economy. Many states are also offering tax breaks this year.
“Virtually everyone is eligible for new tax credits, deductions and other changes on their federal tax returns,” says Jessi Dolmage, spokeswoman for 2nd Story Software Inc., makers of TaxACT. Dolmage summarizes seven changes that could impact your bottom line.
The Making Work Pay credit replaced the 2008 federal stimulus checks for 2009 and 2010. The refundable credit is worth 6.2 percent of your earned income, up to $400 for individuals and $800 for married couples filing jointly.
The credit phases out for...
Written by Hillsboro Free Press Tuesday, 02 March 2010 19:53Saving more for retirement is always a good idea, especially now. In 2009, the Employee Benefit Research Institute estimated that Individual Retirement Accounts (IRAs), a cornerstone of retirement savings, sank to a median value of less than $29,000 post-financial meltdown.
That leaves many Americans working even harder to recoup their losses and stay on track to make retirement a reality.
The good news is that many people can increase their saving potential simply by learning more about IRA dos and don’ts. Saving as much as possible, handling rollovers correctly and avoiding costly penalties are the keys to success.
“There’s no question that saving through an IRA is a strategic move, but it’s not quite as simple as ‘set...
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