Category: Tax Focus

IRS warns of e-mail scam going around

The Internal Revenue Service warns taxpayers that a scam e-mail is circulating that fraudulently uses the IRS name and logo as a lure. The latest scam e-mail targets both businesses and individuals. It claims a federal tax payment has been rejected and directs the recipient to complete an attached form. That attachment contains a virus that may infect your computer […]

Read more ›

Exemptions, deductions rise due to inflation

In 2011, personal exemptions and standard deductions will rise and tax brackets will widen due to inflation, an official with the Internal Revenue Service said. These inflation adjustments relate to eight tax provisions that were either modified or extended by the Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act of 2010 that became law on Dec. 17. New dollar […]

Read more ›

Tax season starts on time for most taxpayers

Following 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 […]

Read more ›
What to look for when you?re shopping for online help
What to look for when you?re shopping for online help

What to look for when you?re shopping for online help

It 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, […]

Read more ›

Unclaimed 2006 state refunds top $11.7 million

Kansas 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 […]

Read more ›
Changes to watch for on your 2009 income tax return
Changes to watch for on your 2009 income tax return

Changes to watch for on your 2009 income tax return

More 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 […]

Read more ›

Eight IRA mistakes… to avoid at tax time

Saving more for retirement is always a good idea, especially now. In 2009, the Employee Benefit Research Institute estimated that Individual Retire?ment 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. […]

Read more ›

Earned Income Tax Credit a benefit for county residents who qualify

Almost 800 Marion County taxpayers received more than $1.2 million in Earned Income Tax Credit last year. ?This year, and expanded, EITC can put up to $5,756 into the pockets of low-income working individuals and families,? said IRS spokesman Michael Devine. ?If they qualify and claim the credit, they could pay less federal tax, pay no tax or even receive […]

Read more ›
If you need assistance, choose your tax preparer carefully
If you need assistance, choose your tax preparer carefully

If you need assistance, choose your tax preparer carefully

Taxpayers who decide they need assistance when preparing a tax return should choose a tax preparer with care and caution. Even if a return was prepared by an outside individual or firm, taxpayers should remember they are legally responsible for what they file with the Internal Revenue Service, according to Michael Devine, IRS media relations, St. Louis, Mo. ?Most return […]

Read more ›
Record keeping can make all the difference
Record keeping can make all the difference

Record keeping can make all the difference

People can avoid headaches at tax time by keeping track of their receipts and other records all year. In most cases, people do not have to keep tax records in any special manner.?Good recordkeeping will save time and help taxpayers remember the various transactions they made during the year. ?Records help you document the deductions you?ll claim on your return […]

Read more ›