Category: Tax Focus

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 […]

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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 […]

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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. […]

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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 […]

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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 […]

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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 […]

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Five ideas for saving time and money as you prepare taxes
Five ideas for saving time and money as you prepare taxes

Five ideas for saving time and money as you prepare taxes

The typical taxpayer is expected to spend more than three business days and more than $200 completing his or her tax return. As people get ready to file their 2009 tax returns, there are a few things they can do to save time and money. 1. Make sure you?re prepared. Having a few key items available when you start your […]

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Tax changes that could work in your favor in 2009
Tax changes that could work in your favor in 2009

Tax changes that could work in your favor in 2009

TaxesPayTheBill2.jpg Taxpayers might reduce their contribution to the IRS if they are aware and exercise some of the changes in the tax law that are in force for 2009. To help Marion County taxpayers navigate through key federal income-tax changes for 2009, financial and tax businesses in Marion and Hillsboro were asked to offer their expertise. Representatives from Waddell and […]

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Some help with the ?What ifs?

The IRS recognizes that many people are going through difficult times financially. Often, there is a tax impact to events such as job loss, debt forgiveness or dipping into a retirement account, said Michael T. Devine, Kansas-Missouri IRS representative. ?If your income has decreased, you may even be eligible for certain tax credits, such as the Earned Income Tax Credit, […]

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A potpourri of information for the curious taxpayer
A potpourri of information for the curious taxpayer

A potpourri of information for the curious taxpayer

TaxesPayTheBill2.jpg Last year in Marion County 717 individuals and families received more than $1.2 million, or an average of $1,752 from the Earned Income Tax Credit, said Internal Revenue Services spokesman Michael Devine. "This year, the EITC can put an extra $400 to $4,800 into the pockets of low income working individuals and families," Devine said. In addition, if people […]

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