Reads from last week

Posted by on Aug 1, 2010 in Opinions, Week in review | 1 comment

She’s back and moved Taking the leap

What did I miss?

Dealing with the gray 

I do so find accountant stereotypes amusing. This week’s episode of White Collar takes us back to the days when accountants wore visors. White Collar dig at accountants

 3 Types of Business Income

 Has to be my favorite this week – Debunking 5 Bush tax cut myths

 RTM = FTR a must read

 Where’s George?

 The tax credit program was a scam. Can we still have our tax credits?

 Are you opening a new business this summer? The IRS has many resources available for individuals that are opening a new business. Here are six tax tips the IRS wants new business owners to know. IRS Presents: Six Tax Tips for New Business Owners

IRS Presents: Five Facts about the Making Work Pay Tax Credit

The Tax Foundation launched a new calculator last week that helps users see how their taxes might rise in 2011. In a FoxNews piece about it, we explained that some families making $250,000 or less could see a tax increase under Obama’s budget proposal, which would be a violation of his famous campaign promise not to raise taxes on families with incomes of $250,000 or less. Here’s how that would happen. How Would President Obama’s Tax Plan Raise Tax Payments for a Couple Earning $250,000 or Less?

Tax Relief News: 1 in Every 75 Taxpayers Will Be Audited By the IRS In plain terms, an IRS audit is to ensure that your tax return is filed correctly — that you’re not claiming too many unwarranted deductions, and that you’re paying what you really owe Uncle Sam. It all starts with a number that the IRS computer assigns to your tax return known as the DIF score.

Remember those new reporting requirements for businesses that were tucked away inside the health care bill? “Unpopular” doesn’t even begin to describe the provision. Repeal, What Repeal? We’ve Got Egos to Stroke! Special Interest Groups to Pacify!

Recording Fixed Assets

AN INTERESTING ANSWER –

“Back on July 15th my TWTP post discussed “An Interesting Question” raised by a reader that concerned the possible New York State income tax liability of a New Jersey resident.

I ended the post with a request –

“And I would open the question to any of my tax pro readers who have experience with such a situation. You can let me know what you have to say either by submitting a comment or sending me an email at rdftaxpro@yahoo.com and I will include all responses in a future follow-up post.”

I received only one response.” . . .  You’ll have to read Roberts post to get the rest.

And if your missing it his WHAT’S THE BUZZ? TELL ME WHAT’S A HAPPENNIN’ – WEDNESDAY EDITION  & on Saturday’s  WHAT’S THE BUZZ? TELL ME WHAT’S A HAPPENNIN’ gives more post from other tax bloggers.

And since I missed it. (I won’t miss it next year) THE NATP ANNUAL CONFERENCE IN AUSTIN – PART 1 and THE NATP ANNUAL CONFERENCE IN AUSTIN – PART II

401(k) Fee Disclosure Comes From DOL

Roth Conversions Not For Everybody 

What’s the Best Way to Save Money is and has always been living within your means. Saving money is important because unexpected emergencies creep upon you without warning.

The Key to Successful Budgeting – You as a person or a family are an economic unit that needs to operate like a business. To be financially sustainable as an economic entity you must manage your spending so that you spend less than your income every day, every week, every month and every year.

A recession is a time when tight financial control will help you make a saving despite the spiraling costs of goods and services. How to Save Money During a Recession

 Identity theft and other forms of theft are uncomfortable to think about, but they are real. Identity Theft By the Numbers – Facts and Trivia

Break Glass In Case Of Fire: Keeping Two Emergency Funds Most personal finance advisers suggest that we should have an emergency fund for those tough times. Dave Ramsey even includes this recommendation in his Baby Steps system for getting out of debt and becoming financially free.

Carnival of Money Stories #64 – No Debt Plan Edition

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Avoiding Refund Delays

Posted by on Feb 3, 2010 in Credits, Information, Stimulus payments, Tax Preparation | 0 comments

The IRS has provided this very important information. Please note this is directly from:

 IRS Tax Tip 2010-21

Five Tips for Avoiding Refund Delays Relating to Your Economic Recovery Payment  

The $250 Economic Recovery Payments that were issued in 2009 by the Social Security Administration, Department of Veterans Affairs and Railroad Retirement Board must be included when claiming the Making Work Pay Tax Credit on 2009 tax returns. Many people who worked during 2009 and also received a $250 Economic Recovery Payment in 2009 are slowing down their tax refunds by not properly including the payments when claiming the Making Work Pay Tax Credit.

Here are five tips from the IRS that will help you avoid these refund delays:

  1. If you worked during 2009, you may be eligible to claim the Making Work Pay Tax Credit that was established by the American Recovery and Reinvestment Act of 2009 and is worth up to $400 for individuals and $800 for married couples.
  2. The Economic Recovery Payments are not taxable income; however, anyone who receives social security, veteran or railroad retirement benefits, as well as certain other government retirement benefits, must reduce the Making Work Pay Tax Credit they claim by the amount of any payment they received in 2009.
  3. Taxpayers with earned income should claim the credit by attaching Schedule M to their 2009 income tax return.
  4. To help avoid delays when you claim the credit, make sure you properly report your Economic Recovery Payment on IRS Schedule M, Making Work Pay and Government Retiree Credits.
  5. If you are not certain whether you received the $250 payment, you should verify that information by contacting the appropriate agency before preparing and filing your tax return and claiming the Making Work Pay Tax Credit.

More information about the Economic Recovery Payment and the Making Work Pay Tax Credit can be found at IRS.gov/recovery.  Schedule M and the related instructions can be obtained at IRS.gov or can be ordered by calling 800-TAX-FORM (800-829-3676).

Links:

Additional Contact Information:

 

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