Where Is My Tax Refund? 4 Reasons the IRS Can Seize Your Refund May 11, 2011
It sounds like something out of a bad dream. You file your taxes and happily anticipate a refund. You start thinking of all the things you’ll do with that money…buy a new couch, pay off that credit card, or take a mini-vacation. But day after day, your refund fails to arrive. Finally, you check its status and are horrified to discover that your entire refund has been seized by the IRS or another government agency. You might even have your state tax refund seized! How do you know when your refund might be taken?
What If I Do Not File My Federal Taxes Today? April 19, 2011
This year’s federal tax filing deadline is April 18, 2011 (today), with April 15th still being the tax filing deadline for state income tax returns. The federal deadline was extended to today because Emancipation Day was moved to April 15th (last Friday) instead of Saturday, April 16th. Therefore, because of this local holiday, the IRS moved the tax filing deadline to today. So what happens if you miss the April 18th federal tax deadline?
Homebuyer Tax Credit Repayment for 2008 Begins on 2010 Tax Return April 11, 2011
If you were a first-time homebuyer and claimed the first-time homebuyer tax credit (FTHB) when you purchased your home in 2008, it is time to start paying the government back in most cases since repayment of the credit starts in the 2nd taxable year following the year of purchase. Therefore, starting with your 2010 return, you now have 15 years to pay back the credit you earned on your 2008 return. If however, you took advantage of the homebuyer tax credits later on say in 2009 or 2010, you most likely will not need to pay back the homebuyer tax credit that you received (there are certain exceptions).
Some Taxpayers May Owe Taxes if COBRA Subsidy Is Not Paid Back April 08, 2011
The Consolidated Omnibus Budget Reconciliation Act (COBRA) of 1985 enabled workers previously covered under a group health plan to continue their benefits after an involuntary or voluntary job loss, a decrease in the number of working hours, and in other situations. Basically for eligible participants, COBRA extends group health insurance benefits to individuals and qualified family members should their benefits be reduced due to termination or reduced hours. The American Recovery and Reinvestment Act (with proceeding legislation extending provisions) allowed for a 65% reduction in the health insurance premiums for workers and their families if:
Bump Up Your Refund With These Little Known Tax Deductions March 28, 2011
If you’re a receipt hoarder, tax time is like Christmas. There are so many items that can be deducted, and each year the list grows even longer. There may even be many expenditures that you have that you weren’t even aware that you could deduct, as several were extended with the Tax Relief Act of 2010.
