Thursday, April 11, 2013
The Internal Revenue Service says taxpayers who need more time to file don't need to panic.
Can't file your tax returns by the Monday, April 15 deadline? Extensions are available. Those who haven't finished completing their returns can get an automatic six-month extension. The fastest and easiest way to get the extra time, the IRS says, is through this Free File link — use the free service to electronically request an automatic tax-filing extension on Form 4868. Filing this form gives taxpayers until Oct. 15 to file a return and allows individuals to avoid a late-filing penalty. To get the extension, you must estimate your tax liability and also pay any amount due. Can't pay the full amount you owe the government? Click here to find out about setting up payments. You might also be interested in reading: Subscribe to Barrow …
Thursday, February 28, 2013
From shopping around for the highest refund to failing to tell your tax preparer about life changes that could affect your taxes, a CPA shares the most common tax mistakes.
Thursday, February 28
Looking for tax professional in Barrow County? Click here to access the Barrow Patch Directory for businesses offering financial services. DailyFinance has asked Certified Public Accountant Gary Craig to outline some of the most common tax mistakes to help taxpayers avoid making them. Click here to read the full story, and here's an overview of the mistakes you could be making: You might also be interested in reading: Subscribe to Barrow Patch’s newsletters, follow us on Twitter and “like” us on Facebook.
Saturday, February 16, 2013
If you qualify for an exemption, that amount can be deducted from your gross income to calculate your taxable income.
Saturday, February 16
According to a DailyFinance report, exemptions are some of the most uncomplicated parts of filing taxes. Exemptions work in a similar way as deductions by reducing the amount of income on which you are taxed. When filing your 2012 tax returns, for each exemption you take, you can deduct $3,800 from your gross income to determine at your taxable income. Taxpayers are allowed to take exemptions for themselves, their spouses and their dependents. Read more about exemptions and find out if you are eligible to take them. Check out an article on imaginative tax breaks that have been approved by the Internal Revenue Service, including deductions on the cost of oils for a professional bodybuilder, breast implants considered a stage prop and a …
Thursday, February 14, 2013
The Internal Revenue Service reports experiencing high traffic on its online “Where's My Refund?” tool.
Thursday, February 14
Looking for tax professional in Barrow County? Click here to access the Barrow Patch Directory for businesses offering financial services. The deadline to file tax returns isn't until April but taxpayers appear to be filing early and are already asking, Where's my refund?" “Due to the large number of inquiries and to avoid service disruptions, the IRS strongly urges taxpayers to only check on their refunds once a day,” the IRS said, according to a report by Accounting Today. “IRS systems are only updated once a day, usually overnight, and the same information is available whether on the Internet, IRS2go smartphone app or on IRS toll-free lines. While 'Where's My Refund?' is updated nightly, your account will not change that frequently.” …
Friday, February 8, 2013
Here are some indications you should look to someone else to prepare your taxes for filing.
Friday, February 8
According to a DailyFinance post, there are far too many tax preparers out there with good intentions who are too incompetent to do the job. Warnings signs include someone asking you to lie about your charitable donations, the preparer not asking for the proper financial records and someone not giving you their credentials. Read the full list of signs, with details, by clicking here. Looking for reputable tax professional in Barrow County? Click here to access the Barrow Patch Directory for businesses offering financial services. You might also be interested in reading: Subscribe to Barrow Patch’s newsletters, follow us on Twitter and “like” us on Facebook.
Tuesday, January 29, 2013
For the most part, the identity theft methods to guard against during tax season are the same ones criminals use during the rest of the year.
DailyFinance.com calls tax identity fraud a "specialized and sophisticated form of theft." According to a post on the site, thieves are stealing year-end statements, W-2s and other income information to file returns on victims' behalf. The report says that during the 2011 tax processing year, roughly 940,000 tax returns were filed fraudulently, and this year, that number will likely increase to 1 million. How do you protect yourself? First, shred any paperwork you don't need for tax preparation. Second, be wary of a slow-running computer or out-of-place pop-ups when filing taxes online. Also, be suspicious of any phone calls or e-mails claiming to be from the IRS, even with the appropriate logos. According to the IRS website: "The IRS …
Monday, January 14, 2013
he time is now that something needs to be done to stop the insanity coming from our leadership in this country.
The question for this year of 2013 might be: “How many wake up calls will America need before we are really awake?” As a young teen, I decided I would sleep until I was ready to get up each morning. That lasted one day. My parents were in charge of our family and as a member of the family I was told there were house rules by which all of us must abide. My parents were not overbearing but they understood the principle of childrearing and the importance of making sure that as a child I understood the limits of my decision making, and that they would be in charge of making the decisions guiding my life. They explained that a time would come as I matured when I would be responsible for my personal decisions. We seem to be a nation caught up in…
Sunday, January 13, 2013
It's tax time again in Barrow County and elsewhere.
Sunday, January 13
On Friday, the Internal Revenue Service announced annual inflation adjustments for tax year 2013, including the tax rate schedules, and other tax changes from the recently passed American Taxpayer Relief Act of 2012. The tax items for 2013 of greatest interest to most taxpayers include the following changes. Details on these inflation adjustments and others are contained in Revenue Procedure 2013-15, which will be published in Internal Revenue Bulletin 2013-5 on Jan.28, 2013. Other inflation adjusted items were published in October 2012 in Revenue Procedure 2012-41. If you have tax questions and need an expert, use the Barrow Patch directory to locate a CPA or Tax Service near you. Subscribe to Barrow Patch’s newsletters, follow us on …
Tuesday, October 23, 2012
The Barrow Journal reports Winder’s internal auditor found the oversight.
Tuesday, October 23, 2012
The cities of Auburn, Bethlehem, Carl, Statham, Winder and Braselton have received checks from Barrow County following an accounting oversight that the Barrow Journal reports cost the municipalities more than $324,000 in sales tax proceeds. According to the Journal, the error was due to a change in the distribution formula set to kick in toward the end of the six-year SPLOST cycle. Find out the amount each city received. Subscribe to Barrow Patch’s newsletters, follow us on Twitter and “like” us on Facebook.
Friday, October 12, 2012
If Congress can't reach an agreement, a number of tax breaks for parents could be on the chopping block.
CNN Money reports that four tax breaks for low-income parents could cease to exist soon. That means thousands of dollars that used to go back into your pocket after filing taxes, won't. For the Earned Income Credit, "low-income" is defined as a married couple with three kids making a little over $50,000 a year. If Congress fails to extend tax cuts before the end of the year, the Child Tax Credit, Earned Income Credit, Child and Dependent Care Credit and American Opportunity Credit would be reduced or chopped, according to CNN Money. This isn't a done deal, but a definite possibility. What do you think about those tax breaks potentially ending? We have a significant amount of national debt -- should we try to plug the hole with more tax …