by Karla Dennis | Jul 17, 2013 | Blog
About 75% of people that submitt their tax returns are expected to get a tax refund. This percentage isn’t any different from previous years; however, the average amount of money that the taxpayer gets in their return continues to grow steadily through the years. It has grown from an average of $1,698.00 in 1999 to of $3,003.00 in 2009. This implies that government refunds have become increasingly ascending (about 100%) in only a decade. There are several explanations for this improvement in refund averages, which are discussed here: read...
by Karla Dennis | Jul 17, 2013 | Blog
Filing federal taxes can be a somewhat unpleasant task, specifically for people who also need to file state tax returns. It is possible to file both your federal and state tax returns concurrently. In the rare case you are preparing to file your taxes using just a pen and paper then you must file your federal and state tax returns separately although they will be mailed to different locations. You are then going to be able to uncover the answer to whether or not you’ve got to file a tax return on one (or perhaps more) of the forms that your employer has mailed to you personally. In reference to the tax forms you received this year, you are going to most likely have a W-2 form. In the course of the tax year, you acquire income, and out of your employer’s payments, you pay taxes to government. The amounts you earned and paid in are shown on your W-2 form. read...
by Karla Dennis | Jul 17, 2013 | Blog
It could happen to anyone. Say you’ve gathered all of your tax return information. You’ve gathered all of your W-2s, 1099s, receipts and statements. You’ve crunched the numbers, double checked your calculations and mailed the return or used an eFile provider. Then you realize you’ve left something out, another form is suddenly accessible in the mail or you realize you chose the incorrect filing status. Don’t worry about it; you might be in a position to amend your tax return. read...
by Karla Dennis | Jul 17, 2013 | Blog
Today, many people make the most of the mortgage tax deduction on their federal earnings tax. This deduction is utilized when a family itemizes their deductions rather than use the standard amount. This line item can save you quite a bit in the end. Homeowners will get a statement from their mortgage company that tells them the total amount that they have paid in interest and taxes throughout the year. When you take advantage of this deduction on your tax return, you typically end up receiving a decent portion of this amount back. read...
by Karla Dennis | Jul 17, 2013 | Blog
What should you do if you recognize there’s a mistake on your tax return after it is already filed? First, don’t panic; it happens so often that there is a procedure for it. You are going to need to do this filing once again, but don’t get lazy and simply let it go, figuring nobody will notice. With regards to the mistake, you could get red-flagged for an audit or discover yourself to be under suspicion of filing a falsified claim. Just get IRS Form 1040X and start from the beginning. read...
