One Tax Move Entrepreneurs Shouldn’t Miss
March 9th, 2010Affordable 401(k) plans are a smart way for small businesses to survive the downturn while building for the future.
Deadline Approaching for 2006 Refunds
March 8th, 2010Individuals have until April 15, 2010, to file an original or amended tax return for 2006 and receive a refund from that year. The IRS says it has about $1.3 billion in reserve for people who still need to file their 2006 returns.
Additionally, taxpayers had a special one-time-only tax credit available to them in 2006. It was called the telephone excise tax refund. Basically this is a tax credit available to anyone who had telephone service, whether landline or mobile, and represents a refund of excise taxes that were ruled unconstitutional. In reviewing previous tax returns for clients I have noted that some failed to request this tax credit. So as a tip to my readers, I would suggest pulling out a copy of your 2006 tax return to see if you took this credit. If you did not, you can file an amended tax return using Form 1040X to request additional money back from the government. Here’s what to look for on your 2006 return: see if there’s a tax credit amount showing up on:
- Form 1040EZ, Line 9.
- Form 1040A, Line 42.
- Form 1040, Line 71.
- Form 1040NR, Line 69.
If not, then file an amendment to claim either a standard tax credit amount ranging from $30 to $60.
Related: filing back taxes.
Deadline Approaching for 2006 Refunds originally appeared on About.com Tax Planning: U.S. on Tuesday, March 9th, 2010 at 01:10:59.
Deadline Approaching for 2006 Refunds
March 8th, 2010Individuals have until April 15, 2010, to file an original or amended tax return for 2006 and receive a refund from that year. The IRS says it has about $1.3 billion in reserve for people who still need to file their 2006 returns.
Additionally, taxpayers had a special one-time-only tax credit available to them in 2006. It was called the telephone excise tax refund. Basically this is a tax credit available to anyone who had telephone service, whether landline or mobile, and represents a refund of excise taxes that were ruled unconstitutional. In reviewing previous tax returns for clients I have noted that some failed to request this tax credit. So as a tip to my readers, I would suggest pulling out a copy of your 2006 tax return to see if you took this credit. If you did not, you can file an amended tax return using Form 1040X to request additional money back from the government. Here’s what to look for on your 2006 return: see if there’s a tax credit amount showing up on:
- Form 1040EZ, Line 9.
- Form 1040A, Line 42.
- Form 1040, Line 71.
- Form 1040NR, Line 69.
If not, then file an amendment to claim either a standard tax credit amount ranging from $30 to $60.
Related: filing back taxes.
Deadline Approaching for 2006 Refunds originally appeared on About.com Tax Planning: U.S. on Tuesday, March 9th, 2010 at 01:10:59.
Deadline Approaching for 2006 Refunds
March 8th, 2010Individuals have until April 15, 2010, to file an original or amended tax return for 2006 and receive a refund from that year. The IRS says it has about $1.3 billion in reserve for people who still need to file their 2006 returns.
Additionally, taxpayers had a special one-time-only tax credit available to them in 2006. It was called the telephone excise tax refund. Basically this is a tax credit available to anyone who had telephone service, whether landline or mobile, and represents a refund of excise taxes that were ruled unconstitutional. In reviewing previous tax returns for clients I have noted that some failed to request this tax credit. So as a tip to my readers, I would suggest pulling out a copy of your 2006 tax return to see if you took this credit. If you did not, you can file an amended tax return using Form 1040X to request additional money back from the government. Here’s what to look for on your 2006 return: see if there’s a tax credit amount showing up on:
- Form 1040EZ, Line 9.
- Form 1040A, Line 42.
- Form 1040, Line 71.
- Form 1040NR, Line 69.
If not, then file an amendment to claim either a standard tax credit amount ranging from $30 to $60.
Related: filing back taxes.
Deadline Approaching for 2006 Refunds originally appeared on About.com Tax Planning: U.S. on Tuesday, March 9th, 2010 at 01:10:59.
Deadline Approaching for 2006 Refunds
March 8th, 2010Individuals have until April 15, 2010, to file an original or amended tax return for 2006 and receive a refund from that year. The IRS says it has about $1.3 billion in reserve for people who still need to file their 2006 returns.
Additionally, taxpayers had a special one-time-only tax credit available to them in 2006. It was called the telephone excise tax refund. Basically this is a tax credit available to anyone who had telephone service, whether landline or mobile, and represents a refund of excise taxes that were ruled unconstitutional. In reviewing previous tax returns for clients I have noted that some failed to request this tax credit. So as a tip to my readers, I would suggest pulling out a copy of your 2006 tax return to see if you took this credit. If you did not, you can file an amended tax return using Form 1040X to request additional money back from the government. Here’s what to look for on your 2006 return: see if there’s a tax credit amount showing up on:
- Form 1040EZ, Line 9.
- Form 1040A, Line 42.
- Form 1040, Line 71.
- Form 1040NR, Line 69.
If not, then file an amendment to claim either a standard tax credit amount ranging from $30 to $60.
Related: filing back taxes.
Deadline Approaching for 2006 Refunds originally appeared on About.com Tax Planning: U.S. on Tuesday, March 9th, 2010 at 01:10:59.
Deadline Approaching for 2006 Refunds
March 8th, 2010Individuals have until April 15, 2010, to file an original or amended tax return for 2006 and receive a refund from that year. The IRS says it has about $1.3 billion in reserve for people who still need to file their 2006 returns.
Additionally, taxpayers had a special one-time-only tax credit available to them in 2006. It was called the telephone excise tax refund. Basically this is a tax credit available to anyone who had telephone service, whether landline or mobile, and represents a refund of excise taxes that were ruled unconstitutional. In reviewing previous tax returns for clients I have noted that some failed to request this tax credit. So as a tip to my readers, I would suggest pulling out a copy of your 2006 tax return to see if you took this credit. If you did not, you can file an amended tax return using Form 1040X to request additional money back from the government. Here’s what to look for on your 2006 return: see if there’s a tax credit amount showing up on:
- Form 1040EZ, Line 9.
- Form 1040A, Line 42.
- Form 1040, Line 71.
- Form 1040NR, Line 69.
If not, then file an amendment to claim either a standard tax credit amount ranging from $30 to $60.
Related: filing back taxes.
Deadline Approaching for 2006 Refunds originally appeared on About.com Tax Planning: U.S. on Tuesday, March 9th, 2010 at 01:10:59.
Overview of the IRS’s Whistleblower Program
March 8th, 2010The Internal Revenue Service operates a whistleblower program whereby the agency will issue monetary awards to individuals who provide information that results in the collection of significant un-reported tax dollars. This program has undergone significant changes since 2006. The agency can award commissions, so to speak, of up to 30% for people who “provide specific and credible information” about people or businesses who fail to report their taxes properly. Stan Tylka, a CPA in Deerfield, IL, has published a concise and informative overview of the IRS’s whistleblower program (2 pages, PDF) in the March 2010 edition of the Tax Advisor.
Tylka notes that a kickback of 15% to 30% is paid if an informant provides information about another individual whose “gross income must exceed $200,000 for the year in question,” and the IRS has only discretionary authority to provide monetary awards for cases below that amount.
Overview of the IRS’s Whistleblower Program originally appeared on About.com Tax Planning: U.S. on Tuesday, March 9th, 2010 at 00:22:22.
Overview of the IRS’s Whistleblower Program
March 8th, 2010The Internal Revenue Service operates a whistleblower program whereby the agency will issue monetary awards to individuals who provide information that results in the collection of significant un-reported tax dollars. This program has undergone significant changes since 2006. The agency can award commissions, so to speak, of up to 30% for people who “provide specific and credible information” about people or businesses who fail to report their taxes properly. Stan Tylka, a CPA in Deerfield, IL, has published a concise and informative overview of the IRS’s whistleblower program (2 pages, PDF) in the March 2010 edition of the Tax Advisor.
Tylka notes that a kickback of 15% to 30% is paid if an informant provides information about another individual whose “gross income must exceed $200,000 for the year in question,” and the IRS has only discretionary authority to provide monetary awards for cases below that amount.
Overview of the IRS’s Whistleblower Program originally appeared on About.com Tax Planning: U.S. on Tuesday, March 9th, 2010 at 00:22:22.
Overview of the IRS’s Whistleblower Program
March 8th, 2010The Internal Revenue Service operates a whistleblower program whereby the agency will issue monetary awards to individuals who provide information that results in the collection of significant un-reported tax dollars. This program has undergone significant changes since 2006. The agency can award commissions, so to speak, of up to 30% for people who “provide specific and credible information” about people or businesses who fail to report their taxes properly. Stan Tylka, a CPA in Deerfield, IL, has published a concise and informative overview of the IRS’s whistleblower program (2 pages, PDF) in the March 2010 edition of the Tax Advisor.
Tylka notes that a kickback of 15% to 30% is paid if an informant provides information about another individual whose “gross income must exceed $200,000 for the year in question,” and the IRS has only discretionary authority to provide monetary awards for cases below that amount.
Overview of the IRS’s Whistleblower Program originally appeared on About.com Tax Planning: U.S. on Tuesday, March 9th, 2010 at 00:22:22.
Overview of the IRS’s Whistleblower Program
March 8th, 2010The Internal Revenue Service operates a whistleblower program whereby the agency will issue monetary awards to individuals who provide information that results in the collection of significant un-reported tax dollars. This program has undergone significant changes since 2006. The agency can award commissions, so to speak, of up to 30% for people who “provide specific and credible information” about people or businesses who fail to report their taxes properly. Stan Tylka, a CPA in Deerfield, IL, has published a concise and informative overview of the IRS’s whistleblower program (2 pages, PDF) in the March 2010 edition of the Tax Advisor.
Tylka notes that a kickback of 15% to 30% is paid if an informant provides information about another individual whose “gross income must exceed $200,000 for the year in question,” and the IRS has only discretionary authority to provide monetary awards for cases below that amount.
Overview of the IRS’s Whistleblower Program originally appeared on About.com Tax Planning: U.S. on Tuesday, March 9th, 2010 at 00:22:22.