If you haven't put any money into an Individual Retirement Arrangement (IRA) for tax year 2000, or if you've put in less than the maximum allowed, you still have time, according to the IRS. You can contribute to either a traditional or Roth IRA until the April due date of your tax return.If you make a contribution for the previous tax year, tell the IRA trustee which year the contribution is for. Otherwise, the trustee may report the contribution as being for the year in which it was received.You may contribute up to $2,000 of your earnings each year to an IRA.

Oops! You've discovered an error after your tax return has been filed. What should you do? You may need to amend your return. The IRS usually corrects math errors or requests forms (such as W-2s) or schedules left out. In these instances, do not amend your return. However, do file an amended return if any of the following were reported incorrectly: your filing status your total income your deductions or credits Use

Are you expecting a tax refund from the IRS this year? If you file a complete and accurate paper tax return, your refund should be issued in about six to eight weeks from the date IRS receives your return. If you file your return electronically, your refund should be issued in less than three weeks, even faster when you choose direct deposit.You can have a refund check mailed to you, or you may be able to have your refund deposited directly into your bank account. Direct Deposit into a bank account is more secure because there is no check to get lost. And it takes the U.S.

There was once an accounting firm where the senior CPA knew every thing there was to know about accounting. He could answer any question. He knew all the tax laws: There wasn't a better accountant anywhere.Every morning when he came to work, he would unlock his desk drawer, open it up and look inside for a minute, and then close and lock it again.This puzzled all of his co-workers, because it was the only eccentricity that this person exhibited.

According to a recent CNN report, the IRS is rejecting thousands of electronically filed tax returns due to user error. So far, almost 17 million taxpayers have filed electronically this year, and the IRS expects to receieve more than 42 million electronic returns by April 15. The problem seems to be with the PIN (Personal Identification Number) system which allows taxpayers to submit a completely paperless tax return.

From aardvark to zyzzyva, the IRS has a publication that covers it - free for the asking. The IRS has numerous publications on a variety of tax-related topics available by phone, fax, or the Internet at www.irs.gov. Are you a student seeking knowledge on the lifetime learning credit? Check out Publication 970. Are you a first-time home buyer?

One down one to go - the House votes "Yea," and the tax bill is on to its appointed rounds in the Senate, where legislators promise it won't have quite such an easy ride.The House voted 230-198 on Thursday and passed a $958 billion tax cut which will lower tax rates for nearly all Americans retroactive to January 1, 2001. Ten Democrats and one Independent joined 219 Republicans to pass the bill by its narrow margin.If the bill passes in the Senate, the tax rate reduction will be completely phased in by 2006.

The following article is provided courtesy of CCH, Inc.The IRS has announced that interest rates for the calendar quarter beginning April 1, 2001, will drop one percentage point to 8% for overpayments (7% in the case of a corporation), 8% for underpayments and 10% for large corporate underpayments. The overpayment rate for the portion of a corporate overpayment exceeding $10,000 will be 5.5%.

If you need federal tax information in Spanish, you can find it in the form of recorded tax topics, free tax publications and toll-free telephone assistance from the Internal Revenue Service. TeleTax is a toll-free automated service, in English and Spanish, providing helpful tax topics and refund information. You can find a list of the 151 TeleTax topics in the instructions for Form 1040, 1040A or 1040EZ. TeleTax can also help you if it's been at least four weeks since you filed your return and you want to check on the status of your federal refund.