Tax news

Tax

Tax Software Found to be Buggy-Top 15 Problems

Are you having problems running your tax software this spring? If so, the problem may be with the software and not with you. MSNBC has uncovered the top 15 tax software problems that are affecting individual tax preparers this spring.TurboTax The tax computed by TurboTax software varies from the amount found in the tax tables.
Tax

CA Residents are Prime Targets for IRS Audits

For six years, Californians have been the most favored recipients of IRS audits, according to IRS statistics. Although audit rates have dropped nationwide over the last few years, California residents have not experienced the slow down.
Tax

Tax Tip: Capital Gains and Losses

Almost everything you own and use for personal purposes, pleasure or investment is a capital asset. When you sell a capital asset, the difference between the amount you sell it for and your basis, which is usually what you paid for it, is a capital gain or a capital loss. While you must report all capital gains, you may subtract only your capital losses on investment property, not personal property.Capital gains and losses are classified as long-term or short-term, depending on how long you hold the property before you sell it.
Tax

Top Ten Overlooked Deductions

It's not too late! If you haven't filed your tax return yet, perhaps you can cash in on these most-frequently-overlooked deductions.
Tax

Health Tax Credit Added to Bush Tax Cut

As the Bush budget makes its way through Congress, more goodies are being added to sweeten the pot for taxpayers.
Tax

Centerprise Appoints Michael Berent COO

Centerprise Advisors, Inc., the nation's 16th largest professional services firm, has added Michael Berent to its senior management team as the firm's Senior Vice President and Chief Operating Officer - Professional Services.As COO, Mr. Berent will be responsible for leading and managing the strategic development, integration and operating performance of Centerprise. Centerprise offers accounting, litigation support and business planning services to middle market companies.
Tax

Tax Cheating Flourishes in Kinder, Gentler Era

The Internal Revenue Service fears that recent staff and financing cutbacks at the IRS have resulted in a proliferation of tax cheating.
Tax

Tax Tip: E-File Helps Refunds, Payments

Are you one of the more than 90 million taxpayers who will receive a refund this year? Requesting direct deposit, and filing your tax return electronically with e-file will put that money in your pocket faster and easier, according to the IRS.Every year more taxpayers are finding out how safe and easy it is to have their tax refund direct deposited into their checking or savings account. This option is available for both e-filers and paper return filers.With e-file your refund will be issued in half the time it would take if you filed a paper return.
Tax

IRS Reports Problem with TeleFile System

A reported glitch in the IRS's TeleFile system may leave certain file-by-phone users waiting and waiting for their refunds.
Tax

Pros And Cons of E-Filing

The California Society of Certified Public Accountants has published a list detailing the pros and cons of the tax return e-filing process versus paper filing.Here, in a nutshell, are their findings:Pros of e-filing:Speedier processing timeNearly all forms available online, so most taxpayers can use the serviceAutomatic extensions of time, including the second extension, may be filed on-lineIRS quickly detect
Tax

IRS Discusses Payment Options as Deadline Nears

The following article is provided courtesy of CCH, Inc.The IRS has enumerated the various payment options and the installment payment program that are available to those taxpayers who cannot make full payment on their tax obligations. Checks or money orders should be made payable to "United States Treasury" and should include a social security number, a daytime phone number and the year and type of tax form being filed.
Tax

TurboTax Glitch Sends Taxpayers Scurrying

A small number (approximately 150,000) of taxpayers are affected by a security glitch in the TurboTax software, according to reports from Intuit.The problem, which has been corrected, occurred when users took advantage of a new TurboTax feature to automatically download investment data into their tax return preparation forms.
Tax

Five Tips for Your Meeting With a Tax Preparer

Jackson Hewitt Tax Service, the nation's second largest tax preparation service behind H&R Block, offers the following tips for making your meeting with a tax preparer quick and efficient:Bring all income-related documents including W-2 forms, 1099 forms, Schedules K-1, bank statements
Tax

104-Year-Old Tax Collector Reelected

Crete, Illinois Republican, Emma Schweer, has once again been elected to the post of Tax Collector for Crete Township. The 104-year-old Mrs. Schweer ran unopposed for the seat she has held since 1965.Mrs. Schweer's late husband held the seat from 1933 to his death in 1965, at which time Mrs. Schweer was appointed as his replacement.
Tax

Tax Tip: Ten Ways to Avoid Problems at Tax Time

Looking for ways to avoid the last-minute rush for doing your taxes? The IRS offers these tips: ORGANIZE YOUR TAX RECORDS. Tax preparation time can be significantly reduced if you develop a system for organizing your records and receipts. Start with the income, deduction or tax credit items that were on last year's return.DON'T PROCRASTINATE. Resist the temptation to put off your taxes until the last minute.
Tax

House Votes to Repeal Estate Tax

Fifty-eight Democrats crossed party lines Wednesday to join Republicans in a vote to repeal the tax known as the Death Tax.The repeal of the estate tax, if made into law, would be phased in slowly over a period of 10 years, with most of the savings coming in the next decade. "If you want to protect your estate, don't die for 10 years," quipped Rep.
Tax

IRS Dragging its Feet on the Phone

Despite attempts to provide improved accuracy and response time among those answering the telephones at the IRS, this spring's callers are still met with busy signals and wrong information.A test performed by the government's own watchdog agency, the General Accounting Office, showed that on 368 test calls made to the IRS, 37 percent of the calls resulting in an inability to reach a real person, and a more alarming 47 percent of the calls that did go through produced wrong information from the IRS agents answering the telephone.The 47 percent error rate in providing information over the
Tax

Tax Tip: Alternative Minimum Tax

Before mailing your tax return, check to make sure you aren't subject to the alternative minimum tax (AMT). In recent years, more and more people have found themselves subject to the AMT, according to the IRS.The tax law gives preferential treatment to some kinds of income and allows special deductions and credits for some kinds of expenses. Taxpayers who benefit from these provisions of the law may have to pay an additional tax called the alternative minimum tax.
Tax

House to Vote on Estate Tax Today

President Bush's proposal to end the estate tax is scheduled to be discussed and voted on in the House of Representatives today. House Majority Leader Dick Armey, R-TX, predicts that approximately 60 Democrats will cross party lines to join Republicans in the vote to repeal the tax.The proposed bill to end the estate tax will begin with top estate tax rates being cut in 2002. The entire repeal of the estate tax will be phased in over ten years.The estate tax currently affects roughly 2 percent of the people who die each year.
Tax

Pay Taxes and Earn Frequent Flier Miles - Summer Vacation

For taxpayers that owe Uncle Sam money this tax season, the bite can now be softened a bit, knowing that your payment is getting you one step closer to that Hawaiian vacation you've always dreamed of.Official Payments Corporation has signed agreements with the IRS and this week

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