Theo nguồn tin trên mạng của irs.gov.
IRS Has $917 Million for People Who Have Not Filed a 2009 Income Tax Return
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Haven’t Filed a Tax Return in Years?: English | Spanish | ASL
IR-2013-29, March 14, 2013
WASHINGTON — Refunds totaling just over $917 million may be waiting for an estimated 984,400 taxpayers who did not file a federal income tax return for 2009, the Internal Revenue Service announced today. However, to collect the money, a return for 2009 must be filed with the IRS no later than Monday, April 15, 2013.
The IRS estimates that half the potential refunds for 2009 are more than $500.
Some people may not have filed because they had too little income to require filing a tax return even though they had taxes withheld from their wages or made quarterly estimated payments. In cases where a return was not filed, the law provides most taxpayers with a three-year window of opportunity for claiming a refund. If no return is filed to claim a refund within three years, the money becomes property of the U.S. Treasury.
For 2009 returns, the window closes on April 15, 2013. The law requires that the return be properly addressed, mailed and postmarked by that date. There is no penalty for filing a late return qualifying for a refund.
The IRS reminds taxpayers seeking a 2009 refund that their checks may be held if they have not filed tax returns for 2010 and 2011. In addition, the refund will be applied to any amounts still owed to the IRS or their state tax agency, and may be used to offset unpaid child support or past due federal debts such as student loans.
By failing to file a return, people stand to lose more than refund of taxes withheld or paid during 2009. In addition, many low-and-moderate income workers may not have claimed the Earned Income Tax Credit (EITC). For 2009, the credit is worth as much as $5,657. The EITC helps individuals and families whose incomes are below certain thresholds. The thresholds for 2009 were:
$43,279 ($48,279 if married filing jointly) for those with three or more qualifying children,
$40,295 ($45,295 if married filing jointly) for people with two qualifying children,
$35,463 ($40,463 if married filing jointly) for those with one qualifying child, and
$13,440 ($18,440 if married filing jointly) for people without qualifying children.
For more information, visit the EITC Home Page.
Current and prior year tax forms and instructions are available on the Forms and Publications page of IRS.gov or by calling toll-free 800-TAX-FORM (800-829-3676). Taxpayers who are missing Forms W-2, 1098, 1099 or 5498 for 2009, 2010 or 2011 should request copies from their employer, bank or other payer.
If these efforts are unsuccessful, taxpayers can get a free transcript showing information from these year-end documents by filing Form 4506-T, Request for Transcript of Tax Return, with the IRS or by calling 800-829-1040.
Individuals Who Did Not File a 2009 Return with a Potential Refund
State or District
Potential Refunds* ($000)
District of Columbia
* Excluding the Earned Income Tax Credit and other credits.
Theo nguồn tin The Minnesota Society of Certified Public Accountants trên trang mạng PRNewswire
MINNEAPOLIS, Feb. 28, 2013 /PRNewswire-USNewswire/ — The Minnesota Society of Certified Public Accountants (MNCPA) recently surveyed its CPA members about the most creative tax deductions proposed by their clients. Responses included everything from swimming pools and manicures to poodles and non-existent children.
“Creativity is rewarded in many parts of society, but not by the IRS,” said MNCPA Chair Barbara Steinhauser . “And many of the creative deductions our members identified in the survey would’ve resulted in intervention by the IRS had a CPA not interceded and encouraged the tax filers to remove them from their tax returns.”
With changing tax laws on both a state and national level, taxes have grown more complex, underscoring the value of CPAs to their clients.
“Claiming an error on your tax calculations because tax preparation software said it was ‘okay’ is not an acceptable defense with the IRS,” Steinhauser added. “CPAs are professionals who understand and monitor changing tax laws and serve as valuable counselors to their clients.”
Here is the MNCPA list of strange—and unacceptable—deductions for 2012:
Ab-solutely not: A ballerina was surprised to discover that she couldn’t deduct the cost of a tummy tuck.
A new wrinkle: One woman’s attempt to deduct BOTOX® expenses as an “image enhancement” expense? Not a smooth move.
Filing expenses: Sing us a song, you’re the piano man. Just don’t try to claim your manicures as a business expense, as one piano player proposed.
Beware of the very small dog: A farmer who tried to claim food and veterinary expenses for his toy poodle as a farm-building “guard dog” was barking up the wrong tree.
Not a deduction? Bingo!: One woman took a chance on deducting gambling losses as a charity donation. Mark that down as another gambling loss.
Off the deep end: Many reasons for deducting the cost of a swimming pool were offered, but they didn’t all float.
Children need to be seen: While children/dependents are considered an acceptable deduction, one filer failed to realize that he needed to actually have children/dependents in order to claim them.
Not a bright move: Try to deduct tanning-bed expenses, as one filer did, and you’ll get burned every time.
No sweat: One woman hoped to shed some pounds and add a deduction by writing off the cost of “Zumba” exercise classes. One out of two isn’t bad.
Questions about what you can and can’t deduct on your taxes? Contact a CPA. Don’t have one? Visit www.mncpa.org/referral, or call 800.331.4288.
SOURCE Minnesota Society of Certified Public Accountants
Theo nguồn tin trên trang mạng www.irs.gov
IR-2013-25, March 4, 2013
WASHINGTON — The Internal Revenue Service announced today that it has finished updating its tax-processing systems allowing all remaining individual and business taxpayers to file their 2012 federal income tax returns.
Over the weekend, the IRS completed reprogramming and testing of its systems for tax-year 2012 including all remaining updates required by the American Taxpayer Relief Act (ATRA) enacted by Congress in January. This final step clears the way for those claiming residential energy credits on Form 5695 and various business tax credits and deductions to file their returns.
The IRS began accepting 2012 returns in phases as it worked quickly to update various forms and instructions and made critical adjustments to its processing systems to reflect the current law. As a result, the agency began accepting most returns filed by individual taxpayers on Jan. 30. Additional returns could be accepted in February. All remaining returns, affecting in relative terms the smallest group of taxpayers, can now be filed.
With just six weeks to go before this year’s April 15 deadline, the IRS reminds taxpayers that the best way to file an accurate return is to e-file, choose direct deposit if expecting a refund and take advantage of the wide variety of tax-filing and tax-help resources available on IRS.gov. People who need more time to finish their returns can easily get an automatic six-month tax-filing extension by going to the Free File link or filing Form 4868.
Theo nguồn tin của Capital One trên trang mạng PRNewswire
MCLEAN, Va., March 5, 2013 /PRNewswire/ — The April 15th tax filing deadline is approaching and according to the latest IRS statistics, the average federal tax refund this year will be $2,803. For the third year in a row, Capital One Bank’s annual Taxes and Savings Survey found that most Americans (85 percent) expect to get a refund and more than a third (35 percent) plan to spend all or part of it.
Navigating the Impact of the Payroll Tax
In gauging the response to the recent elimination of the payroll tax holiday by Congress—which will increase the amount of taxes taken from employees’ paychecks—42 percent of those surveyed were “very aware” that their take-home pay would decline in 2013, while nearly a third (30 percent) said they weren’t aware at all.
47 percent of men are very aware that their take-home pay will decline, compared to 38 percent of women
53 percent of men and 36 percent of women don’t plan on changing their spending habits despite the decline in take-home pay, and
Of all the respondents, 44 percent don’t plan on changing their spending habits.
“At a time when people are seeing smaller paychecks, now more than ever they should take a step back, evaluate their financial goals and consider saving their tax refund,” said Mickey Konson , Managing Vice President for Retail Banking at Capital One Bank . “People tend to think of their tax refund as free money or an annual bonus, which makes it very tempting to spend it right away, but remember, that refund is your own money – without added interest. Tax season is a great time to plan ahead, with an eye toward your financial goals.”
How Americans are Using Their Refund
Capital One’s survey found that the majority of Americans (65 percent) do not calculate their tax refund or tax payment into their annual budget. More than a third (35 percent) plan to spend all or part of their refund. Nearly a quarter (22 percent) of Americans plan to use their refund to pay down debt, while a relatively small percentage will save (16 percent) or invest (4 percent) their returns. Of those who plan to spend all or part of their refund this year:
30 percent plan to spend it on everyday expenses and necessities,
23 percent plan to spend it on a vacation,
16 percent plan to spend it on clothing and accessories,
15 percent plan to spend it on an iPad, TV, smartphone or other electronics, and
16 percent plan to spend it on other major purchases.
The survey findings also showed that most people have some anxiety when filing their tax returns:
19 percent worry about owing taxes,
18 percent worry about not getting as much money back as expected,
17 percent have anxiety about filing incorrectly, and
Eight percent are afraid of being audited.
Only 14 percent of Americans feel no anxiety in filing their taxes.
Capital One Bank Tax Season Tips
Capital One Bank offers the following tips for consumers considering how they can boost their savings, whether it’s making a savings plan for a tax refund or planning to set aside cash to pay taxes they might owe for next year:
Pay yourself first. If you’re eligible for a refund, start building your savings cushion for the year by depositing all or at least a portion of your refund into your savings.
Strong rate, nice return. When reviewing your savings options choose the product with the best rate of return that matches your lifestyle and needs. Some checking accounts are offering higher interest rates than even CD accounts, giving more flexibility and access to your funds than a CD would. Capital One Bank ‘s High Yield Checking account currently earns an interest rate that is five times the national average. The rate is guaranteed for one year.
Make saving automatic, easy and excuse-free. Don’t stop contributing to your savings after getting your refund. It’s always a good idea to get into a routine of putting aside money. One of the easiest ways is to have funds automatically moved to your account every month or paycheck. This is important if you need to set aside savings at the end of the year for taxes.
Make the safest deposit. Make sure any savings tool you use is FDIC-insured.
If you must spend, do it wisely. Reinvest refund money into your biggest piggy bank, your home. Some home repairs will help you financially in the long term, from more efficient windows that reduce monthly heating and cooling to taking advantage of the energy tax credit. Make your house a better home while saving on your next tax return.
The findings reported in this release are from a telephone survey conducted by the opinion research firm, Braun Research of Princeton NJ. The survey was sponsored by Capital One Financial. Braun Research completed 1,006 landline and cell phone interviews with US resident adults age 18 and over. All interviews were with one household member only selected at random. The interviews were conducted February 5, 2013 through February 10, 2013. The margin of error for the national sample is +/- 3.1 percentage points at the 95 percent confidence level. Interviews were monitored at random. Sampling for this study was conducted using a national probability replicate sample. All interviews were conducted using a computer assisted telephone interviewing system while the cell phone completes were dialed manually to comply with federal laws. Statistical weights were designed from the United States Census Bureau statistics.
About Capital One
Capital One Financial Corporation (www.capitalone.com) is a financial holding company whose subsidiaries, which include Capital One, N.A., and Capital One Bank (USA), N.A., had $212.5 billion in deposits and $312.9 billion in total assets outstanding as of December 31, 2012. Headquartered in McLean, Virginia, Capital One offers a broad spectrum of financial products and services to consumers, small businesses and commercial clients through a variety of channels. Capital One, N.A. has more than 900 branch locations primarily in New York, New Jersey, Texas, Louisiana, Maryland, Virginia and the District of Columbia. A Fortune 500 company, Capital One trades on the New York Stock Exchange under the symbol “COF” and is included in the S&P 100 index.
Contact: Laura DiLello
SOURCE Capital One