Making Taxes Less Taxing!

Better The Second Time Around?

Beyond Typical Tax Topics — Wed, 22 Feb 2012 06:07:00 GMT

Currently, H and R Block are in guerilla tax mode, seemingly bent on world tax domination. They are everywhere, offering free tax prep for simple returns in the local office (through February 29). free easy filing through the Iphone. Ipad, and Android apps, and free audit protection and representation.

They now add to that mix, for a limited time only, the Second Look program. This program allows you to take your return to an H and R Block office, who will look it over to see if you missed any deduction, credit, or other tax advantage that will net you more money. Usually around $29, it is being offered for free until April 30, 2012.

What is not mentioned, however, is that if you choose to have the return prepared, you will incur the fees for preparation of the amended return.

You will need to pay these fees at the time of preparation, since there would be no opportunity for the fee to be taken out of the refund. The free part is to take a look at the return, sort of a "reading fee", if you will, to see if there would be an opportunity for you to get money and for the preparer to make money.

According to Block Customer Service, this free second look offer extends to the current year and the three most recent tax periods of 2008, 2009, and 2010.

If you prepared your own return, or even had another preparer, either for free or for compensation, prepared it, and you were either unhappy with the results or curious as to whether you paid more tax than you should, feel free to visit your nearest H and R Block office before April 30^thto take advantage of the Second Look program while it is still free. You have nothing to lose and may have money to gain.

You may contact your nearest Block office online at:

H&R Block Website

or by phone at

1-800-HRBLOCK

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Today's Employer Tax Tip

Beyond Typical Tax Topics — Fri, 17 Feb 2012 06:12:00 GMT

If you are a semi weekly depositor who has incurred payroll between the dates of February 11 through February 14, your payroll tax deposits are due today.

These deposits can be made through EFTPS online at www.eftps.gov

Today's Employer Tax Tip

Beyond Typical Tax Topics — Thu, 16 Feb 2012 06:04:00 GMT

You are required to begin withholding on your employees who

claimed exemption from withholding in

2011 but did not file a Form W-4 to continue to be

exempt from withholding in 2012.

Today's Individual Tax Tips

Beyond Typical Tax Topics — Wed, 15 Feb 2012 06:15:00 GMT

If you claimed

exempt from federal income tax withholding

in 2011, you will need to file a new W-4 form with your employer by today in order to be exempt for the current year.

Obtain a copy of the form here:
Form W4

If you have not received your W-2 form from your employer, today’s is the first day to contact the IRS at 1-800-829-1040 from 7am to 7pm Monday through Friday local time to make a W-2 complaint.

Today's Employer Tax Tips

Beyond Typical Tax Topics — Wed, 15 Feb 2012 06:03:00 GMT

If you are a monthly depositor who has incurred payroll for the month of January 2012, your payroll tax deposits are due today.

If you are a semi weekly depositor who has incurred payroll between the dates of February 8 through February 10, your payroll tax deposits are due today.

These deposits can be made through EFTPS online at www.eftps.gov

A Message of Love From Tax Talk Today

Beyond Typical Tax Topics — Tue, 14 Feb 2012 23:15:22 GMT

IRS2GO Take 2

Beyond Typical Tax Topics — Tue, 14 Feb 2012 06:11:00 GMT

Last year the IRS stepped into the digital age with the introduction of their mobile app IRS2Go, the smartphone app that allows you to check your refund status and get other useful, easy to understand tax information from their website www.irs.gov

This year, the app has been upgraded and appropriately labeled IRS2Go 2.0. In addition to checking your refund status, you can now view IRS Youtube videos with the new Youtube feature. The videos provide short, informative features on a variety of tax topics. There are also channels available in multilingual and American Sign Language.

In addition to viewing tax information, you can stay current with the latest IRS news releases through the IRS news feed.

Finally, ordering your tax transcript just became easier. Use the app to order tax return transcript from the IRS2Go app. The transcript will be delivered via the U.S. Postal Service to their address of record.

Apple users can download the free IRS2Go application by visiting the Apple App Store. Android users can visit the Android Marketplace to download the free IRS2Go app.

Features of the first release of the IRS2Go app include:

Get Your Refund Status

You can check the status of their federal refund through the new phone app by entering a Social Security number, which is masked and encrypted for security purposes, the filing status used on your tax return, and the amount of the refund expected from your 2011 tax return.

For those who e-filed their returns, the refund function of the phone app will work within about 72 hours after taxpayers receive an e-mail acknowledging the IRS received their tax return.

However, if you mailed your return, due to the longer processing times you will need to wait three to four weeks before checking your refund status.

Get Tax Updates

IRS2Go is a great way to keep up with IRS updates anytime. If you want to receive daily tax tips to your device, simply enter your email address. Tax Tips are simple, straightforward tips and reminders to help with tax planning and preparation. They are issued daily during the tax filing season and periodically during the rest of the year and cover topics such as free tax help, child tax credits, the Earned Income Tax Credit, education credits and other topics.

Follow the IRS

Taxpayers can sign up to follow the IRS Twitter news feed, @IRSnews. These tweets provide easy to use information, including access to the latest federal tax news and information, tax law changes and important IRS programs.

In addition to YouTube and Twitter, IRS2Go represents the latest IRS efforts to share the latest information on tax changes, initiatives, products and services through social media channels. For more information on IRS2Go and other new media products, visit www.irs.gov.

For more information:

IRS2GO 2.0

Free and Easy Filing Options For 1040EZ Filers From H and R Block

Beyond Typical Tax Topics — Mon, 13 Feb 2012 06:05:00 GMT

For those of you that qualify to use Form 1040EZ, several fast and free options await you from H and R Block.

Until February 29^th, you may go into a local participating H and R Block office to have your federal Form 1040EZ prepared for free. However, if you qualify for the Earned Income Credit, you will be charged up to an additional $40 for this service. State tax returns are prepared at an additional cost of $39.

Those that qualify for this service typically are single or married filing jointly taxpayers with taxable income under $100,000, no dependents, no itemized deductions, income from wages, salaries, tips, taxable scholarships or fellowship grants, and unemployment compensation.

If you have a smartphone, you can use the HR Block 1040EZ tax app for Iphone and Android free of charge.

As long as you meet the qualifications listed above for 1040EZ filers, you may prepare, print, and file both your state and federal return for free. Simply take a picture of your W2 or 1099 form, answer a few questions, and the app does the calculations and review for you. What’s more, the app is supported by free audit support and representation by an enrolled agent, an industry first. Finally, the product offers 100% accuracy and maximum refund guarantee.

To start, go to the link below:

H&R Block 1040EZ Free App

Also new and cutting edge for both taxes and the Ipad is the HR Block tax app for Ipad.

This item supports first time filers and other filers that do not have complex tax situations, such as rental income, self employed filers that use Schedules C or F, or shareholder income from K-1s.

To start, download the app from the link below:

H&R Block Free Ipad App

The app allows you to prepare, efile, and print your federal tax return for free. State returns are available for an additional charge. Included in the service are free advice from Block’s community of tax specialists, free audit support and representation from an Enrolled Agent, an invaluable service only available at Block. As with the Iphone app, the product offers 100% accuracy and maximum refund guarantee.

Finally, you can go online to the H and R Block website and file your federal return for free using the free edition, now featuring free audit support at:

H&R Block At Home Free File

Tax Season 2012 FAQs: Entry 10

Beyond Typical Tax Topics — Sat, 11 Feb 2012 06:00:00 GMT

I got married/divorced last year. What name should I use on my return?

According to IRS regulations, you should use the name that appears on your most recent social security card, which should coincide with Social Security records. This means that if you got divorced but never changed your name, you will need to do so before you file your return.

You will have to wait until the change is processed before your file your return with the new name, thus delaying your filing. Alternately, if your back is against the wall, so to speak and you absolutely, positively cannot wait for the correction, and your conscience will allow you to do so, you can file using the incorrect information, obtain your refund, and then contact Social Security Administration to make the necessary corrections.

If you are unsure as to your current name and want to verify it before filing, you may contact the Social Security Administration at 1-800-772-1213. Mismatches between names and social security number result in filing rejections and processing delays.

Today's Employer Tax Tips

Beyond Typical Tax Topics — Fri, 10 Feb 2012 06:06:00 GMT

Make sure that your employees report their tips to you.

Employees are required

to report the tips they received of $20 or more they

earned during Jan 2012.

If your tax deposits for Forms 940, 941, 943, 944, and 945 were made timely, the tax forms are due today.

If you are a semi weekly depositor who has incurred payroll between the dates of February 4 through February 7, your payroll tax deposits are due today.

These deposits can be made through EFTPS online at
www.eftps.gov

Tax Tip Number 2

Beyond Typical Tax Topics — Thu, 09 Feb 2012 06:01:00 GMT

When filing Form 2441, Child and Dependent Care Expenses, if the organization that provides the care qualifies as a not for profit organization, you may enter “tax exempt” in the space provided for the employer identification number.

Today's Employer Tax Tip

Beyond Typical Tax Topics — Wed, 08 Feb 2012 06:07:00 GMT

If you are a semi weekly depositor who has incurred payroll between the dates of February 1 through February 3, your payroll tax deposits are due today.

These deposits can be made through EFTPS online at www.eftps.gov

Tax Season 2012 FAQs: Entry 9

Beyond Typical Tax Topics — Tue, 07 Feb 2012 06:16:00 GMT

I submitted my return and have now received an additional W2 form. What do I do now?

You will need to complete Form 1040X, US Individual Amended Return. You must complete all columns, with column A being the amount that you originally reported, the column b amount being the difference between the incorrect amount, Column A and the correct amount, Column C. The column C amount represents what you should have written down had you received all of your information at the same time.

In most cases, if you prepared your original return using tax software or online, just go back into the program and plug in the figures to get the change. It may then be able to generate a Form 1040X for you to sign, attach supporting documentation to and mail back or the necessary information for you to plug into a paper copy of the 1040X.

Remember to complete Part 2, Explanation of Changes section. If you now owe money as a result of completing this form, you will need to file Form 1040X by April 17, 2012 to avoid penalties and interest due on the additional money that you received.

For more information:

Need To Correct Your Return? (1040) X Marks The Spot!

Tax Tip Number 1

Beyond Typical Tax Topics — Mon, 06 Feb 2012 05:59:00 GMT

If you have a child under age 17 (Ages 0-16) that is eligible for the Child Tax Credit, make sure that you check the box on line 6c, column 4. If you don’t, you may not receive credit for this individual.

Tax Changes For 2012: Entry 6

Beyond Typical Tax Topics — Sat, 04 Feb 2012 06:05:00 GMT

Payroll Tax Deduction

The payroll tax deduction has been extended until February 29th: Last year, the President initiated a 2 % social security payroll tax break, reducing the percentage withheld from paychecks and paid by employers from 6.2% to 4.2 %.

Expired Tax Benefits

The Making Work Pay credit that gave working people up to $400 tax credit is no longer available.

New For 2011

Beginning in 2011, you may use the business standard mileage rate for a vehicle used for hire, such as a taxicab.

Changes for 2011

For many individuals that mail their returns to the Internal Revenue Service, they will find that their old locations are no longer valid filing locations. Make sure that you consult your applicable Form 1040 instructions for the address to mail your return.

Today's Employer Tax Tip

Beyond Typical Tax Topics — Fri, 03 Feb 2012 06:03:00 GMT

If you are a semi weekly depositor who has incurred payroll between the dates of January 28 through January 31, your payroll tax deposits are due today.

These deposits can be made through EFTPS online at www.eftps.gov.

Tax Changes For 2012: Entry 5

Beyond Typical Tax Topics — Thu, 02 Feb 2012 06:07:00 GMT

Health Insurance Deduction for Self-Employed People

In 2011, eligible self-employed individuals and S corporation shareholders can use the self-employed health insurance deduction to reduce their income tax liability. Eligible taxpayers still claim this deduction on Form 1040 Line 29. Premiums paid for health insurance covering the taxpayer, spouse and dependents generally qualify for this deduction.

In addition, premiums paid to cover an adult child under age 27 at the end of the year, also qualify, even if the child is not the taxpayer’s dependent.

To be eligible, the insurance plan must be set up under the taxpayer’s business, and the taxpayer cannot be eligible to participate in an employer-sponsored health plan.

Change for HSAs and MSAs

Starting in 2011, the additional tax on distributions from a Health Savings Account (HSA) reportable on Form 8889, not used for qualified medical expenses, increases from 10 percent to 20 percent.

The additional tax on distributions from an Archer medical savings account (MSA) reportable on Form 8853, not used for qualified medical expenses, rises from 15 percent to 20 percent.

Today's Employer Tax Tip

Beyond Typical Tax Topics — Wed, 01 Feb 2012 06:02:00 GMT

If you are a semi weekly depositor who has incurred payroll between the dates of January 25 through January 27, your payroll tax deposits are due today.

These deposits can be made through EFTPS online at www.eftps.gov.

Today’s Tax Tip for Employers and Individuals

Beyond Typical Tax Topics — Tue, 31 Jan 2012 06:05:00 GMT

Form 720 for the fourth quarter of 2011 is due today.

If you did not deposit all taxes when due, Forms 940, 941, 943, 944, and 945 are due today.

Payers are responsible for furnishing Forms 1098, 1099 and W-2G to payees and recipients for certain payments during 2011 today.

Today is the deadline for employers to furnish W-2s to employees who worked for you during 2011.

If you accepted wagers during the month of December 2011, file Form 730 today and pay the tax due.

Deposit any FUTA tax owed through Dec 2011 today.

If you first placed a heavy vehicle on the road in December 2011, file Form 2290 and pay the tax due today.

Individuals that did not pay their fourth quarter estimated tax payment on January 17^th should file their return and pay the tax due today.

Did You Know?

Beyond Typical Tax Topics — Mon, 30 Jan 2012 22:12:39 GMT

If you received frequent flyer miles as a result of opening a savings or checking account at a financial institution, it is treated as interest income, making it taxable to you.