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The Internal Revenue Service announced that they plan to open the 2013 filing season and begin processing individual income returns on January 30th. Due to the late tax law changes enacted on January 2, this announcement means that the IRS will begin accepting e-filed tax returns for the vast majority of U.S. tax filers on January 30th. [Read More...]
Categories: Tax Industry News | Tax Tips
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Very soon after Thanksgiving, many Americans start to think about Christmas and shopping! Black Friday, Small Business Saturday, Cyber Monday, and the new comer Giving Tuesday- it seems the list goes on and on with reasons to shop. However, very shortly after all the shopping has died down January 1 brings the New Year and our mind quickly rationalizes…. How in the world am I going to pay for all this stuff?!! After agonizing moments of panic have passed, most people realize that they may be due a refund this year from their taxes and problem solved! Although TaxSlayer.com can’t promise everyone a refund, we can say if you follow these 8 tips you should be on your way to a refund that should help you pay down your holiday debt![Read More...]
It's never too early (or late) to start planning your tax refund! TaxSlayer.com suggests you take these 3 steps to get you on your way to receiving the largest refund possible this year.
1. Wait on all of your tax documents before starting your tax return
There is nothing more frustrating than completing your return and then receiving another tax form the next day. This will cause you to have to do an amended return. After refocusing your return it could take up to 8 weeks for the IRS to reprocess your return and mail out the difference. Be patient in order to receive all your money!
2. Get familiar with IRS publication 17
This is considered one of the many great IRS resources. The section you should at least familiarize yourself with is the "What's New" portion of the publication. It is an often overlooked Gem that has great information about the new tax laws and deductions that will help you to receive the largest possible refund. If you don't like "lite reading" - no worries. TaxSlayer.com has a new tax laws and deductions overview in the software. If you want to skip the IRS publication or TaxSlayer.com's deduction and credits overview our deduction finder will kick in to save the day.
3. Review last year's tax return before you complete your return for this year
Sometimes looking at last year's return will remind you of something you should have included on your return for this year.
If you follow these 3 simple steps you are sure to get the biggest refund possible!
In order to get the largest refund you can get, you will need to know what the IRS allows you to deduct on your tax return. When you do your taxes, you should always have your eyes on the prize and think about that tax refund.
In order to deduct your moving expenses and get that much closer to the largest refund possible on your tax return, you must be able to meet all three of these requirements:
1. The IRS wants your move to be closely related to the start of work both in time and in place. In other words, you must move within a year from the day you first start work in the new place. However, you don’t need to set up work before moving. In order to satisfy that your move is closely related in place, you must be able to show that the distance from your new home to your new job is not more than the distance from your former home to the new job.
2. You must meet the distance test. Your new job location must be at least 50 miles farther from your old home than your old job was from your former home.
3. You must meet the time test. There are different time tests for employees and self-employed taxpayers. An employee must work full time for 39 weeks during the first 12 months after arrival. The self-employed taxpayer must work 78 weeks during the first 24 months of arrival.
If you can meet these conditions you can deduct several moving expenses. You can deduct the cost of moving your household goods and personal effects. You may also deduct ordinary travel expenses including lodging but not meals. Don’t forget that you can deduct the costs of connecting and disconnecting utilities, costs of shipping your car and household pets, and the cost of storing and insuring household goods. All these deductions certainly will help you receive a higher tax refund. It is certainly worth learning about.
Categories: Online Tax Software Tips
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