The Tax Preparation Blog

Posts Tagged ‘income tax return’

Question: What explanation will help recover my late 2003 tax return from IRS’ Statute of Limitations 3-year-max-law?

My 2003 income tax was incomplete and needed to be filed by April 15th, 2007 but I didn’t get around to filing it until late May/early June because I didn’t have the fee for HR Block. IRS says I don’t owe(am due a refund) but that the Statute of Limitations Law allows me to file up to 3 years late, and I was 3 months over(so, they’re holding it)… I talked to an IRS attendant & she gave me the address to write to the IRS Service Center/collections. She suggests that I don’t just say that I forgot or that I didn’t know, b/c “ignorance of the law is no excuse”, as she stated. So now the IRS is holding my return money from that year, but I really need it asap. ARE THERE ANY EXCEPTIONS TO THAT LIMITATIONS LAW which I could use in my letter. It was an honest mistake but it doesn’t give them the right to keep my hard earned money. Some1 plz help ASAP. Maybe you know of the limitations laws and can enlighten me on what would possibly work?? Maybe my situation alone was good enough?

Answer: About the only way that anything would work, was if you were physically unable to file the 2003 within the 3 year deadline (you were in a coma, you were held hostage). Saying that you didn’t have the H&R Block fee is not good enough. I do know the limitations laws, and am sorry to have to inform you that you are out of luck with claiming the refund. The only way out that I can think of is if you had filed for an extension (and you would have had to file a 2nd extension as well) for the 2003 return. If you had filed an extension, that would have extended the filing of the 2003 return originally to August 15, 2004 (which considering that today is 8/23 you’d be out of luck), and if you had filed for a 2nd extension (giving 2 additional months) that would have extended the filing to October 15, 2004, which would extend the 3 years to file to October 15, 2007. If you didn’t file an extension or only filed the first extension, I’m sorry but you are out of luck totally, unless you were in the coma or held hostage for 3 years (maybe H&R Block held your return hostage until you paid them, but that doesn’t count).

PS, not sure what M is suggesting to write off for 2008 (should be 2007). If it’s the tax prep fee, that needs to be claimed on Schedule A – Itemized Deductions under miscellaneous deductions, and has to exceed 2% of AGI for the excess to be deductible. If M is suggesting to write off the lost refund, you can’t do that.

Diana Clement: Best not to bury head in the sand over tax

The IRD has teeth and isn’t afraid to bare them at ‘non-compliant’ taxpayers.The spectre of tax returns makes some people bury their heads in the sand. Thousands of them every year, in fact.With the end of the financial year having…

2009 tax changes brought to you by Corey & Associates Tax Accountant 305-823-9228

Opposition will support Liberal non-confidence motion

The New Democrat and Bloc Quebecois leaders said Wednesday they would support a Liberal non-confidence motion to bring down the government, if it were put to a vote.

Alan Mulally of Ford: Leaders Must Serve, with Courage

Freedom Debt Relief Presents 6 Questions to Ask Before Paying Off a Mortgage Early

Early mortgage payment an option for households without other debt.

Recovery: Making Work Pay – Married (ASL, Captions & Voice Over)

Question: e-filing of income tax India: accout activation link in confirmation mail not working?

On 27th July, Monday, I have filled up the ITR-I form to file tax return for A.Y. 2009 – 2010.
I am facing an issue while uploading the XML file to the tax dept. website. The confirmation mail which i received after registering to the website, is having a link that should be clicked to activate my account. but this link is not working for past 27 hours. whenever i click on that, it says “Internet Explorer cannot display the webpage”. if i add a “s” with the “http” at the beginning of the URL, then the site of tax dept opens, but it says –”Error in account activation”.

This problem is persisting for past 27 hours and not yet resolved. I have tried from different computer systems but in none it is working. i have even sent 2 complaint mails to the income tax dept, but no reply till now.

Please help to overcome this issue.

Answer: Better Contact :

Office of the Director General of Income Tax (Systems)

E-2 ARA Center, Ground Floor,

Jhandewalan Extn

New Delhi 110055

Call or email our call center

Aayakar Sampark Kendra (ASK)

124-2438000

ask@incometaxindia.gov.in

or

To assist taxpayers, a limited call center service with two agents has been established at ITD-CPC, Bangalore. Taxpayer queries on status of ITR-V receipt at CPC, Bangalore will be answered on 080-43456700 between 9:30 AM to 6 PM. The service will be available in English, Hindi and Kannada.

Wipro Records 10% YoY Growth in Profit After Tax in the Quarter; Year-to-date Growth of 16%

Wipro Limited today announced financial results under International Financial Reporting Standards for its third  fiscal quarter ended December 31, 2010.

Davos Annual Meeting 2010 – India’s Future Agenda

Question: does this tax refund seem way too high?

i just netfiled my taxes with the CRA, using free tax software online. i filled out all of the forms and double checked everything, and my return amount is a little over 2,300. i had an income of about 17,000. i’m not a student, but i have one 1 year old child who i claimed as an eligible dependent. i live in ontario, if that information helps at all. the amount of tax deducted at my job was 1100, and the other income i claimed was not taxable. i know that i should be getting the WITB, the sales tax credit, and some money back for the exorbitant rent i’ve been paying… but 2300 bucks? something seems wrong here.

Answer: its not wrong, the earned income tax credit went up this year. so we’re all getting more.
i got over $4500 this year for my refund.
enjoy it.

Early income-tax filing not the best deal

The early bird doesn’t always get the worm. Moreover, said a consumer-finance expert in Penn State’s College of Agricultural Sciences, being in a hurry to file your federal income tax forms in pursuit of a quick refund isn’t always the best idea.

How to E-file an Income Tax Return using TurboTax