The Tax Preparation Blog

Posts Tagged ‘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

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: Import duty and tax on post from Australia to UK?

I bought two items separately online from Australia each item cost $59.95 with postage and packaging costing $24.95 each. Thats is a total of $84.90 Australian dollars (or £48 British Pounds) for each item to be sent separately.

They arrived separately. For the first package the Postie rang the door bell and charged me £12.98 for import duty and tax. The second package just came through the letterbox with no charges at all.

I just want to know:
Should I have been charged the first time (did I just get lucky the second time)?
And if so does the amount seem correct?

I did look it up online but the information is dense to say the least. I don’t need any indepth calculations just a yay or nay.

Also I returned the first package for an exchange. Should I be able to claim that £12.98 back somehow?

Thanks in advance for answering such a tedious question!

Answer: Hello.

This link takes you straight to the HMRC website regarding all forms of import duty from Australia to the UK.

http://customs.hmrc.gov.uk/channelsPortalWebApp/channelsPortalWebApp.portal?_nfpb=true&_pageLabel=pageImport_ShowContent&id=HMCE_CL_001454&propertyType=document

I believe the answer to the first part is yes,you were charged correctly and no,you didn’t get lucky the second time as this item was below the threshold for import duty and tax. As you have returned the first package for an exchange,you may be able to claim back your taxes, but you will be required to pay them again when the item is imported into the UK.

I hope this will help.

Big L 266

Commonwealth Bnk Aus – Half Yearly Results – 31 December 2010

Commonwealth Bnk Aus – Half Yearly Results – 31 December 2010

Hassle Free Online Tax Return Systems

Question: I contracted as a limited company in the UK, now I have to file a personal tax return – help!!?

I contracted for 5 months (March 07 – July 07) and set myself up as a limited company to pay less tax. I used an accounting firm to sort this out for me. Now I have to file a tax return for the tax year 06/07 and I’m completely clueless as to how to do it. Do I include the limited company earnings? I assume it’s relatively straightforward for the months up to March when I started contracting, as I was in ‘normal’ employment up to then and have a P60 for the job I finished in February 06.

How do I disclose the income I earned from March 1 (date I started contracting) – April 5 (end of tax year)?

Answer: Hi,
The tax year in the uk runs from the 6th April to the 5th April the year after.

Therefore, for your 06-07 return, you will only be required to declare your earnings from when you started in March up until the 5th of April 2007.

Any income you earnt after that date would be declared in your tax return for 07-08 in a years time – and as you rightly said, your PAYE earnings will not be affected, the inland revenue will already have it on record that you were employed up until March.

If you use an accounting firm, they should be doing all the necessaries for you – all you will need to do is submit your receipts for any work-related expenses you have incurred.

Hope that helped – don’t forget that tax returns have to be filed by the end of January to avoid being fined!

Updated: Myanmar’s junta leaders “stupid” and “dumb”

In a latest diplomatic cables leaked by whistle-blowing site WikiLeaks, Singapore’s Minister Mentor Lee Kuan Yew was cited as calling Myanmar’s junta leaders “stupid and dense” and Taiwan’s former President Chen Shui Bian a “gambler” who was ready to “go for broke” on independence. The classified document relates to a confidential briefing on a 2007 conversation between Minister Mentor Lee Kuan …

Can I Claim A UK Tax Refund?

Question: How can I get and estimate of what my tax return will be?

I am trying to figure out approximately how much my tax return will be for next year. Does anyone know of any websites I can go to? Or do I just have to wait til tax time?

Answer: H & R Block has a 2006 Tax Estimator calculator. If you have your most recent pay stub, you can probably get a pretty close estimate.

Avanti Mining Announces Kitsault NPV Increases to US$798 Million (After Tax) in Final Feasibility Study

VANCOUVER, BC–(Marketwire – 12/20/10) – Avanti Mining Inc. (TSX-V: AVT – News ) (“Avanti”) is pleased to release the results of the NI 43-101 Feasibility Study (“FS”) prepared by AMEC on its 100% owned Kitsault Molybdenum property in northwest British Columbia, Canada. The complete report will be filed on SEDAR and Avanti’s web site, www.avantimining.com , within 45 …

How to Avoid Capital Gains Tax in 2010, 2011