The Tax Preparation Blog

Posts Tagged ‘tax’

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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

Question: in california does the percentage of tax taken out of your paycheck differ each time?

I make 15.00hr and last week I worked 25.5 reg hrs and 3.5 ot hrs. i calculated the total taxes taken out (i claim 1 single) at around 17%. this week I worked 40 reg hrs and 21.5 ot hrs and the total taxes taken out this time was almost 28%. BS! I was so looking for a different better number on my check! So does the total taxes percentage differ from paycheck to paycheck depending on what you earn each pay period?

Answer: Yes, it can differ considerably when your hours vary that much.

Robert Rizzo, aide accused of conspiracy in Bell corruption scandal

Former city administrator and his assistant conducted an elaborate plan to conceal benefits and bypass state law by hiding their true pensions, an indictment says. Former Bell City Administrator Robert Rizzo and his assistant spent seven years conspiring to illegally boost their pensions, created fake contracts, secretly increased their benefits and then filed workers’ compensation claims as …

Cold War Kids – We Used To Vacation

Question: Is State Income Tax Payments deductiable from my federal income tax?

I am new to filing taxes and I live in California.Can I deduct the total amount I have paid in state income tax from the total amount I owe in federal income tax on my tax return?

I am filing as a single person.

Answer: You can’t deduct the total paid in state income tax from what you owe in federal income taxe, but what you can do is you can deduct your state Income Tax Payments on Schedule A itemized deductions on state or sales taxes line 5. You have the choice of taking either. But you have to itemize for the state income taxes to do you any good, and if you itemize and deduct state income taxes, then if you get a refund it’s taxable to you in the next year.

Brown releases plan for Calif. pension changes

(03-31) 18:17 PDT Sacramento, Calif. (AP) — Gov. Jerry Brown released a 12-point proposal to revamp California’s public-employee pensions Thursday, drawing immediate outcry from state workers complaining that it asks…

California controller to suspend tax refunds, welfare checks

Question: I still haven’t received my federal tax refund, what does this mean?

I filed a couple weeks before the due date in april, I haven’t received any response or my refund. What gives??? They would have let me know if there was a problem, correct?
I prepared it online (turbotax I believe), but had to print it on and send it in.

Answer: Generally not getting your refund in a timely manner means one of two things. First there was a problem with the IRS receiving the return (like it got lost in the mail or their process). Secondly is the case where the IRS believes that you owe them or some other governmental agency money. You can check on your refund at the link below. You will need to know you filing status, SS number and the amount of the refund.

http://www.irs.gov/individuals/article/0,,id=96596,00.html

LifeCare Holdings, Inc. Announces 2010 Year-end Results

PLANO, Texas, March 30, 2011 /PRNewswire/ — LifeCare Holdings, Inc. (the “Company”) today announced its operating results for the year ended December 31, 2010. Three Months Ended December 31, 2010 Net Revenues Our net patient service revenue decreased by $2.3 million, or 2.5%, to $87.1 million for the three months ended December 31, 2010, as compared to the same period in 2009. Patient days in …

Canvas-CMS1500-HEALTH-INSURANCE-CLAIM-FORM Black Berry.mp4 – Mobile App – GoCanvas.com

Question: Filing a 2005 Tax Return; Should I put my old or current address?

I am just now filing for 2005 Federal. At the top of the 1040 form, should I fill in:
a. the California address where I lived when I made all the money, or
b. the Oregon address I am at now where they correspond with me?

Answer: Your current address.

California Budget Setback Imperils Brown

Gov. Jerry Brown won’t be able to move forward with his agenda until he bridges a $15.4 billion budget gap

California’s State Budget – Weekly Address – 10/08/2010