3 minutes read
There are many ways to maximize your refund in any given tax year. However, as opposed to sifting through reams of tax laws to determine whether or not you qualify for certain tax credits, various deductions or if you should file additional tax schedules, one of the easiest & most frequently overlooked adjustments you can make is to your employee withholding.
8 minutes read
I recently read an article that breaks down the differences in the two most popular tax preparations software; Intuit’s TURBOTAX and H&R Block’s AT HOME (previously knows as TAX CUT). I am going to post some of the interesting findings and add R&G Brenner’s comments underneath:
3 minutes read
It appears that for the third year in a row, NY state is planning on delaying refunds to New York taxpayers. The last two years, the state was savvy in delaying refunds by issuing a blanket letter requesting “additional documentation” in order to release refunds. However, in many cases, the state already had all the documentation in order to process refunds. In light of the current budget crisis, it appears New York State can no longer beat around the bush.
2 minutes read
The First-Time Homebuyer Credit (FTHC)–where qualifying taxpayers can receive up to an $8,000 tax credit–is under tremendous scrutiny by the IRS as it has been earmarked this year as a credit that is likely to be abused. This is not surprising considering the huge amount of money the IRS could stand to lose due to erroneous claims. However, those that legitimately qualify for this credit MUST be diligent in the documentation they provide in order to receive this credit. The IRS has just...
3 minutes read
The following are a list of critical tax benefits all tax payers should be aware of. Pay particular attention to the first one, as this will negatively affect taxpayers by reducing the amount they receive from the Child Tax Credit.
2 minutes read
As you get ready to prepare your 2009 tax return, the Internal Revenue Service wants to make sure you have all the details about tax law changes that may impact your tax return.
2 minutes read
Two H&R Block Tax Consultants have filed suit against H&R Block stating that they allegedly violated the Fair Labor Standards Act.
1 minute read
In an effort to slash over $700,000 from their budget, NY State has eliminated the mailing of form 1099-G (Statement for Recipients of State Income Tax Refunds) to New York taxpayers. 1099-G’s are issued to taxpayers that receive NY State refunds–which are considered taxable income on the following year’s income tax return.
3 minutes read
By now, everybody is aware of the sheer devastation inflicted on the people of Haiti by a massive earthquake that struck 9 days ago. It has been estimated that in excess of 200,000 people have been killed or are still missing. The global outpouring of aide & donations are setting records daily. However, in an effort to reward those that have made donations to Haiti–as well as provide an incentive to those that have not–a bi-partisan bill is being introduced by the Leaders of the House Ways &...
4 minutes read
Jaskson Hewitt–the 2nd largest tax preparation business behind H&R Block–has lost over 50% of their Refund Anticipation Loan (RAL) funding for the 2010 tax season. Due to regulatory crackdowns, the bank that funded Jackson Hewitt’s RAL program–Pacific Capital Bankcorp Inc.–was blocked by the Office of the Comptroller, and ordered to leave the RAL business.
“It’s potentially disastrous for Jackson Hewitt,” said Vishnu Lekraj, an analyst at Morningstar Inc. “If they lose the ability to provide...