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Due to District of Columbia holidays which are considered Federal holidays the filing deadline has been extended to Monday, April 18th 2011 and extensions will also be extended to Monday, October 17th 2011.
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Most taxpayers will be able to submit their returns beginning January 14th when Electronic Filing begins. However, if you fall into any of these three categories your filing will be delayed and your tax return will not be accepted until Mid to Late February.
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For those who are employed or paid on W2 the new Payroll Tax Cut will increase take home pay for the coming year, 2011. This is because the social security tax is being reduced by 2 points.
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Congress was finally able to come to an agreement regarding the tax cuts that were set to expire at the end of this year. They have passed a bill that will effect all income levels. The bill will basically keep the Bush era tax cuts and allow for a few other tax saving provisions. Lawmakers did not think it would be prudent to increase taxes in this economy and their plan is to give tax savings that will allow for economic growth.
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If a return is filed with the wrong address or a taxpayer moves after filing for their refund, the check is returned to the IRS and held there until someone claims it. This year 9,662 New Yorkers checks have been sent back to the IRS as undeliverable. Of these checks there are over 1,000 owed to Long Islanders.
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Democrats were pushing to extend Bush’s Tax Cuts for those taxpayers who make an amount equal to or less than $250,000 for married or $200,000 for single. However, Republicans were looking to extend the tax cuts for all income levels, keeping the original tax cuts in place.
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If you have not received your refund and your tax return was submitted more than 6-8 weeks ago, your check may have been sent back to the IRS.
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Taxpayers are waiting on pins and needles for the important decisions regarding income tax cuts or increases to be made by Congress. Will Bush’s tax cuts be extended or should taxpayers expect a surprise come tax time? Congress reconvenes on November 15th and hopefully we can get some answers quickly. Every year we wait for a patch to be issued that will apply inflation rates to the tax laws regarding Alternative Minimum Tax (AMT).
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The Internal Revenue Service has been plagued with phishing schemes in recent years. Taxpayers beware that the IRS will never contact you via email, so anything that you receive via email that says it is from the IRS is actually not.
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Last week H&R Blocks stocks plummeted to the lowest they’ve been since 2001, after news that the national chain may not be able to offer Refund Anticipation Loans (R.A.L.) for the upcoming tax season. More recently the stocks are teetering up and down as news about their legal dispute with H.S.B.C., the bank they use to offer Refund Anticipation Loans, continues to be discussed.