March 1, 2013 12:00 am
Published by Mark
In general, the American opportunity tax credit, lifetime learning credit and tuition and fees deduction are available to taxpayers who pay qualifying expenses for an eligible student. Eligible students include the primary taxpayer, the taxpayer’s spouse or a dependent of the taxpayer. Though a taxpayer often qualifies for more than one of these benefits, he or she can only claim one of them for a particular student in a particular year.
March 1, 2013 12:00 am
Published by Mark
The IRS receives thousands of reports every year from taxpayers who receive emails out-of-the-blue claiming to be from the IRS. Scammers use the IRS name or logo to make the message appear authentic so you will respond to it. In reality, it’s a scam known as “phishing,” attempting to trick you into revealing your personal and financial information.
March 1, 2013 12:00 am
Published by Mark
The Internal Revenue Service plans to allow more of the remaining tax forms that have not been available for electronic filing yet this tax season to go through during the first week of March. In an email to software developers and transmitters on Wednesday, the IRS noted that due to late legislation, the IRS delayed startup for the tax forms listed below until the first week in March. Barring any problems, the IRS will send out a QuickAlert email early in the week announcing the official openin...
March 1, 2013 12:00 am
Published by Mark
The FAFSA (Free Application for Federal Student Aid) determines the expected family contribution – a rough estimate of how much money the family will be expected to contribute (EFC) for a year of college education. Many factors come into play to determine the EFC, including the number of family members in college and your family's savings, earnings and assets. College financial aid offices use the FAFSA to determine a student's need-based financial aid.
March 1, 2013 12:00 am
Published by Mark
Your tax withholding is directed by the W-4 that you have completed and is reflected on your paycheck. You may check your withholding with your HR Department and you may change it at anytime throughout the year. The withholding each payday is calculated using your withholding status (married or single and the number of allowances) and the tables or formulas provided by the taxing authorities.
February 11, 2013 12:00 am
Published by Mark
Starting Sunday, Feb. 10, the IRS will start processing tax returns that contain Form 4562, Depreciation and Amortization. And on Thursday, Feb.
February 2, 2013 12:00 am
Published by Mark
The IRS announced on Monday that taxpayers filing Form 8863, to claim the American Opportunity Tax Credit or the Lifetime Learning Credit can begin filing by the middle of February after the IRS updates its processing systems. The delayed start will have no impact on taxpayers claiming other education-related tax benefits, such as the tuition and fees deduction and the student loan interest deduction. Filers who need to attach Form 8863 used to claim the American Opportunity Tax Credit and the L...
February 2, 2013 12:00 am
Published by Mark
The Internal Revenue Service is gearing up to kick off tax filing season on January 30 and has announced a new and improved version of its refund lookup tool, “Where’s My Refund?” If you e-file, you can get personalized refund information within 24 hours after the IRS receives your e-filed return–or four long weeks if you mail in a paper return. Yes, the IRS wants you to e-file. You can check on your refund on the IRS mobile app, IRS2Go, or on the IRS web page here (remember it won’t work until ...
February 2, 2013 12:00 am
Published by Mark
Many businesses will be able to file their 2012 federal income tax returns starting Monday, Feb. 4. Filers of forms affected by January tax law changes will need to wait until late February or early March.
January 29, 2013 12:00 am
Published by Mark
On Monday, two days before the delayed Jan. 30 start of the 2013 filing season, the IRS announced a further delay in processing returns that contain Form 8863, Education Credits, which must be filed by people claiming the American opportunity and the lifetime learning tax credits. During testing, the IRS discovered that programming modifications must be made before the form can be processed correctly so returns that include the form cannot be filed until mid-February.
