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Archive for the ‘tax tips’ Category

IRS Offers After Tax Season Tips

MOUNTAINSIDE  – “New Jerseyans who have already filed their federal tax returns may still have questions,” New Jersey’s IRS Spokesperson Gregg Semanick said.  “Here’s what you need to know about your refund status, mistakes and what to do if you move or owe the IRS.”

Where’s My Refund?

You can go online to check the status of your 2008 refund 72 hours after IRS acknowledges receipt of your e-filed return, or 3 to 4 weeks after you mail a paper return.  Be sure to have a copy of your 2008 tax return available because you will need to know the filing status, the first Social Security Number (SSN) shown on the return, and the exact whole-dollar amount of the refund. To check on your refund, do one of the following.

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MOUNTAINSIDE — The Internal Revenue Service recently announced that taxpayers who buy a new passenger vehicle this year may be entitled to deduct state and local sales and excise taxes paid on the purchase on their 2009 tax returns next year.

“For those thinking about buying a new car this year, this deduction may give them a little more drive to make their purchase this year,” said IRS Commissioner Doug Shulman. “This deduction enables taxpayers to buy now and get cash back later on their tax returns.”

The deduction is limited to the state and local sales and excise taxes paid on up to $49,500 of the purchase price of a qualified new car, light truck, motor home or motorcycle.

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By Gregg Semanick-New Jersey‘s IRS Spokesperson

There are several tax credits and benefits available to qualifying taxpayers with disabilities as well as to the parents of disabled children. For information on tax credits and benefits available to the disabled, see Publication 3966, Living and Working with Disabilities, or Publication 907, Tax Highlights for Persons with Disabilities, available on the IRS.gov web site or by calling 1-800-TAX-FORM (800-829-3676).

For more information on IRS tax tips, go to the IRS.gov web site at www.irs.gov.

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irs-sealBy Gregg Semanick-New Jersey‘s IRS Spokesperson

If you already filed your federal tax return and are due a refund, you can check the status of your refund online at http://www.irs.gov using the “Where’s My Refund?” feature. If you do not have internet access, you can check the status of your refund by calling the IRS Refund Hotline at 800-829-1954.

For more information on IRS tax tips, go to the IRS.gov web site at www.irs.gov.

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Federal tax returns are due about one month from now. Have you sent yours in?

No? Well, the National Society of Accountants (NSA) has three words for you: “Git R Done!”

The Internal Revenue Service (IRS) reports that many people already have. In fact, the IRS said that as of February 27, 2009, it had received 56 million individual tax returns, a slight increase over the previous year. The average individual refund was $2,869, a 9 percent increase or $232 more than the same time last year.

So if you are one of the millions of taxpayers who still hasn’t filed, what are you waiting for?

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irs-sealBy Gregg Semanick-New Jersey‘s IRS Spokesperson

You can avoid headaches at tax time by keeping track of your receipts and other records throughout the year. Good recordkeeping will help you remember the various transactions you made during the year, which in turn may make filing your return a less taxing experience. Remember, good recordkeeping will ensure you do not miss out on any tax deductions. Publication 552 will help you in knowing what records you need.

For more information on IRS tax tips, go to the IRS.gov web site at www.irs.gov.

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Avoiding A Tax Audit

All taxpayers dread the prospect of facing an Internal Revenue Service audit. According to the New Jersey Society of Certified Public Accountants (NJSCPA), there are some steps you can take to minimize the likelihood that you’ll be audited or ensure a more positive experience if you are.

What’s It All About?

In an audit, the IRS contacts the taxpayer to verify some of the information contained in a filed tax return. The process usually involves a very careful examination of the return. The IRS is becoming more active in enforcement actions. In 2007, nearly 1.4 million individual tax returns were audited, the highest rate since 1998. Audits of businesses jumped 14 percent, to just under 60,000. Among other reasons, the IRS is trying to reduce the tax gap — the difference between taxes owed and taxes actually paid — which the agency estimates is roughly $290 billion.

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