Monday, March 25, 2013
Less Americans are getting a refund check from the IRS this year, CNNMoney reports. Some say it's a sign the economy is improving.
Only 59 percent of Americans say they’ll be receiving a refund check from the IRS this year, CNNMoney reports. An American Express survey showed the percentage of people expecting money back from the government is down from 64 percent last year. More people say they are earning more and will owe money this year, which a sign the economy is doing better, CNN reports. Will you get a refund from the IRS this year, or do you expect to pay? Take part in our poll and start a conversation about the subject in the comments section.
Wednesday, March 6, 2013
GoBankingRates.com lists common errors people make while filing their taxes.
While neglecting to include all income sources on a tax return may seem insignificant to some taxpayers, doing so can easily result in trouble with the Internal Revenue Service (IRS). Go Banking Rates identifies the top five taxable income streams that Americans neglect to report. Certain gifts that reach a valuation limit must be added to tax documents. Unreported monetary gifts risk an Accuracy-Related Penalty, according to the IRS, which is equal to a fine of 20 percent of the underpayment due. Find a tax professional in Niles and Morton Grove “Gifts that you give to someone else may be taxable,” said Clay Wyatt with Go Banking Rates. “The good news is that you can give up to $13,000 worth of gifts per person, so for instance, you can…
Wednesday, January 30, 2013
Information on 2013 filing, complete with local accountant contacts.
Today is the first day you can file your annual tax return. The Internal Revenue Service has revised its opening date for tax season — pushing it back eight days from previous years. The tax filing deadline is Monday, April 15, 2013. The IRS will begin accepting tax returns beginning today, Jan. 30, 2013. Most taxpayers should be able to file today, though some revised forms may not be immediately available. You can blame the delay on the federal "fiscal cliff" crisis and the new tax bill Congress passed just after Dec. 31. You can find more information in this Forbes article. Electronic filing season was originally set to start on Jan. 22 this year. As a result of the delay, nobody will get a refund in January, an H&R Block official …
Wednesday, August 29, 2012
He was told a second tax report had been filed in his name. An arrest is merely an accusation and does not indicate a conviction.
A 36-year-old man of the 8400 block of Peter Terrace filed his tax return in May and was anticipating receiving a tax return check. When he did not receive it, he contacted the IRS. An IRS representative told him a second tax return had been filed in his name. Upon reporting this to police Aug. 22 just after 1:30 p.m., which they told him it was an apparent case of identity theft. The IRS told him he would need to file a report to follow up. Woman stopped for DUI, police say Sang Lee of Wheeling was charged with DUI on Aug. 18 just before 1 a.m. after police stopped her in the 9700 block of Milwaukee Avenue. Police said she was driving 50 mph in a 35 mph zone, without any headlamps. According to the report, police observed an odor of …
Wednesday, February 16, 2011
IRS-certified volunteers are stationed at Morton Grove's Civic Center Monday, Wednesday and Friday, through April 15, to help seniors file their tax returns.
For Morton Grove seniors, this week is the first week to receive free federal and state income-tax-return assistance from volunteers through the AARP Tax-Aide program. The free service, offered annually to low- and moderate-income residents over 55, pairs taxpayers with AARP volunteers who are certified by the Internal Revenue Service. Sessions are scheduled by appointment, by calling the Morton Grove Senior Hotline at 847-470-5223. But don’t wait to sign up: The service is popular, and slots are filling up, said Department of Family and Senior Services Director Jackie Walker-O’Keefe. She noted that each year an average of 250 seniors sign up for the program, which has been available in Morton Grove for the past 20 years. Appointments are …
Friday, December 31, 2010
Written by Harold Taggart, a local, Super Cup regular.
Friday, December 31, 2010
"Social Security is bankrupt!" "Social Security is an entitlement." "Social Security proves the government is incapable of running anything!" "Illegal aliens (undocumented workers) are coming here and receiving Social Security benefits." All of these statements are widely believed. All of these statements are false. I worked for Social Security for five years, then Internal Revenue Service for 13 years where my job included insuring that employers withheld and turned over Social Security deductions. The myths about Social Security abound and no politician from either party is inclined to expose them. Social Security is the Federal Insurance Contributions Act (FICA) passed in the 1930s as part of the New Deal. It's a percentage of …