Archive for category Budget
What If Your Tax Refund is Wrong?
Posted by Tetyana Matychak in Budget, Favourites on May 12th, 2010
Most of us get refund checks at tax time. And most of the time, those refunds are just what we had been eagerly awaiting. But occasionally, the amount on an IRS check is not what we expected. In some cases, it’s less than we figured on our 1040s. Every now and then, it’s more.
Regardless of whether the refund discrepancy goes against you or favors you, some steps can be taken to resolve the matter. That way, even if you and the tax collector aren’t necessarily satisfied with the eventual amount, you’ll at least understand the mathematical misinterpretation.
Explanation en route
First, don’t panic. There’s usually a logical explanation for why you and the Internal Revenue Service came up with different numbers.
The IRS will send you a written explanation for the unexpected amount. The only problem is that the explanation doesn’t always accompany the check. Such coordination of cash and comment is particularly difficult with directly deposited refunds, which are likely to show up unexplained in your account first.
Why your refund might be an unexpected amount: Read the rest of this entry »
Energy Efficient Home Improvement
Posted by Tetyana Matychak in Budget on May 4th, 2010
Tax breaks for energy efficient home improvement purchases are set to expire in 2010, leaving taxpayers with just enough time to take advantage and save money.
This year is a good time to make green home improvements. This is because — unless Congress extends the tax breaks again — the advantages offered by green home improvements will be disappearing. 2010 is the year they expire, so if you want to get an advantage for upgrading your home with green improvements, now is the time to do it.
Available Tax Breaks Related to Home Improvement
You can get a tax credit for 30% of the cost of making small upgrades to your home, up to $1,500. This is a credit that will reduce the amount of money you owe on your 2010 tax return (to be filed in 2011), kind of like a gift card. These small upgrades include the following:
High efficiency heating and cooling systems.
Better insulation.
Energy efficient windows.
Energy efficient doors.
New water heater.
Duct seals. Read the rest of this entry »
Where’s My Refund
Posted by Tetyana Matychak in Budget on May 3rd, 2010
Still waiting for a 2009 tax refund? Millions of people filed their tax return on April 15. With so many returns to process, the IRS has many refunds queued up waiting to be sent out to taxpayers.
Now that April 15 — Tax Day — has come and gone, millions of people are waiting to receive a tax refund from the IRS. It’s an anxious time for many taxpayers who could use the help of a government tax refund to pay their bills. How can you find out when your refund will arrive?
Tax Refund Status
You can check the status of your refund online. In order to this, use the refund status tool provided by the IRS. You must provide the following:
Your Social Security Number (or Individual Taxpayer Identification Number)
Your Filing status (Single, Married Filing Joint Return, Married Filing Separate Return, Head of Household, or Qualifying Widow(er))
The exact whole dollar amount of your refund
If you are unable to check your status online and you believe there may have been a problem with your tax return or your tax refund, then call the customer service line at the IRS. Automated information is available 24 hours a day. Read the rest of this entry »
Five Lessons From Your ‘09 Tax Return
Posted by Tetyana Matychak in Budget, Favourites on April 15th, 2010
Your 2009 taxes are done. Congratulations! But you’re not done yet. (Sorry.) While you have all your 2009 tax forms and documents handy, this is the perfect time to analyze last year’s finances and use those insights to lower your taxes in 2010 and beyond.
The sooner you get started, the more you can save. So, take a big breath and then take these five steps:
1. Avoid a Big Tax Refund
You think you love getting a tax refund. What’s not to like about found money? But a refund is really just the return of a year-long, interest-free loan that you extended to your spendthrift Uncle Sam.
You can do much smarter things with that money, like putting it into a retirement plan or a college savings fund. So if you will be receiving a 2009 refund of more than a few thousand dollars and you’re an employee, adjust your withholding at work. If you’re self-employed, lower your quarterly estimated tax paymentsaccordingly.
If your 2010 income will be less than $75,000 ($150,000 if you’re married and will file jointly), be sure your tax withholding has been properly adjusted for the new Making Work Pay Tax Credityou’re entitled to receive this year. This credit (up to $400 for singles and $800 for couples) should be reflected in the amount of taxes taken out of your paycheck. But you may need to submit a revised W-4, especially if you’re holding down multiple jobs or you’re married, since your employer wouldn’t know about your extra work or your spouse’s income. Read the rest of this entry »
New jobless claims unexpectedly rise by 24,000
Posted by Tetyana Matychak in Budget on April 14th, 2010
New weekly jobless claims unexpectedly rose by 24,000 to 484,000 last week, the government said this morning, increasing worries that high unemployment will stick around for a long time.
Forecasters had expected the new jobless claims number to come in at 430,000.
The four-week moving average, which smooths out volatility in the number, rose by 7,500 last week to 457,750.
Continuing claims rose from 4.57 million to 4.64 million.
Economists suggest the spike in claims could be related to the Easter holiday. Each week, it seems, there’s some sort of anomaly that affects the new jobless claims — the big February snows, the March snapback from the big February snows, the Easter holiday — so it’s hard to get a good handle on the real jobless picture in the U.S. Read the rest of this entry »
Tax Extension
Posted by Tetyana Matychak in Budget, Favourites on April 9th, 2010
File a tax extension online no later than April 15. The IRS will give you an extra six months to file your tax return.
An IRS tax extension allows you to put off tax day until October 15. The IRS will gladly give you extra time to file even for those who owe taxes. As long as you file your extension on or before April 15 and then file your return before October 15, you will not be penalized.
Filing an extension online is not a free pass to ignore your taxes. Rather, it’s an agreement with the IRS that you will certainly file your taxes after April 15. Once you file the extension, we suggest you take the proper steps to file an actual return. Once October 15 rolls around, there is absolutely no delaying your taxes any further.
Here are some tips to filing your tax return after April 15:
1. File your extension online. It’s fast, easy, and approval is virtually instant. Then, e-file your return to speed up the process and to ensure a quick refund. If you use the e-file option your tax return is going to be received and processed quickly. Read the rest of this entry »
Housing: Time to Pull the Plug on Government Support
Posted by Tetyana Matychak in Budget, Favourites on March 22nd, 2010
America’s housing market implosion was the epicenter of the Great Recession. It’s hardly surprising that the federal government directed enormous resources at the market. Besides bailing out vulnerable banks, the federal government nationalized mortgage behemoths Fannie Mae and Freddie Mac, opened the lending spigot at the Federal Housing Administration (FHA), passed a first-time home buyers’ tax credit, and established a mortgage modification program for troubled homeowners. The Federal Reserve embarked on a $1.25 trillion purchase of mortgage-backed securities in an effort to engineer lower mortgage rates.
The Herculean efforts may be understandable. But they were a mistake in the early months of the downturn—and now stand as a public policy blunder in the early months of a recovery. That’s a harsh judgment, but it’s way past the time for ending taxpayer support of the housing market.
These policies are geared toward propping up home prices, the definition of a perverse public policy. Artificially holding prices at above-market levels harms new potential buyers, from young adults starting their own households to immigrants putting down stakes in the American Dream. The subsidies wrongly delay the inevitable home market price adjustment to excess supply in many markets across the country. Read the rest of this entry »
Awareness Rises, but Women Still Lag in Pay
Posted by Tetyana Matychak in Budget on March 12th, 2010
Companies in the United States, Spain, Canada and Finland lead the world in employing the largest numbers of women from entry level to senior management, according to a report published Monday by the World Economic Forum. Yet the report also found that, despite increasing awareness of gender disparities in the workplace, women at many of the world’s top companies continued to lag behind their male peers in many areas, including pay and opportunities for professional advancement.
Moreover, many of these companies have yet to implement policies to address these gaps, despite pressure from many of their governments to do so.
The forum, based in Switzerland, surveyed 600 heads of human resources offices at the largest employers in 20 countries representing 16 different industries.
The poll assessed companies according to a range of criteria, including rates of female representation, whether the companies measured or set targets for gender balance in pay or promotion, and whether they offered benefits, like paid family leave, to promote work-life balance for their employees. Read the rest of this entry »
Retail gasoline prices match 2010 high
Posted by Tetyana Matychak in Budget on March 10th, 2010
Motorists are well down the road to higher pump prices as warmer weather and the driving season approaches.
Average retail gasoline prices, continuing a surge that started last month, have now matched their 2010 high on the way to prices that many analysts believe will top $3 per gallon this spring.
The nationwide average retail gasoline price rose 0.6 cents Monday to $2.753 per gallon, virtually identical to the high water mark of $2.7583 reached on Jan. 14, according to auto club AAA, Wright Express and Oil Price Information Service.
Prices have risen 9.2 cents in the last month and are now 80.6 cents higher than levels of a year ago.
The Energy Information Administration, which is among those predicting $3 gallon gas this spring, will release figures on nationwide retail gasoline prices later Monday. Read the rest of this entry »
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