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Tuesday, January 29, 2013

Your Income Tax Refund

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The first day of electronic filing will be, Wednesday January 30th 2013, and the Internal Revenue is assuring the taxpayers that they are prepared, except for those few who will require the forms that aren't quite ready. I'm wondering if the Internal Revenue will be able to handle all the returns at one time.  It used to start on about the 17th, and it would take 8 to 10 days to get your refund, but that two-week delay means millions will be filing on one day. The IRS computers have been logged jammed in the past with a lessor load.

This year the IRS is giving taxpayers EXPECTED REFUND dates;they are encouraging taxpayers to go to their website" Where is my Refund."  The web site will take you through a three stage process: (1) acknowledge that they received your return (2) tell you where the return is in process(3) tell you the exact day your refund should be at your bank or home.

I remember a couple of my friends who wouldn't listen to the amateur financiers and always over withheld by $7000-$9000,so they would get their refund back in late January or early February. Coworkers would tell them  that they were giving the IRS an interest-free loan, but those same people were envious when my friends said they were going on vacation once they got their refund. Sure they might have had a few more taxable interest dollars if they would have put  that money in the bank, but they were satisfied with their tax planning.

I also had friends who would purposely under withheld and got angry every year when they had to write that check to the IRS. Each year they would write those big checks, and some had penalties because they did not withhold at least 90% of what was due.

I had one friend whose greed led to his gullibility. He bought a tax protester kit for $75, which instructed him to list nine dependants on his Form W4, although he only had one child. Human Resources mailed his signed W4 directly to the IRS as they were supposed to do. One day he was told to go to Human Resource because an IRS agent was on the line. According to his story, Human Resources handed him a new W4 and some papers for his immediate dismissal if he did not.

The Internal Revenue has some egg on their face. They decided that all those who prepared tax returns for a fee had to take a test and become registered. They told the perspective preparers that they had to get a Preparer Tax Identification Number which cost $63(annual renewal) before they could take a  $116 test to become a registered tax preparer. Some candidates paid ~ $100 for on line courses to help them prepare for the tests that were held in per-determined larger cities. Starting this January the new registered preparers had to have 15 CPE credits, which would have amounted to about $400 for two  courses over the year. Three libertarian tax preparers thought the IRS overstepped their bounds and sued in federal court. Federal judge Boasberg agreed with them citing  that the text of the relevant statute does not support what the IRS claims as its authority to regulate tax preparers. The IRS said the preparers who passed the test can keep the title...:-)

18 comments:

Mike said...

There is a new entry on your W2 (12b) with the (2)letters DD...That is the cost of your employer sponsored health coverage and the amount reported to the IRS...This amount that is not taxable BUT next year it will catch those who do not purchase health ins. although they are working for a company who provides health insurance .

born2Bme said...

Didn't notice that. Have to go look.

Glad they are not taxing it this year. Ours is almost $15,000, and that was just for 7 months, Unless, it also counts the part after he retired.

Mike said...

It should reflect whatever the company paid as of Dec. 31,2012.

I remember being confused because I received a W2 the year after I retired and years after but it was for uncollected Social Security and Medicare for the taxable benefit of group term-life insurance over $50,000.

Edith Ann said...

What's my recourse if I do not receive my W-2 by January 31st? Isn't that the deadline to have received them?

Mike said...
This comment has been removed by the author.
Mike said...

The Internal Revenue Service requires employers to get workers their earnings information by the end of each January, so allow a few days after the 31st for it to show up.

If still no W2 by Monday or Tuesday of next week give your ex-employer or those responsible for the W2s a call...Wait until the 15th of Feb. or so,gather all your check Stubbs and fill out Form 4852 with your best estimate.IMO

Edith Ann said...

That's the problem--the folks 'in charge' of the closed business don't return phone calls...

Well, hey, I can only do what I can do.

Mike said...

Send the a registered letter with your request ....$11.75. :-(.
You can use the receipt as proof you made a ledigment attempt to obtain your W2...

Edith Ann said...

Hmmm. Thanks.

Mike said...

EA
Why do right-wingers like the letter writer Kyle Norman,think they have to continuously teach liberals the obvious like no needs a weapon to kill?....People like him doubt that a police officer in Victoria can get to our residence in less than 10 minutes...I believe in Aurora,Columbine,Sandy Hook, and even the guy that shot a gun at VC the response  time was remarkable.

They repeat their one- sided hypothetical to try and convince people that they have the only sensible logic....Ask them. 

It's as if they have this special talent of understanding the 2nd Amendment and if you don't have the same level of paranoia they do,then you are anti-gun,liberal or something is wrong with you.

Breath is at risk? ...lo

Edith Ann said...

I think it is because they want us to view these folks as criminals. It is a fact that criminals don't behave. If they did, they wouldn't be criminals...duh! But as I pointed out in my blog--these guys weren't criminals until they pulled the trigger and started killing folks. The gun lobby cannot let these mass murderers be viewed as anything but criminals. (And yes, they are.) See, to not hold them to that label takes the very breath out of the 'when you restrict guns, only criminals will have guns' reasoning they want to use. It weakens their argument to hear, 'But these guys had the guns legally.: or "These guys had no criminal history."



Mike said...

I like your post because I have never seen it put that way but you have a valid point. They also forget we have laws against carrying switch blades and other objects considered contrabands.

I had a conversation with a neighbor and he agreed the he would have trouble sleeping if he knew someone close by had a AR-15 for home protection...We didn't want to even try to visualized how many innocents would be caught in the crossfire.

Edith Ann said...

Shocker! The W-2 showed up today!

Mike said...

Wonderful.....IRS says the first day went flawlessly and they are breaming with pride over their "Where's my Refund" website .

Mike said...

Congress needs to take a time out or those old men are going to have a heart attack...Today Hagel & McCain fought over Iraq..McCain still thinks it was a good war.

I had a good time posting on EA's blog (good job EA) but after awhile I realized that the 8% of the people in the USA who don't want universal will never agree with the 92% who do....It suddenly became a constitutional issue even thou the NRA is not pursing that course of action because they are convinced it's legal but it won't keep criminals from getting through a background check.

Two of the three senators who voted against John Kerry came from Texas. John Cornyn and crazy Ted Cruz...Cornyn is up for reelection in 2014 so he's got to move to the far right.

I saw a poll that stated that Hillary would get Texas's electoral votes if she ran in 2016....I don't know ;it's still way to early.

Marco Rubio thought he was going to get easy sailing heading up the new immigration plan but not so fast your right wing is turning on you Marco..:-)


Pete Price said...

When it comes to professional CPAs in Lake Worth, Florida, Lou Patten is the name you can trust. He specializes in all your State and Federal tax services. His services include individual tax return preparation & filing, corporation/ partnership/ LLC tax returns and preparation, along with much more. For more information, check him out at www.loupattencpa.com or call 561.868.0426 for free consultation.

Pete Price said...

When it comes to professional CPAs in Lake Worth, Florida, Lou Patten is the name you can trust. He specializes in all your State and Federal tax services. His services include individual tax return preparation & filing, corporation/ partnership/ LLC tax returns and preparation, along with much more. For more information, check him out at www.loupattencpa.com or call 561.868.0426 for free consultation.

Wystan Dale said...

In spite of the IRS’ attempt to be well-prepared, complications still arise, and taxpayers are still left frustrated. I just hope that any “withholding” problems or any other issues that may arise, a better system for IRS can be developed for us.

Regards,
Wystan Dale