Answer: The IRS has had delays of tax refunds this year. The word is that they are testing the New e-file Modernization system and need to work the bugs out.  Eventually the system should allow taxpayers to [...]]]> Question: I filed my taxes a couple of weeks ago and still have not received my refund. What’s going on?

Answer: The IRS has had delays of tax refunds this year. The word is that they are testing the New e-file Modernization system and need to work the bugs out.  Eventually the system should allow taxpayers to get refunds by direct deposit in 2-3 days.

Those who do not have a bank account will have to wait longer than those filing electronically with a direct deposit, but the wait time will be significantly reduced from the current wait time, generally ranging from 10-21 days.

See the following links for more info:

http://www.irs.gov/newsroom/article/0,,id=251959,00.html?portlet=108

http://en.wikipedia.org/wiki/Customer_Account_Data_Engine

Answer: You should contact your employer and request that they send you a new one. They should have mailed or delivered a copy to you by Jan 31st. If you have moved during the year be sure to leave the new address with [...]]]> Question: I did not recieve my W-2 yet. What can I do?

Answer: You should contact your employer and request that they send you a new one. They should have mailed or delivered a copy to you by Jan 31st. If you have moved during the year be sure to leave the new address with your employer.

If you still have not received your W-2 and you have tried to obtain one, generally you can call the IRS at 1-800-829-1040 after Feb 14th and they can help you get one.

Tax season is here again, so call us at 817-367-0036 to schedule your appointment. Trust a professional to get you all the tax deductions you deserve!

Answer:  In General, if you are self employed you should keep records of all income and expenses.  See IRS pub 552 “Record Keeping for Individuals”,  pub 535 Question:  I  babysit for my only source of income. Should I keep records and if so what records should I keep?

Answer:  In General, if you are self employed you should keep records of all income and expenses.  See IRS pub 552 “Record Keeping for Individuals”,  pub 535 “Business Expenses”, and pub 583 “Starting a Business and Record Keeping”.

All of these publications any many other helpful tips and guides are available online at http://www.irs.gov/.

Answer: Most likely it is because of the Making Work Pay tax credit, part of the stimulus package that was not extended by Congress for 2011. This [...]]]> Question: I have already begun to fill my taxes out and I noticed that I am getting $800 dollars less than last year? How could that be?

Answer: Most likely it is because of the Making Work Pay tax credit, part of the stimulus package that was not extended by Congress for 2011. This tax credit gave  a maximum of $400 to individuals and $800 for those married filing jointly. This credit was claimed on Schedule M on 2010 taxes.

Though this tax credit has not been extended, you may qualify for other tax benefits in 2011. Lower tax rates from the 2010 tax act have been extended through 2012, the child tax credit and college tuition credits are also still effective.

Visit the IRS website to learn about more tax credits you may qualify for, and contact us to ask more of your tax questions. We’re here to help!

Answer: Certain energy efficient repairs are eligible for a $500 credit on your 2011 taxes. If you itemize your deductions you’ll be [...]]]> Question: If major repairs are done to the house, like installing new floors (carpet, wood floor, ceramic) can those costs be reported when filing income tax? If so, what do we need to show for proof?

Answer: Certain energy efficient repairs are eligible for a $500 credit on your 2011 taxes. If you itemize your deductions you’ll be able to write-off the sales tax on building materials in Texas. You cannot claim the same repair on two different tax forms, and for credits that expire in 2011 you will be limited to a $500 lifetime limit. Always save or make copies of your receipts and the Manufacturer Certification Statement for your records.

Repairs under this credit include new insulation, roofing, HVAC, water heaters and more. Visit the Department of Energy website for a list of materials eligible for this credit, how much you can deduct and when the credits expire.

Keep reading our blog for more tax questions and call us at 817 367-0036 to save money on your taxes.