The IRS is having issues with the Modernized e-File (MeF) System. MeF is the new and improved e-filing system being implemented this year by the IRS. The IRS has asked that transmitters send as many tax returns through the MeF system as possible in order to stress test the system. The IRS, however, has also… Read More
The IRS has a new form taxpayers must use to report most capital gains and losses from transactions relating to investment property. In previous years, these transactions would have been reported on your IRS Schedule D or D-1, but for tax year 2011, use Form 8949, Sales and Other Dispositions of Capital Assets. Here are… Read More
Many people may not realize the Social Security benefits they received in 2011 may be taxable. All Social Security recipients should receive a Form SSA-1099 from the Social Security Administration which shows the total amount of their benefits. You can use this information to help you determine if your benefits are taxable. Here are seven… Read More
Although most income you receive is taxable and must be reported on your federal income tax return, there are some instances when income may not be taxable. The IRS offers the following list of items that do not have to be included as taxable income: Adoption expense reimbursements for qualifying expenses Child support payments Gifts,… Read More
Direct deposit is the fastest, safest way to receive your tax refund. When a taxpayer combines e-file and direct deposit, the IRS will likely issue your refund in as few as 10 days. Here are four reasons more than 79 million taxpayers chose direct deposit in 2011: 1. Security Thousands of paper checks are returned… Read More
The IRS has a tool to help people who have to repay their First-Time Homebuyer Credit. Reminder letters will no longer be mailed to taxpayers who have to repay the credit but you can now use an online lookup tool on the IRS website to check your repayment obligation. The following four tips will help… Read More
The 2012 tax season has begun and the South Carolina Department of Revenue (SCDOR) is urging taxpayers to file their income tax returns electronically. South Carolina is a national leader in the percentage of its taxpayers that file electronically. Of the 2.1 million returns processed in 2011, 1,692,965 were filed electronically with taxpayers receiving an… Read More
If you changed your name after a recent marriage or divorce, the IRS reminds you to take the necessary steps to ensure the name on your tax return matches the name registered with the Social Security Administration. A mismatch between the name shown on your tax return and the SSA records can cause problems in… Read More
We previously made you aware of the South Carolina Department of Revenue’s emphasis on collection of use tax in this January 15, 2012 post. The SCDOR has now issued the following announcement concerning Use Taxes and filing your individual income tax return. Use tax informational pages available online During individual income tax season, South Carolina… Read More
We are currently experiencing technical difficulties with the blog. Please bear with us a we try to resolve the issues. We have many helpful posts dating back to October 2011 that you may find helpful in working with your taxes although they may not display appropriately. If you hover over the word “Blog” in the… Read More