Tax Department Can Estimate Your Business Income
January 18th, 2018
The Missouri Department of Revenue is able to review your bank statements and credit card transactions, among other documents, to determine how much money you made and whether you accurately reported your income. If you do not provide them with your bank statements or other documents, you may be charged a penalty for failing to keep adequate records.
If you have tax issues and need someone to speak with, contact our law office at 816-524-4949 or visit our website at Hoorfarlaw.com.
Things To Do with Your Income Tax Refund
March 21st, 2017
Each year, around this time, you may be getting a tax refund. Instead of spending it on a big screen TV or a new IPhone, here are a few other things to spend your refund on:
- Start a savings account
- Pay down or settle some of your debt
- Invest the money into a retirement account
- Buy life insurance
- Take care of some outstanding legal issues.
If you have any tax problems and would like some help, contact our law office at 816-524-4949 or visit our website at www.Hoorfarlaw.com.
2014 Filing Season Continues with Higher Refunds Issued
March 13th, 2014
The IRS released 2014 tax filing season statistics showing that 15 percent more refunds were already issued this year, compared to 2013 figures. Additionally, the average federal refund totaled $3,3211, an increase of $190 compared with the same period a year ago.
The statistics issued, covering the period through February 14, show that while the overall number of tax returns filed this year is down slightly, less than a percentage point, nearly 95 percent of all returns received were filed electronically.
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Courtesy of the IRS Issue Number 2014-17
Four Good Reasons to Direct Deposit Your Refund
March 12th, 2014
Here are four good reasons to choose direct deposit:
1. Convenience. There is no need to make a trip to the bank to deposit a check.
2. Security. Sinces no risk of your refund check being stolen or lost in the mail.
3. Ease. When you do your taxes, just follow the instructions in the tax software or with your tax forms.
4. Options. You can split your refund among up to three financial accounts.
Visit our website at www.Hoorfarlaw.com.
Courtesy of IRS Issue Number: IRS Tax Tip 2013-15
April 23rd, 2013
Certain financial debts from your past may affect your current federal tax refund. The law allows the use of part or all of your federal tax refund to pay other federal or state debts that you owe.
Here are six facts from the IRS that you should know about tax refund ‘offsets.’
- A tax refund offset generally means the U.S. Treasury has reduced your federal tax refund to pay for certain unpaid debts.
- The Treasury Department’s Financial Management Service is the agency that issues tax refunds and conducts the Treasury Offset Program.
- If you have unpaid debts, such as overdue child support, state income tax or student loans, FMS may apply part or all of your tax refund to pay that debt.
- You will receive a notice from FMS if an offset occurs. The notice will include the original tax refund amount and your offset amount. It will also include the agency receiving the offset payment and that agency’s contact information.
- If you believe you do not owe the debt or you want to dispute the amount taken from your refund, you should contact the agency that received the offset amount, not the IRS or FMS.
- If you filed a joint tax return, you may be entitled to part or all of the refund offset. This rule applies if your spouse is solely responsible for the debt. To request your part of the refund, file Form 8379, Injured Spouse Allocation. Form 8379 is available on IRS.gov or by calling 1-800-829-3676.
Courtesy of the Internal Revenue Service.
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Safeguard Your Refund – Choose Direct Deposit
February 6th, 2012
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 to the IRS by the U.S. Post Office every year as undeliverable mail. Direct deposit eliminates the possibility of your refund check being lost, stolen or returned to the IRS as undeliverable.
2. Convenience The money goes directly into your bank account. You won’t have to make a special trip to the bank to deposit the money yourself.
3. Ease When you’re preparing your return; simply follow the instructions on your return or in the tax software. Make sure you enter the correct bank account and bank routing numbers.
4. Options You can deposit your refund into multiple accounts. With the split refund option, taxpayers can divide their refunds among as many as three checking or savings accounts and up to three different U.S. financial institutions. Use IRS Form 8888, Allocation of Refund (Including Savings Bond Purchases), to divide your refund. A word of caution: Some financial institutions do not allow a joint refund to be deposited into an individual account. Check with your bank or other financial institution to make sure your direct deposit will be accepted. Additionally, Form 8888 should NOT be used to designate part of your refund to pay your tax preparer.
For more information about direct deposit of your tax refund and the split refund option, check the instructions for your tax form. Helpful tips are also available in IRS Publication 17, Your Federal Income Tax. To get a copy of Publication 17 or Form 8888, visit the IRS Forms and Publications section at the IRS.gov website or call 800-TAX-FORM (800-829-3676).