TAX SEASON READY!!! ARE YOU?

 Your Invited on December 30,2013 bring in your last pay stub and get a free tax estimate and you will receive a gift certificate for $15.00 off your tax preparation fee. We also offer Bookkeeping and Notary Services and bulk printing.

 Let Be's Professional Services help understand your taxes.

Office hours are 10:30AM -5:30PM.

 If you need an appointment call us at 972-296-4BES!

Location: 1536 S. Clark Rd Duncanville, TX 75137

                                           Tips for Year-End Giving

Special Tax-Free Charitable Distributions for Certain IRA Owners
This provision, currently scheduled to expire at the end of 2013, offers older owners of individual retirement arrangements (IRAs) a different way to give to charity.

An IRA owner, age 70½ or over, can directly transfer tax-free up to $100,000 per year to an eligible charity. This option, first available in 2006, can be used for distributions from IRAs, regardless of whether the owners itemize their deductions.

Distributions from employer-sponsored retirement plans, including SIMPLE IRAs and simplified employee pension (SEP) plans, are not eligible.


To qualify, the funds must be transferred directly by the IRA trustee to the eligible charity. Distributed amounts may be excluded from the IRA owner’s income – resulting in lower taxable income for the IRA owner. However, if the IRA owner excludes the distribution from income, no deduction, such as a charitable contribution deduction on Schedule A, may be taken for the distributed amount.

For all donations of property, including clothing and household items, get from the charity, if possible, a receipt that includes the name of the charity, date of the contribution, and a reasonably-detailed description of the donated property.

If a donation is left at a charity’s unattended drop site, keep a written record of the donation that includes this information, as well as the fair market value of the property at the time of the donation and the method used to determine that value. Additional rules apply for a contribution of $250 or more.

Not all charities are eligible. For example, donor-advised funds and supporting organizations are not eligible recipients.

Per irs.gov

Benefit of Saver’s Credit

                                          
Who can claim this credit?


The saver’s credit can be claimed by:

• Married couples filing jointly with incomes up to $59,000 in 2013 or $60,000 in 2014;
• Heads of Household with incomes up to $44,250 in 2013 or $45,000 in 2014; and
• Married individuals filing separately and singles with incomes up to $29,500 in 2013 or $30,000 in 2014.

per irs.gov

  2014 Standard Mileage Rates for Business, Medical and Moving

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The Standard Mileage Rate used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes.
 Will be:

• 56 cents per mile for business miles driven
• 23.5 cents per mile driven for medical or moving purposes
• 14 cents per mile driven in service of charitable organizations

PER irs.gov

2014 Tax Season to Start Later Following Government Closure; IRS Sees Heavy Demand As Operations Resume 

DID YOU KNOW??????


The Internal Revenue Service today announced a delay of approximately one to two weeks to the start of the 2014 filing season to allow adequate time to program and test tax processing systems following the 16-day federal government closure.

The IRS is exploring options to shorten the expected delay and will announce a final decision on the start of the 2014 filing season in December, Acting IRS Commissioner Danny Werfel said.

The original start date of the 2014 filing season was Jan. 21, and with a one- to two-week delay, the IRS would start accepting and processing 2013 individual tax returns no earlier than Jan. 28 and no later than Feb. 4.

PER irs.gov

Interest Rates Remain the Same for the First Quarter of 2014

 

 

 The Internal Revenue Service today announced that interest rates will remain the same for the calendar quarter beginning Jan. 1, 2014.  FYI: To Business Owners

The rates will be: 

• three (3) percent for overpayments [two (2) percent in the case of a corporation];
• three (3) percent for underpayments;
• five (5) percent for large corporate underpayments; and
• one-half (0.5) percent for the portion of a corporate overpayment exceeding $10,000.

Under the Internal Revenue Code, the rate of interest is determined on a quarterly basis.  For taxpayers other than corporations, the overpayment and underpayment rate is the federal short-term rate plus 3 percentage points.

Generally, in the case of a corporation, the underpayment rate is the federal short-term rate plus 3 percentage points and the overpayment rate is the federal short-term rate plus 2 percentage points.

The rate for large corporate underpayments is the federal short-term rate plus 5 percentage points.

The rate on the portion of a corporate overpayment of tax exceeding $10,000 for a taxable period is the federal short-term rate plus one-half (0.5) of a percentage point.

The interest rates announced today are computed from the federal short-term rate determined during Oct. 2013 to take effect Nov. 1, 2013, based on daily compounding.

PER irs.org

                    

!!!!YOUR INVITED TO OUR GRAND OPENING!!!

Hi  Everyone, this is India Roberts, ERO and founder of "Be’s Professional Services". 

On November 9, 2013 (Saturday) from 10AM to 7:30PM, Be’s Professional Services is having our GRAND OPENING/ Networking & Business event.

Location: 1536 S. Clark Rd, Duncanville, TX 75137

We will have light refreshments and this gives you an opportunity to be apart of our journey. I wanted to personally invite you to attend.

Children are welcome because we will have things for them to do as well. This is a family event so bring your friends and families and have a great time.

I would like to say THANK YOU to everyone that has support our business. THANKS to everyone that liked our business page!

We will be doing giveaway's and much, much more. We will have a drawing for a FREE TAX PREPARTION Certificate. Don't miss out!

!!!!YOUR INVITED TO OUR GRAND OPENING!!!

Hi  Everyone, this is India Roberts, ERO and founder of "Be’s Professional Services". 

On November 9, 2013 (Saturday) from 10AM to 7:30PM, Be’s Professional Services is having our GRAND OPENING/ Networking & Business event.

Location: 1536 S. Clark Rd, Duncanville, TX 75137

We will have light refreshments and this gives you an opportunity to be apart of our journey. I wanted to personally invite you to attend.

Children are welcome because we will have things for them to do as well. This is a family event so bring your friends and families and have a great time.

I would like to say THANK YOU to everyone that has support our business. THANKS to everyone that liked our business page!

We will be doing giveaway's and much, much more. We will have a drawing for a FREE TAX PREPARTION Certificate. Don't miss out!

We hope to see you at our grand opening! Bring a guest and Children are Welcome!

IRS Provides Tax Relief to Victims of Colorado Storms

Did you know?

The Internal Revenue Service is providing tax relief to individual and business taxpayers impacted by severe storms, flooding, landslides and mudslides in Colorado.
The IRS announced today that certain taxpayers in the counties of Adams, Boulder, Larimer and Weld will receive tax relief, and other locations may be added in coming days following additional damage assessments by the Federal Emergency Management Agency (FEMA).

The tax relief postpones certain tax filing and payment deadlines to Dec. 2, 2013.

It includes corporations and businesses that previously obtained an extension until Sept. 16, 2013, to file their 2012 returns and individuals and businesses that received a similar extension until Oct. 15.

It also includes the estimated tax payment for the third quarter of 2013, which would normally be due Sept. 16.

The IRS automatically identifies taxpayers located in the covered disaster area and applies automatic filing and payment relief.

 But affected taxpayers who reside or have a business located outside the covered disaster area must call the IRS disaster hotline at 866-562-5227 to request this tax relief.

PER IRS.gov

Back-to-School Tax Tips for Students and Parents

 

Going to college can be a stressful time for students and parents. The IRS offers these tips about education tax benefits that can help offset some college costs and maybe relieve some of that stress.

• American Opportunity Tax Credit.  This credit can be up to $2,500 per eligible student. The AOTC is available for the first four years of post secondary education. Forty percent of the credit is refundable. That means that you may be able to receive up to $1,000 of the credit as a refund, even if you don’t owe any taxes. Qualified expenses include tuition and fees, course related books, supplies and equipment. A recent law extended the AOTC through the end of Dec. 2017.

 

 

• Lifetime Learning Credit.   With the LLC, you may be able to claim up to $2,000 for qualified education expenses on your federal tax return. There is no limit on the number of years you can claim this credit for an eligible student.

 

Please understand that it is not a guarantee that you qualify for these credits. So take caution and let Be's Professional Services assist you with your tax matters.

 

You can claim only one type of education credit per student on your federal tax return each year. If you pay college expenses for more than one student in the same year, you can claim credits on a per-student, per-year basis

 

• Student loan interest deduction.  Other than home mortgage interest, you generally can’t deduct the interest you pay. However, you may be able to deduct interest you pay on a qualified student loan. The deduction can reduce your taxable income by up to $2,500. You don’t need to itemize deductions to claim it.

 

Per irs.gov

Reduce Your Taxes with Miscellaneous Deductions

 

 

If you itemize deductions on your tax return, you may be able to deduct certain miscellaneous expenses. You may benefit from this because a tax deduction normally reduces your federal income tax.

Here are some things you should know about miscellaneous deductions:


Deductions Subject to the Two Percent Limit. 

You can deduct most miscellaneous expenses only if they exceed two percent of your adjusted gross income. These include expenses such as:

• Unreimbursed employee expenses.
• Expenses related to searching for a new job in the same profession.
• Certain work clothes and uniforms.
• Tools needed for your job.
• Union dues. 
• Work-related travel and transportation.

Make sure you are aware of all the will benefit you and our family.

Per IRS.gov

              IRS Gives Oklahoma Tornado Victims Time To For Return Filing and Tax Payment

                                                     And Deadlines Extended to September 30

 After Monday’s devastating tornado in Moore and Oklahoma City,   the Internal Revenue Service today provided tax relief to individuals and businesses affected by this and other severe storms occurring in parts of Oklahoma.

The tax relief postpones various tax filing and payment deadlines that occurred starting on May 18, 2013. As a result, affected individuals and businesses will have until Sept. 30, 2013 to file these returns and pay any taxes due. This includes the June 17 and Sept. 16 deadlines for making estimated tax payments. A variety of business tax deadlines are also affected including the July 31 deadline for second quarter payroll and excise tax returns and the Sept. 3 deadline for truckers filing highway use tax returns. I advise my clients if you were affected by the storm, please use this time to get things taken care of.

The IRS will abate any interest, late-payment or late-filing penalty that would otherwise apply. The agency automatically provides this relief to any taxpayer located in the disaster area. Taxpayers need not contact the IRS to get this relief.

Beyond the relief provided to taxpayers in the FEMA-designated counties, the IRS will work with any taxpayer who lives outside the disaster area but whose books, records or tax professional are located in the areas affected by these storms.

 All workers assisting the relief activities who are affiliated with a recognized government or philanthropic organization also qualify for relief. Taxpayers qualifying for relief who live outside the disaster area need to contact the IRS at 866-562-5227.

Per IRS.gov

 Tips for Dealing with Notices

 

Each year, the IRS sends millions of letters and notices to taxpayers for a variety of reasons.                     

                                 Here are a some suggestions that may help you if this happens to you.

         1. Don’t panic. Many of these letters require a simple response.

 

2. There are many reasons why the IRS sends correspondence. If you receive an IRS notice, it will typically cover a very specific issue about your account or tax return.

 

3. Each notice offers specific instructions on what you need to do to satisfy the inquiry.

 

4. If you receive a notice advising you that the IRS has corrected your tax return, you should review the correspondence and compare it with the information on your return.

 

5. If you agree with the correction to your account, then usually no reply is necessary unless a payment is due or the notice directs otherwise.

 

6. If you do not agree with the correction the IRS made, it is important that you respond as requested. You should send a written explanation of why you disagree. Allow at least 30 days for a response.

 

7. Remember to keep copies of any notices you receive with your other income tax records.

 

8. The IRS sends notices and letters by mail.

 

If you receive a notice go to IRS.gov or call  1-800-829-3676.

 

Per the irs.gov

   Online Launch Party!!

 

                             April 13 & 27 and May 11!

 

                                  Be's Professional Services will be hosting our Online Launch Party!
                                                                        This is a three day event!

We will give away three Visa Gift Cards worth $10.00 each! Talking taxes will be a part of our launch party as well. Are you prepared for the Tax season to end? We would like to get you prepared for tax season 2013. Are you ready???

The rules are as follows: On April 13, 27 and May 11 - starting at 12:00am you will have to go like our Facebook page or subscribe to our blog page!

Every time you like our page our leave a comment or a question on our pages you will be entered into the drawing for a chance to win a $10.00 visa gift card!

Let's talk taxes: will begin at 9am -11am on April 13, 27 and May 11! Leave a question or comment and you will be entered into the drawing for one of the visa gift cards.

                       Please remember that cut of for all entries for all dates will be 12 midnight.


                                   Winners will be announced on April 20, May 4 &18.
                           Please allow 7 to 10 business days to receive your visa gift card.

If any questions email us at besprofessionalservices@gmail.com

IRS Offers Tips for Taxpayers Who Missed the Tax Deadline

• File as soon as possible.  If you owe federal income tax, you should file and pay as soon as you can to minimize any penalty and interest charges. There is no penalty for filing a late return if you are due a refund.

• Penalties and interest may be due.  If you missed the April 15 deadline, you may have to pay penalties and interest. The IRS may charge penalties for late filing and for late payment. The law generally does not allow a waiver of interest charges. However, the IRS will consider a reduction of these penalties if you can show a reasonable cause for being late.

• E-file is your best option.  IRS e-file programs are available through Oct. 15. E-file is the easiest, safest and most accurate way to file. With e-file, you will receive confirmation that the IRS has received your tax return. If you e-file and are due a refund, the IRS will normally issue it within 21 days.

• Pay as much as you can.  If you owe tax but can’t pay it all at once, you should pay as much as you can when you file your tax return. Pay the remaining balance due as soon as possible to minimize penalties and interest charges.

• Installment Agreements are available.  If you need more time to pay your federal income taxes, you can request a payment agreement with the IRS.

• Refunds may be waiting.  If you’re due a refund, you should file as soon as possible to get it. Even if you are not required to file, you may be entitled to a refund.

Per IRS.gov

Last-Minute Filers: Avoiding Some Common Errors

 

                                          Here are some ways to avoid common mistakes.

File electronically. Filing electronically, whether through e-file or IRS Free File, vastly reduces tax return errors, as the tax software does the calculations, flags common errors and prompts taxpayers for missing information.

Mail a paper return to the right address.

Take a close look at the tax tables. When figuring tax using the tax tables, taxpayers should be sure to use the correct column for the filing status claimed.

Fill in all requested information clearly. When entering information on the tax return, including Social Security numbers, take the time to be sure it is correct and easy to read. Also, check only one filing status and the appropriate exemption boxes.

Review all figures. While software catches and prevents many errors on e-file returns, math errors remain common on paper returns.

Get the right routing and account numbers.

Sign and date the return.

Attach all required forms. Paper filers need to attach W-2s and other forms that reflect tax withholding, to the front of their returns.

Keep a copy of the return.

Request a Filing Extension. For taxpayers who cannot meet the April 15 deadline, requesting a filing extension is easy and will prevent late filing penalties.

But keep in mind that while an extension grants additional time to file, tax payments are still due April 15.

Owe tax? Get on a Payment Plan...Send What your can!!!

Per IRS.gov

                                  Online Launch Party!!

 

                             April 13 & 27 and May 11!

 

                                  Be's Professional Services will be hosting our Online Launch Party!
                                                                        This is a three day event!

We will give away three Visa Gift Cards worth $10.00 each! Talking taxes will be a part of our launch party as well. Are you prepared for the Tax season to end? We would like to get you prepared for tax season 2013. Are you ready???

The rules are as follows: On April 13, 27 and May 11 - starting at 12:00am you will have to go like our Facebook page or subscribe to our blog page!

Every time you like our page our leave a comment or a question on our pages you will be entered into the drawing for a chance to win a $10.00 visa gift card!

Let's talk taxes: will begin at 9am -11am on April 13, 27 and May 11! Leave a question or comment and you will be entered into the drawing for one of the visa gift cards.

                       Please remember that cut of for all entries for all dates will be 12 midnight.


                                   Winners will be announced on April 20, May 4 &18.
                           Please allow 7 to 10 business days to receive your visa gift card.

If any questions email us at besprofessionalservices@gmail.com

Have you claimed your 2009 Refund??

 

 

If you haven’t filed your 2009 federal tax return, you may still have time to claim your tax refund.

Did you know......... the IRS has $917 million in unclaimed refunds from an estimated 984,000 tax returns that people didn’t file for the 2009 tax year.

The IRS estimates that half the potential refunds for 2009 are more than $500.

Did you know .........You have three years to claim a refund. If you don’t claim your refund within three years, the money becomes property of the U.S. Treasury.

 For 2009 returns, the window closes on April 15, 2013.

You must properly address, postmark and mail your return by that date. There is no penalty for filing a late return if you are due a refund.

By not filing a return, you may miss an important credit — the Earned Income Tax Credit. For 2009, the credit is worth as much as $5,657.

IRS may hold your refund if you have not filed tax returns for 2010 and 2011.

The law allows the use of your federal tax refund to pay any amounts still owed to the IRS or your state tax agency.

 If you have unpaid debts, such as overdue child support or student loans, your refund may be applied to pay that debt.

Per the IRS.gov

                                      Winter 2013 Statistics of Income Bulletin

 

Individual Income Tax Rates and Shares, 2010. Of the 142.9 million individual tax returns filed in tax year 2010, 84.5 million (59.1 percent) were classified as taxable returns or returns with a total income tax greater than $0. Adjusted gross income (AGI) for taxable returns was nearly $7.25 trillion, and total income tax was $952 billion.

Individual Noncash Charitable Contributions, 2010. More than 7. million individual taxpayers reported a total of $34.9 billion in deductions for noncash charitable contributions for tax year 2010.

Split-Interest Trusts, Filing Year 2011. Charitable remainder trusts, charitable lead trusts, and pooled income funds reported $9.7 billion in gross income and $118.1 billion in end-of-year assets.

Domestic Private Foundations and Related Excise Taxes, Tax Year 2009. For tax year 2009, domestic private foundations reported $588.5 billion in total assets and $52.2 billion in total revenue. These foundations distributed $40.9 billion in contributions, gifts, and grants to the charitable sector.

Controlled Foreign Corporations, 2008. For tax year 2008, foreign corporations controlled by U.S. multinational corporations held $14.5 trillion in assets and reported receipts of $6.0 trillion.

 

 

Per the IRS.gov

 Get Prior Year Tax Information

• Tax Return Transcript.  This shows most line items from your tax return as originally filed, along with any forms and schedules from your return.  This transcript does not reflect any changes made to the return after you filed it. Tax return transcripts are free. After the IRS has processed a return, transcripts are available for the current tax year and the past three tax years. This is the information that is very important.

• Order a Transcript.  You can request both transcript types online, by phone or by mail. To place your order online, go to IRS.gov and use the “Order a Transcript” tool. Order a transcript by phone at 800-908-9946.  If your not sure ..... recorded message will guide you through the process. You can also request your tax return transcript by mail by completing Form 4506T-EZ. Use Form 4506T to mail a request for your tax account transcript.   

• Tax Return Copies.  Actual copies of your tax returns are generally available for the current tax year and as far back as six years. The fee for each copy you order is $57. To request a copy of your tax return, complete Form 4506, available on IRS.gov. Mail your request to the IRS office listed on the form for your area.

• More Information.  The IRS website .

 College Tax Benefits for Students and Parents!

American opportunity tax credit, lifetime learning credit and tuition and fees deduction are available to taxpayers who pay qualifying expenses for an eligible student. Eligible students include the primary taxpayer, the taxpayer’s spouse or a dependent of the taxpayer.

Though a taxpayer often qualifies for more than one of these benefits, he or she can only claim one of them for a particular student in a particular year. The benefits are available to all taxpayers — both those who itemize their deductions on Schedule A and those who claim a standard deduction. The credits are claimed on Form 8863 and the tuition and fees deduction is claimed on Form 8917.

Did You Know............

All three benefits are available for students enrolled in an eligible college, university or vocational school, including both nonprofit and for-profit institutions. None of them can be claimed by a nonresident alien or married person filing a separate return. In most cases, dependents cannot claim these education benefits

Normally, a student will receive a Form 1098-T from their institution by the end of January of the following year. This form will show information about tuition paid or billed along with other information. However, amounts shown on this form may differ from amounts taxpayers are eligible to claim for these tax benefits. Taxpayers should see the instructions to Forms 8863 and 8917 and Publication 970 for details on properly figuring allowable tax benefits.

Per the IRS.gov

 IRS Accepts Tax Returns with Education Credits, Depreciation Next Week


The Internal Revenue Service announced today that taxpayers will be able to start filing two major tax forms next week covering education credits and depreciation.
Starting Sunday, Feb. 10, the IRS will start processing tax returns that contain Form 4562, Depreciation and Amortization. And on Thursday, Feb. 14, the IRS plans to start processing Form 8863, Education Credits.


This step clears the way for almost all taxpayers to start filing their tax returns for 2012. These forms affected the largest groups of taxpayers who weren’t able to file following the Jan. 30 opening of the 2013 tax season.


The IRS will be able to accept the education credits and depreciation forms following the completion of reprogramming and testing of its systems.  Work continues on preparing IRS systems to accept the remaining tax forms affected by the American Taxpayer Relief Act (ATRA) enacted by Congress on Jan. 2.


The IRS also announced today it will start accepting the remaining forms affected by the January legislation the first week of MarchA specific date will be announced later. Most of those in this group file more complex tax returns and typically file closer to the deadline or obtain an extension. A full list of the forms that will be accepted the first week of March is available on IRS.gov

Who Should File a 2012 Tax Return?

 

 

If you received income during 2012, you may need to file a tax return in 2013. The amount of your income, your filing status, your age and the type of income you received will determine whether you’re required to file. Even if you are not required to file a tax return, you may still want to file. You may get a refund if you’ve had too much federal income tax withheld from your pay or qualify for certain tax credits.


You can find income tax filing requirements on IRS.gov. The instructions for Forms 1040, 1040A or 1040EZ also list filing requirements. The Interactive Tax Assistant tool, also available on the IRS website, is another helpful resource. The ITA tool answers many of your tax law questions including whether you need to file a return.



Even if you’ve determined that you don’t need to file a tax return this year, you may still want to file. Here are five reasons why:

1. Federal Income Tax Withheld.  If your employer withheld federal income tax from your pay, if you made estimated tax payments, or if you had a prior year overpayment applied to this year’s tax, you could be due a refund. File a return to claim any excess tax you paid during the year.

 

2. Earned Income Tax Credit.  If you worked but earned less than $50,270 last year, you may qualify for EITC. EITC is a refundable tax credit; which means if you qualify you could receive EITC as a tax refund. Families with qualifying children may qualify to get up to $5,891 dollars. You can’t get the credit unless you file a return and claim it. Use the EITC Assistant to find out if you qualify.

 

3. Additional Child Tax Credit.  If you have at least one qualifying child and you don’t get the full amount of the Child Tax Credit, you may qualify for this additional refundable credit. You must file and use new Schedule 8812, Child Tax Credit, to claim the credit.

 

4. American Opportunity Credit.  If you or someone you support is a student, you might be eligible for this credit. Students in their first four years of postsecondary education may qualify for as much as $2,500 through this partially refundable credit. Even those who owe no tax can get up to $1,000 of the credit as cash back for each eligible student. You must file Form 8863, Education Credits, and submit it with your tax return to claim the credit.

 

5. Health Coverage Tax Credit.  If you’re receiving Trade Adjustment Assistance, Reemployment Trade Adjustment Assistance, Alternative Trade Adjustment Assistance or pension benefit payments from the Pension Benefit Guaranty Corporation, you may be eligible for a 2012 Health Coverage Tax Credit. Spouses and dependents may also be eligible. If you’re eligible, you can receive a 72.5 percent tax credit on payments you made for qualified health insurance premiums.

 

Per IRS.gov

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 Earned Income Tax Credit Awareness

 
How to Claim the EITC


Following the late tax law changes made by Congress, the IRS plans to open the 2013 tax filing season and begin processing both paper and e-filed individual income returns on Jan. 30 after updating forms and completing programming and testing of its processing systems.

The vast majority of taxpayers who qualify can begin to file EITC claims with their federal tax return starting on Jan. 30, 2013.

To get the EITC, workers must file a tax return, even if they are not required to file, and specifically claim the credit. Those eligible for the EITC have free options to file a tax return to claim the credit.

This is to inform everyone about earned income credit!

 Please understands that most people qualify for this credit. Remember that a few people may not qualify for the credit!

Yes, it's true everyone don't qualify!

Pre the IRS.gov

IRS Offers Tips to Help Taxpayers with the January 30  

Tax Season Opening

 

The IRS will begin processing most individual income tax returns on Jan. 30 after updating forms and completing programming and testing of its processing systems. The IRS anticipated many of the tax law changes made by Congress under the American Taxpayer Relief Act (ATRA), but the final law requires some changes before the IRS can begin accepting tax returns.

The IRS will not process paper or electronic tax returns before the Jan. 30 opening date, so there is no advantage to filing on paper before then. Using e-file is the best way to file an accurate tax return, and using e-file with direct deposit is the fastest way to get a refund.

Many major software providers are accepting tax returns in advance of the Jan. 30 processing date. These software providers will hold onto the returns and then electronically submit them after the IRS systems open. If you use commercial software, check with your provider for specific instructions about when they will accept your return. Software companies and tax professionals send returns to the IRS, but the timing of the refunds is determined by IRS processing, which starts Jan. 30.

After the IRS starts processing returns, it expects to process refunds within the usual timeframes. Last year, the IRS issued more than nine out of 10 refunds to taxpayers in less than 21 days, and it expects the same results in 2013. Even though the IRS issues most refunds in less than 21 days, some tax returns will require additional review and take longer. To help protect against refund fraud, the IRS has put in place stronger security filters this filing season.

After taxpayers file a return, they can track the status of the refund with the “Where’s My Refund?” tool available on the IRS.gov website. New this year, instead of an estimated date, Where’s My Refund? will give people an actual personalized refund date after the IRS processes the tax return and approves the refund.
"Where's My Refund?" will be available for use after the IRS starts processing tax returns on Jan. 30. Here are some tips for using "Where's My Refund?" after it's available on Jan. 30:

• Initial information will generally be available within 24 hours after the IRS receives the taxpayer’s e-filed return or four weeks after mailing a paper return.
• The system updates every 24 hours, usually overnight. There’s no need to check more than once a day.
• “Where’s My Refund?” provides the most accurate and complete information that the IRS has about the refund, so there is no need to call the IRS unless the web tool says to do so.
• To use the “Where’s My Refund?” tool, taxpayers need to have a copy of their tax return for reference. Taxpayers will need their social security number, filing status and the exact dollar amount of the refund they are expecting.

For the latest information about the Jan. 30 tax season opening, tax law changes and tax refunds, visit IRS.gov.

Per the www. IRS.gov

Phony Arguments

No matter how some things are sliced, they're still baloney. If someone tells you that you don't have to pay taxes, check out The Truth About Frivolous Tax Arguments.

This IRS.gov exclusive addresses some of the more common false "legal" arguments made by those opposed to compliance with the federal tax laws.

Each contention is briefly explained, followed by a discussion of the legal authority that rejects the contention.

 The second section deals with frivolous arguments encountered in collection due process cases. The final section illustrates penalties imposed on those pursuing frivolous cases.

 IRS Plans Jan. 30 Tax Season Opening For 1040 Filers


Following the January tax law changes made by Congress under the American Taxpayer Relief Act (ATRA), the Internal Revenue Service announced today it plans to open the 2013 filing season and begin processing individual income tax returns on Jan. 30.


The IRS will begin accepting tax returns on that date after updating forms and completing programming and testing of its processing systems. This will reflect the bulk of the late tax law changes enacted Jan. 2.


The announcement means that the vast majority of tax filers — more than 120 million households — should be able to start filing tax returns starting Jan 30.
The IRS estimates that remaining households will be able to start filing in late February or into March because of the need for more extensive form and processing systems changes.

 This group includes people claiming residential energy credits, depreciation of property or general business credits. Most of those in this group file more complex tax returns and typically file closer to the April 15 deadline or obtain an extension.


Question: What does this mean for you as a tax payer?


Answer: Well this means that you can file your taxes but we can't send them to the IRS until Jan. 30.

Annual Inflation Adjustments for 2013

Per the IRS website!

The tax items for 2013 of greatest interest to most taxpayers include the following changes.

• Beginning in tax year 2013 (generally for tax returns filed in 2014), a new tax rate of 39.6 percent has been added for individuals whose income exceeds $400,000 ($450,000 for married taxpayers filing a joint return). The other marginal rates — 10, 15, 25, 28, 33 and 35 percent — remain the same as in prior years. The guidance contains the taxable income thresholds for each of the marginal rates.
• The standard deduction rises to $6,100 ($12,200 for married couples filing jointly), up from $5,950 ($11,900 for married couples filing jointly) for tax year 2012.
• The American Taxpayer Relief Act of 2012 added a limitation for itemized deductions claimed on 2013 returns of individuals with incomes of $250,000 or more ($300,000 for married couples filing jointly).
• The personal exemption rises to $3,900, up from the 2012 exemption of $3,800. However beginning in 2013, the exemption is subject to a phase-out that begins with adjusted gross incomes of $250,000 ($300,000 for married couples filing jointly). It phases out completely at $372,500 ($422,500 for married couples filing jointly.)
• The Alternative Minimum Tax exemption amount for tax year 2013 is $51,900 ($80,800, for married couples filing jointly), set by the American Taxpayer Relief Act of 2012, which indexes future amounts for inflation. The 2012 exemption amount was $50,600 ($78,750 for married couples filing jointly).
• The maximum Earned Income Credit amount is $6,044 for taxpayers filing jointly who have 3 or more qualifying children, up from a total of $5,891 for tax year 2012.
• Estates of decedents who die during 2013 have a basic exclusion amount of $5,250,000, up from a total of $5,120,000 for estates of decedents who died in 2012.
• For tax year 2013, the monthly limitation regarding the aggregate fringe benefit exclusion amount for transit passes and transportation in a commuter highway vehicle is $245, up from $240 for tax year 2012 (the legislation provided a retroactive increase from the $125 limit that had been in place).