The IRS Audit Blog

Archive for February, 2007

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IRS to try to answer 71 percent of calls

WASHINGTON – If you call the Internal Revenue Service for help this tax season and someone actually picks up the phone, consider yourself lucky.The agency has set a goal of answering 71 percent of calls this year from taxpayers seeking customer service.If …

Cold Hard Facts,Economy is At All Time Low! (SCAMS)!

2009-10 retirement plan contribution limits

Keeping up with IRS rules on retirement plan contribution limits is easier with this chart.

Money Management & Personal Finance : How to Determine a Simple IRA Contribution Amount

Benefit Concert to Help Haiti Thursday in Huntington

Local musicians and businesses are helping with Haitian relief Thursday in Huntington.

3 Bedroom Home for Sale in Nanticoke PA (10 min from Wyoming Valley Mall Wilkes-Barre PA )

Question: What IRS FORMS do I need to submit for Financial Aid?

For 2005 Federal tax return including all schedules and W-2s.

Answer: I’m a student and each year I don’t need to submit any of my tax forms to the Office of Financial Aid when it comes to my FAFSA. The only time they require you to submit copies of tax forms is when you are eligible for a Pell Grant, at which point they will need a copy of your W-2′s (and a copy of your parent’s as well if you are under age 23).

*****NEW INFO: That other person said that I am wrong, but I’ve been doing my FAFSAs every year and know very well what is required of me and the tax forms that they require me to submit. Like I said, you let them know whether you have filed or not and submit copies of the W-2′s only if they say you’re Pell-eligible. Your best bet would be to contact the Financial Aid Office at your college though. Good luck!!!

IRS TAX TIPS – Top 10 Tax Time Tips

While the tax filing deadline is more than three months away, it always seems to be here before you know it. Here are the Internal Revenue Service’s top 10 tips that will help your tax filing process run smoother than ever this year. 1. Start gathering your records Round up any documents or forms you’ll need when filing your taxes: receipts, canceled checks and other documents that support an …

Question: Trying to figure fair market value amount of car I used for business purposes for my taxes using Turbo Tax…?

It asks for me to put the FMV and the year the lease originated. In IRS Publication 463 it says to use the capitalized cost if specified on lease agreement. Capitalized cost is the amount of the car plus taxes, etc. I am confused as to whether I should put what I agreed to pay over the term of the lease which was approx. 15K or what the car would have sold for was I actually buying it which was approx 34K since that would have been the FMV of the car at the time, right? Please help. Thanks.

Answer: You need to average it out but a CPA would be able to tell you for sure.

Bigger tax refunds for some

Stimulus plan expands earned income tax credit for certain workers