The IRS Audit Blog

Archive for August, 2009

Free tax help is available through April 15

Newly elected Dist. 40 Rep. Ledricka Thierry is again assisting low- to moderate-income individuals and families prepare their taxes through the IRS Volunteer Income Tax Assistance Program.

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Question: Will I receive my payment by check or on my emerald card?

I contacted the irs personally via phone and they told me that the stimulus payment would be deposited on my emerald card. I was just informewd by hr block that it would be mailed to me.

Answer: If you had your actual refund deposited onto the emerald card then that is how your stimulus payment will be deposited. If you chose a RAL or some other type of loan from h and r block then it will be mailed to you.

Hillsboro City Council considers cell phone alternatives

The City of Hillsboro may stop providing cell phones to employees deemed to need a cell phone; instead, the city would provide a monthly allowance to those employees.

How To Deal with IRS Part 2: Calling the IRS on the phone

Question: Need help with 2009 filing options?

So I went on IRS.gov and there’s so many pages of information that seems like it would take years to read. This is my second time filing taxes but first time looking at others forms then the 1040EZ. Does anyone have suggestions for what other forms and filings and I should look for? I’m going to a Private College and taking out loans for it. I drive (I’m not sure if that mileage is tax-exempt). I made about $20,000 last year. I just had a child but am not married. I live under my parents house but am over 18. I bought a car earlier this year and paying off the loan.

Answer: The college issues:

You may be eligible for the Hope Credit, the Lifetime Learning Credit, or student loan interest (read the qualifications first, Chpt 19, p133 on the Pub 17, link below).

The other issue is who can legally claim your exemption. If you are a full time college student and are under 24, it is possible that your parents can claim your exemption. You will need to do a dependency worksheet (on Pub 501, or Pub 17, or several other places http://www.irs.gov/pub/irs-pdf/p17.pdf Worksheet 3-1 p33 on this link) to calculate if you supported yourself more than 50%. If you made more than $20K, and you took out loans in your name for college, it is likely that you can, but do the worksheet to be sure.

With the child, you may be eligible for the earned income tax credit and/or the child tax credit and/or the additional child tax credit and/or child and dependent care credit. Four more things to look up.

Forget the car.

Tax Tip: choose the simplest tax form for your situation

To file your 2010 individual tax return, you’ll have to decide which form to use… unless you e-file.

New Guide Provides Dos and Don’ts When Picking a Trustee in California Estate Planning

Estate planning is about peace of mind, knowing that you have set up a way to smoothly transition your assets to the next generation. With the right trustee, your estate plan has a much better chance of coming off without a hitch. Here are tips on picking someone who will do a good job… from someone who’s just about seen it all.

Your Taxes at Work- Illegal Surveliance of Vince LoFranco by Santa Cruz County Officials

Yadkin Valley Financial Corporation Announces Fourth Quarter and Full Year 2009 Results

ELKIN, NC–(Marketwire – January 28, 2010) – Yadkin Valley Financial Corporation ( NASDAQ : YAVY ) Fourth Quarter Financial Highlights: — Tier 1, total capital, and leverage ratios of 9.16%, 10.43%, and 8.16%, respectively, for the bank — Provision for loan losses of $3.1 million, a decrease of $15.1 million compared to the third quarter of 2009 — Loan loss reserves decreased to 2.82% of …

Video of 4 15 09 Tax Tea Party Charlotte, NC