If you already filed your federal tax return and are due a refund, you can check the status of your refund online.

Where’s My Refund? is an interactive tool on the IRS web site at IRS.gov.  Whether you split your refund among several accounts, opted for direct deposit into one account, or asked the IRS to mail you a check, Where’s My Refund? will give you online access to your refund information nearly 24 hours a day, 7 days a week. (more…)

If you purchased a new vehicle in 2009, you may be entitled to a special tax deduction for the sales and excise taxes on your purchase.

Here is some important information you should to know about this deduction: (more…)

For 2010, the optional mileage allowance for owned or leased autos (including vans, pickups, or panel trucks) is 50¢ per mile for business travel, down 5¢ from the 2009 allowance of 55¢ per mile. The depreciation component of the mileage rate is 23¢ per mile (up from 21¢ per mile for 2009).

Employers who require employees to supply their own autos (whether owned or leased) may reimburse them at a rate that doesn’t exceed 50¢ per mile for employment-connected business mileage during 2010. The reimbursement is treated as a tax-free accountable-plan reimbursement if the employee substantiates the time, place, business purpose, and mileage of each trip. Additionally, an employee’s personal use of lower-priced company autos during 2010 may be valued at 50¢ per mile if the qualifying requirements are met. (more…)

Don’t wait around for a paper check. Have your federal tax and state (if applicable) refund deposited directly into your bank account. Choosing direct deposit is a secure and convenient way to get your money in your pocket faster. (more…)

A frequent question asked is whether or not an individual needs to file a tax return.  There are two issues associated with this question:

• Is there is a requirement to file? 
• Should the taxpayer file even when there isn’t a requirement to file?

The answers to these two questions are quite different. You must file a tax return if your income is above a certain level. The amount varies depending on filing status, age and the type of income you receive. Different filing thresholds may apply for federal and state purposes. (more…)

Everyone who files a federal tax return must determine which filing status applies to them. It is important that the correct filing status is chosen as it determines your standard deduction, the amount of tax you owe, and any refund that may be owed to you.

Here are several important facts about the five filing status options that may apply to your specific situation. (more…)