I can’t list all of the bizarre taxes, but I want to list a few of my favorites.

Vending Machine Tax

I can see how some taxes are used to encourage or discourage certain behaviors. Some states have high taxes on goods like cigarettes that discourage some from smoking. California may have had a similar thought with their tax trying to get residents to  choose fresh foods instead of grabbing snacks at the vending machine. Fresh fruits are exempt from the tax, but if you get them from a vending machine, the food is taxed 33%. When you want fresh fruit and you live in California, go for the fruit stand instead and save yourself some money.

Bagel Prep Tax

Speaking of food, I found a NY tax on the books that charges customers about 8 cents if they have their bagel sliced or prepared. A Bruegger’s Bagel owner didn’t find out he was out of compliance until after an audit. Besides having to pay the taxes, his customer were very upset about the increase in price.

Tattoo Tax

Moving off of food, I found a tax that can hit lots of people that want to change their looks. If you live in Arkansas and you’re planning on having electrolysis to remove unwanted hair, getting a tattoo, or even just getting your ears pierced, then be prepared to pay a bit more taxes. The state charges a 6% tax on these services.

Durham’s Pet Tax

This tax isn’t bizarre per se, but it’s a different way to handle a typical county fee. As a Raleigh resident  I was relieved to find out that we avoided a pet tax that Durham residents have to pay.  If you own a cat or a dog that was spayed or neutered, you have to pay $10/year as part of your personal property tax. If you haven’t had your pet fixed, it will cost you $75. Before it was a tax, the county’s animal control sent out bills to collect the fees. One reason the switch was made was to increase payment compliance.

Thoughts on Bizarre Taxes

I’d love to hear from you about bizarre taxes. What is the weirdest tax you’ve heard about? Have you paid for a bizarre tax? What was it for?

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When preparing your taxes there are a lot of simple and easy errors you can avoid with a little double checking and extra diligence. Also, one of the biggest reasons a tax refund is delayed is because of an error. Before you file your taxes, check out this list of common errors and correct them before you file:

1. Incorrect or Illegible Social Security Numbers

Double-check your Social Security numbers before you file. You need to make sure that you have the right numbers for you and your spouse, as well as for any dependents that you claim. Your EITC and other dependent related tax benefits could be at risk if you have the wrong Social Security number for your child.

Also, make sure your tax return is legible. Rather than filling out the forms by hand – making it easy to mistake the number 8 for the number 3 in your Social Security number, use tax prep software.

2. Forgetting Dependents

Don’t forget to claim dependents. In many cases, college students can be claimed by you. Also, if you have been caring for an aging parent, you can often claim him or her as a dependent. Think about those to whom you have been providing material support, and don’t forget to claim them as dependents.

Just make sure that no one else is claiming them as well. Each dependent can only be claimed on one tax return. So you need to work out claims with siblings if it’s your aging parent, or with your ex if you are divorced.

3. Overlooking Tax Deductions

Go through your expenses from the past year, and make sure you aren’t overlooking deductions. You might be surprised at what you can deduct, from job hunt expenses to moving expenses, if you meet the right criteria. Don’t pay more than you have to.

4. Not Taking Advantage of E-file

E-filing is a great way to file your tax return quickly (don’t miss the deadline!) as well as get your tax refund processed quicker. Plus, there is a reduced chance of mistakes on the IRS end if you E-file.

If you are entitled to a tax refund, you can get it much faster when you E-file. E-file combined with direct deposit is the fastest way to get your tax refund.  The IRS estimates that 9 out of 10 tax refunds will be processed within 21 days.

Points – You may know that points you pay on a mortgage to buy a home are deductible. On a refinance, however, the points are taken over the life of the loan. What’s often missed on a subsequent refinance, you should then take the remaining dollar value of points from the prior refinance.

Rent – Can’t be deducted on your Federal Tax Return, but a number of states allow for a partial deduction.

State Sales Tax – This deduction has been available for only a few years, and is most welcome to those who live in a state with no income tax. The IRS allows you to choose between an amount based on income, or actual sales tax paid, which can be substantial if you’ve made some high ticket purchases.

Charitable Donations – Did you know that if you volunteer for a charity that, in addition to cash or goods donationated, you can deduct 14 cents per mile that you drive to help the charity out. For those who support a food bank with weekly visits, for example, this deduction can add up over the year. Be sure to keep notes for the dates you volunteered and the miles driven each day.

Are you a Teacher? Keep your receipts if you’ve purchased any supplies for your classroom. You can deduct up to $250 even for those who don’t itemize.

Medical Expenses- Tax deductions to the extent they exceed 7.5% of your Adjusted Gross Income (AGI). Some items that are easily missed: mileage – a deduction of 23 cents per mile for medical purposes. For those who have frequent visit to the doctor or clinic, this can add up. Equipment for disabled individuals, including items such as crutches, walkers, and orthopedic shoes. Any changes you make to your home to accommodate an elderly or disabled person is deductible less any value such renovation adds to the house.

Energy Saving Home Improvements – a number of improvements made in 2012 count toward the Residential Energy credit. Included are such items as energy efficient windows, doors, and roof. Also on the list is insulation, and new heating or central air conditioning. We’ll discuss this in greater detail in an upcoming article, so you’ll be an expert on this topic.

Credit for Retirement Savings Contribution – Couples filing jointly with an AGI up to $57,500, or Singles up to $28,750 can receive a credit up to $1,000 per person if they make a contribution to an IRA account during the year. The amount varies based on income, and the credit itself can be as high as 50%, a great motivation for lower income earners to find spare cash to fund their IRA.

TurboTax will ask you the necessary questions so that you get these tax deductions and credits if you’re eligible.  If you have questions, remember only TurboTax allows you to speak to tax experts who are CPAs, IRS enrolled agents, and tax attorneys.

How Much is the Educator Expense Deduction?

The maximum Educator Expense Deduction is $250 per individual.  In the event both spouses are educators and each spends at least $250 on qualified educator expenses, the maximum deduction on their joint return is $500.

What Expenses Qualify for the Educator Expense Deduction?

The IRS has determined that the following expenses qualify for the deduction:

• supplies
• computer equipment (including related software and services)
• other equipment, and
• supplementary materials that you use in the classroom

Keep in mind that health and physical education teachers who incur educator expenses must use them in athletic education to qualify for the deduction.  In addition, all expenses must be unreimbursed to be deductible (If you’re not out-of-pocket due to the expenditure, you didn’t really incur the expense).

Who Qualifies for the Educator Expense Deduction?

Not surprisingly, you must be an educator to be able to take the deduction.  This means you can be a teacher, instructor, an aid, or pretty much anyone who spends 900 hours or more per year in a elementary or secondary school.  Principals qualify too, but home school educators do not.

In addition, you must file either file a Form 1040 or a Form 1040A to deduct your educator expenses.  While some tax deductions require taxpayers to itemize in order to benefit, the Educator Expense Deduction does not. As a result, every taxpayer with the bona fide educator expenses described above will save money on their taxes.

TurboTax walks you through the appropriate tax questions to make sure you get this tax deduction if you’re eligible, so you can keep more of your hard-earned money.  If you still have questions, only TurboTax lets you talk to CPAs, IRS enrolled agents, or tax attorneys while you prepare your taxes, free.

TurboTax is up to date with all recent tax law changes so you can file now with confidence.

Our tax pros are here for you every step of the way. And at TurboTax, if you have a question, you get expert answers from only qualified and credentialed tax professionals.

Just give us a call and an experienced tax expert will answer your tax questions.

More and more Americans choose to do their own taxes with TurboTax to get their maximum refund possible and save more of their hard-earned money. Last year alone, more than 25 million people used TurboTax including nurses, teachers, firefighters, U.S. service men and women and people like you.

Ready to get started? Compare TurboTax to major tax stores.

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To help motivate and educate you on your journey to the reward of filing your taxes, I’ve laid out some strategic tips and tactics that will take you from overwhelmed to empowered.

Never Give Up, Never Surrender

The best advice to offer you is this:  Taxes can sound scary, but persevere and give it a shot. Reading this article proves that you want to learn, so great job!

If you fall into the category of a “new tax filer”, chances are good that you have a simple tax situation (1040EZ/A), which just so happens to be easy and free! If you’re not sure which tax form you quality for, you can start out in TurboTax Free Edition.  Answer a few initial questions and in a few seconds TurboTax will tell you if you’re in the right place, or if you need a different product.

Help Along the Way

If you hit a speed bump along the tax highway, don’t pull over and give up on your trek. One of the benefits to using TurboTax is the abundance of assistance offered to each and every customer. If you do happen to get stuck, you can talk to an experienced TurboTax tax expert either by chatting on the website (directly on the screen where you’re stuck) or on the phone, free.  All TurboTax tax experts are CPAs, Enrolled Agents and Tax Attorneys, so you know you are getting quality answers.

Stay Organized

Although you should be very careful to organize all of the tax information and documentation you receive leading up to April 15, good organization starts early, even at the beginning of the new year.

Make sure you keep all of your important documents related to income and expenses.

Keep them in a safe and secure place. Once you begin filing your taxes, continue to keep everything tax-related and income-related together for safe and easy access.

How Much of My Income Gets Taxed?

Now that you’ve found about your tax situation, you need to know what and how much of your income is taxable.

Here’s just a sampling of what the IRS can tax:

• Pay from your job, whether you earn a salary or hourly rate, including any tips you receive.
• Sick pay from your job, company bonuses, or severance pay.
• Unemployment benefits.
• Interest from bank accounts and dividends from investments.
• Gambling and lottery winnings.
• Withdrawals from IRAs and annuities.

Deductions: Should You Itemize or Take the Standard Deduction

When you start filing your taxes, you’ll soon come to realize that your new best friend is the deduction. A deduction is basically an expense that you’ve had in the past year to which the IRS has given permission to be subtracted from your overall income total.

In other words, the cost of something you had to pay for can be subtracted (or deducted) from your taxable income. Since the expense was subtracted from your income, you’ll likely owe a little less. See, I told you – new best friend.

There are two basic categories of deductions: standard and itemized.

The standard deduction is exactly that – its standard, the same for everyone across the board, depending of course on your marital status and how you’re filing.

And guess what, TurboTax walks you through this entire process with simple questions to answer and will tell which one will help you keep more of your money.

US tax law is exhaustive. But you don’t necessarily have to be a tax professional to file your own taxes. Follow these tips, continue to educate yourself, and you’ll soon be on your way to tax filing success.

Last updated 2/15

Congratulations on finishing your taxes!

We know how important your tax refund is to you. Good news, the IRS started processing tax returns on January 30th.   Returns will be processed in the order they were submitted and as soon as your tax return is accepted, we will notify you by email.   This notification could take up to 48 hours.

The IRS estimates that you should receive your tax refund within 21 days of your return being accepted.  The IRS issued more than 9 out of 10 refunds in less than 21 days last year and expects the same results this year.

Once your tax return has been accepted by the IRS, you can track the status of your refund by logging into your MyTurboTax account or checking the IRS Where’s My Refund Tool.

IRS Update:  The IRS announced today that they are experiencing high traffic on their Where’s My Refund Tool.  As a result, there may be limited availability during busier periods. The IRS has asked the entire tax industry to remind customers to only check Where’s My Refund once a day. IRS systems are only updated once a day, usually overnight.

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As parents, we work hard to provide our children with the best education, a roof to sleep under and food to eat every day. This valiant effort is not overlooked by the Internal Revenue Service (IRS). Here are some tax credits that are available when you prepare your tax return, that help you with the financial support of your home and children.

1.  Earned Income Tax Credit (EITC)

The earned income tax credit is one of the most helpful for our families, our communities and taxpayers. If you worked and had an annual income of less than $45,060, you may be eligible for a credit of up to $5,891 dollars.

According to IRS, more than $60 billion was granted to more than 26 million taxpayers for their 2011 returns. However, the IRS confirms that many people who qualify do not actually claim it. To learn if you are eligible to receive this credit, you can use the “EITC Finder” App available for free from the App Store and Google Play for your smartphone.

2.  Child and Dependent Care Credit

Another credit you can claim is for the expenses associated with the care of your little ones. If you have children under age of 13 and you pay someone else to take care of them,  you could qualify. This credit is designed to help recover up to 35% of  dependent care costs up to $3,000 for one child and $6,000 for two or more.

Just like the Earned Income Tax Credit, one of the requirements to claim this credit is that you were working outside of your home or were looking for work. The person who takes care of your children cannot be someone that you claim as dependent (for example, an older child or your dependent parents).  If you qualify, TurboTax will take care of asking you the necessary questions as you prepare your tax returns, to ensure you receive the credit amount that you deserve.

3.  Child Tax Credit

With the child tax credit you could receive up to $1,000 for each qualifying child. There are some requirements that you need to meet, such as their age, your relationship to the child, financial support and his or her immigration status.

The child must be under the age of 17 and a dependent on your taxes; receive more than half of his or her financial support from you; and have lived with you for more than half the year. The child must also be a citizen or resident of the United States. The credit is gradually decreased if you have an annual income of more than $55,000 (or $110,000, if married and filing jointly).

These three credits will help to reduce your tax burden or even grant you a tax refund, which could be allocated towards  your children’s education, or to start your family’s financial plan. Whatever your financial goal may be, you can count on TurboTax to help you get the credits and refunds that you deserve for the investment you have made in your family.

La temporada de impuestos comenzó oficialmente el 30 de enero del 2013, día en que el Servicio de Impuestos Internos (IRS) empezó a aceptar las declaraciones de impuestos electrónicas para reembolsos individuales. Tienes hasta el lunes, 15 de abril para declarar tus impuestos del 2012.

Este año la temporada de impuestos inició un poco más tarde de lo normal, ya que el IRS estaba revisando los cambios a la ley tributaria provenientes de la legislación del abismo fiscal, según dijo un vocero del IRS.

Ya que nadie más que tú merece tener tu dinero, es muy importante que no esperes hasta el último momento para preparar tus impuestos, y así poder obtener el rembolso que te corresponde. De hecho, TurboTax ya está aceptando declaraciones individuales.

Empieza con tu declaración de impuestos hoy mismo, siguiendo estas cinco recomendaciones:

1.   Si aún no lo has hecho, organiza tus gastos deducibles del 2012 que pueden ayudarte a reducir el monto final que debes.  Empieza por recordar todas tus visitas al médico o al dentista, así como las de tus dependientes (ej. hijos o padres), y los costos que representaron.

2.  Los pagos por intereses de tu hipoteca también son deducibles. El banco te enviará una carta o el formulario 1098 detallando los intereses que pagaste en el 2012. Por ejemplo, si tu familia tuvo ingresos de $60,000 dólares en el 2012 y pagó $11,000 dólares en intereses de hipoteca, el ingreso sobre el que se determinarán sus impuestos sería de $49,000 dólares. Además podrías aplicar a otras deducciones sobre este ingreso menor, tales como la deducción por el Cuidado del Dependiente, donaciones y entre otras, disminuyendo la cantidad final de impuestos que debes.

3.  Tus contribuciones y donaciones a fundaciones sin fines de lucro también cuentan. Las donaciones que hiciste a tu iglesia, la ropa y los juguetes que donaste a Goodwill o al Ejército de Salvación, pueden ayudarte a disminuir tus impuestos. Es clave tener los recibos de tus donaciones  a entidades reconocidas y asignarle un valor real a lo que donaste. TurboTax ItsDeductible puede ayudarte a calcular el valor correcto de cada objeto de acuerdo a los requerimientos del IRS.

4.  Determina cuales son las deducciones y créditos a los que podrías calificar, de acuerdo a tus dependientes y cuanto invertiste en ellos en el 2012. Por ejemplo:

a.  En el 2013 seguiremos disfrutando de los beneficios del Crédito Tributario por Hijos,  el cual podría valer hasta $1,000 dólares por cada hijo. Esto reducirá tus ingresos sujetos a impuestos.

b.  Este año, el Crédito por Ingreso de Trabajo (EITC) siguió siendo extendido a familias de pocos ingresos. Este crédito puede valer hasta $5,891 dólares

c.  También fue extendido el Crédito de la Oportunidad Americana, para que los contribuyentes elegibles puedan obtener un crédito de hasta $2,500 dólares por gastos relacionados a la universidad.

5.  Si tienes una oficina en casa, ten en cuenta que podrías deducir una parte de los gastos de esta como la renta, el teléfono e internet, entre otros.

En el 2012, el promedio de devolución de impuestos fue de $2,700 dólares, ¡que es el equivalente a tres meses de compras de supermercado para una familia de cuatro! Así que date un tiempo para reunir todos los documentos relacionados con tus gastos e ingresos en un solo lugar y toma ventaja de los créditos y deducciones disponibles para ti este año.

TurboTax te guía paso por paso a través de todos los créditos y deducciones a los que podrías ser elegible. Si tienes preguntas, TurboTax tiene entre sus expertos a Contadores Públicos Certificados (CPAs), agentes registrados del Servicio de Impuestos Internos (IRS) y abogados tributarios que están disponibles para responder a tus preguntas durante todo el año SIN NINGÚN COSTO ALGUNO.

Jaime Mejia es graduado de periodismo de la Universidad Central de Bogotá en Colombia. También cuenta con una Maestría en economía de la Universidad Javeriana en Bogotá y un MBA de la Universidad del Sur de California en Los Ángeles. Su pasión es el periodismo de negocios, economía y finanzas personales. Vive en Estados Unidos desde 2000. Es periodista free-lance y tabaja como columnista de finanzas personales para el HuffPost Voces y para la Associated Press. Puedes leer más de sus artículos a través de http://voces.huffingtonpost.com/jaime-mejia.

Before we throw out old documents and clean out the room, we need to know what to keep (and for how long) and what we can shred, especially when it comes to our tax records.

Tax Records

How Long Should We Keep Tax Records?

I decided to check the IRS guidelines first.  The gist of their guidelines is that you only need to store records for as long as the period of limitations applies. For example, that means that if there is still time for you to amend one of your tax filings, you should keep the records for that tax year.  The period of limitations is the period of time in which you can amend your tax return to claim a tax credit or tax refund or that the IRS can assess additional tax.

The IRS also has different timetables, depending on your circumstances as follows:

Period of Limitations

I should also note that even though you may not need to keep these records for tax purposes, please check to see if you need them for some other financial or legal reason.

How to Store Tax Records

As I reviewed the IRS guidelines, I noticed that they did not specify a particular method on how to store your records. That means that if you prefer, you can keep an electronic back up of your tax records. You can also keep them in the traditional paper form as well, it’s up to you.

If you’re trying to explore some options for digital storage here are a few you may want to check out:

• Scan/Save: The easiest way to save and store that data is to go ahead scan and save the copies. You can put it on an external hard drive where you can store in a secure place.
• DropBox: They specialize with digital storage and have several plans available including free, professional, and team accounts.
• Amazon CloudDrive: Amazon also has a digital storage service that is free for the first 5 GBs.

Of course, you have to weigh which options would be best for you and your organizational needs. Since much of these records have sensitive financial information, please make sure whatever you choose is secure.

Thoughts on Storing Tax Records

For us that means we’ll be spending a weekend getting our financial records stored in a secure spot while shredding all of our old stuff from college. Hopefully it’ll only be a weekend project and we’ll have more space available to rearrange everything in our office next month.

I’d love to hear from you about how your filing system is done at home? How long do you keep your records (tax related and not)? Do you have electronic filing as a part pf your system? Why or why not?

Fresh Start Initiative

In recognition of the challenging times many people continue to face due to the lackluster economic recovery, the Fresh Start Initiative (FSI) provides some people with a little breathing room.

The Fresh Start Initiative changed four components to help struggling taxpayers:

• Tax Liens
• Installment Payments
• Offers in Compromise
• Penalties

1. Tax Liens

The Fresh Start Initiative increases the Notice of Federal Tax Lien filing threshold from $5,000 to $10,000.  Although the IRS might still choose to file a tax lien notice at a level less than $10,000, doing so is less automatic.  In addition, the Fresh Start Initiative makes it somewhat simpler to have a lien withdrawn after payment.  You can use Form 12277, Application for Withdrawal to request the lien withdrawal once you have filed all of your tax returns and paid all of your back and current taxes.

2. Installment Agreements

Like with Tax Liens, the Fresh Start Initiative’s provisions raised thresholds on balances due and the time given to pay tax liability.   Specifically, the maximum total for streamlined installment agreements has been doubled by FSI from $25,000 to $50,000. Furthermore, the length of time you have to pay back the taxes you owe has increased from five years to six years.  To start the Installment Agreement process, read the Instructions for Form 9465. Then, complete Form 9465, Installment Agreement Request.

3. Offers-in-Compromise

The Fresh Start Initiative also provides for a streamlined Offer-in-Compromise process.  An Offer-in-Compromise is IRS-speak for the IRS acceptance, as full payment of your back taxes, some amount less than the full amount owed.  To determine if you’ll qualify, you’ll need to complete Form 656-B, Offer in Compromise Booklet.

The streamlined nature provided by the Fresh Start Initiative enables you to share less financial data and, generally speaking, provides you with more flexibility as it considers your ability to pay your tax liability.

4.  Failure to Pay Penalties

If you are even a day late paying your income taxes, you are ordinarily subject to interest charges and penalties based on the amount of your payment shortfall. However, the Fresh Start Initiative allows you to delay paying your 2011 taxes due by April 17, 2012 until October 15, 2012 – without being subject to any failure-to-pay penalties.  Interest will still be charged, however.

Taken together, these four benefits of the Fresh Start Initiative can be valuable in landing you back on your feet. If you’re behind on your taxes, consider taking advantage – the Fresh Start Initiative presents not only a great opportunity to get your finances back in order but also lets you sleep better at night.

Teacher’s Educator Expense Deduction

As you gather together your paperwork for 2011, don’t forget the educator expense tax deduction. It’s available to teachers, instructors, counselors, principals and aides for grades K-12 who work at least 900 hours during the school year. (Parents who home school their children are out of luck, since the costs for home schooling aren’t eligible for this deduction.)

If you qualify, you can claim up to $250 of your out-of-pocket expenses for classroom supplies, materials, books, computer equipment, software, other equipment, and supplementary materials, as long as you didn’t receive reimbursement. You don’t have to itemize your deductions either.

If you and your spouse are both teachers, you can double up and each claim the deduction for a combined deduction of $500. Of course, you can’t each claim a deduction for the same costs, so be sure to split the purchases between you for maximum tax savings.

Now for the fine print, which affects just a few people:

• If you teach courses in health and physical education, your expenses for those courses must be related to athletics.
• The educator expenses have to exceed any interest on US savings bonds that were used to pay education expenses and excluded from income.
• The expenses must exceed any tax-free distributions from a 529 plan or other tuition program that you excluded from income, including any tax-free withdrawals from your Coverdell Education Savings Account.

Congress decided a few years ago to give teachers a break temporarily. Though Congress extended the deduction each time it was set to expire, it wasn’t extended this year, so as things stand now there is no educator deduction for 2012. But it wouldn’t hurt to hang onto your receipts for 2012 just in case Congress acts to reinstate it later this year.

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Tax Tip Webinar

Our Webinar will cover:

• Forms needed to get started and how to get organized
• Getting started with TurboTax
• Entering your information and filing your tax return
• How to get more help if needed

We will also have a Q & A session available and questions will be answered after the presentation.

There’s no reason for you to miss out on your tax refund or pay high prices to get your taxes prepared.  Here are the directions to join the Webinar and learn how easy it is to file your own taxes:

1. In order to view the presentation, please ensure you have Flash installed on your system.  Please copy and paste this link https://join.me/529-687-178 to your browser’s address bar or you can go to the join.me site and enter 529-687-178 in the “Join someone’s screen” field.
2. To enable sound, locate the phone icon (green circle with a phone at the top of the screen) and click on the button once.  Dial the conference number and you’ll be asked to enter the conference id and then the # symbol.  The conference number is toll free.

During the presentation, all participants will be muted, so please submit your question via chat.  You can submit your question by clicking the icon next to the phone icon at the top of your screen.  Questions will be answered after the presentation.

We don’t commonly associate the Olympics with taxes, but this year, the two will at last collide. In order to secure the 2012 games, London was required to award special tax exemptions to some of the personnel. But why were these exemptions necessary – and what do they cover? Moreover, why are British taxpayers reportedly on the hook for over $2 million in stadium upgrades after the games are over?

We examine these Olympic tax issues in greater detail below:

Who Is Exempt?

Source

Despite assumptions to the contrary, the tax exemptions reportedly will apply only to “a small number of non-residents who are directly involved in the delivery of the games”, according to HM Revenue & Customs. HM adds that “for most people working or supplying to London 2012, there will be no specific tax exemptions in place, and normal tax laws apply.”

It appears, according to the BBC, that these exemptions – which officially took effect on January 1, 2011 – were necessary in order to secure the participation of key foreign professionals, including:

• Competitors
• Journalists
• Representatives of foreign governments, official Olympic bodies like the International Olympic Committee, and host cities for future games
• Equipment technicians
• Team officials
• Referees and judges

Similar exemptions have reportedly been extended to “officially designated Olympic partners who provide a commercial service to the game.” Additionally, performers at the opening and closing ceremonies will not be taxed on performance or rehearsal payments, and the London Organising Committee (largely responsible for putting the event together) will not pay any corporate taxes in connection with the Olympics.

The Rules to Qualify

Source

In addition to being members of the above parties, those seeking the Olympic tax exemptions must meet the following criteria:

• Must be “neither resident nor ordinarily resident” in the UK during the 2012-13 financial year.
• Can only exempt income that is “wholly and exclusively” earned from taking part in the Olympic games
• Can only exempt income earned between March 30, 2012 and November 2012

The only exception to the March-November time frame is for staff working as employees/contractors for Olympic broadcasters, who will receive a longer exemption period (April 6, 2011 to April 5, 2013.)

Stadium Upgrades

Source

There is another tax aspect of the 2012 Olympics: taxpayer-funded upgrades to London’s Olympic Stadium. Started in 2007 and finished in 2011, the stadium will apparently require over £2 million in repairs after the games conclude to make the pitch usable for Premiere League football (soccer) games. For unknown reasons, the field (built with the Olympics in mind) currently installed was not designed to Premiere League standards, which mandate under soil heating technology for regulation football games.

Without publicly funded upgrades to remedy the situation, the DailyMail explains, neither West Ham nor any other public club will be able to play at the £486 million stadium.

The repairs would have fallen on West Ham if its long-term tenancy agreement was not cancelled amidst legal problems. Now, the burden falls squarely on the Olympic Park Legacy Company to transform the stadium – and to make matters worse (from a public standpoint) the team could simply end up renting the stadium anyway.

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Interactive by Column Five

What do you think about a “Fat Tax”?  Do you think it will help decrease obesity in the United States?

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Amended Tax Return

But what if we were wrong? What if we missed a form? What’s the procedure for that? In that case we may need to amend our tax returns.  For anyone who thinks that may have to do that, here is some information to help it be as painless as possible.

How Do I Amend My Tax Returns?

First off, make sure you need to amend your return . If you’ve made minor math errors, the IRS states that the service center will be able to handle that without requiring a 1040x. However if you need to change your filing status, credits, tax deductions, or income, then you do need to amend your tax return.

You’ll need to fill out a 1040x Amended U.S. Individual Income Tax Return, print and sign it, and then mail it in since you can not e-file it. It takes about 8-12 weeks for the IRS to process it after they have received the amended tax return.

If you’re amending a tax return and are expecting a bigger tax refund, the IRS advises that you wait for the original tax refund check to come in before sending in your 1040x (you may cash the check you received). If you need help with amending your tax returns, TurboTax can guide your through the process.

But wait, don’t hit the amend button so fast!  There is another situation where you do not have to file an amendment.  Did you already e-file your tax return and just receive a K-1 or 1099?  If you did, but your tax return was rejected by the IRS you may not be happy about the IRS rejection, but you should be happy to know, you don’t need to amend your tax return.  All you need to do is fix your tax return and resend it.  And if you used TurboTax, there’s more good news. TurboTax will guide you through fixing your tax return.

Thoughts on Amending Tax Returns

I’d love to hear about you and how you did with taxes. How many of you had to amend a tax return? How did the process go for you?

Interactive by joshritchie

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