Daily Archives: April 4, 2013

Tax Time Questions by Independent Tax Preparer Deborah Ritz

In order to meet the filing deadline for tax year 2012, income tax returns must be properly transmitted or addressed, mailed and postmarked by Monday, April 15, 2013.

Returns calculated with refunds can be filed up to three years after the official filing date of the return in question.

Using that information, the final date a taxpayer can file for a refund for tax year 2009 is also April 15, 2013.

Is the IRS holding onto your money?

According to a March 2013 IRA release, refunds totaling just over $917 million may be waiting for an estimated 984,400 taxpayers who did not file or incorrectly filed a federal income tax return for 2009.

However, to collect the money, a return (or an amended return) for 2009 must be filed with the IRS no later than Monday, April 15, 2013.

That same notice estimates the potential refunds to be more than $500 per taxpayer.

If no return is filed to claim a refund within that three-year window, the money becomes property of the U.S. Treasury.

Are you losing your opportunity to receive the 2009 Earned Income Tax Credit? Continue reading →

Share Button

NY State passes budget that’s pro-family, pro-jobs, pro-taxpayer by Sen. James L. Seward

The New York State budget is complete. The spending plan meets my central budget priorities— control spending, cut taxes and create jobs.

The budget also comes in on time for a third consecutive year, a major accomplishment that showcases the escalating efficiency of New York State government.

The fiscally responsible budget keeps state spending below the same two-percent cap placed on school districts and local governments.

The only way to reduce the tax burden on New Yorkers is to control spending.

The plan also provides significant tax breaks for the middle class, small businesses and manufacturers.

A new $350 family tax relief check will be sent to middle class families with children next year— direct tax relief.

The budget also extends the middle class personal income tax rate reductions enacted in 2011, which were due to expire next year.

These tax rate reductions provide 4.4 million taxpayers with $707 million in tax relief per year, and this extension will ensure that New York’s middle class income tax rates remain at the lowest level in 60 years.

On the job front, the new state budget will help strengthen our economy and create good paying jobs, because it includes many of the key initiatives included in my recently proposed “Blueprint for Jobs” plan: Continue reading →

Share Button