20 THE QUEENS COURIER • MARCH 21, 2013 FOR BREAKING NEWS VISIT www.queenscourier.com Photo courtesy THEWHO.com tax tips What to know about possible tax refunds BY BARRY LISAK Barry Lisak, EA, is an IRS Enrolled Agent who has operated a tax preparation offi ce for over 30 years. Any questions or comments, please contact [email protected] or 516-829-7283. Are you expecting a refund this year? Here are several things the IRS wants you to know about your refund. 1. Refund Options. You have three options for receiving your Federal income tax refund: direct deposit, U.S. Savings Bonds or a paper check. 2. Separate Accounts. You may use Form 8888, Allocation of Refund, to request that your refund be allocated by direct deposit among up to three separate accounts, such as checking or savings or retirement accounts. You may also use this form to buy U.S. Savings Bonds. You can use your refund to buy up to $5,000 in U.S. Series I Savings Bonds. 3. Larger than Expected Refund. If you receive a refund to which you are not entitled, or one for an amount that is more than expected, do not cash the check until you receive a notice explaining the difference. Follow the instructions on the notice. 4. Smaller than Expected Refund. If you receive a refund for a smaller amount s than you expected, you may cash the check. You might have made a mathematical error. The IRS may have deducted delinquent Federal or state taxes, back child support, or student-loan arrears. But, if it is determined that you should have received more, you will later receive a check for the difference. 5. Delayed Refunds for 2013. Taxpayers will see a delay in tax refunds fi led for the 2012 tax year due to the late passage of the tax bill averting the fi scal cliff. Most taxpayers will be able to fi le by January 30, while others will have to fi le late February or early March so the IRS can update more complicated tax forms. 6. Refund then Audit. The mere fact that you receive a tax refund does not mean your return has been audited and approved. In fact, the IRS generally has three years to audit your return. 7. Missing Refund. The IRS will assist you in obtaining a replacement check for a refund check that is verifi ed as lost or stolen. If the IRS was unable to deliver your refund because you moved, you can change your address online. Once your address has been changed, the IRS can reissue the undelivered check. “Two Decades Of Personalized Service” [email protected] At Gilman Ciocia, you’ll receive 25% OFF* whatever you paid your accountant last year. And that’s only the beginning. We like saving people money on their taxes - and we’d like to help you. With the economy the way it is, there’s never been a better time to take control of your taxes. Call to schedule an appointment Queens Office: 35-30 Francis Lewis Blvd. Flushing, NY 11358 718-304-2035 www.gtax.com Jim Ciocia, Founder and Chairman *$99 minimum tax preparation fee. Please bring your invoice from last years tax preparation fees. Offer available for 2012 tax returns only. Not to be combined with any other offer. Non-negotiable. No cash value. If you had your taxes prepared by Gilman Ciocia in 2012, you do not qualify for this promotion. This discount must be requested at time of service, no credits will be issued after the tax return has been filed. Offer expires March 31, 2013. TAX INFO CORNER Homeowners and Deductions By: Javier N. Solis Tax season is here and several people have purchased and refinanced their homes in 2012. It is important to know what deductions are allowed by the IRS. Unfortunately, there are a lot of tax return preparers, who are not familiar with the IRS regulations and many of these taxpayers find themselves in huge problems with the IRS because of these fictitious deductions the IRS will reject. There a big difference between a one family dwelling and a two or more family dwelling. The deductions are different and the taxpayer should be aware of what deductions can be included in the return. These are the deductions allowed for a one family dwelling: P Property taxes; P Mortgage Interest; and, P Points paid in connection with the mortgage. For a two, three and four family dwellings, the deductions are permitted to the extend of the percentage used by the rental units within the dwelling. For example: a two family dwelling can deduct 50% of the following expenses: P Property taxes; P Utilities such as: gas, electricity, P Mortgage Interest and Points; water and sewer; P Legal and Professional Fees: P Heating Oil; P Maintenance Fees; P Pest Control & Exterminator; P Property Repairs; P Depreciation and Insurance. Be aware that these expenses are permitted to the extend of the rental income received. For example, if a homeowner has received $12,000 in rental income, the 50% of all expenses used as deductions should not be over the rental income unless the addition of the property taxes, mortgage interest, points, legal and professionals fees and maintenance fees are above the rental income received. It is very important you choose the Right Tax Professional. If you heard of a tax preparer with a reputation of getting a large refund, be careful because the IRS takes three years to audit a taxpayer’s return. Javier N. Solis is the President and Founder of Los Taxes Network, the First and Only Latino Network of Tax Preparation in America. You can contact Javier directly at [email protected] or 718-645-0690. His main office is located at 2812 Fulton Street, Brooklyn, NY 11207 Advertorial Get PAID to help find a cure! Participate in local clinical trials at www.ZipTrials.us
QC03212013
To see the actual publication please follow the link above