Posts tagged "tax"

The Federal tax refunds are running behind

Tax refunds are supposed to be coming soon, and everybody obviously enjoys those wonderful little checks. However, this tax season isn’t going as planned since the amount of tax refunds is lagging.

The IRS isn’t exactly showcasing any numbers on how many federal tax refunds have been issued so far this tax season, but we know that refunds have gotten off to a bumpy start so far.

The stars simply aligned perfectly for a lag in federal tax refunds. There was a late launch to the start of the filing season, as it started on January 30, which is 8 days off of the normal start date. This happened because of a last minute, fiscal cliff tax change that got the green light by Congress. There was also the inability of taxpayers to file for credits until early March, in addition to the time-consuming analysis of tax returns. This was due to the IRS trying to improve on their efforts to filter out identity theft and tax refund fraud.

Even big companies like Wal-Mart are feeling the late start to the tax refunds. This time last year, Wal-Mart cashed out about $3 billion worth of checks that were related to tax refunds. Currently, that amount is just $1.7 billion.

Tax professionals have noticed many disappointed tax filers who can’t file their taxes yet or whose refunds are taking longer than usual to arrive. The process of the tax refunds is picking up a bit, but it still isn’t back to normal.





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Posted by Taxmaster - June 25, 2013 at 8:40 pm

Categories: Federal Tax, Income Tax, State Tax   Tags: , , , , ,

Federal tax credits may save Hotel Syracuse

The Hotel Syracuse has been closed for about nine years now. There have been various attempts at reviving the hotel over the past years, but all of the attempts have failed; however, there may be a way to do it after all.

Senator Charles Schumer stated that the fight to hang on to the Federal New Market Tax Credits, which is part of the deal to head off the fiscal cliff crisis, may play an important role in turning things around for Hotel Syracuse.

$75 million of New Market Tax Credits to CenterState CEO will need to be delivered by the Department of the Treasury. The CenterState CEO will then need to use that funding to help financially aid the development projects within that region. This includes a hefty $10 million for the most important of the projects: Hotel Syracuse. In short, federal tax credits just might help revive Hotel Syracuse. The local leaders are stating that the $10 million will help in forming a new attempt to bringing the hotel back out of the ashes.

There is a particular project that has been delayed for a while, consisting of building a new hotel on a parking lot site right across the convention center. Local leaders had stated that a revival of Hotel Syracuse would erase the need for that long delayed project. There is not big downtown hotel, and if federal tax credits indeed do save Hotel Syracuse it can be that big downtown hotel.





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Posted by Taxmaster - June 20, 2013 at 8:38 pm

Categories: Federal Tax, Income Tax, State Tax   Tags: , , , , ,

How To Deduct Moving Expenses For Taxes

While you move, you have already made the decision to invest in moving services in order to get your belongings to your new place. After all, moving all your furniture on your own can prove to be difficult as you may damage your own stuff. For that reason, you need to make sure that the respective mover you are about to hire is providing moving supplies, a moving truck, relocation insurance, and other required things like tools.

However, that’s just the logistics. What you’re really interested is saving money on your move. Luckily, you can deduct your move as an expense since the Internal Revenue Service or IRS has made it possible for particular expenses such as moving to be deducted on your tax return. If you went beyond your budget when you moved, this is a way to get back. Think about it like a rebate!
Most people who move every single year don’t take advantage of this deduction because they simply don’t know about it. Also, many people think that it’s more difficult than it really is. The question always arises: is this really deductible? How can I do it?

Honestly, deciding what you can deduct within your moving costs is quite easy.   In this aspect, there are only some specific expenses which may be officially deducted through your taxes. These are things which the IRS sees as ‘acceptable deductions’ related to moving-related expenses such as:

  • Costs that are directly connected to traveling from your old to the new destination
  • Oil or Gas expenses
  • Parking fees
  • Mileage deduction (calculated by the mile)
  • Tolls charges
  • Shipping
  • Connection as well as disconnection of utilities
  • Costs related with the particular handling of moving pets
  • Packing, transporting and crating of the household items as well as personal belongings
  • Storage of private belongings for about 30 days from your move date

Here, you can find the cost amount associated to the move is also deductible. The main point again is to stay within your budget so you don’t get in financial trouble. You can deduct even more things when it comes to moving, but you may want to speak with a tax consultant. Avoid having a with the IRS. Don’t go off deducting moving related costs that do not quality, such as:

  • Any charges connected to extra side trips for sightseeing as well as for visiting relations
  • Costs associated to common vehicle repairs or maintenance during moving
  • Costs of foods and meals within travel
  • Also, the cost of your vehicle’s insurance

It is also vital for you to remember that while you are moving from one destination to another, you must be aware of the distance that you need to drive. It will help with getting an accurate quote and planning the trip to your desired destination. Moving is always an expensive agenda, so know there’s no way to escape that unless you plan on moving everything on your own. Prepare to pay a few thousand dollars if you are moving across state borders, and probably a few hundreds if you are moving in town. If you plan on moving by yourself, you may not be able to deduct as much as you will if you use an actual moving company. Research is a great way to find out what you can and cannot do when it comes to deducting moving expenses. Doing research will also help you plan for the best move, especially if you are about to do it on your own.

Tax deductions also occur at the coporate level when moving, as many commercial businesses and offices move every year. Businesses have so many costs so it’s important for them to itemize every expense, especially moving expenses. Everyone relocates at least once in their lifetime, but this fact is not only true for residential consumers. Surveys show that most business who survive at least 5 years in business end up expanding their business by moving to a new location which offers more space and accomodation. For commercial businesses, a moving company is normally hired and so the cost is easily deducted by the end of the quarter. We believe that it is truly beneficial to hire the services of a moving company, for an easy and smooth relocation experience.

Article by Isaac Atia, Head SEO Consultant at Premier Movers, a full service moving company based in North New Jersey. Premier is also known as extremely reputable NJ Movers and relocate hundreds of people every year.


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Posted by Taxmaster - May 8, 2013 at 4:46 am

Categories: Federal Tax, Income Tax, State Tax   Tags: , , ,

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