The Daily Deduction

Weekly Tax Inventory - 02/15/2013

It's Trivia Time: Win Free Tax Software During Tax Season – Taxgirl via Forbes

Yep, it’s that time of year: free tax software! I have 20 access codes for free eSmart Tax online tax prep software to give away to taxgirl readers, thanks to the good folks at Liberty Tax Service. eSmart Tax is Liberty Tax’s online tax filing service that provides taxpayers with a convenient, easy-to-use tax filing system. Each code is good for online tax preparation and filing for your 2012 tax return using eSmart Tax’s online tax prep software.

IRS' Where's My Refund? site swamped by impatient refund tracking taxpayers – Don’t Mess With Taxes

When I heard earlier today that the Internal Revenue Service was experiencing an inordinately large number of visitors to its online tax refund tracking tool, I shared the news via Twitter and Facebook.

And in my usual smart-alecky way, I just had to quip that, "I'm sure the rush on the IRS' Where's My Refund? page is directly tied to my Bankrate tax tip earlier this week. ;-D"

Child Tax Credit Delays – Our Taxing Times

It seems the IRS has delayed some returns with the Form 8812 Child Tax Credit due to the taxpayers incorrectly filling out Part I.

Part I is completed only when there are children on the return with ITINs (Individual Taxpayer Identification Number). The IRS is finding that some taxpayers are filling out Part I when their dependents have SSNs not ITINs. Returns are also being delayed when Part I is not being completed when there are dependents with ITINs.

High taxes force more Americans to renounce their citizenship – RT

Angry about the latest tax hikes? Each year, thousands of Americans pack their suitcases, rip up their US passports and move permanently overseas to prevent Uncle Sam from taking their money.

In the first three quarters of 2012, more than 1,100 Americans renounced their citizenship and made their homes elsewhere, according to the Federal Register. Available data does not yet include those who left in the fourth quarter, but it is on track to surpass the 1,781 Americans who relinquished their passports in 2011. And the number of Americans who ditched the US in 2011 was seven times higher than those who left in 2008.

Push for online sales taxes picks up steam in Congress – Chicago Tribune

U.S. states could collect millions of dollars in online sales taxes, with members of both parties in Congress sponsoring legislation Thursday that would resolve states' decades-long struggle to tax businesses beyond their borders.

Democrats’ Plan Keeps Divide on U.S. Taxes as Cuts Near – Bloomberg

Senate Democrats unveiled a $110 billion plan to delay federal spending cuts that includes tax increases Republicans already say they won’t accept.

The plan announced yesterday would postpone the scheduled March 1 start of more than $1 trillion in cuts until 2014. The automatic reductions, known as sequestration, would be replaced with defense spending cuts, a halt in direct payments to farmers and a tax increase imposing a minimum 30 percent rate on top earners.

Posted To: The Daily Deduction By: Lauryn on 2/15/2013 11:00:00 AM
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