Refunds
are in the Mail!
Education Deductions - Do You
Qualify?
How Long Do I Keep My Return?
Itemize Your
Deductions!
Get Your Taxes Done for Only $9.95 - Here's How!
Get
Prepared for Tax Filing
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Refunds
are in the Mail!
The tax season is off to a big start. Many taxpayers have filed their
returns electronically and have received their refunds via direct deposit
or are anticipating their refunds to arrive through the mail. Since
the IRS issues the refunds and controls when the refunds are deposited or
mailed, all we can do is be patient (Remember we are dealing with the
government). The IRS has provided a Refund Cycle Chart to help
estimate the time frame as to when you would receive your refund. To
view the chart please click
here!
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Education
Deductions - Do You Qualify?
There are
several education deductions available for the 2003 filing
season. The IRS has set up deductions for teachers, students
and parents. Teachers can deduct up to $250 as an adjustment to
income for unreimbursed qualified expenses for books, supplies, computer
equipment, and other equipment and materials used in the classroom.
Student loan interest is now fully deductible and not limited to the first
60 months of payments.
Parents can now deduct up to $3,000 of qualified higher education tuition
and related expenses up from $1,500 in previous years. If you are
looking for the full scoop on Tax Benefits for Education see IRS
publication 970.
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How
Long Do I Keep My Return?
Have you
ever wondered how long you should keep your tax return and other
documentation? The IRS can go back as far as 3 years to grant refunds
and assess additional taxes. The "Assessment Statute Expiration
Date is three years from the tax period due date, or three years from the
received date of the original return whichever is later." The
three years does not start until the return is filed with the IRS. If
you file a return and it is found that you are due back an additional
refund, you have three years in which to claim it. However, if you owe
the IRS additional taxes, the IRS has 10 years to collect. If you do not
file a return for a tax period, then the collection date will not expire.
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Itemize
Your Deductions!
Do
you need more than just the standard deduction to help cut your
taxes? If you have enough medical expenses, mortgage interest,
contributions, and unreimbursed job expenses you can itemize your
deductions. You can claim out of pocket expenses you paid for health
insurance, medication, doctor visits, dentist visits and even the cost of
participation in a weight-loss program as treatment for a specific
disease. However, these expenses must not have been reimbursed
by insurance, paid by others or paid from a cafeteria plan. Your
mortgage interest, personal property taxes, real estate taxes, and state
and local taxes are deductible. Any contributions made to charities
are also included in itemized deductions. You can also deduct any
unreimbursed job expenses, such as, job travel, union dues and job
education. Any fees paid for tax preparation are included as
well. OnLine Taxes offers
a long form 1040 so taxpayers who choose to itemize can do so. Log
on to www.online-taxes.com and
get started today!
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Get
Your Taxes Done for Only $9.95
Electronically
file your tax return for only $9.95. Use coupon code OLTNL and
receive $5.00 off the normal $14.95 fee. OnLine
Taxes offers an easy "fill in the blank" program to
taxpayers who file simple 1040, 1040A and 1040EZ tax returns. OnLine
Taxes also offers 3 easy payment options. You can pay by credit
card, pay from your refund, or pay from a refund loan. When you pay
from your refund or get a refund loan, your tax refund gets processed
through a third party bank, Santa Barbara Bank and Trust. SBBT will
receive your refund and then take out OnLine
Taxes fee (s) and their bank processing fee and then direct deposit
the remainder of your refund into your bank account. SBBT charges
$10 to process the pay from refund option. They charge anywhere from
$29 to $84 for the refund loan option, depending on the amount of refund
you are getting back. Log on to OnLine
Taxes now and get your tax return filed and your refund back
fast. Remember to us coupon code OLTNL and receive $5 off the $14.95
fee and file for only $9.95!
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Get
Prepared for Tax Filing
Use our Tax7
Planning Guide to find out the latest tax saving tips. This guide
covers the 2003 tax law changes, capital gains / losses, traditional and
Roth IRAs, and Coverdell Education Savings Accounts. The sooner you
make your tax plans the more you can save on your tax return.
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Privacy
Policy Notice
OnLine Taxes knows that privacy is a major concern for all of our
customers as well as us. The information that OnLine Taxes collects from
the customer is used solely for the purposes of filing income tax returns
directly to the IRS and communicating with our customers. Access to this
information is restricted and is available to only those employees who
need to know the information in order to provide the customer service that
is expected. OnLine Taxes complies with all federal standards to protect
this information. OnLine Taxes does not sell, rent, loan, trade, lease or
otherwise transfer any personal information including email lists to any
third party. All information is treated as confidential information.
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Customer
Questions/Requests
If you have any questions or requests, please send an email to the OnLine
Taxes help desk at Customer
Service, and we will personally respond to all emails received.
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OnLine Taxes is
an official provider of the IRS E-File program. |
Thank you and have a great year!
Bill White
Founder / President
On-Line Taxes, Inc.
You are
receiving this newsletter as a thank you for using www.online-taxes.com
in preparing your Federal Income Tax Return.
