This video has the details on getting your federal tax refund in a matter of days rather than waiting several weeks.

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The Earned Income Tax credit can mean a bigger refund for qualified taxpayers – watch this video for all the details.

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These tax saving tips will save everyone considerable money on their taxes for 2008-2009. This is part (5) of a (7) part series.

Duration : 6 min 1 sec

My employer does not take tax from my wages, but they are taking taxes out of my tips. Is this correct?

Claiming “exempt” on your W-4 form prevents your employer from withholding federal income tax from both your wages and your tips. Depending on which state you live in, I suppose you could also claim “exempt” there too and your employer would not withhold state income tax from your wages and tips.

Wages and tips are both treated equally in the eyes of the feds and the states. They are both considered earned income subject to income tax, social security tax, and medicare tax. The last two are collectively referred to as FICA.

This FICA tax (which is 6.2% + 1.45% or a total of 7.65%) is taxed on all earned income regardless of what you put on your W-4 form. Your employer is required to withhold this FICA tax on both your earnings and your tips. In addition, your employer contributes an additional 7.65% to FICA. So, FICA gets 15.3%, half from your wages, half from your employer. There is nothing within the law you can do to prevent this from being collected. It is being set aside for your retirement and medical costs.

Like the others have said, be absolutely certain you are allowed to file as “exempt” on your W-4. Filing “exempt” when you are not allowed to file “exempt” can cause problems. If you normally get a refund due to EITC or Child Tax Credits and you don’t want anything being withheld from your pay, it can be better to file Married 5 or something similar. As long as your pay is low, no federal income tax will be withheld, and you won’t have to worry about getting into trouble filing “exempt”.

WASHINGTON — On December 9, 2011 the IRS (Internal Revenue Service) issued the guidelines for 2012 including the optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes.

These guidelines will begin on January 1, 2012. This means that the old guidelines used in 2011 will no longer be applicable. The standard mileage rates in effect for 2012 to be applied for the use of a car (also vans, pickups or panel trucks) will be:

55.5 cents per mile for business miles driven
23 cents per mile driven for medical or moving purposes
14 cents per mile driven in service of charitable organizations

The rate for business miles driven is unchanged from the mid-year adjustment that became effective on July 1, 2011. The medical and moving rate has been reduced by 0.5 cents per mile.

It should be noted that taxpayers will always have the option of calculating the actual costs of using their vehicle in the place of using the standard mileage rates.

There are some restrictions; no taxpayer may use the business standard mileage rate for a vehicle after using any depreciation method under the Modified Accelerated Cost Recovery System (MACRS) or after claiming a Section 179 deduction for that vehicle. In addition, the business standard mileage rate cannot be used for more than four vehicles used simultaneously.

These and other requirements for a taxpayer to use a standard mileage rate to calculate the amount of a deductible business, moving, medical or charitable expense are in Rev. Proc. 2010-51.

Notice 2012-01 contains the standard mileage rates, the amount a taxpayer must use in calculating reductions to basis for depreciation taken under the business standard mileage rate, and the maximum standard automobile cost that a taxpayer may use in computing the allowance under a fixed and variable rate plan.

You should always check with your tax professional prior to taking these or any deductions. The information provided in “IRS TAX TIPS: Vehicle Tax Deduction” should not be used in place of advice from a certified tax professional.

For more information, go to www.irs.gov

Vehicle Tax Deduction – Public Service Announcement from IRS, courtesy of the NAD.

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If you are being paid hourly and over the minimum wage, you do not need to report your tips. However the percentage rule applies to make sure that your employer is paying you at LEAST minimum wage ( and therefore needs to report your tips)…this mainly applies to restaurants where many establishments pay those who are working on "tips" only the federally mandated $2.13 an hour.

Tax relief expert Michael Rozbruch (http://www.taxresolution.com/) shares tips on extended tax breaks and deduction opportunities to help make the most of slow economy on KVEC morning news with Kings Harris. Also includes great advice on what to do (and what not to do!) if you have been audited by the IRS. Tax Resolution Services is dedicated to providing affordable solutions to businesses and individuals who find themselves in trouble with the IRS. Their team of expert tax attorneys, enrolled agents and CPAs has a success rate of 90% – second to none in the industry – and an Offer in Compromise Settlement Rate of $0.13 on the dollar. Visit the Tax Resolution Services web site at http://www.taxresolution.com/ for a free tax relief consultation or call 866-IRS-Problems.

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Cities in South Carolina charge property taxes at the local level, which depend on public budgets. Public schools, police, fire support and public libraries are a few among the many which run as a result of property taxes in South Carolina.

The variation in the tax rates in various localities is very large. Your house value and the millage rate are the important factors which determine the tax you will have to pay. The first priority is adjudged by a local tax assessor who compares it to the market value. The above value is updated every five years for the above given reasons.

Both the property value for the locality and the revenue requirements to meet the future budget are taken into consideration while creating the annual local budget. This also helps evaluate the millage rate. An important fact to be noted here is that the millage rate can be dropped whenever necessary but a general meeting between various countries has to held every time they are raised. Thus the public have first hand information and also have an opportunity to gain knowledge on the changes and the causes for them.

In terms of paying property taxes the state is also known to be 44th amongst the other states. $642 is the amount an average owner of land shells out on a $113,00 house annually.

If the assessment of your house value turns out to be higher than you had expected it to be, you can put forward the same to your tax evaluator. He will then reassess the same. Your taxes will also be deducted as a result of poor adjudging.
Reduction in taxes for homesteaders is also an important aspect to be noted. An exemption is granted on the present home on the basis of ownership of the other. Only one house at a time can be filed under such a clause and in most cases it’s the house given for rent.

The homestead exemption is valid from the first time one files it. It hence need not be repeated. If a resident of south Carolina is over the age of 65, is blind or disabled, he/she is eligible to apply for extra exemptions. Also, veterans from the military or those who were killed during duty hours and people suffering from paraplegia and hemiplegia have no taxes to pay for their homes and an extra acre.

Abhishek Agarwal

http://www.articlesbase.com/taxes-articles/paying-south-carolina-property-taxes-vital-tips-for-taxpayers-708545.html

Did you know that you can split your federal tax refund between multiple bank accounts? And for the first time, you can buy U.S. savings bonds.

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Making Work Pay (General) – Public Service Announcement from IRS, courtesy of the NAD.

If you noticed more money in your paycheck or retirement check, it might be because of the “Making Work Pay” Tax Credit. Use our withholding calculator to make sure you are having enough taxes taken out.

For more information, go to www.irs.gov

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