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This seems to be a popular question this year. Last year's Tax Stimulus Payments are Not Taxable! That's good news, but it has caused some confusion about filing this year's 2008 tax return. Taxpayers that did not receive their stimulus payment last year may qualify for the Recovery Rebate Credit on this year's tax return.The IRS has received a number of recurring questions involving stimulus payments and the recovery rebate credit. Here are some important tips to keep in mind:Taxability:Again, the economic stimulus payment is not taxable and it should not be reported as income on the 2008 Form 1040, 1040A or 1040EZ.Refund delays:IRS personnel are aware of reports that errors in claiming the recovery rebate credit could delay tax refunds for as much as eight to 12 weeks. These reports are false. As the IRS detects and corrects return errors concerning the recovery rebate credit, refund delays are currently no longer than about one week.One payment:In addition, the IRS notes taxpayers will receive a single refund that includes any recovery rebate credit to which they are entitled. The IRS will not be issuing separate recovery rebate credit payments. Refund amounts:The IRS reminds taxpayers they should not use their regular refund from last year in calculating the recovery rebate credit. Some taxpayers may be confusing their regular tax refunds with the economic stimulus payment they received when completing their 2008 tax return.Please feel free to contact E-File Florida at 954-583-8534 or visit us on the internet at www.efileflorida.com for more great tax tips and articles.IRS CIRCULAR 230 Required Notice - IRS regulations require that we inform you as follows: Any Federal tax advice contained in this communication (including any attachments) is not intended to be used and cannot be used, for the purpose of (i) avoiding penalties under the Internal Revenue Code or (ii) promoting, marketing, or recommending to another party any transaction as tax related matter(s).
The Dodd-Lieberman-Isakson Amendment has now made it possible for many people to take advantage of the First Time Homwbuyer's Tax Credit by extending the time limit to purchase a home until June 30, 2010. It also expands some benefit to existing homeowners who wish to 'upgrade' to a different home. Read on.... Find More
There may be an extension of the First Time Homebuyer's Tax Credit thanks to the Dodd-Lieberman-Isakson Amendment that is being considered by the US Senate early next week..... Find More
As we approach the end of 2009, let's take a look at some year end tax tips that could help to lower your tax bill. Read on...... Find More
We all desire to have money in savings. Why is it that so few people can get to this point? Most can't make their paychecks last until the end of the month, much less to think about savings! How can you begin to save, consistently and with purpose? Read on..... Find More
Most people don't live by a personal budget and pay dearly for it! A budget is simply a tool. When used consistently, it will give you the financial choices that everyone wishes they had! Begin your budget today. Get on the road to financial health! Visit for a free trial. Find More
Fake Emails From The IRS! They're a SCAM! Find More
You filed an Income Tax Extension. Now What? E-File Florida can help. Find More
Summer is definitely upon us! Along with the heat, summertime is historically a busy time for families to move. Things are starting to heat up in the real estate market again we're getting plenty of inquiries about the First Time Homebuyer's Tax Credit. This tax credit is an excellent opportunity for anyone seeking home ownership, but there is a time limit on it. If you or anyone you know is looking to take advantage of a buyer's market, low interest rates AND a huge tax credit, YOU MUST A Find More
Should you borrow against your 401K? There are tax considerations. Read on..... Find More
If you find yourself unemployed in 2009, there is at least a small silver lining....Part of your unemployment benefits may be TAX FREE! Read on...... Find More