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HOW TO TRACK YOUR TAX REFUND

After taxpayers file a return, they can track the status of the refund with the "Where's My Refund?" tool available on the IRS.gov website. New this year, instead of an estimated date, "Where's My Refund?" will give people an actual personalized refund date after the IRS processes the tax return and approves the refund.

"Where's My Refund?" will be available for use after the IRS starts processing tax returns on January 30th. Here are some tips for using "Where's My Refund?' after it is available on January 30th:

• Initial information will generally be available within 24 hours after the IRS receives the taxpayer's e-filed return or four weeks after mailing a paper return.
• The system updates every 24 hours, usually overnight. There is no need to check more than once a day.
• "Where's My Refund?" provides the most accurate and complete information that the IRS has about the refund, so there is no need to call the IRS unless the web tool says to do so.

To use the "Where's My Refund?" tool, taxpayers need to have a copy of their tax return for reference. Taxpayers will need their social security number, filing status and the exact dollar amount of the refund they are expecting.

MOVING OUT OF CALIFORNIA

I am sure you have heard about Mickelson saying publicly about moving from California to a state with no income tax, check out this article on The Wall Street Journal that discusses why California residents are doing just that…moving out

SUCCESS OF AD FOR MY $1000 BUCKS

Q: Larry what formula to use for advertising. Example: if I run a print ad for $1000 what return on my dollar should I look for to measure success of ad? 

A: Here are my thoughts on justification for $1,000 of advertising.  As an explanation, if you see 26 clients and they each pay you $80.00 you will have rung up $2,041.  But wait a minute.  From that $2,041 you have to pay the producers, back bar, payroll taxes on the producers and credit card fees.  In your case that amounts to about 51% of the sale. 

So if you do $1,000 in advertising and because of it you get 26 client visits you will have made just enough to pay for the ad.

Let me know if you have any other questions.

 

 

 

 

CENSUS 2012- DO I HAVE TO DO IT?

We have been receiving calls and emails from our clients on whether they are required to participate in the Census Bureau business survey that was just sent out.

Our response: your business is required to participate in Census Bureau business surveys by law (Title 13, United States Code).

13 U.S.C. § 221: US Code - Section 221: Refusal or neglect to answer questions; false answers

(a)Whoever, being over eighteen years of age, refuses or willfully neglects, when requested by the Secretary, or by any other authorized officer or employee of the Department of Commerce or bureau or agency thereof acting under the instructions of the Secretary or authorized officer, to answer, to the best of his knowledge, any of the questions on any schedule submitted to him in connection with any census or survey provided for by subchapters I, II, IV, and V of chapter 5 of this title, applying to himself or to the family to which he belongs or is related, or to the farm or farms of which he or his family is the occupant, shall be fined not more than $100.

(b)Whoever, when answering questions described in subsection (a) of this section, and under the conditions or circumstances described in such subsection, willfully gives any answer that is false, shall be fined not more than $500.

(c)Notwithstanding any other provision of this title, no person shall be compelled to disclose information relative to his religious beliefs or to membership in a religious body.

FREE MEAL TAXABLE?

Q:  I received an invitation for a free meal at an investment seminar?  Is this taxable, if I go?

A:  No, the event is governed by the tax rules for meal and entertainment expenses.  Therefore, as the recipient of the meal, you don't owe any income tax on this benefit.  But it's not completely "free"; undoubtedly, you'll have to listen to a sales pitch from a financial planner, plus you may have to endure follow-up contacts.

Tip:  If you pay to attend an investment seminar or convention, you can't deduct the cost, either.

1099 RELIEF ON MISCLASSIFIED WORKERS

The IRS is temporarily easing the 1099 rules. From now until June 30, 2013, firms that haven’t filed all the 1099s on misclassified workers for the past three years can sign up. The businesses will owe a slightly higher penalty and will have to pay a modest fine for failing to timely file 1099 forms on the workers.  Announcement2012-46 has all the rules, plus a worksheet to compute the penalties.