Posts

how long does it take to get my refund

How long does it take to get my refund?

/0 Comments/in /by

If you’ve filed your taxes and are entitled to a refund, the IRS gives you several options for receiving it.

  • Check: When you mail your return to the IRS, you’ll generally receive your mailed refund check within 6 to 8 weeks. If you e-file your return, you should receive your refund check within 3 weeks.
  • Direct Deposit: e-file your return, and the IRS will deposit your refund in your bank account within 8 to 15 days. If you mail in your return, direct deposit generally takes 5 to 7 weeks.
Brokerages Must Report to IRS Cost Basis

Brokerages Must Report to IRS Cost Basis

/0 Comments/in /by

Investors who forget what they paid for shares of stock will get help starting next year, courtesy of the Internal Revenue Service.

That’s when the U.S. tax-collection agency will require brokerages to track the cost basis on equities bought after Jan. 1, and send taxpayers and the government an annual form recording it when investors sell shares…

For this entire article please visit the following link:
http://finance.yahoo.com/news/Brokerages-Will-Have-to-Tell-bloomberg-3508989938.html?x=0&sec=topStories&pos=9&asset=&ccode=

IRS Requirements for Receipts

IRS Requirements for Receipts

/0 Comments/in , /by

Tax deductions are a big deal to both the Internal Revenue Service (IRS) and the individual. Taxpayers often consider the requirement of paying personal income taxes to be an onerous burden that can be greatly mitigated through the use of deductions. In recognition of this fact of life, the IRS has established a standard of proof of claimed deductions known as “adequate records.” Deductions are normally allowed without question as long as adequate records are maintained to prove each deduction’s legitimacy. Read more →