JACKSON TOWNSHIP, NJ - It's all about the “Pursuit of Profit” for the IRS to consider your Business a Business.
So, how was business this year? Did you make a profit? If your business is very new, most likely you took a loss. Oh well, at least you can write it off, right?
Well... maybe.
Whether you can write off your business losses depends on whether your business really is a business or a hobby.
"Of course it's a business!", I hear you say. "I don't put myself through this for the fun of it!"
That's what Brenda Konchar thought.
Brenda Konchar, a Mary Kay Cosmetics representative and Indiana mother of 4, reported her Mary Kay activity as business income.
The IRS disagreed. Konchar took her case to the Tax Court...
... and lost. (See: Konchar and Konchar v. Commissioner of Internal Revenue, (Docket 5388-01S-2004)
So what does it mean?
In a nutshell, if you earn income in the pursuit of a hobby, you can offset the income with deductions. You cannot claim deductions that exceed your income – there’s no loss for a hobby.
However, if you earn income in the pursuit of a business, you can not only offset the income with deductions, you can carry any losses forward. This can be huge for new businesses.
Brenda Konchar had deductions which exceeded her income and reported net business losses for the years 1996 through 1998. The IRS disallowed the losses, claiming that Konchar’s activities constituted a hobby. As a backup, the IRS claimed that even if she were operating a business, her expenses were not properly business expenses.
Here's the important part: The IRS consider a number of factors when determining whether a taxpayer is engaging in a business or a hobby, none more important than profit motive.
The IRS considers that you are engaging in a business when it is your intention to make money. You should be able to demonstrate that you have made a profit for at least three of the last five tax years.
Of course, it isn’t a given that all legitimate businesses will make a profit. So the IRS gives you another bite at the apple. They consider a number of factors, including:
1, Whether you run your business as a business. This includes keeping good records and promoting your business.
2, How much time and effort you expend in the activity. It should go without saying that only spending minimal time and effort on your business sends a message that you’re not so serious about it.
3, Your level of expertise. How much do you know about your business?
4, Your track record. What kind of success or failure have you had in other similar endeavors?
5, Your financial picture. A bona fide business is generally something that a taxpayer relies upon to make a living.
6, Whether you continue to change your business practices in order to make money. When things aren’t going so well in business, business owners switch gears. As your financial picture changes, your business practices should, too.
7, The nature of your losses. All start up businesses expect a few bumps at the beginning. However, continuous losses that may be within your control to change would not be acceptable in a bona fide business.
8, Whether you expect the value of your business to grow. This includes accumulating appreciating assets.
9, How much fun you’re having. Oh yeah. In Kochlar, the Court mentions that her Mary Kay sales “...had a substantial component of personal pleasure.” The IRS looks at whether you enjoy yourself. There’s nothing wrong with liking what you do – but if you like it to the exclusion of working at it, you’re going to raise some eyebrows.
So where did Brenda Konchar go wrong? She didn’t operate her Mary Kay activities like a business. She didn’t effectively promote the business – she didn’t even have business cards – and most of her customers were family and friends. She mixed her business assets with her personal assets. She sold her products to friends at or near cost, and lost money year after year and made no substantial steps to make changes. As a result, her business losses were disallowed.
Here’s the lesson to be learned: if you’re going to operate a business, treat it like a business.
H&R Block does individual returns, as well as business returns: We even prepare C-Corp. And S-Corp. Returns for large national companies.
Contact your People at:
MORE QUESTIONS? CONTACT US AT OUR YEAR 'ROUND OFFICES
LAKEWOOD PLAZA
1700 MADISON AVE
LAKEWOOD, NJ 08701
Phone: 732-364-3000
TOWN AND COUNTRY CENTER
1900 RTE 70 STE 218
LAKEWOOD, NJ 08701
Phone: 732-920-9333
MANCHESTER PLAZA
1039 RTE 70
MANCHESTER, NJ 08759
Phone: 732-408-9123
93 3RD AVE
BLDG E STE 505
NEPTUNE CITY, NJ 07753
Phone: 732-502-8314
Wednesday, October 7, 2009
(LAKEWOOD, NJ) C.A.R.S. (Cash For Clunkers) and Back Taxes. There is a lot of bad information out there about the C.A.R.S (Or Cash For Clunkers) pr
(LAKEWOOD, NJ) C.A.R.S. (Cash For Clunkers) and Back Taxes.
There is a lot of bad information out there about the C.A.R.S (Or Cash For Clunkers) program. Today, I heard a car dealer on a radio talk show say that if the consumer owes any federal or state taxes when they buy a Cash For Clunkers car, the dealer is on the hook to get reimbursed by the consumer or eat the difference, because the federal payment will take out the taxes owed before sending out the rebate.
UNTRUE!
One, the paperwork is submitted by the dealer to the National Highway Traffic Safety Administration, not the IRS and definitely not to the state revenue department. In fact, the NHTSA goes out of their way in the rule to note that they are not experienced or authorized to deal with taxes.
Two, the rebate is payable to the dealer, not to the individual. The dealer provides the discount at sale, not at reimbursement. If rebates were subject to tax checks, dealers would be essentially become responsible for collections of back taxes. That would be messy and cumbersome – not to mention the number of privacy issues involved.
Three, the rule clearly states:
“For a purchaser, a dealer must collect individual or entity name, address and State or corporate identification number (e.g., driver’s license number, State identification number, corporate tax identification number). This information is used to verify the identity of the purchaser and to confirm no prior participation in the program.”
In theory, then, you could simply provide your name, address and license number. That’s not enough information to run a tax check instantaneously. I mean, the IRS database is good, but it’s not that good.
CONTACT US AT:
MORE QUESTIONS? CONTACT US AT OUR YEAR 'ROUND OFFICES
LAKEWOOD PLAZA
1700 MADISON AVE
LAKEWOOD, NJ 08701
Phone: 732-364-3000
TOWN AND COUNTRY CENTER
1900 RTE 70 STE 218
LAKEWOOD, NJ 08701
Phone: 732-920-9333
MANCHESTER PLAZA
1039 RTE 70
MANCHESTER, NJ 08759
Phone: 732-408-9123
93 3RD AVE
BLDG E STE 505
NEPTUNE CITY, NJ 07753
Phone: 732-502-8314
Want tax guidance year-round? Text HRBLOCK to 37160 to receive tax tips, important information and updates from H&R Block to your mobile device.
There is a lot of bad information out there about the C.A.R.S (Or Cash For Clunkers) program. Today, I heard a car dealer on a radio talk show say that if the consumer owes any federal or state taxes when they buy a Cash For Clunkers car, the dealer is on the hook to get reimbursed by the consumer or eat the difference, because the federal payment will take out the taxes owed before sending out the rebate.
UNTRUE!
One, the paperwork is submitted by the dealer to the National Highway Traffic Safety Administration, not the IRS and definitely not to the state revenue department. In fact, the NHTSA goes out of their way in the rule to note that they are not experienced or authorized to deal with taxes.
Two, the rebate is payable to the dealer, not to the individual. The dealer provides the discount at sale, not at reimbursement. If rebates were subject to tax checks, dealers would be essentially become responsible for collections of back taxes. That would be messy and cumbersome – not to mention the number of privacy issues involved.
Three, the rule clearly states:
“For a purchaser, a dealer must collect individual or entity name, address and State or corporate identification number (e.g., driver’s license number, State identification number, corporate tax identification number). This information is used to verify the identity of the purchaser and to confirm no prior participation in the program.”
In theory, then, you could simply provide your name, address and license number. That’s not enough information to run a tax check instantaneously. I mean, the IRS database is good, but it’s not that good.
CONTACT US AT:
MORE QUESTIONS? CONTACT US AT OUR YEAR 'ROUND OFFICES
LAKEWOOD PLAZA
1700 MADISON AVE
LAKEWOOD, NJ 08701
Phone: 732-364-3000
TOWN AND COUNTRY CENTER
1900 RTE 70 STE 218
LAKEWOOD, NJ 08701
Phone: 732-920-9333
MANCHESTER PLAZA
1039 RTE 70
MANCHESTER, NJ 08759
Phone: 732-408-9123
93 3RD AVE
BLDG E STE 505
NEPTUNE CITY, NJ 07753
Phone: 732-502-8314
Want tax guidance year-round? Text HRBLOCK to 37160 to receive tax tips, important information and updates from H&R Block to your mobile device.
(Point Pleasant, NJ) Yay, newborns! What a Tax Benefit!! Your bundle of Joy may qualify for credits including the Child Care Credit, the Child Tax
(Point Pleasant, NJ) Yay, newborns! What a Tax Benefit!!
Your bundle of Joy may qualify for credits including the Child Care Credit, the Child Tax Credit and the Earned Income Credit.
If you're a single parent paying more than half the household costs and your child lives with you more than half the year, claim Head of Household to qualify for a higher standard deduction than when filing as Single. You'll also be eligible to use a more favorable tax table or rate schedule.
Apply for a social security card immediately after your child's birth to receive tax benefits.
In most situations, you'll claim the exemption for a child because the child is your qualifying child. But in some situations, the child will be claimed as a qualifying relative. See Publication 501 for the rules relating to qualifying relatives.
You Can Claim a Dependent
In either situation, 3 conditions must be satisfied:
You can't claim an exemption for the child if you can be claimed as a dependent of another person.
You can't claim an exemption for the child if the child files a joint return unless the return is only a claim for refund and neither the child nor the child's spouse would have a tax liability if they file separate returns.
The child must be a U.S. citizen, resident, or national, or a resident of Canada or Mexico for part of the year.
A child is your qualifying child if all the following conditions are satisfied:
The child is your son, daughter, stepchild, foster child, brother, sister, stepbrother, stepsister or a descendant of any of them.
The child is younger than age 19, a full-time student younger than 24 or a disabled child.
The child did not provide more than half of his or her own support.
The child must live with you more than half of the year. A newborn child is considered to have lived with you for the entire year.
You Could Qualify for Several Credits
MORE QUESTIONS? CONTACT US AT OUR YEAR 'ROUND OFFICES
LAKEWOOD PLAZA
1700 MADISON AVE
LAKEWOOD, NJ 08701
Phone: 732-364-3000
TOWN AND COUNTRY CENTER
1900 RTE 70 STE 218
LAKEWOOD, NJ 08701
Phone: 732-920-9333
MANCHESTER PLAZA
1039 RTE 70
MANCHESTER, NJ 08759
Phone: 732-408-9123
93 3RD AVE
BLDG E STE 505
NEPTUNE CITY, NJ 07753
Phone: 732-502-8314
You may qualify for the Child Tax Credit, Earned Income Credit (EIC) and Child Care Credit. Also, the 2009 American Recovery and Reinvestment Act expands some of these benefits.
Child Tax Credit — You may be able to get a credit of up to $1,000 per child. An eligible child must be younger than 17 and must be a U.S. citizen, U.S. national, or a resident alien. This credit is available regardless of your filing status. However, your credit is reduced if your modified adjusted gross income is:
EIC — The EIC is a refundable credit available to low-income workers. The amount of the credit varies depending on your income level and the number of qualifying children you have.
Your bundle of Joy may qualify for credits including the Child Care Credit, the Child Tax Credit and the Earned Income Credit.
If you're a single parent paying more than half the household costs and your child lives with you more than half the year, claim Head of Household to qualify for a higher standard deduction than when filing as Single. You'll also be eligible to use a more favorable tax table or rate schedule.
Apply for a social security card immediately after your child's birth to receive tax benefits.
In most situations, you'll claim the exemption for a child because the child is your qualifying child. But in some situations, the child will be claimed as a qualifying relative. See Publication 501 for the rules relating to qualifying relatives.
You Can Claim a Dependent
In either situation, 3 conditions must be satisfied:
You can't claim an exemption for the child if you can be claimed as a dependent of another person.
You can't claim an exemption for the child if the child files a joint return unless the return is only a claim for refund and neither the child nor the child's spouse would have a tax liability if they file separate returns.
The child must be a U.S. citizen, resident, or national, or a resident of Canada or Mexico for part of the year.
A child is your qualifying child if all the following conditions are satisfied:
The child is your son, daughter, stepchild, foster child, brother, sister, stepbrother, stepsister or a descendant of any of them.
The child is younger than age 19, a full-time student younger than 24 or a disabled child.
The child did not provide more than half of his or her own support.
The child must live with you more than half of the year. A newborn child is considered to have lived with you for the entire year.
You Could Qualify for Several Credits
MORE QUESTIONS? CONTACT US AT OUR YEAR 'ROUND OFFICES
LAKEWOOD PLAZA
1700 MADISON AVE
LAKEWOOD, NJ 08701
Phone: 732-364-3000
TOWN AND COUNTRY CENTER
1900 RTE 70 STE 218
LAKEWOOD, NJ 08701
Phone: 732-920-9333
MANCHESTER PLAZA
1039 RTE 70
MANCHESTER, NJ 08759
Phone: 732-408-9123
93 3RD AVE
BLDG E STE 505
NEPTUNE CITY, NJ 07753
Phone: 732-502-8314
You may qualify for the Child Tax Credit, Earned Income Credit (EIC) and Child Care Credit. Also, the 2009 American Recovery and Reinvestment Act expands some of these benefits.
Child Tax Credit — You may be able to get a credit of up to $1,000 per child. An eligible child must be younger than 17 and must be a U.S. citizen, U.S. national, or a resident alien. This credit is available regardless of your filing status. However, your credit is reduced if your modified adjusted gross income is:
EIC — The EIC is a refundable credit available to low-income workers. The amount of the credit varies depending on your income level and the number of qualifying children you have.
(Crestwood Village Area) - You Haven’t Filed Your Taxes Yet. OK, Let’s Fix The Problem. You Got People. Here’s the Facts: If you filed on time, but
(Crestwood Village Area) - You Haven’t Filed Your Taxes Yet. OK, Let’s Fix The Problem. You Got People.
Here’s the Facts: If you filed on time, but don't pay the entire balance you'll be charged a late payment penalty of 0.5%, up to 25%, of the unpaid tax.
You may be penalized up to 47.5% of your unpaid tax if you don't file your return on time.
If you request an installment payment plan for your taxes, and the IRS accepts it, you'll be charged a fee plus interest on all unpaid taxes.
MORE QUESTIONS? CONTACT US AT OUR YEAR 'ROUND OFFICES
LAKEWOOD PLAZA
1700 MADISON AVE
LAKEWOOD, NJ 08701
Phone: 732-364-3000
TOWN AND COUNTRY CENTER
1900 RTE 70 STE 218
LAKEWOOD, NJ 08701
Phone: 732-920-9333
MANCHESTER PLAZA
1039 RTE 70
MANCHESTER, NJ 08759
Phone: 732-408-9123
93 3RD AVE
BLDG E STE 505
NEPTUNE CITY, NJ 07753
Phone: 732-502-8314
It's best to file on time and pay as much of your balance due as possible. If you didn't do this by the tax deadline, you probably fit into 1 of 3 categories.
Category 1: You filed on time but didn't pay all of your balance due.
You'll generally have to pay a late-payment penalty of 0.5% of the tax owed for each month, or part of a month that the tax remains unpaid after the due date, up to 25% of the tax due. The 0.5% rate increases to 1% if the tax remains unpaid after several notices have been sent to you, and the IRS issues a notice of intent to levy. The penalty will not be imposed if you can show reasonable cause for the failure to pay.
Category 2: You haven't filed or paid your balance due.
If you did not file on time, and you owe tax, you may owe a late-filing penalty in addition to the late-payment penalty unless you can show reasonable cause. The combined penalty is 5% (4.5% late filing, 0.5% late payment) for each month, or part of a month, that your return is late. The late-filing penalty is generally imposed for a maximum of 5 months. However, after 5 months, if you still have not paid, the 0.5% late-payment penalty continues to run, up to 25%, until the tax is paid. So, the combined maximum penalty may be as high as 47.5% [(4.5% x 5 months) + 25%].
Note: If your return is more than 60 days late, the minimum late-filing penalty is the smaller of $135 or 100% of the tax required to be shown on the return.
Category 3: You're paying taxes through an installment agreement.
If you or your tax professional filed Form 9465 requesting an installment payment plan, and the IRS accepted your installment payment plan, they will charge you an administrative fee plus interest on the unpaid tax. If you filed a timely return and are paying your tax due according to an installment agreement, the late-payment penalty is 0.25% (instead of 0.5%) for each month, or part of a month, that the tax remains unpaid.
Regardless of which category you fall into, you'll owe interest on any balance due from the due date of the return until the date of payment. The interest rate is adjusted every 3 months.
YOU HAVEN’T FILED YOUR TAXES YET. OK, LET’S FIX THE PROBLEM. You Got People.
CONTACT US NOW:
MORE QUESTIONS? CONTACT US AT OUR YEAR 'ROUND OFFICES
LAKEWOOD PLAZA
1700 MADISON AVE
LAKEWOOD, NJ 08701
Phone: 732-364-3000
TOWN AND COUNTRY CENTER
1900 RTE 70 STE 218
LAKEWOOD, NJ 08701
Phone: 732-920-9333
MANCHESTER PLAZA
1039 RTE 70
MANCHESTER, NJ 08759
Phone: 732-408-9123
93 3RD AVE
BLDG E STE 505
NEPTUNE CITY, NJ 07753
Phone: 732-502-8314
Here’s the Facts: If you filed on time, but don't pay the entire balance you'll be charged a late payment penalty of 0.5%, up to 25%, of the unpaid tax.
You may be penalized up to 47.5% of your unpaid tax if you don't file your return on time.
If you request an installment payment plan for your taxes, and the IRS accepts it, you'll be charged a fee plus interest on all unpaid taxes.
MORE QUESTIONS? CONTACT US AT OUR YEAR 'ROUND OFFICES
LAKEWOOD PLAZA
1700 MADISON AVE
LAKEWOOD, NJ 08701
Phone: 732-364-3000
TOWN AND COUNTRY CENTER
1900 RTE 70 STE 218
LAKEWOOD, NJ 08701
Phone: 732-920-9333
MANCHESTER PLAZA
1039 RTE 70
MANCHESTER, NJ 08759
Phone: 732-408-9123
93 3RD AVE
BLDG E STE 505
NEPTUNE CITY, NJ 07753
Phone: 732-502-8314
It's best to file on time and pay as much of your balance due as possible. If you didn't do this by the tax deadline, you probably fit into 1 of 3 categories.
Category 1: You filed on time but didn't pay all of your balance due.
You'll generally have to pay a late-payment penalty of 0.5% of the tax owed for each month, or part of a month that the tax remains unpaid after the due date, up to 25% of the tax due. The 0.5% rate increases to 1% if the tax remains unpaid after several notices have been sent to you, and the IRS issues a notice of intent to levy. The penalty will not be imposed if you can show reasonable cause for the failure to pay.
Category 2: You haven't filed or paid your balance due.
If you did not file on time, and you owe tax, you may owe a late-filing penalty in addition to the late-payment penalty unless you can show reasonable cause. The combined penalty is 5% (4.5% late filing, 0.5% late payment) for each month, or part of a month, that your return is late. The late-filing penalty is generally imposed for a maximum of 5 months. However, after 5 months, if you still have not paid, the 0.5% late-payment penalty continues to run, up to 25%, until the tax is paid. So, the combined maximum penalty may be as high as 47.5% [(4.5% x 5 months) + 25%].
Note: If your return is more than 60 days late, the minimum late-filing penalty is the smaller of $135 or 100% of the tax required to be shown on the return.
Category 3: You're paying taxes through an installment agreement.
If you or your tax professional filed Form 9465 requesting an installment payment plan, and the IRS accepted your installment payment plan, they will charge you an administrative fee plus interest on the unpaid tax. If you filed a timely return and are paying your tax due according to an installment agreement, the late-payment penalty is 0.25% (instead of 0.5%) for each month, or part of a month, that the tax remains unpaid.
Regardless of which category you fall into, you'll owe interest on any balance due from the due date of the return until the date of payment. The interest rate is adjusted every 3 months.
YOU HAVEN’T FILED YOUR TAXES YET. OK, LET’S FIX THE PROBLEM. You Got People.
CONTACT US NOW:
MORE QUESTIONS? CONTACT US AT OUR YEAR 'ROUND OFFICES
LAKEWOOD PLAZA
1700 MADISON AVE
LAKEWOOD, NJ 08701
Phone: 732-364-3000
TOWN AND COUNTRY CENTER
1900 RTE 70 STE 218
LAKEWOOD, NJ 08701
Phone: 732-920-9333
MANCHESTER PLAZA
1039 RTE 70
MANCHESTER, NJ 08759
Phone: 732-408-9123
93 3RD AVE
BLDG E STE 505
NEPTUNE CITY, NJ 07753
Phone: 732-502-8314
(Forked River / Lanoka Harbor, NJ) Tax Issue after April 15th? RELAX. You Got People. MORE QUESTIONS? CONTACT US AT OUR YEAR 'ROUND OFFICES LAKEWOO
(Forked River / Lanoka Harbor, NJ) Tax Issue after April 15th? RELAX. You Got People.
MORE QUESTIONS? CONTACT US AT OUR YEAR 'ROUND OFFICES
LAKEWOOD PLAZA
1700 MADISON AVE
LAKEWOOD, NJ 08701
Phone: 732-364-3000
TOWN AND COUNTRY CENTER
1900 RTE 70 STE 218
LAKEWOOD, NJ 08701
Phone: 732-920-9333
MANCHESTER PLAZA
1039 RTE 70
MANCHESTER, NJ 08759
Phone: 732-408-9123
93 3RD AVE
BLDG E STE 505
NEPTUNE CITY, NJ 07753
Phone: 732-502-8314
Why Choose H&R Block?
Our average client sees a Tax Professional with more than 8 years of experience and hundreds of hours of specialty training. Have a one-to-one relationship the way you want it: face-to-face, over the phone or online - you decide.
TOP 3 REASONS TO CHOOSE H&R BLOCK OVER ANOTHER PREPARER:
1.Tax Laws Change - Most H&R Block Tax Professionals receive more than 50 hours of training annually.
2.We Have the Answers - We have 90,000 trained professionals with access to H&R Block's Tax Institute - the leader in tax research.
3.We Guarantee Our Work - If we make a mistake, we'll pay any resulting penalties and interest; we guarantee it.
WE EMPLOY HIGHLY-TRAINED TAX PROFESSIONALS:
H&R Block's been in business for more than 50 years, and on average, our clients are served by a tax professional with more than 8 years of tax preparation experience. Plus, the majority of H&R Block tax professionals receive more than 50 hours of training every year, ensuring they stay on top of recent tax law changes and understand how they may impact your personal tax situation. In fact, the H&R Block Income Tax Course is recognized as the industry's leading tax training program.
WE’RE MORE THAN A TAX RETURN:
When you meet with your pro, they'll look for every possible deduction and credit to maximize your tax outcome, such as those related to your job.* You'll also get advice tailored to your unique tax situation. And at the end of each interview, you'll receive a personalized H&R Block Advantage statement summarizing year-round tax-saving tips.
Life changes could mean tax changes.
If you change jobs, get married, buy a new home, have a baby or experience another life-changing event, your tax professional can help you plan for it.
We'll help you determine the right number of payroll exemptions with our W-4 estimator.
H&R Block Savings products can help you save for short- or long-term goals.
Need help after April 15?
We offer year-round support by calling 1-800-HRBLOCK. We can also refer you to an H&R Block Year Round office in case you have tax questions or in case of an IRS audit.
YOUR SATISFACTION IS GUARANTEED:
If you are not satisfied, you are not obligated to accept and pay for the preparation of your tax return.
The H&R Block Guarantee:
If H&R Block makes an error in the preparation of your tax return, H&R Block will pay penalties and interest caused by such error. In addition, if the IRS audits you, an H&R Block representative will assist in answering questions regarding the preparation of your return (not as a legal representative)1.
1 If H&R Block makes an error in the preparation of your tax return, it will pay penalties and interest caused by such error. If you are audited, H&R Block will explain your audit notice and advise you as to documentation you should provide to the auditing authority.
MORE QUESTIONS? CONTACT US AT OUR YEAR 'ROUND OFFICES
LAKEWOOD PLAZA
1700 MADISON AVE
LAKEWOOD, NJ 08701
Phone: 732-364-3000
TOWN AND COUNTRY CENTER
1900 RTE 70 STE 218
LAKEWOOD, NJ 08701
Phone: 732-920-9333
MANCHESTER PLAZA
1039 RTE 70
MANCHESTER, NJ 08759
Phone: 732-408-9123
93 3RD AVE
BLDG E STE 505
NEPTUNE CITY, NJ 07753
Phone: 732-502-8314
Why Choose H&R Block?
Our average client sees a Tax Professional with more than 8 years of experience and hundreds of hours of specialty training. Have a one-to-one relationship the way you want it: face-to-face, over the phone or online - you decide.
TOP 3 REASONS TO CHOOSE H&R BLOCK OVER ANOTHER PREPARER:
1.Tax Laws Change - Most H&R Block Tax Professionals receive more than 50 hours of training annually.
2.We Have the Answers - We have 90,000 trained professionals with access to H&R Block's Tax Institute - the leader in tax research.
3.We Guarantee Our Work - If we make a mistake, we'll pay any resulting penalties and interest; we guarantee it.
WE EMPLOY HIGHLY-TRAINED TAX PROFESSIONALS:
H&R Block's been in business for more than 50 years, and on average, our clients are served by a tax professional with more than 8 years of tax preparation experience. Plus, the majority of H&R Block tax professionals receive more than 50 hours of training every year, ensuring they stay on top of recent tax law changes and understand how they may impact your personal tax situation. In fact, the H&R Block Income Tax Course is recognized as the industry's leading tax training program.
WE’RE MORE THAN A TAX RETURN:
When you meet with your pro, they'll look for every possible deduction and credit to maximize your tax outcome, such as those related to your job.* You'll also get advice tailored to your unique tax situation. And at the end of each interview, you'll receive a personalized H&R Block Advantage statement summarizing year-round tax-saving tips.
Life changes could mean tax changes.
If you change jobs, get married, buy a new home, have a baby or experience another life-changing event, your tax professional can help you plan for it.
We'll help you determine the right number of payroll exemptions with our W-4 estimator.
H&R Block Savings products can help you save for short- or long-term goals.
Need help after April 15?
We offer year-round support by calling 1-800-HRBLOCK. We can also refer you to an H&R Block Year Round office in case you have tax questions or in case of an IRS audit.
YOUR SATISFACTION IS GUARANTEED:
If you are not satisfied, you are not obligated to accept and pay for the preparation of your tax return.
The H&R Block Guarantee:
If H&R Block makes an error in the preparation of your tax return, H&R Block will pay penalties and interest caused by such error. In addition, if the IRS audits you, an H&R Block representative will assist in answering questions regarding the preparation of your return (not as a legal representative)1.
1 If H&R Block makes an error in the preparation of your tax return, it will pay penalties and interest caused by such error. If you are audited, H&R Block will explain your audit notice and advise you as to documentation you should provide to the auditing authority.
(Lacey Township, NJ) – Use H&R Block's Tax Pro Finder to ind A Year Round Tax Professional. Quoteable "In this digital age, the Internet is one of t
(Lacey Township, NJ) – Use H&R Block's Tax Pro Finder to ind A Year Round Tax Professional.
Quoteable
"In this digital age, the Internet is one of the first places people turn for financial information. H&R Block's Tax Professional Finder is the only online tool available to help taxpayers find and schedule an appointment with a preparer who has the right experience and expertise in a convenient location."
--Iris Spinler-Waid, program manager, H&R Block Tax Professional Finder
By the Numbers
* H&R Block expects more than 1 million visitors to the Tax Professional Finder site this year.
* During its 2007 inaugural year, H&R Block's Tax Professional Finder had 40,000 tax professionals live with biographies and there were more than 500,000 hits to the Web site.
* The average H&R Block client is served by a tax professional with 8 years experience and more than 450 hours of training.
* Each year, H&R Block tax professionals are required to complete 50 hours of continuing education so they're up-to-speed on the latest tax law changes.
MORE QUESTIONS? CONTACT US AT OUR YEAR 'ROUND OFFICES
LAKEWOOD PLAZA
1700 MADISON AVE
LAKEWOOD, NJ 08701
Phone: 732-364-3000
TOWN AND COUNTRY CENTER
1900 RTE 70 STE 218
LAKEWOOD, NJ 08701
Phone: 732-920-9333
MANCHESTER PLAZA
1039 RTE 70
MANCHESTER, NJ 08759
Phone: 732-408-9123
93 3RD AVE
BLDG E STE 505
NEPTUNE CITY, NJ 07753
Phone: 732-502-8314
Block Talk
* H&R Block's Tax Professional Finder enables taxpayers to make an online appointment with a tax preparer who matches their criteria.
* Taxpayers can select a tax professional based on the preparer's location, years of experience or even find the tax professional they used last year.
* Taxpayers also can search for a professional based on their area of expertise such as bilingual, knowledge of a certain occupation, or small business ownership.
* A list of tax professionals meeting the requested criteria is provided, along with a photo, summary of experience and their office location.
* Once the taxpayer finds the right tax professional, they can make an online appointment to meet with the preparer.
# # #
Quoteable
"In this digital age, the Internet is one of the first places people turn for financial information. H&R Block's Tax Professional Finder is the only online tool available to help taxpayers find and schedule an appointment with a preparer who has the right experience and expertise in a convenient location."
--Iris Spinler-Waid, program manager, H&R Block Tax Professional Finder
By the Numbers
* H&R Block expects more than 1 million visitors to the Tax Professional Finder site this year.
* During its 2007 inaugural year, H&R Block's Tax Professional Finder had 40,000 tax professionals live with biographies and there were more than 500,000 hits to the Web site.
* The average H&R Block client is served by a tax professional with 8 years experience and more than 450 hours of training.
* Each year, H&R Block tax professionals are required to complete 50 hours of continuing education so they're up-to-speed on the latest tax law changes.
MORE QUESTIONS? CONTACT US AT OUR YEAR 'ROUND OFFICES
LAKEWOOD PLAZA
1700 MADISON AVE
LAKEWOOD, NJ 08701
Phone: 732-364-3000
TOWN AND COUNTRY CENTER
1900 RTE 70 STE 218
LAKEWOOD, NJ 08701
Phone: 732-920-9333
MANCHESTER PLAZA
1039 RTE 70
MANCHESTER, NJ 08759
Phone: 732-408-9123
93 3RD AVE
BLDG E STE 505
NEPTUNE CITY, NJ 07753
Phone: 732-502-8314
Block Talk
* H&R Block's Tax Professional Finder enables taxpayers to make an online appointment with a tax preparer who matches their criteria.
* Taxpayers can select a tax professional based on the preparer's location, years of experience or even find the tax professional they used last year.
* Taxpayers also can search for a professional based on their area of expertise such as bilingual, knowledge of a certain occupation, or small business ownership.
* A list of tax professionals meeting the requested criteria is provided, along with a photo, summary of experience and their office location.
* Once the taxpayer finds the right tax professional, they can make an online appointment to meet with the preparer.
# # #
(Leisure Village, Ocean County, NJ) - Experienced tax pro? Then why not work for the best in the business? If you already have experience preparing
(Leisure Village, Ocean County, NJ) - Experienced tax pro? Then why not work for the best in the business?
If you already have experience preparing taxes, take our online assessment.
https://taxpro.hrblock.com/taxproConsumerWebApp/consumer/getTestOutRequestForm.do
Become an H&R Block Tax Professional. If you don't have previous tax preparation experience, learn more about our Income Tax Course.
http://hrblock.com/taxes/planning/tax_courses/paid_preparers.html
Industry Leader - Nearly 55 years of experience and more than 13,000 office locations
Top Pay - Competitive pay with opportunities to increase your pay through continuing education
Most Comprehensive Training - More than 150 courses for continuing education taught by Certified Tax Professionals
Attain Enrolled Agent (EA) Status - Use our tools and resources to attain EA status and further your career
Opportunities for Advancement - Field management and corporate positions available
Flexible Work Schedules - A career that meets your lifestyle.
MORE QUESTIONS? CONTACT US AT OUR YEAR 'ROUND OFFICES
LAKEWOOD PLAZA
1700 MADISON AVE
LAKEWOOD, NJ 08701
Phone: 732-364-3000
TOWN AND COUNTRY CENTER
1900 RTE 70 STE 218
LAKEWOOD, NJ 08701
Phone: 732-920-9333
MANCHESTER PLAZA
1039 RTE 70
MANCHESTER, NJ 08759
Phone: 732-408-9123
93 3RD AVE
BLDG E STE 505
NEPTUNE CITY, NJ 07753
Phone: 732-502-8314
Enrollment in or completion of the H&R Block Income Tax Course is neither an offer nor a guarantee of employment. Enrollment restrictions apply. Book or other fees may also apply. This course is neither intended for nor open to any persons who are either currently employed by or seeking employment with any professional tax preparation company or organization other than H&R Block. During the course, should H&R Block learn of any student's employment or intended employment with a competing professional tax preparation company or service, H&R Block reserves the right to immediately cancel the student's enrollment. In the event of such cancellation, the student will not be entitled to a refund of any fees paid unless required by state law. See Enrollment Agreement for details. State restrictions may apply. Valid at participating locations only. Void where prohibited. H&R Block is an equal opportunity employer.
The H&R Block Income Tax Course is authorized for operation as a postsecondary educational institution by the Tennessee Higher Education Commission.
H&R Block has been approved by the California Tax Education Council to offer Basic Building Blocks, course number 1040-QE-0002, which fulfills the 60-hour "qualifying education" requirement imposed by the State of California to become a tax preparer. A listing of additional requirements to register as a tax preparer may be obtained by contacting CTEC at P.O. Box 2890, Sacramento, CA 95812-2890; toll-free by phone at (877) 850-2832; or at www.ctec.org. In addition to successfully passing our assessment, students in California and Oregon must also meet the state requirements. California requires tax preparers to successfully complete at least 60 hours of education in basic personal income tax law, theory, and practice, and register with the California Tax and Education Council. Oregon requires tax preparers to successfully complete 80 hours of approved basic income tax courses and requires passing the Oregon Tax Board Examination to apply for a license to prepare taxes.
If you already have experience preparing taxes, take our online assessment.
https://taxpro.hrblock.com/taxproConsumerWebApp/consumer/getTestOutRequestForm.do
Become an H&R Block Tax Professional. If you don't have previous tax preparation experience, learn more about our Income Tax Course.
http://hrblock.com/taxes/planning/tax_courses/paid_preparers.html
Industry Leader - Nearly 55 years of experience and more than 13,000 office locations
Top Pay - Competitive pay with opportunities to increase your pay through continuing education
Most Comprehensive Training - More than 150 courses for continuing education taught by Certified Tax Professionals
Attain Enrolled Agent (EA) Status - Use our tools and resources to attain EA status and further your career
Opportunities for Advancement - Field management and corporate positions available
Flexible Work Schedules - A career that meets your lifestyle.
MORE QUESTIONS? CONTACT US AT OUR YEAR 'ROUND OFFICES
LAKEWOOD PLAZA
1700 MADISON AVE
LAKEWOOD, NJ 08701
Phone: 732-364-3000
TOWN AND COUNTRY CENTER
1900 RTE 70 STE 218
LAKEWOOD, NJ 08701
Phone: 732-920-9333
MANCHESTER PLAZA
1039 RTE 70
MANCHESTER, NJ 08759
Phone: 732-408-9123
93 3RD AVE
BLDG E STE 505
NEPTUNE CITY, NJ 07753
Phone: 732-502-8314
Enrollment in or completion of the H&R Block Income Tax Course is neither an offer nor a guarantee of employment. Enrollment restrictions apply. Book or other fees may also apply. This course is neither intended for nor open to any persons who are either currently employed by or seeking employment with any professional tax preparation company or organization other than H&R Block. During the course, should H&R Block learn of any student's employment or intended employment with a competing professional tax preparation company or service, H&R Block reserves the right to immediately cancel the student's enrollment. In the event of such cancellation, the student will not be entitled to a refund of any fees paid unless required by state law. See Enrollment Agreement for details. State restrictions may apply. Valid at participating locations only. Void where prohibited. H&R Block is an equal opportunity employer.
The H&R Block Income Tax Course is authorized for operation as a postsecondary educational institution by the Tennessee Higher Education Commission.
H&R Block has been approved by the California Tax Education Council to offer Basic Building Blocks, course number 1040-QE-0002, which fulfills the 60-hour "qualifying education" requirement imposed by the State of California to become a tax preparer. A listing of additional requirements to register as a tax preparer may be obtained by contacting CTEC at P.O. Box 2890, Sacramento, CA 95812-2890; toll-free by phone at (877) 850-2832; or at www.ctec.org. In addition to successfully passing our assessment, students in California and Oregon must also meet the state requirements. California requires tax preparers to successfully complete at least 60 hours of education in basic personal income tax law, theory, and practice, and register with the California Tax and Education Council. Oregon requires tax preparers to successfully complete 80 hours of approved basic income tax courses and requires passing the Oregon Tax Board Examination to apply for a license to prepare taxes.
(Manchester Township, NJ) - H&R Block Found Errors in 87% of The Returns Prepared By Others via our Second Look® Review Quoteable "Too often, taxpa
(Manchester Township, NJ) - H&R Block Found Errors in 87% of The Returns Prepared By Others via our Second Look® Review
Quoteable
"Too often, taxpayers leave money on the table with overlooked deductions and credits. In today's volatile economic climate, taxpayers can't afford to claim anything less than their full refund."
--Jackie Perlman, senior analyst, The Tax Institute at H&R Block
By the Numbers
H&R Block found errors in 87 percent of the returns it reviewed as part of a Second Look® review.
On average, taxpayers missed $1,300 in additional tax savings*.
Nearly half of those who re-filed with H&R Block received a bigger refund.
Nearly 4.1 million people fail to claim education tax benefits for which they may be eligible. These include:
1. Hope Credit
2. Lifetime Learning Credit
3. Student loan interest
4. Other commonly overlooked tax deductions and credits include:
5. Earned Income Credit
6. Child Tax Credit
7. Saver's Credit
8. Medical expenses
9. State and local taxes
10. Individual tax audits are at a 10-year high.
Taxpayers can amend tax returns for up to three years prior.
Block Talk
With a Second Look review, H&R Block will review a taxpayer's returns - regardless of who prepared them - for $29 per return.
H&R Block also will provide advice on what to do if any variances are found.
H&R Block guarantees coverage for penalties, interest repayment and audit assistance if the return is correct or if H&R Block files a corrected return for the client.
The typical H&R Block client sees a tax professional with more than 8 years experience and 450 hours of training.
For Further Information, or to schedule a Second Look Review:
MORE QUESTIONS? CONTACT US AT OUR YEAR 'ROUND OFFICES
LAKEWOOD PLAZA
1700 MADISON AVE
LAKEWOOD, NJ 08701
Phone: 732-364-3000
TOWN AND COUNTRY CENTER
1900 RTE 70 STE 218
LAKEWOOD, NJ 08701
Phone: 732-920-9333
MANCHESTER PLAZA
1039 RTE 70
MANCHESTER, NJ 08759
Phone: 732-408-9123
93 3RD AVE
BLDG E STE 505
NEPTUNE CITY, NJ 07753
Phone: 732-502-8314
# # #
*Error rates and average savings claims are for calendar year 2007. Clients either received a larger refund or owed less money to the IRS. $1,300 is the average tax savings achieved by clients who expected a refund and re-filed a return with H&R Block. Individual results may vary. Additional fees apply if H&R Block corrects or amends a return. At participating offices.
Quoteable
"Too often, taxpayers leave money on the table with overlooked deductions and credits. In today's volatile economic climate, taxpayers can't afford to claim anything less than their full refund."
--Jackie Perlman, senior analyst, The Tax Institute at H&R Block
By the Numbers
H&R Block found errors in 87 percent of the returns it reviewed as part of a Second Look® review.
On average, taxpayers missed $1,300 in additional tax savings*.
Nearly half of those who re-filed with H&R Block received a bigger refund.
Nearly 4.1 million people fail to claim education tax benefits for which they may be eligible. These include:
1. Hope Credit
2. Lifetime Learning Credit
3. Student loan interest
4. Other commonly overlooked tax deductions and credits include:
5. Earned Income Credit
6. Child Tax Credit
7. Saver's Credit
8. Medical expenses
9. State and local taxes
10. Individual tax audits are at a 10-year high.
Taxpayers can amend tax returns for up to three years prior.
Block Talk
With a Second Look review, H&R Block will review a taxpayer's returns - regardless of who prepared them - for $29 per return.
H&R Block also will provide advice on what to do if any variances are found.
H&R Block guarantees coverage for penalties, interest repayment and audit assistance if the return is correct or if H&R Block files a corrected return for the client.
The typical H&R Block client sees a tax professional with more than 8 years experience and 450 hours of training.
For Further Information, or to schedule a Second Look Review:
MORE QUESTIONS? CONTACT US AT OUR YEAR 'ROUND OFFICES
LAKEWOOD PLAZA
1700 MADISON AVE
LAKEWOOD, NJ 08701
Phone: 732-364-3000
TOWN AND COUNTRY CENTER
1900 RTE 70 STE 218
LAKEWOOD, NJ 08701
Phone: 732-920-9333
MANCHESTER PLAZA
1039 RTE 70
MANCHESTER, NJ 08759
Phone: 732-408-9123
93 3RD AVE
BLDG E STE 505
NEPTUNE CITY, NJ 07753
Phone: 732-502-8314
# # #
*Error rates and average savings claims are for calendar year 2007. Clients either received a larger refund or owed less money to the IRS. $1,300 is the average tax savings achieved by clients who expected a refund and re-filed a return with H&R Block. Individual results may vary. Additional fees apply if H&R Block corrects or amends a return. At participating offices.
LAKEHURST, NJ AREA - Military spouses can take our Income Tax Course for free and learn the skills they need to become a tax preparer. Quotable "Mil
LAKEHURST, NJ AREA - Military spouses can take our Income Tax Course for free and learn the skills they need to become a tax preparer.
Quotable
"Military spouses can take our Income Tax Course for free and learn the skills they need to become a tax preparer. Upon completion, students may be hired and work at any of H&R Block's more than 13,000 retail offices. It's a flexible way for military spouses to continue working, regardless of where they're asked to live."
--Lillie Cannon, military program manager, H&R Block
By the Numbers
* More than 1,500 military spouses are employed by H&R Block through the company's Military Spouse Scholarship Program.
* In 2007, H&R Block was recognized as having employed more military spouses than any other company.
* H&R Block has 57 offices located on military bases across the county and overseas.
* H&R Block has more than 200 offices located near U.S. military bases.
Block Talk
* H&R Block provides discounted tax preparation to all branches of the military.
* Through its Military Spouse Scholarship Program, H&R Block offers military spouses a full scholarship to the company's Income Tax Course.
* The ITC teaches students the skills they need to become tax preparers.
* Once the ITC is complete, military spouses may be hired as tax professionals for H&R Block.
With more than 13,000 retail locations across the country, this program helps military spouses find employment regardless of where in the U.S. they're asked to live.
MORE QUESTIONS? CONTACT US AT OUR YEAR 'ROUND OFFICES
LAKEWOOD PLAZA
1700 MADISON AVE
LAKEWOOD, NJ 08701
Phone: 732-364-3000
TOWN AND COUNTRY CENTER
1900 RTE 70 STE 218
LAKEWOOD, NJ 08701
Phone: 732-920-9333
MANCHESTER PLAZA
1039 RTE 70
MANCHESTER, NJ 08759
Phone: 732-408-9123
93 3RD AVE
BLDG E STE 505
NEPTUNE CITY, NJ 07753
Phone: 732-502-8314
# # #
Enrollment in or completion of the H&R Block Income Tax Course is neither an offer nor a guarantee of employment. Enrollment restrictions apply. Book or other fees may also apply. This course is neither intended for nor open to any persons who are either currently employed by or seeking employment with any professional tax preparation company or organization other than H&R Block. During the course, should H&R Block learn of any student's employment or intended employment with a competing professional tax preparation company or service, H&R Block reserves the right to immediately cancel the student's enrollment. In the event of such cancellation, the student will not be entitled to a refund of any fees paid unless required by state law. See Enrollment Agreement for details. State restrictions may apply. Valid at participating locations only. Void where prohibited. H&R Block is an equal opportunity employer.
The H&R Block Income Tax Course is authorized for operation as a postsecondary educational institution by the Tennessee Higher Education Commission
H&R Block has been approved by the California Tax Education Council to offer Basic Building Blocks, course number 1040-QE-0002, which fulfills the 60-hour "qualifying education" requirement imposed by the State of California to become a tax preparer. A listing of additional requirements to register as a tax preparer may be obtained by contacting CTEC at P.O. Box 2890, Sacramento, CA 95812-2890; toll-free by phone at (877) 850-2832; or at www.ctec.org.
Quotable
"Military spouses can take our Income Tax Course for free and learn the skills they need to become a tax preparer. Upon completion, students may be hired and work at any of H&R Block's more than 13,000 retail offices. It's a flexible way for military spouses to continue working, regardless of where they're asked to live."
--Lillie Cannon, military program manager, H&R Block
By the Numbers
* More than 1,500 military spouses are employed by H&R Block through the company's Military Spouse Scholarship Program.
* In 2007, H&R Block was recognized as having employed more military spouses than any other company.
* H&R Block has 57 offices located on military bases across the county and overseas.
* H&R Block has more than 200 offices located near U.S. military bases.
Block Talk
* H&R Block provides discounted tax preparation to all branches of the military.
* Through its Military Spouse Scholarship Program, H&R Block offers military spouses a full scholarship to the company's Income Tax Course.
* The ITC teaches students the skills they need to become tax preparers.
* Once the ITC is complete, military spouses may be hired as tax professionals for H&R Block.
With more than 13,000 retail locations across the country, this program helps military spouses find employment regardless of where in the U.S. they're asked to live.
MORE QUESTIONS? CONTACT US AT OUR YEAR 'ROUND OFFICES
LAKEWOOD PLAZA
1700 MADISON AVE
LAKEWOOD, NJ 08701
Phone: 732-364-3000
TOWN AND COUNTRY CENTER
1900 RTE 70 STE 218
LAKEWOOD, NJ 08701
Phone: 732-920-9333
MANCHESTER PLAZA
1039 RTE 70
MANCHESTER, NJ 08759
Phone: 732-408-9123
93 3RD AVE
BLDG E STE 505
NEPTUNE CITY, NJ 07753
Phone: 732-502-8314
# # #
Enrollment in or completion of the H&R Block Income Tax Course is neither an offer nor a guarantee of employment. Enrollment restrictions apply. Book or other fees may also apply. This course is neither intended for nor open to any persons who are either currently employed by or seeking employment with any professional tax preparation company or organization other than H&R Block. During the course, should H&R Block learn of any student's employment or intended employment with a competing professional tax preparation company or service, H&R Block reserves the right to immediately cancel the student's enrollment. In the event of such cancellation, the student will not be entitled to a refund of any fees paid unless required by state law. See Enrollment Agreement for details. State restrictions may apply. Valid at participating locations only. Void where prohibited. H&R Block is an equal opportunity employer.
The H&R Block Income Tax Course is authorized for operation as a postsecondary educational institution by the Tennessee Higher Education Commission
H&R Block has been approved by the California Tax Education Council to offer Basic Building Blocks, course number 1040-QE-0002, which fulfills the 60-hour "qualifying education" requirement imposed by the State of California to become a tax preparer. A listing of additional requirements to register as a tax preparer may be obtained by contacting CTEC at P.O. Box 2890, Sacramento, CA 95812-2890; toll-free by phone at (877) 850-2832; or at www.ctec.org.
(Holiday City, Ocean County, NJ Area) - Tax credit available for many energy efficient home improvements. "Going green" is not only great for the e
(Holiday City, Ocean County, NJ Area) - Tax credit available for many energy efficient home improvements.
"Going green" is not only great for the environment, but it also may result in hundreds, or even thousands, of dollars in savings for taxpayers. H&R Block (NYSE: HRB) points out several energy-related tax credits available for 2008 and more that have been added for 2009.
Available for the 2008 tax year is a credit for residential energy efficient property (REEP) that was purchased and used to provide energy to the taxpayer's home in 2008. The REEP credit also includes the cost of installation. The following items are eligible:
* Solar panels - 30 percent of cost, up to $2,000
* Geothermal heat pumps and solar water heaters - 30 percent of cost, up to $2,000
* Small wind energy property - 30 percent of cost, up to $4,000
* Fuel cells - $500 for each half-kilowatt of capacity
"Home improvements are seen by many as an investment in the future value of the home," said Gil Charney, tax analyst with The Tax Institute at H&R Block. "However, by including these energy efficient changes, taxpayers can see their investment pay off much sooner."
For taxpayers considering home improvement projects now, know that recent legislative changes have extended, increased and expanded home energy credits for 2009 and beyond.
MORE QUESTIONS? CONTACT US AT OUR YEAR 'ROUND OFFICES
LAKEWOOD PLAZA
1700 MADISON AVE
LAKEWOOD, NJ 08701
Phone: 732-364-3000
TOWN AND COUNTRY CENTER
1900 RTE 70 STE 218
LAKEWOOD, NJ 08701
Phone: 732-920-9333
MANCHESTER PLAZA
1039 RTE 70
MANCHESTER, NJ 08759
Phone: 732-408-9123
93 3RD AVE
BLDG E STE 505
NEPTUNE CITY, NJ 07753
Phone: 732-502-8314
The REEP credit, listed above, has been extended through 2016 and, aside from fuel cell property, no longer has a maximum amount that may be claimed.
The nonbusiness energy property credit is available for 2009 and 2010. The credit is for 30 percent of the cost of external windows and doors, insulation, roofing, HVAC, non-solar water heaters and biomass stoves. The maximum lifetime credit is $1,500, and all products must meet specific energy guidelines to qualify.
All nonbusiness energy property credits must be used for a taxpayer's primary residence, and items must be in service between Jan. 1, 2009 and Dec. 31, 2010.
More information on energy efficient tax savings
In addition to home improvements, purchasing a new alternative fuel or plug-in electric car can also mean tax savings. The alternative fuel credit, which includes hybrid vehicles, is based on a formula determined by weight, fuel economy and technology. Taxpayers can claim up to $3,400 for the alternative fuel credit. The plug-in electric vehicle credit, determined by the capacity of the battery system, can be up to $7,500. Both credits are subject to a phase-out based on the amount of cars sold.
To see a complete listing of qualifying hybrid vehicles, visit www.digits.hrblock.com, and for more information on energy efficient tax savings, visit www.hrblock.com or call 1-800-HRBLOCK.
The Tax Institute, a division of H&R Block, is a national leader in providing unbiased research, analysis and interpretation of federal and state tax laws. Staffed by Enrolled Agents, CPAs, and Attorneys, The Tax Institute provides industry expertise for matters related to taxes and the professional tax preparation industry.
# # #
About H&R Block
H&R Block Inc. (NYSE: HRB) is the world's preeminent tax services provider, having served more than 400 million clients since 1955 and generating annual revenues of $4.1 billion in fiscal year 2008. H&R Block provides income tax return preparation and related services and products via a nationwide network of approximately 13,000 company-owned and franchised offices and through TaxCut® online and software solutions. The company also provides business services through RSM McGladrey. For more information visit our Online Press Center at www.hrblock.com.
"Going green" is not only great for the environment, but it also may result in hundreds, or even thousands, of dollars in savings for taxpayers. H&R Block (NYSE: HRB) points out several energy-related tax credits available for 2008 and more that have been added for 2009.
Available for the 2008 tax year is a credit for residential energy efficient property (REEP) that was purchased and used to provide energy to the taxpayer's home in 2008. The REEP credit also includes the cost of installation. The following items are eligible:
* Solar panels - 30 percent of cost, up to $2,000
* Geothermal heat pumps and solar water heaters - 30 percent of cost, up to $2,000
* Small wind energy property - 30 percent of cost, up to $4,000
* Fuel cells - $500 for each half-kilowatt of capacity
"Home improvements are seen by many as an investment in the future value of the home," said Gil Charney, tax analyst with The Tax Institute at H&R Block. "However, by including these energy efficient changes, taxpayers can see their investment pay off much sooner."
For taxpayers considering home improvement projects now, know that recent legislative changes have extended, increased and expanded home energy credits for 2009 and beyond.
MORE QUESTIONS? CONTACT US AT OUR YEAR 'ROUND OFFICES
LAKEWOOD PLAZA
1700 MADISON AVE
LAKEWOOD, NJ 08701
Phone: 732-364-3000
TOWN AND COUNTRY CENTER
1900 RTE 70 STE 218
LAKEWOOD, NJ 08701
Phone: 732-920-9333
MANCHESTER PLAZA
1039 RTE 70
MANCHESTER, NJ 08759
Phone: 732-408-9123
93 3RD AVE
BLDG E STE 505
NEPTUNE CITY, NJ 07753
Phone: 732-502-8314
The REEP credit, listed above, has been extended through 2016 and, aside from fuel cell property, no longer has a maximum amount that may be claimed.
The nonbusiness energy property credit is available for 2009 and 2010. The credit is for 30 percent of the cost of external windows and doors, insulation, roofing, HVAC, non-solar water heaters and biomass stoves. The maximum lifetime credit is $1,500, and all products must meet specific energy guidelines to qualify.
All nonbusiness energy property credits must be used for a taxpayer's primary residence, and items must be in service between Jan. 1, 2009 and Dec. 31, 2010.
More information on energy efficient tax savings
In addition to home improvements, purchasing a new alternative fuel or plug-in electric car can also mean tax savings. The alternative fuel credit, which includes hybrid vehicles, is based on a formula determined by weight, fuel economy and technology. Taxpayers can claim up to $3,400 for the alternative fuel credit. The plug-in electric vehicle credit, determined by the capacity of the battery system, can be up to $7,500. Both credits are subject to a phase-out based on the amount of cars sold.
To see a complete listing of qualifying hybrid vehicles, visit www.digits.hrblock.com, and for more information on energy efficient tax savings, visit www.hrblock.com or call 1-800-HRBLOCK.
The Tax Institute, a division of H&R Block, is a national leader in providing unbiased research, analysis and interpretation of federal and state tax laws. Staffed by Enrolled Agents, CPAs, and Attorneys, The Tax Institute provides industry expertise for matters related to taxes and the professional tax preparation industry.
# # #
About H&R Block
H&R Block Inc. (NYSE: HRB) is the world's preeminent tax services provider, having served more than 400 million clients since 1955 and generating annual revenues of $4.1 billion in fiscal year 2008. H&R Block provides income tax return preparation and related services and products via a nationwide network of approximately 13,000 company-owned and franchised offices and through TaxCut® online and software solutions. The company also provides business services through RSM McGladrey. For more information visit our Online Press Center at www.hrblock.com.
(Berkeley Township, NJ) - You Filed An Extension on your 2009 Taxes. Now, Who Can Complete Them? Relax, You Got People, Year 'Round.
Berkeley Township, NJ) - You Filed An Extension on your 2009 Taxes. Now, Who Can Complete Them? Relax, You Got People, Year 'Round.
Filing an extension gives taxpayers six months to file, but not to pay!!
KANSAS CITY, Mo. - According to a new survey by The Tax Institute at H&R Block, 55 percent of taxpayers don't know that filing an extension is not an extension of time to pay.
"Bring your checkbook when you go to file an extension," said Amy McAnarney, executive director of The Tax Institute at H&R Block. "The tax that isn't paid by April 15 is subject to interest and penalties, so it's best to pay as much as you can even if you are requesting an extension."
According to the IRS, more than 20 percent of American taxpayers typically owe at tax time. Taxpayers who owe can make a payment when they file the extension either by mailing a check or by several electronic payment methods, including electronic funds withdrawals from bank accounts and credit card payments. Those filing an extension need to complete and file Form 4868 by April 15 in order to apply for the extension to Oct. 15.
The penalty for failure to file a return or valid extension is 5 percent a month on the unpaid balance; the penalty for failure to pay is 0.5 percent a month. Because the failure to file penalty can be as much as 25 percent of the balance due on the return, it is extremely important to file a return or extension by April 15, even if the balance due will be paid later. Taxpayers, who cannot pay the tax owed in full, should pay at least 90 percent of their balance due in order to avoid the failure to pay penalty. Taxpayers will receive a balance due statement from the IRS, and interest and applicable penalties also will be assessed. In most instances, depending on the amount of tax owed, taxpayers can pay the IRS through an installment agreement.
U.S. taxpayers residing outside of the country on April 15 have an automatic two-month extension until June 15 to file their returns. Members of the military serving in Iraq, Afghanistan or other combat zone locations have approximately 180 days after they leave the combat zone to file their taxes.
"If you have waited to file until now, take care in gathering your information, doing your taxes or taking it to someone. Taxes aren't the time to rush, because you don't want to miss details or make mistakes that could save you dollars," McAnarney said.
MORE QUESTIONS? CONTACT US AT OUR YEAR 'ROUND OFFICES
LAKEWOOD PLAZA
1700 MADISON AVE
LAKEWOOD, NJ 08701
Phone: 732-364-3000
TOWN AND COUNTRY CENTER
1900 RTE 70 STE 218
LAKEWOOD, NJ 08701
Phone: 732-920-9333
MANCHESTER PLAZA
1039 RTE 70
MANCHESTER, NJ 08759
Phone: 732-408-9123
93 3RD AVE
BLDG E STE 505
NEPTUNE CITY, NJ 07753
Phone: 732-502-8314
Missed credits and deductions on tax returns could mean losing hundreds or even thousands of dollars. H&R Block has found mistakes on four out of five tax returns prepared by other people through its Second Look® review service. Already, H&R Block tax professionals have found more than $30 million* for their clients through Second Look.
Using a tax professional or reputable tax software can help taxpayers identify qualified tax benefits, file an extension form and save time. To locate a year-round office nearest them or find H&R Block TaxCut® software, taxpayers can visit www.hrblock.com
* Figure reflects clients who had a positive savings and re-filed with H&R Block from Jan. 1, 2009 to March 11, 2009.
# # #
The Tax Institute, a division of H&R Block, is a national leader in providing unbiased research, analysis and interpretation of federal and state tax laws. Staffed by Enrolled Agents, CPAs and Attorneys, The Tax Institute provides industry expertise for matters related to taxes and the professional tax preparation industry.
About H&R Block
H&R Block Inc. (NYSE: HRB) is the world's preeminent tax services provider, having served more than 400 million clients since 1955 and generating annual revenues of $4.1 billion in fiscal year 2008. H&R Block provides income tax return preparation and related services and products via a nationwide network of approximately 13,000 company-owned and franchised offices and through H&R Block TaxCut® online and software solutions. The company also provides business services through RSM McGladrey. For more information visit our Online Press Center at www.hrblock.com.
Filing an extension gives taxpayers six months to file, but not to pay!!
KANSAS CITY, Mo. - According to a new survey by The Tax Institute at H&R Block, 55 percent of taxpayers don't know that filing an extension is not an extension of time to pay.
"Bring your checkbook when you go to file an extension," said Amy McAnarney, executive director of The Tax Institute at H&R Block. "The tax that isn't paid by April 15 is subject to interest and penalties, so it's best to pay as much as you can even if you are requesting an extension."
According to the IRS, more than 20 percent of American taxpayers typically owe at tax time. Taxpayers who owe can make a payment when they file the extension either by mailing a check or by several electronic payment methods, including electronic funds withdrawals from bank accounts and credit card payments. Those filing an extension need to complete and file Form 4868 by April 15 in order to apply for the extension to Oct. 15.
The penalty for failure to file a return or valid extension is 5 percent a month on the unpaid balance; the penalty for failure to pay is 0.5 percent a month. Because the failure to file penalty can be as much as 25 percent of the balance due on the return, it is extremely important to file a return or extension by April 15, even if the balance due will be paid later. Taxpayers, who cannot pay the tax owed in full, should pay at least 90 percent of their balance due in order to avoid the failure to pay penalty. Taxpayers will receive a balance due statement from the IRS, and interest and applicable penalties also will be assessed. In most instances, depending on the amount of tax owed, taxpayers can pay the IRS through an installment agreement.
U.S. taxpayers residing outside of the country on April 15 have an automatic two-month extension until June 15 to file their returns. Members of the military serving in Iraq, Afghanistan or other combat zone locations have approximately 180 days after they leave the combat zone to file their taxes.
"If you have waited to file until now, take care in gathering your information, doing your taxes or taking it to someone. Taxes aren't the time to rush, because you don't want to miss details or make mistakes that could save you dollars," McAnarney said.
MORE QUESTIONS? CONTACT US AT OUR YEAR 'ROUND OFFICES
LAKEWOOD PLAZA
1700 MADISON AVE
LAKEWOOD, NJ 08701
Phone: 732-364-3000
TOWN AND COUNTRY CENTER
1900 RTE 70 STE 218
LAKEWOOD, NJ 08701
Phone: 732-920-9333
MANCHESTER PLAZA
1039 RTE 70
MANCHESTER, NJ 08759
Phone: 732-408-9123
93 3RD AVE
BLDG E STE 505
NEPTUNE CITY, NJ 07753
Phone: 732-502-8314
Missed credits and deductions on tax returns could mean losing hundreds or even thousands of dollars. H&R Block has found mistakes on four out of five tax returns prepared by other people through its Second Look® review service. Already, H&R Block tax professionals have found more than $30 million* for their clients through Second Look.
Using a tax professional or reputable tax software can help taxpayers identify qualified tax benefits, file an extension form and save time. To locate a year-round office nearest them or find H&R Block TaxCut® software, taxpayers can visit www.hrblock.com
* Figure reflects clients who had a positive savings and re-filed with H&R Block from Jan. 1, 2009 to March 11, 2009.
# # #
The Tax Institute, a division of H&R Block, is a national leader in providing unbiased research, analysis and interpretation of federal and state tax laws. Staffed by Enrolled Agents, CPAs and Attorneys, The Tax Institute provides industry expertise for matters related to taxes and the professional tax preparation industry.
About H&R Block
H&R Block Inc. (NYSE: HRB) is the world's preeminent tax services provider, having served more than 400 million clients since 1955 and generating annual revenues of $4.1 billion in fiscal year 2008. H&R Block provides income tax return preparation and related services and products via a nationwide network of approximately 13,000 company-owned and franchised offices and through H&R Block TaxCut® online and software solutions. The company also provides business services through RSM McGladrey. For more information visit our Online Press Center at www.hrblock.com.
HOLIDAY CITY, NJ AREA - Individual Personal Property Items May Be Taxable? Fortunately, you Got People, Year Round. KANSAS CITY, Mo. - One man's ju
HOLIDAY CITY, NJ AREA - Individual Personal Property Items May Be Taxable? Fortunately, you Got People, Year Round.
KANSAS CITY, Mo. - One man's junk is another man's treasure, especially when it comes to garage sales. However, H&R Block (NYSE: HRB) advises taxpayers who might be looking to make a little extra money from a garage sale or online auction to be aware of the tax implications of such sales. For neighborhood tag sales, you probably won't have to pay taxes. But people who are hosting "online garage sales" on auction sites such as eBay may have a tax bill.
In most cases, the items sold at a garage sale or via an online auction site will generate a non-deductible loss, which means any money you make isn't taxable. For example, putting a $250 price tag on a couch you bought for $1,000 generates a nondeductible loss of $750. However, if a sale does generate a gain, the proceeds must be reported on an individual's tax return.
"Although the typical annual garage sales don't net a profit on most items overall, taxpayers still need to be aware of whether they make a gain on individual items for tax purposes," said Amy McAnarney, executive director of The Tax Institute at H&R Block. "Most likely, taxpayers who are getting rid of a few items probably won't have to pay a capital gains tax on the proceeds from the sale of their clothing, furniture, DVDs or other property."
It's difficult to figure out. Fortunately, You Got People!!!
MORE QUESTIONS? CONTACT US AT OUR YEAR 'ROUND OFFICES
LAKEWOOD PLAZA
1700 MADISON AVE
LAKEWOOD, NJ 08701
Phone: 732-364-3000
TOWN AND COUNTRY CENTER
1900 RTE 70 STE 218
LAKEWOOD, NJ 08701
Phone: 732-920-9333
MANCHESTER PLAZA
1039 RTE 70
MANCHESTER, NJ 08759
Phone: 732-408-9123
93 3RD AVE
BLDG E STE 505
NEPTUNE CITY, NJ 07753
Phone: 732-502-8314
Online auctions
Taxpayers who host "online garage sales" by buying and selling items on auction sites like eBay may have a tax bill.
"If you're regularly selling items online and making a profit, you're responsible for reporting that income to the IRS," McAnarney said.
Trading or bartering services
Some taxpayers are more likely to trade for services, too. However, a gain on a barter or trade for services also is taxable. Determining the amount of gain may be complicated, and if the barter or trade is connected with a business or involves services, the tax treatment may vary depending on the specific facts and circumstances.
Why pay when you can deduct?
Taxpayers can avoid any confusion around the sale of their clothing and household items by donating that personal property that is in good condition to a non-profit charitable organization for a deduction on their tax return. If you donate noncash items with a total fair market value of more than $500, you must file Form 8283 with your return. You may need a qualified appraisal if you donate an item or a group of items with a value of more than $5,000.
Taxpayers should keep a receipt or written statement from the organization, as well as an itemized description of what property was donated, the values assigned to those items and how the values were calculated.
"The IRS allows you to take a deduction for items donated to certain non-profit charities," McAnarney said. "Be certain to keep an itemized list of what was donated and the values assigned to each item of personal property."
Taxpayers who have questions about whether the sale of an item is subject to income tax should contact their tax professional. H&R Block tax offices are open now and can help individuals best prepare for any taxes. Or visit www.hrblock.com for tax tips and other important information.
The Tax Institute, a division of H&R Block, is a national leader in providing unbiased research, analysis and interpretation of federal and state tax laws. Staffed by enrolled agents, CPAs and attorneys, The Tax Institute provides industry expertise for matters related to taxes and the professional tax preparation industry.
# # #
About H&R Block
H&R Block Inc. (NYSE: HRB) is the world's preeminent tax services provider, having served more than 400 million clients since 1955 and generating annual revenues of $4.1 billion in fiscal year 2008. H&R Block provides income tax return preparation and related services and products via a nationwide network of approximately 13,000 company-owned and franchised offices and through TaxCut® online and software solutions. The company also provides business services through RSM McGladrey. For more information visit our Online Press Center at www.hrblock.com.
KANSAS CITY, Mo. - One man's junk is another man's treasure, especially when it comes to garage sales. However, H&R Block (NYSE: HRB) advises taxpayers who might be looking to make a little extra money from a garage sale or online auction to be aware of the tax implications of such sales. For neighborhood tag sales, you probably won't have to pay taxes. But people who are hosting "online garage sales" on auction sites such as eBay may have a tax bill.
In most cases, the items sold at a garage sale or via an online auction site will generate a non-deductible loss, which means any money you make isn't taxable. For example, putting a $250 price tag on a couch you bought for $1,000 generates a nondeductible loss of $750. However, if a sale does generate a gain, the proceeds must be reported on an individual's tax return.
"Although the typical annual garage sales don't net a profit on most items overall, taxpayers still need to be aware of whether they make a gain on individual items for tax purposes," said Amy McAnarney, executive director of The Tax Institute at H&R Block. "Most likely, taxpayers who are getting rid of a few items probably won't have to pay a capital gains tax on the proceeds from the sale of their clothing, furniture, DVDs or other property."
It's difficult to figure out. Fortunately, You Got People!!!
MORE QUESTIONS? CONTACT US AT OUR YEAR 'ROUND OFFICES
LAKEWOOD PLAZA
1700 MADISON AVE
LAKEWOOD, NJ 08701
Phone: 732-364-3000
TOWN AND COUNTRY CENTER
1900 RTE 70 STE 218
LAKEWOOD, NJ 08701
Phone: 732-920-9333
MANCHESTER PLAZA
1039 RTE 70
MANCHESTER, NJ 08759
Phone: 732-408-9123
93 3RD AVE
BLDG E STE 505
NEPTUNE CITY, NJ 07753
Phone: 732-502-8314
Online auctions
Taxpayers who host "online garage sales" by buying and selling items on auction sites like eBay may have a tax bill.
"If you're regularly selling items online and making a profit, you're responsible for reporting that income to the IRS," McAnarney said.
Trading or bartering services
Some taxpayers are more likely to trade for services, too. However, a gain on a barter or trade for services also is taxable. Determining the amount of gain may be complicated, and if the barter or trade is connected with a business or involves services, the tax treatment may vary depending on the specific facts and circumstances.
Why pay when you can deduct?
Taxpayers can avoid any confusion around the sale of their clothing and household items by donating that personal property that is in good condition to a non-profit charitable organization for a deduction on their tax return. If you donate noncash items with a total fair market value of more than $500, you must file Form 8283 with your return. You may need a qualified appraisal if you donate an item or a group of items with a value of more than $5,000.
Taxpayers should keep a receipt or written statement from the organization, as well as an itemized description of what property was donated, the values assigned to those items and how the values were calculated.
"The IRS allows you to take a deduction for items donated to certain non-profit charities," McAnarney said. "Be certain to keep an itemized list of what was donated and the values assigned to each item of personal property."
Taxpayers who have questions about whether the sale of an item is subject to income tax should contact their tax professional. H&R Block tax offices are open now and can help individuals best prepare for any taxes. Or visit www.hrblock.com for tax tips and other important information.
The Tax Institute, a division of H&R Block, is a national leader in providing unbiased research, analysis and interpretation of federal and state tax laws. Staffed by enrolled agents, CPAs and attorneys, The Tax Institute provides industry expertise for matters related to taxes and the professional tax preparation industry.
# # #
About H&R Block
H&R Block Inc. (NYSE: HRB) is the world's preeminent tax services provider, having served more than 400 million clients since 1955 and generating annual revenues of $4.1 billion in fiscal year 2008. H&R Block provides income tax return preparation and related services and products via a nationwide network of approximately 13,000 company-owned and franchised offices and through TaxCut® online and software solutions. The company also provides business services through RSM McGladrey. For more information visit our Online Press Center at www.hrblock.com.
OCEAN COUNTY, NJ – Your People say: Will you get a Homestead Rebate next year? Perhaps not. Renters under age 65, not disabled are affected. The
OCEAN COUNTY, NJ – Your People say: Will you get a Homestead Rebate next year? Perhaps not.
Renters under age 65, not disabled are affected.
The State Budget for fiscal year 2010 (which began on July 1, 2009) provides funding for the Homestead Rebate Program – although not at the same level as last year. Eligibility and rebate amounts for homeowners are limited based on income, and rebates for tenants will not be paid to those under age 65 and not disabled. The Budget also requires that the rebates for homeowners be based on 2006 property taxes.
Who is Eligible
Homeowners and tenants who occupied their principal residence in New Jersey on October 1, 2008, and who paid property taxes on that dwelling either directly or through rent, are eligible for a 2008 homestead rebate, provided that their gross income for the entire year does not exceed the applicable income limit:
$150,000 for homeowners age 65 or older or disabled.
$75,000 for homeowners under age 65 and not disabled.
$100,000 for tenants age 65 or older or disabled.
Under the terms of the Budget, no rebates will be issued to tenants under age 65 and
not disabled.
For more information, CONTACT US AT OUR YEAR 'ROUND OFFICES
LAKEWOOD PLAZA
1700 MADISON AVE
LAKEWOOD, NJ 08701
Phone: 732-364-3000
TOWN AND COUNTRY CENTER
1900 RTE 70 STE 218
LAKEWOOD, NJ 08701
Phone: 732-920-9333
MANCHESTER PLAZA
1039 RTE 70
MANCHESTER, NJ 08759
Phone: 732-408-9123
93 3RD AVE
BLDG E STE 505
NEPTUNE CITY, NJ 07753
Phone: 732-502-8314
Benefits
Benefit amounts differ for homeowners and tenants, and are determined by income, amount of
property taxes (or rent) paid, and whether the applicant is 65 or older or eligible to claim an exemption as blind or disabled for the tax year. The benefits under the Homestead
Rebate Program are in addition to the State’s other property tax relief programs. However, beginning this year with benefits paid for 2008, the total amount of all property tax relief benefits received (homestead rebate, property tax reimbursement, property tax deduction for senior
citizens disabled persons, and property tax deduction for veterans) cannot exceed the amount of property taxes (or rent constituting property taxes) paid on the applicant’s principal residence for the same year. Homeowners: The State Budget requires that the 2008 rebate be based
on 2006 property taxes. For purposes of calculating the 2008 rebate, the 2006 property taxes for the dwelling that was the applicant’s principal residence on October 1, 2008, will be used. If no property taxes were assessed on that dwelling for 2006, the Division of Taxation will determine the amount of property taxes that would have been due for 2006. In no case will a homeowner receive a rebate greater than the amount of property taxes actually paid.
Under the terms of the Budget, 2008 rebate amounts will be no greater than those paid for 2006 (when rebates were also based on 2006 property taxes) unless there has been a change in an applicant’s filing characteristics.
# # #
About H&R Block
H&R Block Inc. (NYSE: HRB) is the world's preeminent tax services provider, having served more than 400 million clients since 1955 and generating annual revenues of $4.1 billion in fiscal year 2008. H&R Block provides income tax return preparation and related services and products via a nationwide network of approximately 13,000 company-owned and franchised offices and through TaxCut® online and software solutions. The company also provides business services through RSM McGladrey. For more information visit our Online Press Center at www.hrblock.com.
# # #
About H&R Block
H&R Block Inc. (NYSE: HRB) is the world's preeminent tax services provider, having served more than 400 million clients since 1955 and generating annual revenues of $4.1 billion in fiscal year 2008. H&R Block provides income tax return preparation and related services and products via a nationwide network of approximately 13,000 company-owned and franchised offices and through TaxCut® online and software solutions. The company also provides business services through RSM McGladrey. For more information visit our Online Press Center at www.hrblock.com.
Renters under age 65, not disabled are affected.
The State Budget for fiscal year 2010 (which began on July 1, 2009) provides funding for the Homestead Rebate Program – although not at the same level as last year. Eligibility and rebate amounts for homeowners are limited based on income, and rebates for tenants will not be paid to those under age 65 and not disabled. The Budget also requires that the rebates for homeowners be based on 2006 property taxes.
Who is Eligible
Homeowners and tenants who occupied their principal residence in New Jersey on October 1, 2008, and who paid property taxes on that dwelling either directly or through rent, are eligible for a 2008 homestead rebate, provided that their gross income for the entire year does not exceed the applicable income limit:
$150,000 for homeowners age 65 or older or disabled.
$75,000 for homeowners under age 65 and not disabled.
$100,000 for tenants age 65 or older or disabled.
Under the terms of the Budget, no rebates will be issued to tenants under age 65 and
not disabled.
For more information, CONTACT US AT OUR YEAR 'ROUND OFFICES
LAKEWOOD PLAZA
1700 MADISON AVE
LAKEWOOD, NJ 08701
Phone: 732-364-3000
TOWN AND COUNTRY CENTER
1900 RTE 70 STE 218
LAKEWOOD, NJ 08701
Phone: 732-920-9333
MANCHESTER PLAZA
1039 RTE 70
MANCHESTER, NJ 08759
Phone: 732-408-9123
93 3RD AVE
BLDG E STE 505
NEPTUNE CITY, NJ 07753
Phone: 732-502-8314
Benefits
Benefit amounts differ for homeowners and tenants, and are determined by income, amount of
property taxes (or rent) paid, and whether the applicant is 65 or older or eligible to claim an exemption as blind or disabled for the tax year. The benefits under the Homestead
Rebate Program are in addition to the State’s other property tax relief programs. However, beginning this year with benefits paid for 2008, the total amount of all property tax relief benefits received (homestead rebate, property tax reimbursement, property tax deduction for senior
citizens disabled persons, and property tax deduction for veterans) cannot exceed the amount of property taxes (or rent constituting property taxes) paid on the applicant’s principal residence for the same year. Homeowners: The State Budget requires that the 2008 rebate be based
on 2006 property taxes. For purposes of calculating the 2008 rebate, the 2006 property taxes for the dwelling that was the applicant’s principal residence on October 1, 2008, will be used. If no property taxes were assessed on that dwelling for 2006, the Division of Taxation will determine the amount of property taxes that would have been due for 2006. In no case will a homeowner receive a rebate greater than the amount of property taxes actually paid.
Under the terms of the Budget, 2008 rebate amounts will be no greater than those paid for 2006 (when rebates were also based on 2006 property taxes) unless there has been a change in an applicant’s filing characteristics.
# # #
About H&R Block
H&R Block Inc. (NYSE: HRB) is the world's preeminent tax services provider, having served more than 400 million clients since 1955 and generating annual revenues of $4.1 billion in fiscal year 2008. H&R Block provides income tax return preparation and related services and products via a nationwide network of approximately 13,000 company-owned and franchised offices and through TaxCut® online and software solutions. The company also provides business services through RSM McGladrey. For more information visit our Online Press Center at www.hrblock.com.
# # #
About H&R Block
H&R Block Inc. (NYSE: HRB) is the world's preeminent tax services provider, having served more than 400 million clients since 1955 and generating annual revenues of $4.1 billion in fiscal year 2008. H&R Block provides income tax return preparation and related services and products via a nationwide network of approximately 13,000 company-owned and franchised offices and through TaxCut® online and software solutions. The company also provides business services through RSM McGladrey. For more information visit our Online Press Center at www.hrblock.com.
Tuesday, October 6, 2009
LAKEWOOD, NJ - Will I get a Homestead Rebate next year? Perhaps not. Good thing you got People.
LAKEWOOD, NJ - Will I get a Homestead Rebate next year? Perhaps not. Good thing you got People.
Renters under age 65, not disabled are affected.
The State Budget for fiscal year 2010 (which began on July 1, 2009) provides funding for the Homestead Rebate Program – although not at the same level as last year. Eligibility and rebate amounts for homeowners are limited based on income, and rebates for tenants will not be paid to those under age 65 and not disabled. The Budget also requires that the rebates for homeowners be based on 2006 property taxes.
Who is Eligible
Homeowners and tenants who occupied their principal residence in New Jersey on October 1, 2008, and who paid property taxes on that dwelling either directly or through rent, are eligible for a 2008 homestead rebate, provided that their gross income for the entire year does not exceed the applicable income limit:
$150,000 for homeowners age 65 or older or disabled.
$75,000 for homeowners under age 65 and not disabled.
$100,000 for tenants age 65 or older or disabled.
Under the terms of the Budget, no rebates will be issued to tenants under age 65 and
not disabled.
For more information, CONTACT US AT OUR YEAR 'ROUND OFFICES
LAKEWOOD PLAZA
1700 MADISON AVE
LAKEWOOD, NJ 08701
Phone: 732-364-3000
TOWN AND COUNTRY CENTER
1900 RTE 70 STE 218
LAKEWOOD, NJ 08701
Phone: 732-920-9333
MANCHESTER PLAZA
1039 RTE 70
MANCHESTER, NJ 08759
Phone: 732-408-9123
93 3RD AVE
BLDG E STE 505
NEPTUNE CITY, NJ 07753
Phone: 732-502-8314
Benefits
Benefit amounts differ for homeowners and tenants, and are determined by income, amount of
property taxes (or rent) paid, and whether the applicant is 65 or older or eligible to claim an exemption as blind or disabled for the tax year. The benefits under the Homestead
Rebate Program are in addition to the State’s other property tax relief programs. However, beginning this year with benefits paid for 2008, the total amount of all property tax relief benefits received (homestead rebate, property tax reimbursement, property tax deduction for senior
citizens disabled persons, and property tax deduction for veterans) cannot exceed the amount of property taxes (or rent constituting property taxes) paid on the applicant’s principal residence for the same year. Homeowners: The State Budget requires that the 2008 rebate be based
on 2006 property taxes. For purposes of calculating the 2008 rebate, the 2006 property taxes for the dwelling that was the applicant’s principal residence on October 1, 2008, will be used. If no property taxes were assessed on that dwelling for 2006, the Division of Taxation will determine the amount of property taxes that would have been due for 2006. In no case will a homeowner receive a rebate greater than the amount of property taxes actually paid.
Under the terms of the Budget, 2008 rebate amounts will be no greater than those paid for 2006 (when rebates were also based on 2006 property taxes) unless there has been a change in an applicant’s filing characteristics.
# # #
About H&R Block
H&R Block Inc. (NYSE: HRB) is the world's preeminent tax services provider, having served more than 400 million clients since 1955 and generating annual revenues of $4.1 billion in fiscal year 2008. H&R Block provides income tax return preparation and related services and products via a nationwide network of approximately 13,000 company-owned and franchised offices and through TaxCut® online and software solutions. The company also provides business services through RSM McGladrey. For more information visit our Online Press Center at www.hrblock.com.
Renters under age 65, not disabled are affected.
The State Budget for fiscal year 2010 (which began on July 1, 2009) provides funding for the Homestead Rebate Program – although not at the same level as last year. Eligibility and rebate amounts for homeowners are limited based on income, and rebates for tenants will not be paid to those under age 65 and not disabled. The Budget also requires that the rebates for homeowners be based on 2006 property taxes.
Who is Eligible
Homeowners and tenants who occupied their principal residence in New Jersey on October 1, 2008, and who paid property taxes on that dwelling either directly or through rent, are eligible for a 2008 homestead rebate, provided that their gross income for the entire year does not exceed the applicable income limit:
$150,000 for homeowners age 65 or older or disabled.
$75,000 for homeowners under age 65 and not disabled.
$100,000 for tenants age 65 or older or disabled.
Under the terms of the Budget, no rebates will be issued to tenants under age 65 and
not disabled.
For more information, CONTACT US AT OUR YEAR 'ROUND OFFICES
LAKEWOOD PLAZA
1700 MADISON AVE
LAKEWOOD, NJ 08701
Phone: 732-364-3000
TOWN AND COUNTRY CENTER
1900 RTE 70 STE 218
LAKEWOOD, NJ 08701
Phone: 732-920-9333
MANCHESTER PLAZA
1039 RTE 70
MANCHESTER, NJ 08759
Phone: 732-408-9123
93 3RD AVE
BLDG E STE 505
NEPTUNE CITY, NJ 07753
Phone: 732-502-8314
Benefits
Benefit amounts differ for homeowners and tenants, and are determined by income, amount of
property taxes (or rent) paid, and whether the applicant is 65 or older or eligible to claim an exemption as blind or disabled for the tax year. The benefits under the Homestead
Rebate Program are in addition to the State’s other property tax relief programs. However, beginning this year with benefits paid for 2008, the total amount of all property tax relief benefits received (homestead rebate, property tax reimbursement, property tax deduction for senior
citizens disabled persons, and property tax deduction for veterans) cannot exceed the amount of property taxes (or rent constituting property taxes) paid on the applicant’s principal residence for the same year. Homeowners: The State Budget requires that the 2008 rebate be based
on 2006 property taxes. For purposes of calculating the 2008 rebate, the 2006 property taxes for the dwelling that was the applicant’s principal residence on October 1, 2008, will be used. If no property taxes were assessed on that dwelling for 2006, the Division of Taxation will determine the amount of property taxes that would have been due for 2006. In no case will a homeowner receive a rebate greater than the amount of property taxes actually paid.
Under the terms of the Budget, 2008 rebate amounts will be no greater than those paid for 2006 (when rebates were also based on 2006 property taxes) unless there has been a change in an applicant’s filing characteristics.
# # #
About H&R Block
H&R Block Inc. (NYSE: HRB) is the world's preeminent tax services provider, having served more than 400 million clients since 1955 and generating annual revenues of $4.1 billion in fiscal year 2008. H&R Block provides income tax return preparation and related services and products via a nationwide network of approximately 13,000 company-owned and franchised offices and through TaxCut® online and software solutions. The company also provides business services through RSM McGladrey. For more information visit our Online Press Center at www.hrblock.com.
Ocean County, NJ - Do I have to pay income tax on my Social Security benefits?
Ocean County, NJ - Do I have to pay income tax on my Social Security benefits?
A:You will have to pay federal taxes on your benefits if you file an individual federal tax return and your total income is more than $25,000.
If you file a joint return, you will have to pay taxes if you and your spouse have a total income that is more than $32,000.
For more information, CONTACT US AT OUR YEAR 'ROUND OFFICES
LAKEWOOD PLAZA
1700 MADISON AVE
LAKEWOOD, NJ 08701
Phone: 732-364-3000
TOWN AND COUNTRY CENTER
1900 RTE 70 STE 218
LAKEWOOD, NJ 08701
Phone: 732-920-9333
MANCHESTER PLAZA
1039 RTE 70
MANCHESTER, NJ 08759
Phone: 732-408-9123
93 3RD AVE
BLDG E STE 505
NEPTUNE CITY, NJ 07753
Phone: 732-502-8314
A:You will have to pay federal taxes on your benefits if you file an individual federal tax return and your total income is more than $25,000.
If you file a joint return, you will have to pay taxes if you and your spouse have a total income that is more than $32,000.
For more information, CONTACT US AT OUR YEAR 'ROUND OFFICES
LAKEWOOD PLAZA
1700 MADISON AVE
LAKEWOOD, NJ 08701
Phone: 732-364-3000
TOWN AND COUNTRY CENTER
1900 RTE 70 STE 218
LAKEWOOD, NJ 08701
Phone: 732-920-9333
MANCHESTER PLAZA
1039 RTE 70
MANCHESTER, NJ 08759
Phone: 732-408-9123
93 3RD AVE
BLDG E STE 505
NEPTUNE CITY, NJ 07753
Phone: 732-502-8314
MERCER AND BURLINGTON COUNTY, NJ - Become an H&R Block Tax Professional. If you don't have previous tax preparation experience...
MERCER AND BURLINGTON COUNTY, NJ - Become an H&R Block Tax Professional. If you don't have previous tax preparation experience, learn more about our Income Tax Course.
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Attain Enrolled Agent (EA) Status - Use our tools and resources to attain EA status and further your career
Opportunities for Advancement - Field management and corporate positions available
Flexible Work Schedules - A career that meets your lifestyle
If you already have experience preparing taxes, take our online assessment.
https://taxpro.hrblock.com/taxproConsumerWebApp/consumer/getTestOutRequestForm.do
TRENTON AREA H&R BLOCK OFFICES
Open Year Round
LIBERTY SQUARE SHOPPING CTR
2106 MT HOLLY RD
BURLINGTON, NJ 08016
Phone: 609-239-8491
Premium Office
SHOPPES AT FOXMOOR
1055 WASHINGTON BLVD
ROBBINSVILLE, NJ 08691
Phone: 609-490-0099
LAWRENCEVILLE SHOPPING CENTER
2495 US RTE ONE STE 14
LAWRENCEVILLE, NJ 08648
Phone: 609-912-0451
If you don't have previous tax preparation experience, learn more about our Income Tax Course.
http://hrblock.com/taxes/planning/tax_courses/paid_preparers.html
Enrollment in or completion of the H&R Block Income Tax Course is neither an offer nor a guarantee of employment. Enrollment restrictions apply. Book or other fees may also apply. This course is neither intended for nor open to any persons who are either currently employed by or seeking employment with any professional tax preparation company or organization other than H&R Block. During the course, should H&R Block learn of any student's employment or intended employment with a competing professional tax preparation company or service, H&R Block reserves the right to immediately cancel the student's enrollment. In the event of such cancellation, the student will not be entitled to a refund of any fees paid unless required by state law. See Enrollment Agreement for details. State restrictions may apply. Valid at participating locations only. Void where prohibited. H&R Block is an equal opportunity employer.
The H&R Block Income Tax Course is authorized for operation as a postsecondary educational institution by the Tennessee Higher Education Commission.
H&R Block has been approved by the California Tax Education Council to offer Basic Building Blocks, course number 1040-QE-0002, which fulfills the 60-hour "qualifying education" requirement imposed by the State of California to become a tax preparer. A listing of additional requirements to register as a tax preparer may be obtained by contacting CTEC at P.O. Box 2890, Sacramento, CA 95812-2890; toll-free by phone at (877) 850-2832; or at www.ctec.org. In addition to successfully passing our assessment, students in California and Oregon must also meet the state requirements. California requires tax preparers to successfully complete at least 60 hours of education in basic personal income tax law, theory, and practice, and register with the California Tax and Education Council. Oregon requires tax preparers to successfully complete 80 hours of approved basic income tax courses and requires passing the Oregon Tax Board Examination to apply for a license to prepare taxes.
Already an experienced tax professional? Then why not work for the best in the business? Find out why tens of thousands of tax preparers return to H&R Block year after year.
Industry Leader - Nearly 55 years of experience and more than 13,000 office locations
Top Pay - Competitive pay with opportunities to increase your pay through continuing education
Most Comprehensive Training - More than 150 courses for continuing education taught by Certified Tax Professionals
Attain Enrolled Agent (EA) Status - Use our tools and resources to attain EA status and further your career
Opportunities for Advancement - Field management and corporate positions available
Flexible Work Schedules - A career that meets your lifestyle
If you already have experience preparing taxes, take our online assessment.
https://taxpro.hrblock.com/taxproConsumerWebApp/consumer/getTestOutRequestForm.do
TRENTON AREA H&R BLOCK OFFICES
Open Year Round
LIBERTY SQUARE SHOPPING CTR
2106 MT HOLLY RD
BURLINGTON, NJ 08016
Phone: 609-239-8491
Premium Office
SHOPPES AT FOXMOOR
1055 WASHINGTON BLVD
ROBBINSVILLE, NJ 08691
Phone: 609-490-0099
LAWRENCEVILLE SHOPPING CENTER
2495 US RTE ONE STE 14
LAWRENCEVILLE, NJ 08648
Phone: 609-912-0451
If you don't have previous tax preparation experience, learn more about our Income Tax Course.
http://hrblock.com/taxes/planning/tax_courses/paid_preparers.html
Enrollment in or completion of the H&R Block Income Tax Course is neither an offer nor a guarantee of employment. Enrollment restrictions apply. Book or other fees may also apply. This course is neither intended for nor open to any persons who are either currently employed by or seeking employment with any professional tax preparation company or organization other than H&R Block. During the course, should H&R Block learn of any student's employment or intended employment with a competing professional tax preparation company or service, H&R Block reserves the right to immediately cancel the student's enrollment. In the event of such cancellation, the student will not be entitled to a refund of any fees paid unless required by state law. See Enrollment Agreement for details. State restrictions may apply. Valid at participating locations only. Void where prohibited. H&R Block is an equal opportunity employer.
The H&R Block Income Tax Course is authorized for operation as a postsecondary educational institution by the Tennessee Higher Education Commission.
H&R Block has been approved by the California Tax Education Council to offer Basic Building Blocks, course number 1040-QE-0002, which fulfills the 60-hour "qualifying education" requirement imposed by the State of California to become a tax preparer. A listing of additional requirements to register as a tax preparer may be obtained by contacting CTEC at P.O. Box 2890, Sacramento, CA 95812-2890; toll-free by phone at (877) 850-2832; or at www.ctec.org. In addition to successfully passing our assessment, students in California and Oregon must also meet the state requirements. California requires tax preparers to successfully complete at least 60 hours of education in basic personal income tax law, theory, and practice, and register with the California Tax and Education Council. Oregon requires tax preparers to successfully complete 80 hours of approved basic income tax courses and requires passing the Oregon Tax Board Examination to apply for a license to prepare taxes.
MERCER COUNTY, NJ - Military spouses can take our Income Tax Course for free and learn the skills they need to become a tax preparer.
MERCER COUNTY, NJ - Military spouses can take our Income Tax Course for free and learn the skills they need to become a tax preparer.
Quotable
"Military spouses can take our Income Tax Course for free and learn the skills they need to become a tax preparer. Upon completion, students may be hired and work at any of H&R Block's more than 13,000 retail offices. It's a flexible way for military spouses to continue working, regardless of where they're asked to live."
--Lillie Cannon, military program manager, H&R Block
By the Numbers
* More than 1,500 military spouses are employed by H&R Block through the company's Military Spouse Scholarship Program.
* In 2007, H&R Block was recognized as having employed more military spouses than any other company.
* H&R Block has 57 offices located on military bases across the county and overseas.
* H&R Block has more than 200 offices located near U.S. military bases.
Block Talk
* H&R Block provides discounted tax preparation to all branches of the military.
* Through its Military Spouse Scholarship Program, H&R Block offers military spouses a full scholarship to the company's Income Tax Course.
* The ITC teaches students the skills they need to become tax preparers.
* Once the ITC is complete, military spouses may be hired as tax professionals for H&R Block.
With more than 13,000 retail locations across the country, this program helps military spouses find employment regardless of where in the U.S. they're asked to live.
TRENTON AREA H&R BLOCK OFFICES
Open Year Round
LIBERTY SQUARE SHOPPING CTR
2106 MT HOLLY RD
BURLINGTON, NJ 08016
Phone: 609-239-8491
Premium Office
SHOPPES AT FOXMOOR
1055 WASHINGTON BLVD
ROBBINSVILLE, NJ 08691
Phone: 609-490-0099
LAWRENCEVILLE SHOPPING CENTER
2495 US RTE ONE STE 14
LAWRENCEVILLE, NJ 08648
Phone: 609-912-0451
# # #
Enrollment in or completion of the H&R Block Income Tax Course is neither an offer nor a guarantee of employment. Enrollment restrictions apply. Book or other fees may also apply. This course is neither intended for nor open to any persons who are either currently employed by or seeking employment with any professional tax preparation company or organization other than H&R Block. During the course, should H&R Block learn of any student's employment or intended employment with a competing professional tax preparation company or service, H&R Block reserves the right to immediately cancel the student's enrollment. In the event of such cancellation, the student will not be entitled to a refund of any fees paid unless required by state law. See Enrollment Agreement for details. State restrictions may apply. Valid at participating locations only. Void where prohibited. H&R Block is an equal opportunity employer.
The H&R Block Income Tax Course is authorized for operation as a postsecondary educational institution by the Tennessee Higher Education Commission
H&R Block has been approved by the California Tax Education Council to offer Basic Building Blocks, course number 1040-QE-0002, which fulfills the 60-hour "qualifying education" requirement imposed by the State of California to become a tax preparer. A listing of additional requirements to register as a tax preparer may be obtained by contacting CTEC at P.O. Box 2890, Sacramento, CA 95812-2890; toll-free by phone at (877) 850-2832; or at www.ctec.org.
Quotable
"Military spouses can take our Income Tax Course for free and learn the skills they need to become a tax preparer. Upon completion, students may be hired and work at any of H&R Block's more than 13,000 retail offices. It's a flexible way for military spouses to continue working, regardless of where they're asked to live."
--Lillie Cannon, military program manager, H&R Block
By the Numbers
* More than 1,500 military spouses are employed by H&R Block through the company's Military Spouse Scholarship Program.
* In 2007, H&R Block was recognized as having employed more military spouses than any other company.
* H&R Block has 57 offices located on military bases across the county and overseas.
* H&R Block has more than 200 offices located near U.S. military bases.
Block Talk
* H&R Block provides discounted tax preparation to all branches of the military.
* Through its Military Spouse Scholarship Program, H&R Block offers military spouses a full scholarship to the company's Income Tax Course.
* The ITC teaches students the skills they need to become tax preparers.
* Once the ITC is complete, military spouses may be hired as tax professionals for H&R Block.
With more than 13,000 retail locations across the country, this program helps military spouses find employment regardless of where in the U.S. they're asked to live.
TRENTON AREA H&R BLOCK OFFICES
Open Year Round
LIBERTY SQUARE SHOPPING CTR
2106 MT HOLLY RD
BURLINGTON, NJ 08016
Phone: 609-239-8491
Premium Office
SHOPPES AT FOXMOOR
1055 WASHINGTON BLVD
ROBBINSVILLE, NJ 08691
Phone: 609-490-0099
LAWRENCEVILLE SHOPPING CENTER
2495 US RTE ONE STE 14
LAWRENCEVILLE, NJ 08648
Phone: 609-912-0451
# # #
Enrollment in or completion of the H&R Block Income Tax Course is neither an offer nor a guarantee of employment. Enrollment restrictions apply. Book or other fees may also apply. This course is neither intended for nor open to any persons who are either currently employed by or seeking employment with any professional tax preparation company or organization other than H&R Block. During the course, should H&R Block learn of any student's employment or intended employment with a competing professional tax preparation company or service, H&R Block reserves the right to immediately cancel the student's enrollment. In the event of such cancellation, the student will not be entitled to a refund of any fees paid unless required by state law. See Enrollment Agreement for details. State restrictions may apply. Valid at participating locations only. Void where prohibited. H&R Block is an equal opportunity employer.
The H&R Block Income Tax Course is authorized for operation as a postsecondary educational institution by the Tennessee Higher Education Commission
H&R Block has been approved by the California Tax Education Council to offer Basic Building Blocks, course number 1040-QE-0002, which fulfills the 60-hour "qualifying education" requirement imposed by the State of California to become a tax preparer. A listing of additional requirements to register as a tax preparer may be obtained by contacting CTEC at P.O. Box 2890, Sacramento, CA 95812-2890; toll-free by phone at (877) 850-2832; or at www.ctec.org.
PRINCETON, NJ AREA - You Filed An Extension on your 2009 Taxes. Now, Who Can Complete Them? Relax, You Got People, Year 'Round.
PRINCETON, NJ AREA - You Filed An Extension on your 2009 Taxes. Now, Who Can Complete Them? Relax, You Got People, Year 'Round.
Filing an extension gives taxpayers six months to file, but not to pay!!
KANSAS CITY, Mo. - According to a new survey by The Tax Institute at H&R Block, 55 percent of taxpayers don't know that filing an extension is not an extension of time to pay.
"Bring your checkbook when you go to file an extension," said Amy McAnarney, executive director of The Tax Institute at H&R Block. "The tax that isn't paid by April 15 is subject to interest and penalties, so it's best to pay as much as you can even if you are requesting an extension."
According to the IRS, more than 20 percent of American taxpayers typically owe at tax time. Taxpayers who owe can make a payment when they file the extension either by mailing a check or by several electronic payment methods, including electronic funds withdrawals from bank accounts and credit card payments. Those filing an extension need to complete and file Form 4868 by April 15 in order to apply for the extension to Oct. 15.
The penalty for failure to file a return or valid extension is 5 percent a month on the unpaid balance; the penalty for failure to pay is 0.5 percent a month. Because the failure to file penalty can be as much as 25 percent of the balance due on the return, it is extremely important to file a return or extension by April 15, even if the balance due will be paid later. Taxpayers, who cannot pay the tax owed in full, should pay at least 90 percent of their balance due in order to avoid the failure to pay penalty. Taxpayers will receive a balance due statement from the IRS, and interest and applicable penalties also will be assessed. In most instances, depending on the amount of tax owed, taxpayers can pay the IRS through an installment agreement.
U.S. taxpayers residing outside of the country on April 15 have an automatic two-month extension until June 15 to file their returns. Members of the military serving in Iraq, Afghanistan or other combat zone locations have approximately 180 days after they leave the combat zone to file their taxes.
"If you have waited to file until now, take care in gathering your information, doing your taxes or taking it to someone. Taxes aren't the time to rush, because you don't want to miss details or make mistakes that could save you dollars," McAnarney said.
TRENTON AREA H&R BLOCK OFFICES
Open Year Round
LIBERTY SQUARE SHOPPING CTR
2106 MT HOLLY RD
BURLINGTON, NJ 08016
Phone: 609-239-8491
Premium Office
SHOPPES AT FOXMOOR
1055 WASHINGTON BLVD
ROBBINSVILLE, NJ 08691
Phone: 609-490-0099
LAWRENCEVILLE SHOPPING CENTER
2495 US RTE ONE STE 14
LAWRENCEVILLE, NJ 08648
Phone: 609-912-0451
Missed credits and deductions on tax returns could mean losing hundreds or even thousands of dollars. H&R Block has found mistakes on four out of five tax returns prepared by other people through its Second Look® review service. Already, H&R Block tax professionals have found more than $30 million* for their clients through Second Look.
Using a tax professional or reputable tax software can help taxpayers identify qualified tax benefits, file an extension form and save time. To locate a year-round office nearest them or find H&R Block TaxCut® software, taxpayers can visit www.hrblock.com
* Figure reflects clients who had a positive savings and re-filed with H&R Block from Jan. 1, 2009 to March 11, 2009.
# # #
The Tax Institute, a division of H&R Block, is a national leader in providing unbiased research, analysis and interpretation of federal and state tax laws. Staffed by Enrolled Agents, CPAs and Attorneys, The Tax Institute provides industry expertise for matters related to taxes and the professional tax preparation industry.
About H&R Block
H&R Block Inc. (NYSE: HRB) is the world's preeminent tax services provider, having served more than 400 million clients since 1955 and generating annual revenues of $4.1 billion in fiscal year 2008. H&R Block provides income tax return preparation and related services and products via a nationwide network of approximately 13,000 company-owned and franchised offices and through H&R Block TaxCut® online and software solutions. The company also provides business services through RSM McGladrey. For more information visit our Online Press Center at www.hrblock.com.
Filing an extension gives taxpayers six months to file, but not to pay!!
KANSAS CITY, Mo. - According to a new survey by The Tax Institute at H&R Block, 55 percent of taxpayers don't know that filing an extension is not an extension of time to pay.
"Bring your checkbook when you go to file an extension," said Amy McAnarney, executive director of The Tax Institute at H&R Block. "The tax that isn't paid by April 15 is subject to interest and penalties, so it's best to pay as much as you can even if you are requesting an extension."
According to the IRS, more than 20 percent of American taxpayers typically owe at tax time. Taxpayers who owe can make a payment when they file the extension either by mailing a check or by several electronic payment methods, including electronic funds withdrawals from bank accounts and credit card payments. Those filing an extension need to complete and file Form 4868 by April 15 in order to apply for the extension to Oct. 15.
The penalty for failure to file a return or valid extension is 5 percent a month on the unpaid balance; the penalty for failure to pay is 0.5 percent a month. Because the failure to file penalty can be as much as 25 percent of the balance due on the return, it is extremely important to file a return or extension by April 15, even if the balance due will be paid later. Taxpayers, who cannot pay the tax owed in full, should pay at least 90 percent of their balance due in order to avoid the failure to pay penalty. Taxpayers will receive a balance due statement from the IRS, and interest and applicable penalties also will be assessed. In most instances, depending on the amount of tax owed, taxpayers can pay the IRS through an installment agreement.
U.S. taxpayers residing outside of the country on April 15 have an automatic two-month extension until June 15 to file their returns. Members of the military serving in Iraq, Afghanistan or other combat zone locations have approximately 180 days after they leave the combat zone to file their taxes.
"If you have waited to file until now, take care in gathering your information, doing your taxes or taking it to someone. Taxes aren't the time to rush, because you don't want to miss details or make mistakes that could save you dollars," McAnarney said.
TRENTON AREA H&R BLOCK OFFICES
Open Year Round
LIBERTY SQUARE SHOPPING CTR
2106 MT HOLLY RD
BURLINGTON, NJ 08016
Phone: 609-239-8491
Premium Office
SHOPPES AT FOXMOOR
1055 WASHINGTON BLVD
ROBBINSVILLE, NJ 08691
Phone: 609-490-0099
LAWRENCEVILLE SHOPPING CENTER
2495 US RTE ONE STE 14
LAWRENCEVILLE, NJ 08648
Phone: 609-912-0451
Missed credits and deductions on tax returns could mean losing hundreds or even thousands of dollars. H&R Block has found mistakes on four out of five tax returns prepared by other people through its Second Look® review service. Already, H&R Block tax professionals have found more than $30 million* for their clients through Second Look.
Using a tax professional or reputable tax software can help taxpayers identify qualified tax benefits, file an extension form and save time. To locate a year-round office nearest them or find H&R Block TaxCut® software, taxpayers can visit www.hrblock.com
* Figure reflects clients who had a positive savings and re-filed with H&R Block from Jan. 1, 2009 to March 11, 2009.
# # #
The Tax Institute, a division of H&R Block, is a national leader in providing unbiased research, analysis and interpretation of federal and state tax laws. Staffed by Enrolled Agents, CPAs and Attorneys, The Tax Institute provides industry expertise for matters related to taxes and the professional tax preparation industry.
About H&R Block
H&R Block Inc. (NYSE: HRB) is the world's preeminent tax services provider, having served more than 400 million clients since 1955 and generating annual revenues of $4.1 billion in fiscal year 2008. H&R Block provides income tax return preparation and related services and products via a nationwide network of approximately 13,000 company-owned and franchised offices and through H&R Block TaxCut® online and software solutions. The company also provides business services through RSM McGladrey. For more information visit our Online Press Center at www.hrblock.com.
BURLINGTON COUNTY, NJ - Be Aware That Individual Personal Property Items May Be Taxable. Fortunately, you Got People, Year Round.
BURLINGTON COUNTY, NJ - Be Aware That Individual Personal Property Items May Be Taxable. Fortunately, you Got People, Year Round.
KANSAS CITY, Mo. - One man's junk is another man's treasure, especially when it comes to garage sales. However, H&R Block (NYSE: HRB) advises taxpayers who might be looking to make a little extra money from a garage sale or online auction to be aware of the tax implications of such sales. For neighborhood tag sales, you probably won't have to pay taxes. But people who are hosting "online garage sales" on auction sites such as eBay may have a tax bill.
In most cases, the items sold at a garage sale or via an online auction site will generate a non-deductible loss, which means any money you make isn't taxable. For example, putting a $250 price tag on a couch you bought for $1,000 generates a nondeductible loss of $750. However, if a sale does generate a gain, the proceeds must be reported on an individual's tax return.
"Although the typical annual garage sales don't net a profit on most items overall, taxpayers still need to be aware of whether they make a gain on individual items for tax purposes," said Amy McAnarney, executive director of The Tax Institute at H&R Block. "Most likely, taxpayers who are getting rid of a few items probably won't have to pay a capital gains tax on the proceeds from the sale of their clothing, furniture, DVDs or other property."
It's difficult to figure out. Fortunately, You Got People!!!
TRENTON AREA H&R BLOCK OFFICES
Open Year Round
LIBERTY SQUARE SHOPPING CTR
2106 MT HOLLY RD
BURLINGTON, NJ 08016
Phone: 609-239-8491
Premium Office
SHOPPES AT FOXMOOR
1055 WASHINGTON BLVD
ROBBINSVILLE, NJ 08691
Phone: 609-490-0099
LAWRENCEVILLE SHOPPING CENTER
2495 US RTE ONE STE 14
LAWRENCEVILLE, NJ 08648
Phone: 609-912-0451
Online auctions
Taxpayers who host "online garage sales" by buying and selling items on auction sites like eBay may have a tax bill.
"If you're regularly selling items online and making a profit, you're responsible for reporting that income to the IRS," McAnarney said.
Trading or bartering services
Some taxpayers are more likely to trade for services, too. However, a gain on a barter or trade for services also is taxable. Determining the amount of gain may be complicated, and if the barter or trade is connected with a business or involves services, the tax treatment may vary depending on the specific facts and circumstances.
Why pay when you can deduct?
Taxpayers can avoid any confusion around the sale of their clothing and household items by donating that personal property that is in good condition to a non-profit charitable organization for a deduction on their tax return. If you donate noncash items with a total fair market value of more than $500, you must file Form 8283 with your return. You may need a qualified appraisal if you donate an item or a group of items with a value of more than $5,000.
Taxpayers should keep a receipt or written statement from the organization, as well as an itemized description of what property was donated, the values assigned to those items and how the values were calculated.
"The IRS allows you to take a deduction for items donated to certain non-profit charities," McAnarney said. "Be certain to keep an itemized list of what was donated and the values assigned to each item of personal property."
Taxpayers who have questions about whether the sale of an item is subject to income tax should contact their tax professional. H&R Block tax offices are open now and can help individuals best prepare for any taxes. Or visit www.hrblock.com for tax tips and other important information.
The Tax Institute, a division of H&R Block, is a national leader in providing unbiased research, analysis and interpretation of federal and state tax laws. Staffed by enrolled agents, CPAs and attorneys, The Tax Institute provides industry expertise for matters related to taxes and the professional tax preparation industry.
# # #
About H&R Block
H&R Block Inc. (NYSE: HRB) is the world's preeminent tax services provider, having served more than 400 million clients since 1955 and generating annual revenues of $4.1 billion in fiscal year 2008. H&R Block provides income tax return preparation and related services and products via a nationwide network of approximately 13,000 company-owned and franchised offices and through TaxCut® online and software solutions. The company also provides business services through RSM McGladrey. For more information visit our Online Press Center at www.hrblock.com.
KANSAS CITY, Mo. - One man's junk is another man's treasure, especially when it comes to garage sales. However, H&R Block (NYSE: HRB) advises taxpayers who might be looking to make a little extra money from a garage sale or online auction to be aware of the tax implications of such sales. For neighborhood tag sales, you probably won't have to pay taxes. But people who are hosting "online garage sales" on auction sites such as eBay may have a tax bill.
In most cases, the items sold at a garage sale or via an online auction site will generate a non-deductible loss, which means any money you make isn't taxable. For example, putting a $250 price tag on a couch you bought for $1,000 generates a nondeductible loss of $750. However, if a sale does generate a gain, the proceeds must be reported on an individual's tax return.
"Although the typical annual garage sales don't net a profit on most items overall, taxpayers still need to be aware of whether they make a gain on individual items for tax purposes," said Amy McAnarney, executive director of The Tax Institute at H&R Block. "Most likely, taxpayers who are getting rid of a few items probably won't have to pay a capital gains tax on the proceeds from the sale of their clothing, furniture, DVDs or other property."
It's difficult to figure out. Fortunately, You Got People!!!
TRENTON AREA H&R BLOCK OFFICES
Open Year Round
LIBERTY SQUARE SHOPPING CTR
2106 MT HOLLY RD
BURLINGTON, NJ 08016
Phone: 609-239-8491
Premium Office
SHOPPES AT FOXMOOR
1055 WASHINGTON BLVD
ROBBINSVILLE, NJ 08691
Phone: 609-490-0099
LAWRENCEVILLE SHOPPING CENTER
2495 US RTE ONE STE 14
LAWRENCEVILLE, NJ 08648
Phone: 609-912-0451
Online auctions
Taxpayers who host "online garage sales" by buying and selling items on auction sites like eBay may have a tax bill.
"If you're regularly selling items online and making a profit, you're responsible for reporting that income to the IRS," McAnarney said.
Trading or bartering services
Some taxpayers are more likely to trade for services, too. However, a gain on a barter or trade for services also is taxable. Determining the amount of gain may be complicated, and if the barter or trade is connected with a business or involves services, the tax treatment may vary depending on the specific facts and circumstances.
Why pay when you can deduct?
Taxpayers can avoid any confusion around the sale of their clothing and household items by donating that personal property that is in good condition to a non-profit charitable organization for a deduction on their tax return. If you donate noncash items with a total fair market value of more than $500, you must file Form 8283 with your return. You may need a qualified appraisal if you donate an item or a group of items with a value of more than $5,000.
Taxpayers should keep a receipt or written statement from the organization, as well as an itemized description of what property was donated, the values assigned to those items and how the values were calculated.
"The IRS allows you to take a deduction for items donated to certain non-profit charities," McAnarney said. "Be certain to keep an itemized list of what was donated and the values assigned to each item of personal property."
Taxpayers who have questions about whether the sale of an item is subject to income tax should contact their tax professional. H&R Block tax offices are open now and can help individuals best prepare for any taxes. Or visit www.hrblock.com for tax tips and other important information.
The Tax Institute, a division of H&R Block, is a national leader in providing unbiased research, analysis and interpretation of federal and state tax laws. Staffed by enrolled agents, CPAs and attorneys, The Tax Institute provides industry expertise for matters related to taxes and the professional tax preparation industry.
# # #
About H&R Block
H&R Block Inc. (NYSE: HRB) is the world's preeminent tax services provider, having served more than 400 million clients since 1955 and generating annual revenues of $4.1 billion in fiscal year 2008. H&R Block provides income tax return preparation and related services and products via a nationwide network of approximately 13,000 company-owned and franchised offices and through TaxCut® online and software solutions. The company also provides business services through RSM McGladrey. For more information visit our Online Press Center at www.hrblock.com.
LAWRENCEVILLE, NJ - Tax Audits Can Cost You Your Car, Your Home, Your Savings.
LAWRENCEVILLE, NJ - Tax Audits Can Cost You Your Car, Your Home, Your Savings.
There are 2 ways H&R Block can make your life easier, whether or not you're one of our clients, no matter what tax year.
What is an audit?
An audit is an inspection of an individual's or entity's books and records by the IRS. If you're being audited, the IRS will send you a letter stating which type of tax audit applies to you. There are 3 types of tax audits:
* Correspondence Audit - You don't need to physically see an IRS agent for this type of audit. The IRS will request documentation, and you can mail it to them instead of delivering it in person.
* Field Audit - If the IRS needs to verify information about your home or business, they may come to see it. Field audits usually involve businesses.
* Office Audit - You must be seen in an IRS office and provide requested documentation.
How to Prepare for an IRS Tax Audit
Always provide anything the IRS asks for within the requested amount of time. If you're asked to appear before the IRS, you should bring along your tax return and all of the supporting documentation for the tax year in question, along with anything else requested in your IRS letter. However, don't let the tax auditor keep any of your originals - always provide the auditor with a copy of everything requested.
If you're audited, there are 2 ways H&R Block can make your life easier, whether or not you're one of our clients, no matter what tax year.
TRENTON AREA H&R BLOCK OFFICES
Open Year Round
LIBERTY SQUARE SHOPPING CTR
2106 MT HOLLY RD
BURLINGTON, NJ 08016
Phone: 609-239-8491
Premium Office
SHOPPES AT FOXMOOR
1055 WASHINGTON BLVD
ROBBINSVILLE, NJ 08691
Phone: 609-490-0099
LAWRENCEVILLE SHOPPING CENTER
2495 US RTE ONE STE 14
LAWRENCEVILLE, NJ 08648
Phone: 609-912-0451
1. Audit Assistance is when we help a taxpayer understand the position taken by a taxing authority through an audit request and assist the client in preparing an audit response. This is a free service for current H&R Block Clients. Non-clients pay a fee of $75.*
Product highlights:
* Review the tax authority notice or inquiry and explain what it means.
* Help research issues involved.
* Assist the client in assembling documents and records for the audit.
* Explain to the client what to expect during the audit.
* Review the audit findings and explaining them to the client.
* Explain the appeal process and other options available to the client in the event the client disagrees with the tax authority's findings.
2. Audit Representation is when we communicate with the taxing authority on a taxpayer's behalf and represent a taxpayer in an audit proceeding. Only Enrolled Agents (those tax professionals qualified through the procedure outlined in Circular 230) can provide Audit Representation to a Client. This is a free service for H&R Block clients who've selected the Peace of Mind Extended Service Plan. For H&R Block clients without the Peace of Mind® Extended Service Plan or Worry-free Audit Support, a fee of $120 applies. Non-clients pay a fee of $200.**
Audit representation includes all services from Audit Assistance plus:
* Communicating directly with the tax authority on the client's behalf.
* Answering questions for the taxing authority about the preparation of the client's tax return.
* Acting on and asserting arguments on the client's behalf.
* Challenging the tax authority's position if necessary.
* Following up regarding any outstanding issues or further documentation that has been requested.
* Researching any issues that may come up during the audit.
* Meeting again with the tax authority to resolve any further issues.
* Negotiating and settling claims with the tax authority.
* Assisting with the appeals process.
What to Keep In Case of an IRS Tax Audit
You should keep your tax returns and any supporting documentation for your tax returns for 7 years. Supporting documentation may include:
* home mortgage statements
* Forms W-2 and W-2G
* Forms of the 1098 and 1099 series and Schedules K-1
* Receipts for employee business expenses
* Justification of fair market value (such as H&R Block's DeductionPro) for any items donated to charity
* Receipts for items donated to charity with value greater than $500
* Receipts for charitable contributions (including cash contributions made after 2006)
* Receipts for rental property income
* Brokerage statements
* Receipts for qualified education costs
* 401(k) statements
* IRA contribution records
* Receipts for items sold at a gain
* Home-office-related receipts
* Pay stubs
* Copy of the front and back of the check you used to pay your tax balance due, if applicable.
Which tax returns are more likely to get audited?
According to the IRS statistics, individual returns where taxpayers claimed the Earned Income Credit, returns with Schedule C, and returns with Schedule E or Form 2106 are more likely to be examined by the IRS.
# # #
About H&R Block
H&R Block Inc. (NYSE: HRB) is the world's preeminent tax services provider, having served more than 400 million clients since 1955 and generating annual revenues of $4.1 billion in fiscal year 2008. H&R Block provides income tax return preparation and related services and products via a nationwide network of approximately 13,000 company-owned and franchised offices and through TaxCut® online and software solutions. The company also provides business services through RSM McGladrey. For more information visit our Online Press Center at www.hrblock.com.
There are 2 ways H&R Block can make your life easier, whether or not you're one of our clients, no matter what tax year.
What is an audit?
An audit is an inspection of an individual's or entity's books and records by the IRS. If you're being audited, the IRS will send you a letter stating which type of tax audit applies to you. There are 3 types of tax audits:
* Correspondence Audit - You don't need to physically see an IRS agent for this type of audit. The IRS will request documentation, and you can mail it to them instead of delivering it in person.
* Field Audit - If the IRS needs to verify information about your home or business, they may come to see it. Field audits usually involve businesses.
* Office Audit - You must be seen in an IRS office and provide requested documentation.
How to Prepare for an IRS Tax Audit
Always provide anything the IRS asks for within the requested amount of time. If you're asked to appear before the IRS, you should bring along your tax return and all of the supporting documentation for the tax year in question, along with anything else requested in your IRS letter. However, don't let the tax auditor keep any of your originals - always provide the auditor with a copy of everything requested.
If you're audited, there are 2 ways H&R Block can make your life easier, whether or not you're one of our clients, no matter what tax year.
TRENTON AREA H&R BLOCK OFFICES
Open Year Round
LIBERTY SQUARE SHOPPING CTR
2106 MT HOLLY RD
BURLINGTON, NJ 08016
Phone: 609-239-8491
Premium Office
SHOPPES AT FOXMOOR
1055 WASHINGTON BLVD
ROBBINSVILLE, NJ 08691
Phone: 609-490-0099
LAWRENCEVILLE SHOPPING CENTER
2495 US RTE ONE STE 14
LAWRENCEVILLE, NJ 08648
Phone: 609-912-0451
1. Audit Assistance is when we help a taxpayer understand the position taken by a taxing authority through an audit request and assist the client in preparing an audit response. This is a free service for current H&R Block Clients. Non-clients pay a fee of $75.*
Product highlights:
* Review the tax authority notice or inquiry and explain what it means.
* Help research issues involved.
* Assist the client in assembling documents and records for the audit.
* Explain to the client what to expect during the audit.
* Review the audit findings and explaining them to the client.
* Explain the appeal process and other options available to the client in the event the client disagrees with the tax authority's findings.
2. Audit Representation is when we communicate with the taxing authority on a taxpayer's behalf and represent a taxpayer in an audit proceeding. Only Enrolled Agents (those tax professionals qualified through the procedure outlined in Circular 230) can provide Audit Representation to a Client. This is a free service for H&R Block clients who've selected the Peace of Mind Extended Service Plan. For H&R Block clients without the Peace of Mind® Extended Service Plan or Worry-free Audit Support, a fee of $120 applies. Non-clients pay a fee of $200.**
Audit representation includes all services from Audit Assistance plus:
* Communicating directly with the tax authority on the client's behalf.
* Answering questions for the taxing authority about the preparation of the client's tax return.
* Acting on and asserting arguments on the client's behalf.
* Challenging the tax authority's position if necessary.
* Following up regarding any outstanding issues or further documentation that has been requested.
* Researching any issues that may come up during the audit.
* Meeting again with the tax authority to resolve any further issues.
* Negotiating and settling claims with the tax authority.
* Assisting with the appeals process.
What to Keep In Case of an IRS Tax Audit
You should keep your tax returns and any supporting documentation for your tax returns for 7 years. Supporting documentation may include:
* home mortgage statements
* Forms W-2 and W-2G
* Forms of the 1098 and 1099 series and Schedules K-1
* Receipts for employee business expenses
* Justification of fair market value (such as H&R Block's DeductionPro) for any items donated to charity
* Receipts for items donated to charity with value greater than $500
* Receipts for charitable contributions (including cash contributions made after 2006)
* Receipts for rental property income
* Brokerage statements
* Receipts for qualified education costs
* 401(k) statements
* IRA contribution records
* Receipts for items sold at a gain
* Home-office-related receipts
* Pay stubs
* Copy of the front and back of the check you used to pay your tax balance due, if applicable.
Which tax returns are more likely to get audited?
According to the IRS statistics, individual returns where taxpayers claimed the Earned Income Credit, returns with Schedule C, and returns with Schedule E or Form 2106 are more likely to be examined by the IRS.
# # #
About H&R Block
H&R Block Inc. (NYSE: HRB) is the world's preeminent tax services provider, having served more than 400 million clients since 1955 and generating annual revenues of $4.1 billion in fiscal year 2008. H&R Block provides income tax return preparation and related services and products via a nationwide network of approximately 13,000 company-owned and franchised offices and through TaxCut® online and software solutions. The company also provides business services through RSM McGladrey. For more information visit our Online Press Center at www.hrblock.com.
TRENTON, NUEVA JERSEY - La revisión Second Look®
TRENTON, NUEVA JERSEY - La revisión Second Look®
¿Estás seguro de que tus impuestos se calcularon correctamente? Con una revisión Second Look® de H&R Block, revisaremos tus impuestos — independientemente de quién los haya preparado — por sólo $29 por declaración.
Si no usaste los servicios de H&R Block, tal vez no hayas recibido el reembolso máximo al que tenías derecho. Trae tus declaraciones de 2008, 2007 o 2006 para que las revise un profesional de impuestos de H&R Block, quien examinará si son exactas y se asegurará de que hayas reclamado todos los créditos y deducciones a los que tenías derecho.
Encontramos errores en el 4 de cada 5 declaraciones que las personas nos trajeron para una revisión Second Look®.1 Si tu declaración de impuestos es correcta, o si pides a H&R Block que presente una declaración corregida en tu nombre, te respaldaremos en caso de que te auditen. Eso es parte de la Garantía H&R Block.2 Estamos contigo.
Con una revisión Second Look®, recibirás:
Una revisión asequible y profesional de tu declaración de impuestos
Consejo sobre qué hacer si se encuentran variaciones
Un resumen de consejos impreso en un Informe H&R Block Advantage
La cobertura de la Garantía H&R Block para pago de multas e intereses y asistencia en auditoría si tu declaración es correcta o si H&R Block presenta una declaración corregida en tu nombre.
TRENTON AREA H&R BLOCK OFFICES
Open Year Round
LIBERTY SQUARE SHOPPING CTR
2106 MT HOLLY RD
BURLINGTON, NJ 08016
Phone: 609-239-8491
Premium Office
SHOPPES AT FOXMOOR
1055 WASHINGTON BLVD
ROBBINSVILLE, NJ 08691
Phone: 609-490-0099
LAWRENCEVILLE SHOPPING CENTER
2495 US RTE ONE STE 14
LAWRENCEVILLE, NJ 08648
Phone: 609-912-0451
Precio: $29 por cada revisión
¹ Los reclamos por errores y ahorros promedio corresponden al año calendario 2007. Los resultados individuales variarán. Se aplican cargos para revisiones Second Look y si nos pides preparar una declaración enmendada o corregida. Excluye las declaraciones preparadas por H&R Block.
² Si H&R Block comete un error en la preparación de tu declaración de impuestos o en el cálculo de los impuestos adeudados, pagará las multas y los intereses causados por ese error. "Respaldarte" significa que H&R Block te explicará tu aviso de auditoría y te asesorará con respecto a la documentación que debes suministrar a la autoridad de la auditoría.
¿Estás seguro de que tus impuestos se calcularon correctamente? Con una revisión Second Look® de H&R Block, revisaremos tus impuestos — independientemente de quién los haya preparado — por sólo $29 por declaración.
Si no usaste los servicios de H&R Block, tal vez no hayas recibido el reembolso máximo al que tenías derecho. Trae tus declaraciones de 2008, 2007 o 2006 para que las revise un profesional de impuestos de H&R Block, quien examinará si son exactas y se asegurará de que hayas reclamado todos los créditos y deducciones a los que tenías derecho.
Encontramos errores en el 4 de cada 5 declaraciones que las personas nos trajeron para una revisión Second Look®.1 Si tu declaración de impuestos es correcta, o si pides a H&R Block que presente una declaración corregida en tu nombre, te respaldaremos en caso de que te auditen. Eso es parte de la Garantía H&R Block.2 Estamos contigo.
Con una revisión Second Look®, recibirás:
Una revisión asequible y profesional de tu declaración de impuestos
Consejo sobre qué hacer si se encuentran variaciones
Un resumen de consejos impreso en un Informe H&R Block Advantage
La cobertura de la Garantía H&R Block para pago de multas e intereses y asistencia en auditoría si tu declaración es correcta o si H&R Block presenta una declaración corregida en tu nombre.
TRENTON AREA H&R BLOCK OFFICES
Open Year Round
LIBERTY SQUARE SHOPPING CTR
2106 MT HOLLY RD
BURLINGTON, NJ 08016
Phone: 609-239-8491
Premium Office
SHOPPES AT FOXMOOR
1055 WASHINGTON BLVD
ROBBINSVILLE, NJ 08691
Phone: 609-490-0099
LAWRENCEVILLE SHOPPING CENTER
2495 US RTE ONE STE 14
LAWRENCEVILLE, NJ 08648
Phone: 609-912-0451
Precio: $29 por cada revisión
¹ Los reclamos por errores y ahorros promedio corresponden al año calendario 2007. Los resultados individuales variarán. Se aplican cargos para revisiones Second Look y si nos pides preparar una declaración enmendada o corregida. Excluye las declaraciones preparadas por H&R Block.
² Si H&R Block comete un error en la preparación de tu declaración de impuestos o en el cálculo de los impuestos adeudados, pagará las multas y los intereses causados por ese error. "Respaldarte" significa que H&R Block te explicará tu aviso de auditoría y te asesorará con respecto a la documentación que debes suministrar a la autoridad de la auditoría.
TRENTON, NJ - Need to File an Amended Tax Return? Relax. You Got People, Year Round.
Need to File an Amended Tax Return? Relax. You Got People, Year Round.
To file an amended return, you must fill out Form 1040-X.
On the back of the form, you need to explain the specific changes being made on the return and the reason for each change.
According to the IRS, the IRS service center will usually notify you of errors in math or request forms (such as W-2s) or schedules you left out. In these instances, you do not need to amend your return. Either accept the proposed IRS change or provide evidence that the proposed change is incorrect. If the IRS requests missing documents, simply provide the requested information.
If you discover that you've made an error after your return has been filed, you may need to amend your return.
For further Information, or to have us do your amended return...
TRENTON AREA H&R BLOCK OFFICES
Open Year Round
LIBERTY SQUARE SHOPPING CTR
2106 MT HOLLY RD
BURLINGTON, NJ 08016
Phone: 609-239-8491
Premium Office
SHOPPES AT FOXMOOR
1055 WASHINGTON BLVD
ROBBINSVILLE, NJ 08691
Phone: 609-490-0099
LAWRENCEVILLE SHOPPING CENTER
2495 US RTE ONE STE 14
LAWRENCEVILLE, NJ 08648
Phone: 609-912-0451
You'll need to file an amended return if any of the following were reported incorrectly:
Your filing status
Your total income
Your deductions or credits
Filing an Amended Return
To file an amended return, fill out Form 1040-X - Amended U.S. Individual Income Tax Return and include copies of any schedules that have been changed or any W-2s you did not include with your original return. To be entitled to a refund, the form generally must be filed within 3 years after the date you filed the original return or within 2 years after the date you paid the tax, whichever is later.
Completing Form 1040-X
Form 1040-X is designed with 3 columns. Column A is used to show the figures from the original return. Column C is used to show the correct figures. The difference between the figures in Columns A and C is shown in Column B. On the back of the form, you need to explain the specific changes being made on the return and the reason for each change. If the changes involve another schedule or form, attach it to Form 1040-X. Be sure to enter the year of the return you're amending.
There are exceptions to the 3-year rule for certain items such as net operating losses, general business credit carrybacks, bad debts and worthless securities. Review the instructions to Form 1040-X for other exceptions.
If you are filing more than 1 amended return, be sure to mail each return in a separate envelope to the service center for the area in which you live.
A change in your federal return may affect your state tax liability and require an amended state return. For information on state changes, contact your state's Department of Revenue.
To file an amended return, you must fill out Form 1040-X.
On the back of the form, you need to explain the specific changes being made on the return and the reason for each change.
According to the IRS, the IRS service center will usually notify you of errors in math or request forms (such as W-2s) or schedules you left out. In these instances, you do not need to amend your return. Either accept the proposed IRS change or provide evidence that the proposed change is incorrect. If the IRS requests missing documents, simply provide the requested information.
If you discover that you've made an error after your return has been filed, you may need to amend your return.
For further Information, or to have us do your amended return...
TRENTON AREA H&R BLOCK OFFICES
Open Year Round
LIBERTY SQUARE SHOPPING CTR
2106 MT HOLLY RD
BURLINGTON, NJ 08016
Phone: 609-239-8491
Premium Office
SHOPPES AT FOXMOOR
1055 WASHINGTON BLVD
ROBBINSVILLE, NJ 08691
Phone: 609-490-0099
LAWRENCEVILLE SHOPPING CENTER
2495 US RTE ONE STE 14
LAWRENCEVILLE, NJ 08648
Phone: 609-912-0451
You'll need to file an amended return if any of the following were reported incorrectly:
Your filing status
Your total income
Your deductions or credits
Filing an Amended Return
To file an amended return, fill out Form 1040-X - Amended U.S. Individual Income Tax Return and include copies of any schedules that have been changed or any W-2s you did not include with your original return. To be entitled to a refund, the form generally must be filed within 3 years after the date you filed the original return or within 2 years after the date you paid the tax, whichever is later.
Completing Form 1040-X
Form 1040-X is designed with 3 columns. Column A is used to show the figures from the original return. Column C is used to show the correct figures. The difference between the figures in Columns A and C is shown in Column B. On the back of the form, you need to explain the specific changes being made on the return and the reason for each change. If the changes involve another schedule or form, attach it to Form 1040-X. Be sure to enter the year of the return you're amending.
There are exceptions to the 3-year rule for certain items such as net operating losses, general business credit carrybacks, bad debts and worthless securities. Review the instructions to Form 1040-X for other exceptions.
If you are filing more than 1 amended return, be sure to mail each return in a separate envelope to the service center for the area in which you live.
A change in your federal return may affect your state tax liability and require an amended state return. For information on state changes, contact your state's Department of Revenue.
TRENTON, NJ - Be Aware That Individual Personal Property IItems May Be Taxable. Fortunately, you Got People, Year Round.
TRENTON, NJ - Be Aware That Individual Personal Property IItems May Be Taxable. Fortunately, you Got People, Year Round.
TRENTON AREA H&R BLOCK OFFICES
Open Year Round
LIBERTY SQUARE SHOPPING CTR
2106 MT HOLLY RD
BURLINGTON, NJ 08016
Phone: 609-239-8491
Premium Office
SHOPPES AT FOXMOOR
1055 WASHINGTON BLVD
ROBBINSVILLE, NJ 08691
Phone: 609-490-0099
LAWRENCEVILLE SHOPPING CENTER
2495 US RTE ONE STE 14
LAWRENCEVILLE, NJ 08648
Phone: 609-912-0451
KANSAS CITY, Mo. – One man’s junk is another man’s treasure, especially when it comes to garage sales. However, H&R Block (NYSE: HRB) advises taxpayers who might be looking to make a little extra money from a garage sale or online auction to be aware of the tax implications of such sales. For neighborhood tag sales, you probably won’t have to pay taxes. But people who are hosting “online garage sales” on auction sites such as eBay may have a tax bill.
In most cases, the items sold at a garage sale or via an online auction site will generate a non-deductible loss, which means any money you make isn’t taxable. For example, putting a $250 price tag on a couch you bought for $1,000 generates a nondeductible loss of $750. However, if a sale does generate a gain, the proceeds must be reported on an individual’s tax return.
“Although the typical annual garage sales don’t net a profit on most items overall, taxpayers still need to be aware of whether they make a gain on individual items for tax purposes,” said Amy McAnarney, executive director of The Tax Institute at H&R Block. “Most likely, taxpayers who are getting rid of a few items probably won’t have to pay a capital gains tax on the proceeds from the sale of their clothing, furniture, DVDs or other property.”
Online auctions
Taxpayers who host “online garage sales” by buying and selling items on auction sites like eBay may have a tax bill.
“If you’re regularly selling items online and making a profit, you’re responsible for reporting that income to the IRS,” McAnarney said.
Trading or bartering services
Some taxpayers are more likely to trade for services, too. However, a gain on a barter or trade for services also is taxable. Determining the amount of gain may be complicated, and if the barter or trade is connected with a business or involves services, the tax treatment may vary depending on the specific facts and circumstances.
Why pay when you can deduct?
Taxpayers can avoid any confusion around the sale of their clothing and household items by donating that personal property that is in good condition to a non-profit charitable organization for a deduction on their tax return. If you donate noncash items with a total fair market value of more than $500, you must file Form 8283 with your return. You may need a qualified appraisal if you donate an item or a group of items with a value of more than $5,000.
Taxpayers should keep a receipt or written statement from the organization, as well as an itemized description of what property was donated, the values assigned to those items and how the values were calculated.
“The IRS allows you to take a deduction for items donated to certain non-profit charities,” McAnarney said. “Be certain to keep an itemized list of what was donated and the values assigned to each item of personal property.”
Taxpayers who have questions about whether the sale of an item is subject to income tax should contact their tax professional. H&R Block tax offices are open now and can help individuals best prepare for any taxes. Or visit www.hrblock.com for tax tips and other important information.
The Tax Institute, a division of H&R Block, is a national leader in providing unbiased research, analysis and interpretation of federal and state tax laws. Staffed by enrolled agents, CPAs and attorneys, The Tax Institute provides industry expertise for matters related to taxes and the professional tax preparation industry.
# # #
About H&R Block
H&R Block Inc. (NYSE: HRB) is the world’s preeminent tax services provider, having served more than 400 million clients since 1955 and generating annual revenues of $4.1 billion in fiscal year 2008. H&R Block provides income tax return preparation and related services and products via a nationwide network of approximately 13,000 company-owned and franchised offices and through TaxCut® online and software solutions. The company also provides business services through RSM McGladrey. For more information visit our Online Press Center at www.hrblock.com.
TRENTON AREA H&R BLOCK OFFICES
Open Year Round
LIBERTY SQUARE SHOPPING CTR
2106 MT HOLLY RD
BURLINGTON, NJ 08016
Phone: 609-239-8491
Premium Office
SHOPPES AT FOXMOOR
1055 WASHINGTON BLVD
ROBBINSVILLE, NJ 08691
Phone: 609-490-0099
LAWRENCEVILLE SHOPPING CENTER
2495 US RTE ONE STE 14
LAWRENCEVILLE, NJ 08648
Phone: 609-912-0451
KANSAS CITY, Mo. – One man’s junk is another man’s treasure, especially when it comes to garage sales. However, H&R Block (NYSE: HRB) advises taxpayers who might be looking to make a little extra money from a garage sale or online auction to be aware of the tax implications of such sales. For neighborhood tag sales, you probably won’t have to pay taxes. But people who are hosting “online garage sales” on auction sites such as eBay may have a tax bill.
In most cases, the items sold at a garage sale or via an online auction site will generate a non-deductible loss, which means any money you make isn’t taxable. For example, putting a $250 price tag on a couch you bought for $1,000 generates a nondeductible loss of $750. However, if a sale does generate a gain, the proceeds must be reported on an individual’s tax return.
“Although the typical annual garage sales don’t net a profit on most items overall, taxpayers still need to be aware of whether they make a gain on individual items for tax purposes,” said Amy McAnarney, executive director of The Tax Institute at H&R Block. “Most likely, taxpayers who are getting rid of a few items probably won’t have to pay a capital gains tax on the proceeds from the sale of their clothing, furniture, DVDs or other property.”
Online auctions
Taxpayers who host “online garage sales” by buying and selling items on auction sites like eBay may have a tax bill.
“If you’re regularly selling items online and making a profit, you’re responsible for reporting that income to the IRS,” McAnarney said.
Trading or bartering services
Some taxpayers are more likely to trade for services, too. However, a gain on a barter or trade for services also is taxable. Determining the amount of gain may be complicated, and if the barter or trade is connected with a business or involves services, the tax treatment may vary depending on the specific facts and circumstances.
Why pay when you can deduct?
Taxpayers can avoid any confusion around the sale of their clothing and household items by donating that personal property that is in good condition to a non-profit charitable organization for a deduction on their tax return. If you donate noncash items with a total fair market value of more than $500, you must file Form 8283 with your return. You may need a qualified appraisal if you donate an item or a group of items with a value of more than $5,000.
Taxpayers should keep a receipt or written statement from the organization, as well as an itemized description of what property was donated, the values assigned to those items and how the values were calculated.
“The IRS allows you to take a deduction for items donated to certain non-profit charities,” McAnarney said. “Be certain to keep an itemized list of what was donated and the values assigned to each item of personal property.”
Taxpayers who have questions about whether the sale of an item is subject to income tax should contact their tax professional. H&R Block tax offices are open now and can help individuals best prepare for any taxes. Or visit www.hrblock.com for tax tips and other important information.
The Tax Institute, a division of H&R Block, is a national leader in providing unbiased research, analysis and interpretation of federal and state tax laws. Staffed by enrolled agents, CPAs and attorneys, The Tax Institute provides industry expertise for matters related to taxes and the professional tax preparation industry.
# # #
About H&R Block
H&R Block Inc. (NYSE: HRB) is the world’s preeminent tax services provider, having served more than 400 million clients since 1955 and generating annual revenues of $4.1 billion in fiscal year 2008. H&R Block provides income tax return preparation and related services and products via a nationwide network of approximately 13,000 company-owned and franchised offices and through TaxCut® online and software solutions. The company also provides business services through RSM McGladrey. For more information visit our Online Press Center at www.hrblock.com.
OCEAN, NJ - Are you sure your taxes were done correctly? A Second Look Review will help.
Are you sure your taxes were done correctly? A Second Look Review will help.
Are you sure your taxes were done correctly? With a Second Look ® review from H&R Block, we'll review your taxes no matter who did them for just $29 per return.
If you didn't use H&R Block, you may not have received the maximum refund you're entitled to. Bring in your 2008, 2007 and/or 2006 return(s) for review by an H&R Block tax professional who will review them for accuracy and check to see if you claimed all eligible credits and deductions.
In the past, we found errors in 4 out of 5 of the returns people brought in for a Second Look Review If your tax return is correct, or if you have H&R Block file a corrected return for you, we’ll stand behind you in case you're audited. That is part of the H&R Block Guarantee.
It pays to have people.
With a Second Look Review you'll get:
An affordable, professional review of your tax return
Advice on what to do next if any variances are found
A printed advice summary in an H&R Block Advantage Report
H&R Block Guarantee coverage for penalties and interest repayment and audit assistance if your return is correct or H&R Block files a corrected return for you.
Price: $29 for each review
Individual results will vary. Error claims are for calendar year 2007. Fees apply for Second Look reviews and if you have us prepare a corrected or amended return. Excludes tax returns prepared by H&R Block.
²If H&R Block makes an error in the preparation of your tax return or calculation of taxes owed; it will pay penalties and interest caused by such error. "Stand behind you" means H&R Block will explain your audit notice and advise you as to documentation you should provide to the auditing authority.
MORE QUESTIONS? CONTACT US AT OUR YEAR 'ROUND OFFICES
LAKEWOOD PLAZA
1700 MADISON AVE
LAKEWOOD, NJ 08701
Phone: 732-364-3000
TOWN AND COUNTRY CENTER
1900 RTE 70 STE 218
LAKEWOOD, NJ 08701
Phone: 732-920-9333
MANCHESTER PLAZA
1039 RTE 70
MANCHESTER, NJ 08759
Phone: 732-408-9123
93 3RD AVE
BLDG E STE 505
NEPTUNE CITY, NJ 07753
Phone: 732-502-8314
Are you sure your taxes were done correctly? With a Second Look ® review from H&R Block, we'll review your taxes no matter who did them for just $29 per return.
If you didn't use H&R Block, you may not have received the maximum refund you're entitled to. Bring in your 2008, 2007 and/or 2006 return(s) for review by an H&R Block tax professional who will review them for accuracy and check to see if you claimed all eligible credits and deductions.
In the past, we found errors in 4 out of 5 of the returns people brought in for a Second Look Review If your tax return is correct, or if you have H&R Block file a corrected return for you, we’ll stand behind you in case you're audited. That is part of the H&R Block Guarantee.
It pays to have people.
With a Second Look Review you'll get:
An affordable, professional review of your tax return
Advice on what to do next if any variances are found
A printed advice summary in an H&R Block Advantage Report
H&R Block Guarantee coverage for penalties and interest repayment and audit assistance if your return is correct or H&R Block files a corrected return for you.
Price: $29 for each review
Individual results will vary. Error claims are for calendar year 2007. Fees apply for Second Look reviews and if you have us prepare a corrected or amended return. Excludes tax returns prepared by H&R Block.
²If H&R Block makes an error in the preparation of your tax return or calculation of taxes owed; it will pay penalties and interest caused by such error. "Stand behind you" means H&R Block will explain your audit notice and advise you as to documentation you should provide to the auditing authority.
MORE QUESTIONS? CONTACT US AT OUR YEAR 'ROUND OFFICES
LAKEWOOD PLAZA
1700 MADISON AVE
LAKEWOOD, NJ 08701
Phone: 732-364-3000
TOWN AND COUNTRY CENTER
1900 RTE 70 STE 218
LAKEWOOD, NJ 08701
Phone: 732-920-9333
MANCHESTER PLAZA
1039 RTE 70
MANCHESTER, NJ 08759
Phone: 732-408-9123
93 3RD AVE
BLDG E STE 505
NEPTUNE CITY, NJ 07753
Phone: 732-502-8314
Friday, October 2, 2009
H&R BLOCK: What are we about?
H&R BLOCK: What are we about?
For more than 50 years, H&R Block has been delivering trusted tax advice. The average H&R Block client is consulted by a tax professional with more than eight years experience and 450 hours of training. In 2009, the company:
Served 24 million tax clients in more than 13,000 retail offices and with digital tax solutions.
Helped clients obtain nearly $30 billion in tax refunds, credits and other government benefits.
Delivered customized tax advice for more than 400 occupations.
Filed one in every four Earned Income Tax Credits helping clients secure nearly $10 billion.
As the world's largest tax preparation company, H&R Block is the brand clients trust as their tax partner.
MORE QUESTIONS? CONTACT US AT OUR YEAR 'ROUND OFFICES
LAKEWOOD PLAZA
1700 MADISON AVE
LAKEWOOD, NJ 08701
Phone: 732-364-3000
TOWN AND COUNTRY CENTER
1900 RTE 70 STE 218
LAKEWOOD, NJ 08701
Phone: 732-920-9333
MANCHESTER PLAZA
1039 RTE 70
MANCHESTER, NJ 08759
Phone: 732-408-9123
93 3RD AVE
BLDG E STE 505
NEPTUNE CITY, NJ 07753
Phone: 732-502-8314
For more than 50 years, H&R Block has been delivering trusted tax advice. The average H&R Block client is consulted by a tax professional with more than eight years experience and 450 hours of training. In 2009, the company:
Served 24 million tax clients in more than 13,000 retail offices and with digital tax solutions.
Helped clients obtain nearly $30 billion in tax refunds, credits and other government benefits.
Delivered customized tax advice for more than 400 occupations.
Filed one in every four Earned Income Tax Credits helping clients secure nearly $10 billion.
As the world's largest tax preparation company, H&R Block is the brand clients trust as their tax partner.
MORE QUESTIONS? CONTACT US AT OUR YEAR 'ROUND OFFICES
LAKEWOOD PLAZA
1700 MADISON AVE
LAKEWOOD, NJ 08701
Phone: 732-364-3000
TOWN AND COUNTRY CENTER
1900 RTE 70 STE 218
LAKEWOOD, NJ 08701
Phone: 732-920-9333
MANCHESTER PLAZA
1039 RTE 70
MANCHESTER, NJ 08759
Phone: 732-408-9123
93 3RD AVE
BLDG E STE 505
NEPTUNE CITY, NJ 07753
Phone: 732-502-8314
(OCEAN COUNTY, NJ) - Does the IRS consider your Business a Hobby? It's all about the “Pursuit of Profit.”
(OCEAN COUNTY, NJ) - Does the IRS consider your Business a Hobby? It's all about the “Pursuit of Profit.”
So, how was business this year? Did you make a profit? If your business is very new, most likely you took a loss. Oh well, at least you can write it off, right?
Well... maybe.
Whether you can write off your business losses depends on whether your business really is a business or a hobby.
"Of course it's a business!", I hear you say. "I don't put myself through this for the fun of it!"
That's what Brenda Konchar thought.
Brenda Konchar, a Mary Kay Cosmetics representative and Indiana mother of 4, reported her Mary Kay activity as business income.
The IRS disagreed. Konchar took her case to the Tax Court...
... and lost. (See: Konchar and Konchar v. Commissioner of Internal Revenue, (Docket 5388-01S-2004)
So what does it mean?
In a nutshell, if you earn income in the pursuit of a hobby, you can offset the income with deductions. You cannot claim deductions that exceed your income – there’s no loss for a hobby.
However, if you earn income in the pursuit of a business, you can not only offset the income with deductions, you can carry any losses forward. This can be huge for new businesses.
Brenda Konchar had deductions which exceeded her income and reported net business losses for the years 1996 through 1998. The IRS disallowed the losses, claiming that Konchar’s activities constituted a hobby. As a backup, the IRS claimed that even if she were operating a business, her expenses were not properly business expenses.
Here's the important part: The IRS consider a number of factors when determining whether a taxpayer is engaging in a business or a hobby, none more important than profit motive.
The IRS considers that you are engaging in a business when it is your intention to make money. You should be able to demonstrate that you have made a profit for at least three of the last five tax years.
Of course, it isn’t a given that all legitimate businesses will make a profit. So the IRS gives you another bite at the apple. They consider a number of factors, including:
1, Whether you run your business as a business. This includes keeping good records and promoting your business.
2, How much time and effort you expend in the activity. It should go without saying that only spending minimal time and effort on your business sends a message that you’re not so serious about it.
3, Your level of expertise. How much do you know about your business?
4, Your track record. What kind of success or failure have you had in other similar endeavors?
5, Your financial picture. A bona fide business is generally something that a taxpayer relies upon to make a living.
6, Whether you continue to change your business practices in order to make money. When things aren’t going so well in business, business owners switch gears. As your financial picture changes, your business practices should, too.
7, The nature of your losses. All start up businesses expect a few bumps at the beginning. However, continuous losses that may be within your control to change would not be acceptable in a bona fide business.
8, Whether you expect the value of your business to grow. This includes accumulating appreciating assets.
9, How much fun you’re having. Oh yeah. In Kochlar, the Court mentions that her Mary Kay sales “...had a substantial component of personal pleasure.” The IRS looks at whether you enjoy yourself. There’s nothing wrong with liking what you do – but if you like it to the exclusion of working at it, you’re going to raise some eyebrows.
So where did Brenda Konchar go wrong? She didn’t operate her Mary Kay activities like a business. She didn’t effectively promote the business – she didn’t even have business cards – and most of her customers were family and friends. She mixed her business assets with her personal assets. She sold her products to friends at or near cost, and lost money year after year and made no substantial steps to make changes. As a result, her business losses were disallowed.
Here’s the lesson to be learned: if you’re going to operate a business, treat it like a business.
H&R Block does individual returns, as well as business returns: We even prepare C-Corp. And S-Corp. Returns for large national companies.
Contact your People at:
MORE QUESTIONS? CONTACT US AT OUR YEAR 'ROUND OFFICES
LAKEWOOD PLAZA
1700 MADISON AVE
LAKEWOOD, NJ 08701
Phone: 732-364-3000
TOWN AND COUNTRY CENTER
1900 RTE 70 STE 218
LAKEWOOD, NJ 08701
Phone: 732-920-9333
MANCHESTER PLAZA
1039 RTE 70
MANCHESTER, NJ 08759
Phone: 732-408-9123
93 3RD AVE
BLDG E STE 505
NEPTUNE CITY, NJ 07753
Phone: 732-502-8314
So, how was business this year? Did you make a profit? If your business is very new, most likely you took a loss. Oh well, at least you can write it off, right?
Well... maybe.
Whether you can write off your business losses depends on whether your business really is a business or a hobby.
"Of course it's a business!", I hear you say. "I don't put myself through this for the fun of it!"
That's what Brenda Konchar thought.
Brenda Konchar, a Mary Kay Cosmetics representative and Indiana mother of 4, reported her Mary Kay activity as business income.
The IRS disagreed. Konchar took her case to the Tax Court...
... and lost. (See: Konchar and Konchar v. Commissioner of Internal Revenue, (Docket 5388-01S-2004)
So what does it mean?
In a nutshell, if you earn income in the pursuit of a hobby, you can offset the income with deductions. You cannot claim deductions that exceed your income – there’s no loss for a hobby.
However, if you earn income in the pursuit of a business, you can not only offset the income with deductions, you can carry any losses forward. This can be huge for new businesses.
Brenda Konchar had deductions which exceeded her income and reported net business losses for the years 1996 through 1998. The IRS disallowed the losses, claiming that Konchar’s activities constituted a hobby. As a backup, the IRS claimed that even if she were operating a business, her expenses were not properly business expenses.
Here's the important part: The IRS consider a number of factors when determining whether a taxpayer is engaging in a business or a hobby, none more important than profit motive.
The IRS considers that you are engaging in a business when it is your intention to make money. You should be able to demonstrate that you have made a profit for at least three of the last five tax years.
Of course, it isn’t a given that all legitimate businesses will make a profit. So the IRS gives you another bite at the apple. They consider a number of factors, including:
1, Whether you run your business as a business. This includes keeping good records and promoting your business.
2, How much time and effort you expend in the activity. It should go without saying that only spending minimal time and effort on your business sends a message that you’re not so serious about it.
3, Your level of expertise. How much do you know about your business?
4, Your track record. What kind of success or failure have you had in other similar endeavors?
5, Your financial picture. A bona fide business is generally something that a taxpayer relies upon to make a living.
6, Whether you continue to change your business practices in order to make money. When things aren’t going so well in business, business owners switch gears. As your financial picture changes, your business practices should, too.
7, The nature of your losses. All start up businesses expect a few bumps at the beginning. However, continuous losses that may be within your control to change would not be acceptable in a bona fide business.
8, Whether you expect the value of your business to grow. This includes accumulating appreciating assets.
9, How much fun you’re having. Oh yeah. In Kochlar, the Court mentions that her Mary Kay sales “...had a substantial component of personal pleasure.” The IRS looks at whether you enjoy yourself. There’s nothing wrong with liking what you do – but if you like it to the exclusion of working at it, you’re going to raise some eyebrows.
So where did Brenda Konchar go wrong? She didn’t operate her Mary Kay activities like a business. She didn’t effectively promote the business – she didn’t even have business cards – and most of her customers were family and friends. She mixed her business assets with her personal assets. She sold her products to friends at or near cost, and lost money year after year and made no substantial steps to make changes. As a result, her business losses were disallowed.
Here’s the lesson to be learned: if you’re going to operate a business, treat it like a business.
H&R Block does individual returns, as well as business returns: We even prepare C-Corp. And S-Corp. Returns for large national companies.
Contact your People at:
MORE QUESTIONS? CONTACT US AT OUR YEAR 'ROUND OFFICES
LAKEWOOD PLAZA
1700 MADISON AVE
LAKEWOOD, NJ 08701
Phone: 732-364-3000
TOWN AND COUNTRY CENTER
1900 RTE 70 STE 218
LAKEWOOD, NJ 08701
Phone: 732-920-9333
MANCHESTER PLAZA
1039 RTE 70
MANCHESTER, NJ 08759
Phone: 732-408-9123
93 3RD AVE
BLDG E STE 505
NEPTUNE CITY, NJ 07753
Phone: 732-502-8314
TOMS RIVER, NJ - Your Newborn is a Joy… And a Heck of A Tax Benefit!! Ask Your (Year Round) People.
TOMS RIVER, NJ - Your Newborn is a Joy… And a Heck of A Tax Benefit!! Ask Your (Year Round) People.
Your bundle of Joy may qualify for credits including the Child Care Credit, the Child Tax Credit and the Earned Income Credit.
If you're a single parent paying more than half the household costs and your child lives with you more than half the year, claim Head of Household to qualify for a higher standard deduction than when filing as Single. You'll also be eligible to use a more favorable tax table or rate schedule.
Apply for a social security card immediately after your child's birth to receive tax benefits.
In most situations, you'll claim the exemption for a child because the child is your qualifying child. But in some situations, the child will be claimed as a qualifying relative. See Publication 501 for the rules relating to qualifying relatives.
You Can Claim a Dependent
In either situation, 3 conditions must be satisfied:
You can't claim an exemption for the child if you can be claimed as a dependent of another person.
You can't claim an exemption for the child if the child files a joint return unless the return is only a claim for refund and neither the child nor the child's spouse would have a tax liability if they file separate returns.
The child must be a U.S. citizen, resident, or national, or a resident of Canada or Mexico for part of the year.
A child is your qualifying child if all the following conditions are satisfied:
The child is your son, daughter, stepchild, foster child, brother, sister, stepbrother, stepsister or a descendant of any of them.
The child is younger than age 19, a full-time student younger than 24 or a disabled child.
The child did not provide more than half of his or her own support.
The child must live with you more than half of the year. A newborn child is considered to have lived with you for the entire year.
You Could Qualify for Several Credits
MORE QUESTIONS? CONTACT US AT OUR YEAR 'ROUND OFFICES
LAKEWOOD PLAZA
1700 MADISON AVE
LAKEWOOD, NJ 08701
Phone: 732-364-3000
TOWN AND COUNTRY CENTER
1900 RTE 70 STE 218
LAKEWOOD, NJ 08701
Phone: 732-920-9333
MANCHESTER PLAZA
1039 RTE 70
MANCHESTER, NJ 08759
Phone: 732-408-9123
93 3RD AVE
BLDG E STE 505
NEPTUNE CITY, NJ 07753
Phone: 732-502-8314
You may qualify for the Child Tax Credit, Earned Income Credit (EIC) and Child Care Credit. Also, the 2009 American Recovery and Reinvestment Act expands some of these benefits.
Child Tax Credit — You may be able to get a credit of up to $1,000 per child. An eligible child must be younger than 17 and must be a U.S. citizen, U.S. national, or a resident alien. This credit is available regardless of your filing status. However, your credit is reduced if your modified adjusted gross income is:
EIC — The EIC is a refundable credit available to low-income workers. The amount of the credit varies depending on your income level and the number of qualifying children you have.
Your bundle of Joy may qualify for credits including the Child Care Credit, the Child Tax Credit and the Earned Income Credit.
If you're a single parent paying more than half the household costs and your child lives with you more than half the year, claim Head of Household to qualify for a higher standard deduction than when filing as Single. You'll also be eligible to use a more favorable tax table or rate schedule.
Apply for a social security card immediately after your child's birth to receive tax benefits.
In most situations, you'll claim the exemption for a child because the child is your qualifying child. But in some situations, the child will be claimed as a qualifying relative. See Publication 501 for the rules relating to qualifying relatives.
You Can Claim a Dependent
In either situation, 3 conditions must be satisfied:
You can't claim an exemption for the child if you can be claimed as a dependent of another person.
You can't claim an exemption for the child if the child files a joint return unless the return is only a claim for refund and neither the child nor the child's spouse would have a tax liability if they file separate returns.
The child must be a U.S. citizen, resident, or national, or a resident of Canada or Mexico for part of the year.
A child is your qualifying child if all the following conditions are satisfied:
The child is your son, daughter, stepchild, foster child, brother, sister, stepbrother, stepsister or a descendant of any of them.
The child is younger than age 19, a full-time student younger than 24 or a disabled child.
The child did not provide more than half of his or her own support.
The child must live with you more than half of the year. A newborn child is considered to have lived with you for the entire year.
You Could Qualify for Several Credits
MORE QUESTIONS? CONTACT US AT OUR YEAR 'ROUND OFFICES
LAKEWOOD PLAZA
1700 MADISON AVE
LAKEWOOD, NJ 08701
Phone: 732-364-3000
TOWN AND COUNTRY CENTER
1900 RTE 70 STE 218
LAKEWOOD, NJ 08701
Phone: 732-920-9333
MANCHESTER PLAZA
1039 RTE 70
MANCHESTER, NJ 08759
Phone: 732-408-9123
93 3RD AVE
BLDG E STE 505
NEPTUNE CITY, NJ 07753
Phone: 732-502-8314
You may qualify for the Child Tax Credit, Earned Income Credit (EIC) and Child Care Credit. Also, the 2009 American Recovery and Reinvestment Act expands some of these benefits.
Child Tax Credit — You may be able to get a credit of up to $1,000 per child. An eligible child must be younger than 17 and must be a U.S. citizen, U.S. national, or a resident alien. This credit is available regardless of your filing status. However, your credit is reduced if your modified adjusted gross income is:
EIC — The EIC is a refundable credit available to low-income workers. The amount of the credit varies depending on your income level and the number of qualifying children you have.
OCEAN, NJ - You Haven’t Filed Your Taxes Yet. OK, Let’s Fix The Problem. You Got People.
OCEAN, NJ - You Haven’t Filed Your Taxes Yet. OK, Let’s Fix The Problem. You Got People.
Here’s the Facts: If you filed on time, but don't pay the entire balance you'll be charged a late payment penalty of 0.5%, up to 25%, of the unpaid tax.
You may be penalized up to 47.5% of your unpaid tax if you don't file your return on time.
If you request an installment payment plan for your taxes, and the IRS accepts it, you'll be charged a fee plus interest on all unpaid taxes.
MORE QUESTIONS? CONTACT US AT OUR YEAR 'ROUND OFFICES
LAKEWOOD PLAZA
1700 MADISON AVE
LAKEWOOD, NJ 08701
Phone: 732-364-3000
TOWN AND COUNTRY CENTER
1900 RTE 70 STE 218
LAKEWOOD, NJ 08701
Phone: 732-920-9333
MANCHESTER PLAZA
1039 RTE 70
MANCHESTER, NJ 08759
Phone: 732-408-9123
93 3RD AVE
BLDG E STE 505
NEPTUNE CITY, NJ 07753
Phone: 732-502-8314
It's best to file on time and pay as much of your balance due as possible. If you didn't do this by the tax deadline, you probably fit into 1 of 3 categories.
Category 1: You filed on time but didn't pay all of your balance due.
You'll generally have to pay a late-payment penalty of 0.5% of the tax owed for each month, or part of a month that the tax remains unpaid after the due date, up to 25% of the tax due. The 0.5% rate increases to 1% if the tax remains unpaid after several notices have been sent to you, and the IRS issues a notice of intent to levy. The penalty will not be imposed if you can show reasonable cause for the failure to pay.
Category 2: You haven't filed or paid your balance due.
If you did not file on time, and you owe tax, you may owe a late-filing penalty in addition to the late-payment penalty unless you can show reasonable cause. The combined penalty is 5% (4.5% late filing, 0.5% late payment) for each month, or part of a month, that your return is late. The late-filing penalty is generally imposed for a maximum of 5 months. However, after 5 months, if you still have not paid, the 0.5% late-payment penalty continues to run, up to 25%, until the tax is paid. So, the combined maximum penalty may be as high as 47.5% [(4.5% x 5 months) + 25%].
Note: If your return is more than 60 days late, the minimum late-filing penalty is the smaller of $135 or 100% of the tax required to be shown on the return.
Category 3: You're paying taxes through an installment agreement.
If you or your tax professional filed Form 9465 requesting an installment payment plan, and the IRS accepted your installment payment plan, they will charge you an administrative fee plus interest on the unpaid tax. If you filed a timely return and are paying your tax due according to an installment agreement, the late-payment penalty is 0.25% (instead of 0.5%) for each month, or part of a month, that the tax remains unpaid.
Regardless of which category you fall into, you'll owe interest on any balance due from the due date of the return until the date of payment. The interest rate is adjusted every 3 months.
YOU HAVEN’T FILED YOUR TAXES YET. OK, LET’S FIX THE PROBLEM. You Got People.
CONTACT US NOW:
MORE QUESTIONS? CONTACT US AT OUR YEAR 'ROUND OFFICES
LAKEWOOD PLAZA
1700 MADISON AVE
LAKEWOOD, NJ 08701
Phone: 732-364-3000
TOWN AND COUNTRY CENTER
1900 RTE 70 STE 218
LAKEWOOD, NJ 08701
Phone: 732-920-9333
MANCHESTER PLAZA
1039 RTE 70
MANCHESTER, NJ 08759
Phone: 732-408-9123
93 3RD AVE
BLDG E STE 505
NEPTUNE CITY, NJ 07753
Phone: 732-502-8314
Here’s the Facts: If you filed on time, but don't pay the entire balance you'll be charged a late payment penalty of 0.5%, up to 25%, of the unpaid tax.
You may be penalized up to 47.5% of your unpaid tax if you don't file your return on time.
If you request an installment payment plan for your taxes, and the IRS accepts it, you'll be charged a fee plus interest on all unpaid taxes.
MORE QUESTIONS? CONTACT US AT OUR YEAR 'ROUND OFFICES
LAKEWOOD PLAZA
1700 MADISON AVE
LAKEWOOD, NJ 08701
Phone: 732-364-3000
TOWN AND COUNTRY CENTER
1900 RTE 70 STE 218
LAKEWOOD, NJ 08701
Phone: 732-920-9333
MANCHESTER PLAZA
1039 RTE 70
MANCHESTER, NJ 08759
Phone: 732-408-9123
93 3RD AVE
BLDG E STE 505
NEPTUNE CITY, NJ 07753
Phone: 732-502-8314
It's best to file on time and pay as much of your balance due as possible. If you didn't do this by the tax deadline, you probably fit into 1 of 3 categories.
Category 1: You filed on time but didn't pay all of your balance due.
You'll generally have to pay a late-payment penalty of 0.5% of the tax owed for each month, or part of a month that the tax remains unpaid after the due date, up to 25% of the tax due. The 0.5% rate increases to 1% if the tax remains unpaid after several notices have been sent to you, and the IRS issues a notice of intent to levy. The penalty will not be imposed if you can show reasonable cause for the failure to pay.
Category 2: You haven't filed or paid your balance due.
If you did not file on time, and you owe tax, you may owe a late-filing penalty in addition to the late-payment penalty unless you can show reasonable cause. The combined penalty is 5% (4.5% late filing, 0.5% late payment) for each month, or part of a month, that your return is late. The late-filing penalty is generally imposed for a maximum of 5 months. However, after 5 months, if you still have not paid, the 0.5% late-payment penalty continues to run, up to 25%, until the tax is paid. So, the combined maximum penalty may be as high as 47.5% [(4.5% x 5 months) + 25%].
Note: If your return is more than 60 days late, the minimum late-filing penalty is the smaller of $135 or 100% of the tax required to be shown on the return.
Category 3: You're paying taxes through an installment agreement.
If you or your tax professional filed Form 9465 requesting an installment payment plan, and the IRS accepted your installment payment plan, they will charge you an administrative fee plus interest on the unpaid tax. If you filed a timely return and are paying your tax due according to an installment agreement, the late-payment penalty is 0.25% (instead of 0.5%) for each month, or part of a month, that the tax remains unpaid.
Regardless of which category you fall into, you'll owe interest on any balance due from the due date of the return until the date of payment. The interest rate is adjusted every 3 months.
YOU HAVEN’T FILED YOUR TAXES YET. OK, LET’S FIX THE PROBLEM. You Got People.
CONTACT US NOW:
MORE QUESTIONS? CONTACT US AT OUR YEAR 'ROUND OFFICES
LAKEWOOD PLAZA
1700 MADISON AVE
LAKEWOOD, NJ 08701
Phone: 732-364-3000
TOWN AND COUNTRY CENTER
1900 RTE 70 STE 218
LAKEWOOD, NJ 08701
Phone: 732-920-9333
MANCHESTER PLAZA
1039 RTE 70
MANCHESTER, NJ 08759
Phone: 732-408-9123
93 3RD AVE
BLDG E STE 505
NEPTUNE CITY, NJ 07753
Phone: 732-502-8314
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