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Taxation Legal News
Electronically Filed Returns Up More Than 5 Percent
The Internal Revenue Service announced today that taxpayers are continuing to electronically file their tax returns at a record pace, up more than 5 percent from the same period last year.
“Taxpayers are filing electronically at a record pace this year,” said IRS Commissioner Mark W. Everson. “We encourage people to consider e-file and Free File as the tax deadline approaches. E-file reduces taxpayer errors and gets refunds back quickly.”
According to the new filing season statistics for the week ending March 16, 2007, one of the biggest areas of growth is in returns filed electronically from home. Self-prepared e-filed returns have grown more than 8 percent from last year. E-filed returns from tax professionals have climbed more than 4 percent.
So far this tax filing season, 73 percent of all returns have been e-filed, compared to 70 percent for the same period last year. As of last Friday, 29 percent of e-filed returns were filed by people using their home computers, up from 28 percent of e-filed returns for the same period last year. Read more at irs.gov.
If you have employees, you are responsible for Federal Taxes
If you have employees, you are responsible for several federal, state, and local taxes. As an employer, you must withhold certain taxes from your employees pay checks. Employment taxes include the following. Federal income tax withholding Social Security and Medicare taxes Federal unemployment tax act (FUTA).
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News about Taxation cases in Miami and nationwide:
Is Estate Tax Reform Dead?
WASHINGTON, D.C. - Senate Republicans' attempt to push through a permanent cut in the estate tax before adjourning was nothing short of a... Read more >
Definition:
Money, goods, services, and property a person receives that must be reported on a tax return. Includes unemployment compensation and certain scholarships. It does not include welfare benefits and nontaxable Social Security benefits.
Dependency exemption
Definition:
Amount that taxpayers can claim for their eligible dependents. Each exemption reduces the income subject to tax. The exemption amount is a set amount that changes from year to year.
Exemptions
Definition:
Amount that taxpayers can claim for themselves, their spouses, and eligible dependents. There are two types of exemptions-personal and dependency. Each exemption reduces the income subject to tax. The exemption amount is a set amount that changes from year to year.
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Apopka
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Hollywood
Jacksonville
Key West
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Lutz
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Miami
Miami Beach
Middleburg
North Miami Beach
Opa Locka
Orange Park
Orlando
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Oviedo
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Pensacola
Pompano Beach
Port Richey
Riverview
Tallahassee
Tampa
Valrico
West Palm Beach
Winter Park
Winter Springs
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