Client Newsletters
Please feel free to read our client newsletter. It is provided to keep you up to date on the latest tax and accounting news.
Monthly Client Newsletter | March 2010
S pring is just around the corner, but unfortunately so are the tax deadlines. Especially helpful in this month's newsletter are articles outlining your tax payment options and how to check on the status of your federal refund. Please take a few minutes to review this month's newsletter.
Contents
- Where Is My Tax Refund?
- IRS Tragedy Will Not Impact Return Processing
- I Know I Need to Pay My Taxes, but How?
- 2010 Contribution Limits
- It All Adds Up!
Where Is My Tax Refund?
Wondering where your federal tax refund is or how long it will take to arrive?
Generally, you can check your refund status within 72 hours after the IRS has acknowledged receipt of an electronically filed tax return and within 3-4 weeks after you mail a paper return.
To check the status of your refund online:
 | Go to www.IRS.gov |
 | Click the blue "Where's My Refund?" icon on the right-hand side of the page |
 | Provide the IRS the following:
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If your refund has been lost, stolen, or destroyed, you can file an online claim for a replacement check if it has been more than 28 days since the IRS mailed the original refund.
IRS Tragedy Will Not Impact Return Processing
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I Know I Need to Pay My Taxes, but How?
Owing money to the IRS is never fun, but figuring out how to make tax payments shouldn't be painful. There are now several ways to pay your federal income tax obligation:
Check or Money Order: Checks and money orders should be made out to the "United States Treasury" and must include your name, address, phone number, and social security number. Also make sure you note the tax year and tax form (i.e. 2009 Form 1040) on your check.
Debit or Credit Cards: Taxes can be paid over the phone or via the internet using debit or credit cards through e-pay providers. Since the IRS will not pay bank processing fees like other retailers, the financial service provider will charge you a fee for this service.
- Debit Cards: The service provider will typically charge you a one-time fee of $3.89 to $3.95.
- Credit Cards: You will need to pay the bank's interchange expense, typically a percent of the amount charged on your credit card. The fee ranges from 1.98% to 2.35% of the amount of tax owed. The e-pay company will bill your credit card for the transaction fee.
Electronic Funds Withdrawal: You may also be given the option to electronically transfer the funds from your checking or savings account. This online payment service requires you to submit your financial routing and account numbers. While there are no service charges by the IRS associated with this form of payment, often financial institutions charge their own fees.
Note: Taxpayers who cannot pay the full amount of what they owe within 120 days can enter into an Online Payment Agreement with the IRS to have monthly payments automatically deducted from their checking or savings account. If the IRS agrees to enter into an installment agreement with you, you will be charged additional fees and interest.
2010 Contribution Limits
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It All Adds Up!
Small Changes Can Lead to Large Savings
In this economy, most of us feel we should be saving more and spending less. But sometimes it's difficult to see how much we're really spending--particularly on smaller purchases or small bills that occur throughout the year. Below is a chart with tips on small reductions in spending that could really add up to big savings!
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