ETS - the first tax refund company with own application in Facebook

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If you filed on time, you NC tax refund is coming

Everybody still waiting on a North Carolina income tax refund should see their money very soon if the return was filed on time.
The Department of Revenue says it has released all refunds for returns filed on or before April 15. Checks cut in recent weeks are a little higher because the agency had to add interest if filers weren't paid before the end of May. The interest has accrued to $1.2 million.
North Carolina delayed tax refunds for the second straight year as the state's cash flow stayed uncertain in the weak economy.
The department said in a news release this week the agency is still working on returns filed after April 15.

Average tax refund to fall by 13%

The average tax refund is expected to fall by 13 per cent to $2,344 this year, with nearly half of tax payers planning to use their wind fall to pay off debt, a new survey shows.

Bankwest's Taxing Time survey of 818 taxpayers also found that 42 per cent of taxpayers expect to receive a refund of less than $1000 this year, while five per cent expect to receive nothing.

One in 10 taxpayers is likely to end up owing money to the taxman this year.

The survey found that 46 per cent of respondents planned to use their refund to pay off debt, while 30 per cent would save it and 15 per cent would spend it on entertainment.

'People are being far more cautious with their returns than in previous years and using their refund to save or reduce debt,' Bankwest retail chief executive Vittoria Shortt (Vittoria Shortt) said.

She said the majority of people who will use their refund to reduce debt plan to put the money towards credit card bills, followed by paying off the mortgage.

'Gen X is most likely to use their refunds to pay down debt (55 per cent) while retirees are the least likely to use their tax return to pay back their dues (26 per cent),' Ms Shortt said.

But she said not everyone would be lucky enough to receive a refund, or even break even.

'Based on our research - which shows 11 per cent of workers were hit with a tax bill last financial year - it's safe to say more than one million Australians will again owe the tax office money come June 30.'

The survey also found that 59 per cent of respondents planned to use an accountant or tax agent for their returns, compared with 52 per cent last year.

Tax refund delay: 53,000 state income tax refunds delayed

If you filed your taxes and you are expecting a refund, you may have to wait if you live in Rhode Island. Your state refund may be delayed and there's not much you can do about it.
When will you get your Rhode Island state tax refund? The state expects that all refunds will be paid by the end of the fiscal year.
Bottom line, the cash flow in Rhode Island is just not flowing.
So, if you need that tax refund money to repair something in your home or pay some bills, you might want to practice a little patience.
Right now, $36.3 million in refunds owed to 53,000 Rhode Islanders, so get in line.
If you need an idea how far behind the state is running when it comes to getting you the cash you're owed, a batch of 18,577 refunds that were processed and ready to be issued on April 26 have not been distributed yet. There are also weekly batches from May that have been held.
The state has 90 days, by law, before it has to pay interest on the late refunds. However, several legislators just introduced a bill that would force the state to pay interest sooner than the law states on delayed refunds.

State to start sending tax refund checks this month, Lingle says

Improved tax collections will allow the state to start paying out tax refunds earlier than July 1, Gov. Linda Lingle announced today.
Taxpayers who filed returns in January and February can expect refunds later this month, she said.
Refunds for taxpayers with direct deposit are to begin May 21, those expecting refund checks can expect them by May 28.
Lingle previously had said the state would withhold refunds until after the start of the new fiscal year July 1 in order to save $275 million to balance the budget in the current fiscal year

Swan 'ticks the box' on tax return reform

The Federal Government expects 6.4 million Australians will save time and money on their tax returns by claiming a standard deduction for work-related expenses.
In a belated but widely anticipated response to one of the Henry tax review's recommendations in the 2010 budget, the Government will offer the option of a $500 standard deduction for workplace expenses in 2012-13, increasing to $1,000 the following year.
It estimates the average tax bill of the Australians who choose to take up the offer will drop by $192, while people with higher work-related deductions can choose to continue filling out an individual claim.
Treasurer Wayne Swan said the move would allow taxpayers to "throw away shoeboxes full of receipts" and simply "tick the box".
The budget estimates show the Government expects to be $608 million worse off in the first year the $1,000 deduction comes into effect.
"This means less time with the Tax Pack, more time with loved ones, and for 6.4 million Australians it also means a bigger tax refund," Mr Swan said in his budget speech.
Interest discount
The other main change to personal taxation is a 50 per cent tax discount on the first $1,000 of interest income earned from July 1, 2011.
The Government says around 5.7 million taxpayers will benefit from the measure in the first year of its implementation, particularly low and middle-income earners.
The discount will apply to interest earned on deposits, bonds, debentures and annuities and is forecast to cost $516 million in lost revenue in the first year after its introduction.
The Government has also responded to strong criticism of its First Home Saver Accounts, which have fallen well short of the take-up originally expected.
One of the main drawbacks of the scheme was that account holders had to save for at least four years before being able to access their funds to buy a house - if they bought within four years the balance of their accounts would be rolled into their superannuation.
Under the changes, account holders will still not be able to access their funds for at least four years but can then put them towards their mortgage if they buy a house in the interim rather than having them tied up in super.
Treasury is expecting this rule change will roughly double the take-up of the scheme, which only cost the Government $12 million this financial year but is expected to cost $23.6 million next year.

Five minute fix: check your tax code

The Inland Revenue has recently come in the firing line for sending out the wrong tax codes to employees. If you have changed jobs or had an extra payment this tax year you may be classed as having had a pay rise even if that was actually a one-off payment. You could therefore be paying way too much extra tax.
What does the code mean? The number that shows how much money you can earn before paying tax and the letter that shows your tax status. For example 647L means you are a straightforward basic rate taxpayer.
Where can I find it? It will be on your pay slip, PAYE Coding Notice, form P60 (year end) or form P45 - you get this when you leave a job.
Check the Inland Revenue’s website (www.hmrc.gov.uk/incometax/codes-basics.htm) to understand the different letters and numbers that make up your tax code.
What if I have lost my P45? Your employer will have to use an emergency code and if you have paid too much tax under the emergency code, you will get a refund. If you want to find out your tax code then contact your Tax Office and give them your National Insurance number and tax reference number.
What information do I need to supply to the Revenue? If you start to receive a second (or third or more) income or the amount of untaxed income you get increases or reduces.
Contact the Tax Office which deals with your tax affairs – you will find the number at the top of your tax form.
What about taxable perks? Some company ‘benefits’ or perks - such as medical insurance or a car – are taxable and are usually included in your tax code via PAYE. If you start receiving these perks it is better to tell the Tax Office straight away so that the extra tax can be collected monthly.
Otherwise the Revenue will only know at the end of the tax year when they are notified by your employer and you will end up with a big one-off tax bill.