Not long after you file your federal income tax return, you may find yourself asking one very important question: Where’s my refund?
If you are like most people, the last thing you want to do is wait several weeks or months to hear about the status of your federal tax refund. Rather than sit back and hope that your tax refund is on its way, there are a few things you can do to find out where it is.
READ: The Real Cost of Hiring a Tax Preparer
The IRS has an electronic system in place, called "Where's My Refund – It's Quick, Easy, and Secure." This is an online tool on the IRS website that can help you figure out the status of your tax refund so you can avoid having to navigate through the phone system. The “Where’s My Refund” electronic tool helps taxpayers check on the status of their tax returns and refunds. It also helps the IRS to reduce the number of phone calls they receive from confused and frustrated taxpayers looking for their tax refunds.
If you filed your income tax return electronically (also known as “e-filing”), you will be able to start checking on the status of your tax refund within 24 hours after the IRS acknowledges receipt of your e-filed return. If you file your tax return by paper mail, it will take the IRS longer to receive and process your return, which means you will probably not able to use the “Where’s My Refund” system for at least 4 weeks. This is another reason why e-filing has become so popular among taxpayers.
|
Do You Need to File a Tax Return?
If you are an immigrant to U.S.A, be aware that most people who live in U.S.A file one tax return for a single tax year. This is because the government of U.S.A collects taxes for the federal and provincial governments. The exception to this is Quebec. Quebec residents file both a federal and provincial return and submit these separately.
For the tax year when you immigrated to U.S.A and each tax year after, complete the general income tax and benefit package for your province or territory. However, if you are a deemed resident or non-resident of U.S.A in the current year, complete the general income tax and benefit package for non-residents and deemed residents.
Filing Your Tax Return
If you have a balance owing and are a resident for the entire year or part of the year, you must file a tax return. Even if you do not earn any income after entering U.S.A, it may be a good idea to file a tax return to claim certain payments or credits you are entitled to receive. For example, you may be entitled to the goods and services tax/harmonized sales tax credit, U.S.A Child Tax Benefit and tax credits from the province where you reside.
If you are a new permanent resident and have your taxes prepared by a professional, you have the option to have your return E-filed. Also, if you prepare your tax return with tax preparation software or a web application, you can Net-file your tax return. Immigrants who are considered residents can complete the same general income tax and benefit package as people born and raised in U.S.A.
|
The United States of America is a federal republic with autonomous state and local governments. Taxes are imposed in the United States at each of these levels. These include taxes on income, payroll, property, sales, capital gains, dividends, imports, estates and gifts, as well as various fees. In 2010 taxes collected by federal, state and municipal governments amounted to 24.8% of GDP. In the OECD, only Chile and Mexico taxed less as a share of GDP.[1] The United States also has one of the most progressive tax systems in the industrialized world.
Taxes are imposed on net income of individuals and corporations by the federal, most state, and some local governments. Citizens and residents are taxed on worldwide income and allowed a credit for foreign taxes. Income subject to tax is determined under tax accounting rules, not financial accounting principles, and includes almost all income from whatever source. Most business expenses reduce taxable income, though limits apply to a few expenses. Individuals are permitted to reduce taxable income by personal allowances and certain nonbusiness expenses, including home mortgage interest, state and local taxes, charitable contributions, and medical and certain other expenses incurred above certain percentages of income. State rules for determining taxable income often differ from federal rules. Federal tax rates vary from 10% to 39.6% of taxable income. State and local tax rates vary widely by jurisdiction, from 0% to 13.30% of income,[5] and many are graduated. State taxes are generally treated as a deductible expense for federal tax computation. In 2013, the top marginal income tax rate for a high-income California resident would be 52.9%.
Payroll taxes are imposed by the federal and all state governments. These include Social Security and Medicare taxes imposed on both employers and employees, at a combined rate of 15.3% (13.3% for 2011 and 2012). Social Security tax applies only to the first $106,800 of wages in 2009 through 2011. However, benefits are only accrued on the first $106,800 of wages. Employers must withhold income taxes on wages. An unemployment tax and certain other levies apply to employers.
Property taxes are imposed by most local governments and many special purpose authorities based on the fair market value of property. School and other authorities are often separately governed, and impose separate taxes. Property tax is generally imposed only on realty, though some jurisdictions tax some forms of business property. Property tax rules and rates vary widely with annual median rates ranging from 0.2% to 1.9% of a property's value depending on the state
|
Corporate solutions by Bjtaxportal primarily provide solutions to corporate companies to help file taxes for their employees. We also provide services to expatriates and senior executives in filing their taxes that may get complicated due to their high incomes or expat status.
Tax filing solutions for employers
- Assisted tax return e-filing service for all employees of a company/corporate
- All employees get access to H&R Block tax filing services
- Mapping of tax advisor with employee's tax situation
- Analysis of deductions utilized and income structure for tax minimization
- Advice relating to foreign exchange regulations applicable to individuals
Expatriate services
- Tax compliance for expatriates
- Detailed advice on tax situations peculiar to expatriate tax situation
|
- An online facility where a tax expert prepares and files your income tax return.
- Tax vault to securely access your documents anytime, anywhere.
- 100% confidential - we never share your information outside of H&R Block.
- Service fee based on your tax situation.
- Year round support.
|
Bjtaxportal guarantees the accuracy of its calculations in the Free Edition, Express, Deluxe and 1040 State Editions of Bjtaxportal only. If the IRS assesses a penalty due to a calculation error generated by Bjtaxportal Free Edition, Express, Deluxe or 1040 State on the Consumer's tax form, Bjtaxportal will reimburse Consumer the amount of the penalty and interest attributed to the calculation error. This remedy is limited to Consumer's personal return and does not apply if Consumer uses Bjtaxportal to prepare returns for persons or entities other than Consumer. This guarantee and warranty does not apply if Consumer overrides amounts within any tax return.
The ultimate responsibility for any tax returns prepared using Bjtaxportal software remains with Consumer. This Guarantee does not apply to, and Bjtaxportal has no responsibility or liability for, Consumer's failure to enter all required information accurately, Consumer's willful or fraudulent omission or inclusion of information on a tax return, Consumer's wrongful classification or description of information on a tax return, or Consumer's failure to file a timely tax return.
|
|
Schedule C: Schedule C of form 1040 is used to report income or loss from a business one has ownership of, or any other profession that an individual practices as a sole proprietor. An activity is considered as a business only when one’s main purpose of the activity is to earn or profit. Also regarded are the matters of regularity and continuity in the said activity.
Schedule E: Schedule E of form 1040 is used when it is required to report the loss or income from real estate rentals, partnerships of any kind, royalties, estates, corporations, trusts, and residual interests in REMICs. One can put together one’s own schedule(s) to describe the income or loss from any of these factors. The same format as on schedule E can be used.
Schedule F: Schedule F of form 1040 is used to declare profit or loss from farming activities, and is used to report farm income and expenses.
|
Corporate tax is imposed in the United States at the federal, most state, and some local levels on the income of entities treated for tax purposes as corporations. Federal tax rates on corporate taxable income vary from 15% to 35%. State and local taxes and rules vary by jurisdiction, though many are based on federal concepts and definitions. Taxable income may differ from book income both as to timing of income and tax deductions and as to what is taxable. Corporations are also subject to a federal Alternative Minimum Tax and alternative state taxes. Like individuals, corporations must file tax returns every year. They must make quarterly estimated tax payments. Controlled groups of corporations may file a consolidated return.
Some corporate transactions are not taxable. These include most formations and some types of mergers, acquisitions, and liquidations. Shareholders of a corporation are taxed on dividends distributed by the corporation. Corporations may be subject to foreign income taxes, and may be granted a foreign tax credit for such taxes.
|
Preparation of payroll checks:- We understand the importance of payroll checks and hence give utmost attention to the series of calculations involved. Preparing payroll checks involve basic calculations regarding each worker’s basic payment and also the deductions for federal and state taxes. It is also necessary to take into account the contributions to health insurance plans and retirement funds. The most comprehensive and user friendly payroll system that is offered by BJtax portal ensures that you are provided with transparent and useful information which will help you in understanding your company’s financial activities, as well as assist the course of tracking information for internal and external tax and financial reporting.
Direct Deposits:- A direct deposit refers to the money that the payer directly pays into the payee’s bank account. This facility can be used to pay bills, taxes and any other government charges. But its most common use happens in businesses for the payment of salaries and wages. It is through electronic fund transfer that direct deposits are made. The payer, to make sure that the payee is aware of the deposit, would follow up by sending a remittance advice to the payee.
Preparation and filing of quarterly payroll tax reports for federal and all 50 states:- The administration of payroll tax responsibilities is crucial as the rules are complex, and noncompliance draws severe punishments. At BJtaxportal we take care of all the big and small details. Federal payroll tax payments are required of employers, as well as filing of the proper reporting and informational returns. It is also necessary for employers to provide employees with W-2, and 1099 reports, which explains the reimbursement paid and the amount withheld.
The experts at BJtaxportal knows that compliance is the key to avoiding payroll tax penalties and they make sure of the below noted aspects:
- You maintain the required federal and state records
- Your federal and state taxes are paid and reported to the appropriate tax agencies
- You properly report income, amounts withheld, and amounts paid on behalf of employees and contractors.
|
Selecting the right business valuation firm for your business opportunity is important. Whether buying, selling, borrowing, or planning, it is critical to make informed business decisions from a position of knowledge and strength.
At any point of business, It may become highly important to know and get certified the actual value of it. Not only to business, the valuation can be required or desired for the Intangible asset, shares or debt, derivative products or partner's interest.
The occasion of such requirement isgenerally during M&A, bankruptcy and reorganization, tax planning and compliance, financial reporting, litigation and dispute resolution and strategic planning.
As trustworthy business advisors, we strongly believe a consultation process as such should involve the clients. Thus, we bring across the industry specialist and the clients together to perform in a realistic manner the valuation process.
Our talented team has required certification and enough experience to analyze and identify the real worth of a business or related assets.
|
At BJtaxportal, we are well aware of the fact that the key to a successful business lies in proper tax planning and advisory. We are an expert team who will assist you in optimizing tax payments and provide you legal advice on the how-to’s of preparing your documents correctly.
We believe that nobody should have to pay extra taxes.
BJtaxportal is in the business of specializing in tax compliance and tax advice. We depend on the wealth of experience in US tax administration and work towards minimizing our clients’ risks. Our tax accountants’ knowledge of the basics of law along with the cumulative working experience with the tax authorities makes our tax advisory services unrivaled. We understand that reporting obligations are time-consuming, and made tough by ever-changing tax regulations. The shifting tax environment is taken care of by us, ideally by managing your tax planning in an efficient way. We can proudly say that our expertise and knowledge in the field makes us the best in tax advisory services.
|
Here at BJtaxportal we provide you the needed help to resolve your tax problems. We'll stand shoulder to shoulder with you on any tax problem. BJtaxportal has the trusted expertise with proven results in difficult situations.
Tax Representation Services
- Prepare and File Missing Individual or Business Tax Returns
- Settle Back Taxes with Offer in Compromise
- Request Payment Plan
- Request Hardship Status
- Audit Representation
- Appeals Representation
- Request a Release of Levy
- Request a Release of Lien
- Reduce Penalties
- Innocent Spouse Relief
- Trust Fund Penalty Representation
- Resolve Payroll Tax Liabilities
|
We offer an after filing service in all of our tax filings (including an IRS audit defense). If you are ever audited by the IRS or State we will defend you. Please contact us for pricing.
|
Reliability and commitment to our work is our business policy. Our value system, ability to perform, constant continuing education and professional developmental programs make our services the most reliable in the industry. |
We are a full service IRS approved Electronic Return Originator (ERO). We transmit tax returns directly without intermediary software. This facility makes refund procedure error free and quick. We do it right the first time and every time.
|