Where is My State Tax Refund?

Where's My State Refund - Montana

Asked Tuesday, January 24, 2012 by an anonymous user

CPA Answer:

Go to the state website at: Where's My State Refund?
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Where is My State Tax Refund?

Where's My State Refund - Nebraska

Asked Tuesday, January 24, 2012 by an anonymous user

CPA Answer:

Go to the state website at: Where's My Nebraska Refund?
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Where is My State Tax Refund?

Where's My State Refund - New Hampshire

Asked Tuesday, January 24, 2012 by an anonymous user

CPA Answer:

Go to the state website at: Where's My New Hampshire Refund?
Or Call Taxpayer Services at (603) 230-5920 or write to NH DRA at PO Box 637, Concord, NH 03302-0637
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Where is My State Tax Refund?

Where's My State Refund - New Jersey

Asked Tuesday, January 24, 2012 by an anonymous user

CPA Answer:

Currently there is no online inquiry system for income tax refunds.
To get information on the status of your income tax refund for the current year, call the Automated Refund Inquiry System from a Touch-tone phone at: 1-800-323-4400 (within NJ, NY, PA, DE, and MD) or 609-826-4400 (anywhere).
This service is available 7 days a week (hours may vary).
You will need the social security number that was listed first on your return and the amount of the refund requested when you call.
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Where is My State Tax Refund?

Where's My State Refund - New Mexico

Asked Tuesday, January 24, 2012 by an anonymous user

CPA Answer:

Go to the state website at: Where's My New Mexico Refund?
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Where is My State Tax Refund?

Where's My State Refund - New York

Asked Tuesday, January 24, 2012 by an anonymous user

CPA Answer:

Go to the state website at: Where's My New York Refund?
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Minimum Wage

What is the Federal Minimum Wage?

Asked Saturday, January 21, 2012 by an anonymous user

CPA Answer:

The federal minimum wage of $7.25 per hour, which translates to just $15,080 per year for a full-time worker, and the federal minimum wage for tipped workers is $2.13 per hour.
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College Costs & Taxes

Are College Costs deductible?

Asked Saturday, January 21, 2012 by an anonymous user

CPA Answer:

If your son or daughter is going to college and you claim him or her as a dependent, then you can claim the education credits on your tax return. The 2 Credits are the American Opportunity tax credit or the Lifetime Learning Credit.
If your son or daughter is no longer a dependent, then he or she should claim any education credits on his or her own tax return. If you pay the college expenses for someone who is not your dependent, you cannot claim any the tax credit.
Qualifying expenses include amounts paid for tuition and any required fees (such as registration and student body fees). Qualifying expenses do not include any of the following: books, supplies, equipment, room and board, insurance, student health fees, transportation, or living expenses. You must be responsible for paying the college tuition and fees.
You also need reduce your qualifying expenses when figuring your tax credit by the amount of financial assistance received from grants, scholarships, or reimbursements from your employer. You do not need to reduce your qualifying expenses, however, if you paid for college tuition using borrowed funds, including student loans, or by using gifts from family members.
The amount of the Lifetime Learning Credit is limited over a phase-out range. If your adjusted gross income is below the phase-out, your credits are not reduced. If your income is in the middle of the phase-out range, your credits will be reduced. If your income exceeds the phase-out range, you are not eligible to claim the Lifetime Learning tax credit.
The modified adjusted gross income threshold at which the lifetime learning credit begins to phase out is $107,000 for joint filers, up from $104,000, and $53,000 for singles and heads of household, up from $52,000.
The American Opportunity tax credit is worth up to $2,500 on the first $4,000 of qualifying educational expenses, which include course materials as well as tuition. The American Opportunity credit applies to all four years of undergraduate college education. The credit is gradually reduced (or "phased out") for income from $80,000 to $90,000 (or $160,000 to $180,000 for joint filers). The tax credit is not available for people with incomes above the phase out range. Up to 40% of the credit is refundable, meaning that it can generate a refund larger than the amount of payments you made. NO DEDUCTION IS ALLOWED FOR THOSE FILING AS MARRIED FILING SEPARATELY
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SEP IRAs

SEP IRA - Maximum contribution

Asked Friday, January 20, 2012 by an anonymous user

CPA Answer:

Employers can contribute up to a quarter of the salaries that each employee earns (25%)up to an annual maximum limit. For 2017, that maximum will be $54,000, up $1,000 from its 2016 level. That's the first rise in the SEP IRA limit since 2015,
For self-employed. the 25% refers to the self-employed worker's "net earnings" from the business. The net result of the math is that the 25% limitation on "net earnings" works out to 20% of your adjusted profit after the self-employment tax adjustment
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Lifetime Learning Credit

Lifetime Learning Credit - Carry forward

Asked Thursday, January 19, 2012 by an anonymous user

CPA Answer:

Any unused Lifetime Learning credit cannot be carried forward to future years.
The phase out for:
married taxpayers is Adjusted Gross Income between $107,000-$127,000. ($104,000-$124,000 in 2012).
single, head of household or qualifying widower(s) filing status taxpayers phase out is between $53,000 and $63,000.
Married filing separately status are not allowed a Lifetime Learning credit.
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