2011 IRS Refund Cycle Chart

IRS accepts it by

11 a.m between:

Jan 14 and Jan 20, 2011

Direct deposit

sent:

Jan 28, 2011

Paper check

mailed:

Feb 4, 2011

Jan 20 and Jan 27, 2011 Feb 4, 2011 Feb 11, 2011
Jan 27 and Feb 3, 2011 Feb 11, 2011 Feb 18, 2011
Feb 3 and Feb 10, 2011 Feb 18, 2011 Feb 25, 2011
Feb 10 and Feb 17, 2011 Feb 25, 2011 Mar 4, 2011
Feb 17 and Feb 24, 2011 Mar 4, 2011 Mar 11, 2011
Feb 24 and Mar 3, 2011 Mar 11, 2011 Mar 18, 2011
Mar 3 and Mar 10, 2011 Mar 18, 2011 Mar 25, 2011
Mar 10 and Mar 17, 2011 Mar 25, 2011 Apr 1, 2011
Mar 17 and Mar 24, 2011 Apr 1, 2011 Apr 8, 2011
Mar 24 and Mar 31, 2011 Apr 8, 2011 Apr 15, 2011
Mar 31 and Apr 7, 2011 Apr 15, 2011 Apr 22, 2011
Apr 7 and Apr 14, 2011 Apr 22, 2011 Apr 29, 2011
Apr 14 and Apr 21, 2011 Apr 29, 2011 May 6, 2011

Forms Not Being Ready To File

If you haven’t heard by now, the following forms are not going to be ready for e-file until February 14th. Now, for most people who are not itemizing, it doesn’t mean a whole lot.

There was a little confusion about education credit not being ready,but if you look carefully at this list below you will find that only form not being ready for education purposes is Form 8917, Tuition and Fees Deduction.

However i f you are one of those people who will have to wait, what you can do is go ahead and prepare your taxes and just put them on hold until  IRS is ready to accept them.


  • Schedule A, Itemized Deductions
  • Form 3800, General Business Credit
  • Form 4684, Casualties and Thefts
  • Form 5405, First-Time Homebuyer Credit and Repayment of the Credit (Page 2)
  • Form 6478, Alcohol and Cellulosic Biofuel Fuels Credit
  • Form 8834, Qualified Plug-in Electric and Electric Vehicle Credit
  • Form 8859, District of Columbia First-Time Homebuyer Credit
  • Form 8910, Alternative Motor Vehicle Credit
  • Form 8917, Tuition and Fees Deduction
  • Form 8936, Qualified Plug-in Electric Drive Motor Vehicle Credit

Tax Revenues Among Industrialized Nations

Tax Foundation came out with a recent tax revenue survey for the 33 major industrialized nations. As we can see below,  United States is still on the lower end. On average, U.S. cashes 26.1% of GDP vs. average of 34.8% for major industrialized nations. It’s interesting to note  Mexico with smallest tax burden with ” only ” 21%.

Mexico 17.9 21 3.1
Germany 36 37 1
Austria 42.1 42.7 0.6
Hungary 39.7 40.2 0.5
Belgium 43.8 44.2 0.4
Netherlands 38.7 39.1 0.4
Greece 32.3 32.6 0.2
Switzerland 28.9 29.1 0.2
Turkey 24.1 24.2 0.1
Finland 43 43.1 0.1
Portugal 35.2 35.2 0
Korea 26.5 26.5 0
Luxembourg 35.7 35.5 -0.1
Slovak Republic 29.4 29.3 -0.1
Italy 43.4 43.3 -0.1
Japan 28.3 28.1 -0.2
France 43.5 43.2 -0.3
United Kingdom 36.2 35.7 -0.5
Poland 34.8 34.3 -0.5
Slovenia 37.8 37.2 -0.6
Canada 33 32.3 -0.7
Denmark 49 48.2 -0.8
Sweden 47.4 46.3 -1.1
Czech Republic 37.3 36 -1.2
Norway 43.8 42.6 -1.2
New Zealand 35.1 33.7 -1.4
Chile 24 22.5 -1.5
United States 27.9 26.1 -1.8
Ireland 30.9 28.8 -2.1
Australia 29.5 27.1 -2.5
Israel 36.3 33.8 -2.5
Iceland 40.6 36.8 -3.9
Spain 37.3 33.3 -4
Unweighted average:
OECD Total 35.4 34.8 -0.6

ENERGY CREDIT

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HAVE YOU GAMBLED WITH YOUR HOUSE?

Have you been treating your house as a gambling chips in Las Vegas? If so, than you may find this article relevant to you. The truth is so many of us has jeopardize our biggest investment during the past decade or so; now many of us are faced with big income tax bill !!! The bill comes in form of CANCELED DEBT.

If you find yourself in above mentioned situation don’t give up just jet. There may be a hope.
Your new three favorite words may be: relief, insolvency and gift.

Based on 2007 mortgage debt relief homeowners  can exclude canceled debt on their principal residence on up to 2 million. It includes second mortgage  as long you used those funds to improve the primary residence.

Your next favorite word – insolvency. Insolvency is the term used when your total debt is overlapping all of your net worth. One thing you must be careful with this is to include ALL of your assets including  exempt assets  which are out of reach from your creditors ( 401k, IRA’s, pension plan). On the other hand you can include ALL of your indebtedness as well.

And thirdly, unlikely brake, you may get  from the lender in the form of gift. Basically, if lender cancels your debt as a gift to you it does not draw tax consequences. Even though this would be very unusual it would make sense to negotiate when doing short sale or deed in lue.

I’m not sure if it would work to ask bank to treat their lost as gift to you, but I would like to hear from any of you on your experience dealing with lenders and IRS. Please don’t hesitate to share your experience down in coments area.

ENERGY PROPERTY CREDIT

Couple of highlights for 2009 and 2010 energy property credit. It’s  important to note that it  is only available for your primary residence.

What is it worth

Credit is worth 30% of all improvements. When calculating your total cost of improvements, make sure you include labor cost in it. Credit can not exceed 1500 dollars for 2009 and 2010 combined. ( if you have already took advantage of $1500 credit in 2009 you can not take any credits for 2010.)

What qualifies

New installation, new energy efficient water heater,  new energy efficient windows, cooling and heating system. Every manufacturer should have sticker on that particular item  or if not you should protect yourself and request something written from manufacturer stating that  item qualifies for the credit. Even beater, before you buy  it go to this  government site and find it out for yourself. http://www.energystar.gov/index.cfm?c=tax_credits.tx_index

How much time I got

You ought to do this sometimes between January 1st 2009 and December 31st 2010 when this credit is scheduled to expire. Therefore, if you did some improvements back in 2009 and didn’t take advantage of energy credit you may do it this 2010 tax year.

So, if you know someone who can benefit from this article please share it with them or if you have in depth question – please leave a comment or contact us via email.

CREDIT CARD FEES

OVERLOOKED DEDUCTION ON CREDIT CARD FEES

One small but often overlooked tax deduction is credit card fee that you may acquire when paying your income tax. There is,  however,  threshold of 2 percent on your adjusted gross income since it is part of itemized miscellaneous deduction.

Earned Income Tax Credit

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Making Work Pay Credit

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WHERE IS MY REFUND

Did you know:

By answering couple of simple questions, tax payers can check a status of their refund. Just click the image below.