How to Check the Status of Your Tax Refund OnlineWritten by Richard A. Chapo
So, you were pleasantly surprised to learn that you are getting a refund on your taxes. Congratulations! The question for most taxpayers expecting a return is, "Where is my refund?"Check Your Refund Status Online The easiest way to check on your refund is to ask IRS through IRS.gov. On home page of site, you will see a "Where's My Refund?" link. Using service is fairly easy. You will need a copy of your tax return to provide necessary information to get status of your refund. Specifically, you need to provide your social security number, you tax filing status and exact amount of your refund. The reason IRS requires all of this information is purely for security purposes, to wit, agency wants to make sure it is giving access only to taxpayer. Again, all of this information should be on your return. If it is not, something is very wrong! Once you submit required information, IRS will provide online results typically showing: 1. That return was received and is in processing; 2. The expected mailing date or direct deposit date of your refund; or 3. Whether your refund could not be issued because of a delivery problem. In some cases, results may alert you to fact that IRS is reviewing your tax return because of errors or questionable entries. In such a case, it is highly advised that you review your return with a qualified tax professional and make absolutely sure that return will stand up to scrutiny.
| | Deducting Points On Home RefinancesWritten by Richard A. Chapo
Any points that you pay in refinancing of your residence are tax deductible over length of loan in question. The deduction is allowable only if residence is your primary home and new mortgage replaces a previous one and/or is used to improve residence. To extent that money is taken out to pay off credit cards and non-residence costs, points may not be used as a tax deduction.Big Deductions By Refinancing Twice If you refinanced your primary residence twice during 2004, you may be in for a very nice surprise. A significant tax deduction can be created when you refinance twice in one year. If you refinance a mortgage, you accelerate deductible amount of points from first mortgage and may claim points from first mortgage all at once. As an example, assume that I refinanced my home in January 2004 and paid $3,000 in points. Interest rates continued to drop through 2004 and I then decided to refinance again in August. Because I paid off original loan with refinance, I am able to accelerate value of points of January loan.
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