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| Q : |
What are the minimum wage increases?
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| A : |
The Fair Labor Standards Act increases the federal minimum wage in 3 steps to:
-- July 24, 2007 $5.85 per hour
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| Q : |
What are the new standard mileage rates for 2007?
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| A : |
The IRS recently released the 2007 optional standard mileage rates:
Business Mileage Rate = 48.5 cents per mile (up from 44.5 cents in 2006) Medical and Moving Mileage Rate = 20 cents per mile (up from 18 cents in 2006) Charitable Mileage Rate = 14 cents per mile (same as in 2006) |
| Q : |
How can I find the status of my federal tax refund?
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| A : | The IRS allows a tax payer to find out the status of his/her federal return on the internet by clicking on the below link, please make sure to have your social security number, filing status, and refund amount on hand to enter. |
| Q : | I watched the new report on TV about
the telephone tax refund, what is it and how will it affect my
2006 taxes?
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| A : | The telephone tax refund is a
one-time payment available on your 2006 federal income tax return,
designed to refund previously collected long-distance federal
excise taxes. The reason for the IRS issuing the refund is because
several recent federal court decisions have held that the tax does
not apply to long-distance service as it is billed today. The IRS
is following these decisions and refunding the portion of the tax
charged on long-distance calls.
In 2006, there will be standard amounts refunded based on the number of exemptions claimed on your 2006 federal income tax return. The standard amounts are $30 for a person filing a return with one exemption, $40 for two exemptions, $50 for three exemptions, and $60 for four or more exemptions. Click on the below link if interested in reading up about the refund. |
| Q : |
I am thinking about e-filing my tax return in 2006, instead of mailing it. I am mainly concerned about the safety of my personal information and the advantages of e-filing my return?
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| A : | E-filing your return is actually
safer than sending your tax return through the mail. There is a
fee to e-file, however e-filing is more secure and allows you to
receive your refund quicker. Sometimes as little as two
weeks is needed in order for you to receive your federal refund.
State refunds vary by state and are also around that same time
frame in receiving refunds.
Larry E. Nunn & Associates is an authorized e-filer and can file your individual and business tax returns electronically. Click on the logo below to read more about e-filing. |
