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HOW TO TRACK YOUR TAX REFUND

After taxpayers file a return, they can track the status of the refund with the "Where's My Refund?" tool available on the IRS.gov website.  New this year, instead of an estimated date, "Where's My Refund?" will give people an actual personalized refund date after the IRS processes the tax return and approves the refund.

"Where's My Refund?" will be available for use after the IRS starts processing tax returns on January 30th.  Here are some tips for using "Where's My Refund?' after it is available on January 30th:

• Initial information will generally be available within 24 hours after the IRS receives the taxpayer's e-filed return or four weeks after mailing a paper return.
• The system updates every 24 hours, usually overnight.  There is no need to check more than once a day.
• "Where's My Refund?" provides the most accurate and complete information that the IRS has about the refund, so there is no need to call the IRS unless the web tool says to do so.

To use the "Where's My Refund?" tool, taxpayers need to have a copy of their tax return for reference.  Taxpayers will need their social security number, filing status and the exact dollar amount of the refund they are expecting.

TENSION BETWEEN SMALL FARMERS AND THE GOVERNMENT

Simon Owens, the author, of this article sent me his story about the growing tension between small farmers and the government and how this tension has created an unlikely coalition between liberal environmentalists and Tea Party libertarians. Let us know if you find it as interesting as we did:

Tea Party Libertarians and Small Organic Farmers Make Strange Political Bedfellows

INSURANCE CUTS FORESEEN IN NEXT FARM BILL

(Brownfield News) - BrownfieldAgNews.com reports, "Farm policy experts are expressing concern that continued delays in passage of a permanent farm bill are exposing the federal crop insurance program to potential budget cuts."  The story notes that during debate on the 2012 farm bill, some congressmen - and some farm groups - "supported placing limits on the amount of crop insurance premium subsidies that farmers can receive." 

 

GASOLINE TAX RATES BY STATE

The Tax Foundation released this map that shows the effective tax per gallon on sales of gasoline.

ARE WE MAKING TOO MANY ATTORNEYS?

There are too many law students. The Bureau of Labor Statistics estimates that the economy will create 21,880 new jobs for lawyers annually until 2020. But law schools produce more than 44,000 graduates each year. The Wall Street Journal

DIVIDING THE SPOILS OF A SPOUSAL IRA

Q:  I retired in 2006, but my wife is still working. I'm now 66, and my wife is 62. We both have IRAs and we file a joint tax return. Can we both still contribute to our IRAs this year?

A: Yes. Since you qualify for a "spousal IRA" and you're both over age 50, you have until April 15 to jointly contribute up to $12,000 to your IRAs (assuming either of you earned at least that much in compensation during the year). That maximum $12,000 contribution can be divided among your IRAs in any manner in which you see fit as long as no more than $6,000 is allocated to either account. You have until your tax return due date to make the annual contribution.

TIP: To delay mandatory distributions from the IRA, allocate more of the contribution to the younger spouse.