LONDON BRIDGE IS FALLING DOWN—Squire graphic designer Joyce Wagner and her husband Walt visited Lake Havasu City during their recent vacation to Arizona. Here, Joyce and Walt are pictured in front of the London Bridge. In 1962, it was discovered that the London Bridge was falling down, sinking into the Thames because it was not adequate for the increase in traffic. In 1968 Robert McCulloch purchased the bridge from the British government, had it dismantled and each piece numbered and shipped to Long Beach, Calif., and from there by truck to Lake Havasu City. Reconstruction of the bridge was completed in 1971.
February 3 2010
Rules must be met to claim EITC 16,000,000—that’s a large figure. It’s the initial estimate of the number of taxpayers who could have their tax return processing delayed this season. When Congress passed the Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act of 2010 on December 17, it may have caused a few of the software people to go apoplectic. My technician friends tell me that adjusting tax return processing software on the fly is not conducive to low blood pressure. The direct result of these late changes has caused this tax season to get off to a slow start. Fortunately, the estimate of affected tax returns has now been revised downward to 9,000,000. However, the actual number of returns that we have been able to submit to the IRS has been very small. It seems that most returns that Action Tax Service prepares either itemize to claim mortgage interest and property taxes or have the tuition deduction for children in college or are able to claim the educator deduction for classroom supplies. These returns are all in the hold pattern and can’t be submitted until February 14. About the only returns that can be finished and submitted for a refund before February 14 are of the W-2 only variety. Since the IRS isn’t processing those extra 9,000,000 returns this year until February 14, as expected, they have had no trouble in processing the ones that are submitted in a very timely matter. Let’s discuss some of the returns that can be submitted quickly and do qualify, in many instances, for a large refund. That would include returns with the Earned Income Tax Credit (EITC) on them. Since our Michigan economy has gone downhill and seems to want to remain in the tank, there are now more people who qualify for the EITC. Taxpayers filing a joint tax return with three children can have income up to $48,362 and receive some EITC. Single taxpayers with three children can have income up to $43,352 and receive some EITC. There are many taxpayers today who earned well over that figure three or four years ago, but now make well under these maximum figures and therefore qualify for the EITC. This is a large credit that is […]