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Monday, October 27, 2008

3 Year Rule on Your Tax Returns

by taxnick on October 27, 2008

For assessment of additional taxes, the statute of limitation runs generally three years from the date you file your return. If you’re looking for an additional refund, the limitations period is generally the later of three years from the date you filed the original return or two years from the date you paid the tax. [...]

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A Tax Kicker

by taxnick on October 27, 2008

Steve Bennett, president and CEO of Intuit, the maker of the TurboTax software program, reports this one:
A client gave away his house to a local fire department to burn up in a training exercise. So far, so good. It appears to be a legitimate, allowable charitable contribution that was made to an appropriate organization.
But here’s [...]

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