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April 15 and All That

April 15 and All That

Tax tips and other financial information for Duke employees

Topics for this story: News Releases
April 13, 2009 |
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Durham, NC - Wednesday, April 15 marks the day commonly referred to as Tax Day -- the deadline for submitting federal and state tax returns. As the number of days before the deadline tick away, Human Resources and the IRS offers a few reminders and resources for Duke employees:

Reimbursement Account Deadline

 

Faculty and staff who enrolled in 2008 health or dependent care reimbursement accounts must submit receipts for services provided from January 1 through Dec. 31, 2008 to WageWorks by April 15 for reimbursement.

For more information, click here.

Stimulus Bill Means More Take-Home Pay for Some

 

Some Duke faculty and staff will see a slightly bigger paycheck because of a new tax credit in the economic stimulus package.

The credit will be retroactive to Feb. 17, according to Corporate Payroll. Biweekly paid staff who receive the credit can expect to see the change in April 10 paychecks; monthly paid staff who receive a credit will see it in their April 24 pay.

For more information, click here.

 

Changing Tax Withholdings

 

Individuals who wish to change their tax withholdings can submit a new IRS Form W-4 to claim fewer allowances or invoke additional withholding.

To determine the appropriate withholdings, consult with a tax advisor or use the IRS Tax Withholdings Calculator, which is available here.

The calculator is designed to help employees to ensure that they do not have too much or too little income tax withheld from their pay. After determining the appropriate withholdings, changes can be submitted online through the Duke@Work self-service website or by submitting a W-4 Form.

Tips from the IRS: Choose Direct Deposit

 

Whether filing electronically or on paper, taxpayers can opt to have their federal tax refund deposited directly into their bank account. Taxpayers who choose direct deposit will get their refunds faster than those who receive a paper check. Taxpayers who both e-file and use direct deposit will receive their refunds even faster. And, a refund that is directly deposited in a savings or checking account cannot be stolen or lost in the mail.

Using direct deposit is easy. Paper return filers just enter bank account and routing numbers in the boxes provided on Form 1040, 1040A or 1040EZ.

Taxpayers can split their deposits into up to three different accounts. Most e-file and tax preparation software allows taxpayers to split refunds. Paper return filers need to file Form 8888, Direct Deposit of Refund to More Than One Account, to split a refund among different accounts.

Make Sure Your Paper Return is Error-Free

 

Those who file a paper return can avoid most potential delays in processing the return and can avoid additional correspondence with the IRS to clarify errors by making certain they:

* Double-check their figures.

* Make sure all Social Security numbers are correct.

* Sign their form.

* Attach all required schedules.

* Send their return or request an extension by the April 15 filing deadline.

Pay Electronically

 

Electronic payment options are convenient, safe and secure methods for paying taxes or user fees. Taxpayers can make payments online, by phone using a credit or debit card, or through the Electronic Federal Tax Payment System. Taxpayers who e-file their return may use the electronic funds withdrawal option for submitting an electronic payment. They can e-file before April 15 but schedule their payment for withdrawal on April 15.

Some taxpayers who itemize may now deduct the convenience fee charged for paying individual income taxes with a credit or debit card as a miscellaneous itemized deduction. The deduction is subject to the 2 percent limit on Form 1040, Schedule A. Taxpayers should not add the convenience fee to their tax payment.

For those who can't file or pay on time, the IRS provides extensions of time to file and payment plans.

For more tips from the IRS, click here.

© 2012 Office of News & Communications
615 Chapel Drive, Box 90563, Durham, NC 27708-0563
(919) 684-2823; After-hours phone (for reporters on deadline): (919) 812-6603