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Tax Year Questions

What is a Tax Year?

A tax year is referred to a time when a person files for personal taxes and has to pay taxes based on income that is gained. A tax year is the time when a person files a tax return for the year before the present year. For example, taxes that are filed in February 2013 would be for the tax year 2011. An annual accounting period will not consist of a tax year being short at all; there are two types of tax years that can be chosen. A person can choose between the calendar tax year and the fiscal tax year. Read below where Tax Experts have answered tax year questions.

If the Tax Years are 1999 & 2001 and no returns were filed; New York State Department of Finance filed returns for the taxpayer on their behalf in 2003. Does the Statute of Limitation apply here when returns are filed by New York State Department of Finance?

There are two types of Statute of Limitations which is the Statute of Limitation on Assessment and the Statute of Limitation on Collection. The first Statute of Limitation on Assessment applies when a person has filed for income taxes. If the income tax is prepared by the Treasury of the Department in New York then it will not affect the Statute of Limitation on Collection. Although, when actions from the Treasury show that they did file the income taxes it means that the Statute of Limitation was activated through tax liability playing a role in the process of tax returns.

For tax year 2012, if a person wants to fly to repair rental property; if the person uses Frequent flyer miles for that business related flight, can person take a deduction for the equivalent cash value of the flight? If so, how can the person estimate the equivalent cash value?

It will be zero for the deduction when it is time to do calculations. The person can only deduct from expenses that the person personally financed. The person will not be able to get a deduction because the frequent flyers miles will be looked at as a type of rebate. Rebates have no cash values and the person will not be reimbursed for it.

If a person filed for an extension for this tax year and have until October to file; if the person has to make payments. How will the person set this up?

If the person will have to pay taxes, there will be a late penalty for payment of income taxes. If the person will like to make payments before filing has to take place. The person can provide a check for the payments, write TY 2011 on the subject area of the check and state the social security number. The Internal Revenue Service will let the person know of the penalty and the payment for it. >

If a person is unemployed for tax year 2011 and incurred interest of $139.00 total for year. Will the person need to file local taxes?

It depends on the person’s income as to how much the unemployment benefits will be. If a person’s income is not more than $9500 and the person is single then income taxes will not have to be filed. If the person is a dependent person that is on another person’s income taxes and the income is less than $1,000 the person will not have to file.

Different people have tax years that are not the same. Everyone earns income at a different pace and different ways. What is a Tax Year? When does the Tax Year end? Tax year involves annual income that a person receives in a 12 month time limit but in some cases a person may have extended questions. It is then that the individual should direct questions to an Expert.
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