Volunteer Income Tax Assistance will bring dollars to local residents.

The United Way of Rutherford and Cannon Counties has announced a partnership with Greenhouse Ministries to provide VITA sites in Rutherford County beginning in January 2012. VITA, Volunteer Income Tax Assistance, is a free service and will aide qualifying local residents (annual household incomes of $50,000 or less) in claiming their tax refund dollars.

Volunteers are needed throughout January to April to assist with the sites, which will vary from Greenhouse Ministries during the week to mobile sites on Saturdays. Previous experience with tax preparation is preferred but not required. Interested volunteers should attend one of the two informational sessions to be held on November 7th and 9th at 6:30 PM at Greenhouse Ministries located at 309 South Spring Street in Murfreesboro. Volunteers should be available a minimum of 15 hours during tax season, and volunteer registration is available at http://uwrutherford.org/Volunteer/VITAVolunteers.aspx.

Volunteer training will be conducted on December 5th and 7th from 5 PM - 9 PM and volunteers should attend both sessions.

For additional questions, please contact Greenhouse Ministries at (615) 494-0499 or United Way at (615) 893-7303.

The Internal Revenue Service reminds taxpayers that today, April 18, is the federal tax deadline for this year.

Through April 14, about 1.97 million tax returns have been e-filed by Tennesseans. The IRS expects a total of 2.75 million paper and e-filed returns to be filed this year by Tennesseans.

"People who owe taxes should file their return or an extension by midnight tonight in order to avoid the late-filing penalty," said IRS spokesman Dan Boone. "They should pay as much as they can with the return or extension to help reduce possible penalties and interest."

All taxpayers can file an extension free at www.IRS.gov through the IRS Free File program and most can e-file their 2010 tax return free through Free File.

Filers who are due a refund need to remember that there is generally a 3-year window to file and claim a refund. That window closes today for tax returns for 2007. IRS records indicate that about 17,000 Tennesseans have not filed a return for 2007 but would get about $17 million in refunds if they do file today.

Taxpayers who need a payment agreement should visit IRS.gov and fill out an Online Payment Agreement (OPA) application.

Taxpayers can contact the IRS toll-free by phone at 800-829-1040 for tax questions or at 800-906-9887 to locate a tax help site that is open today.

Taxes aren’t fun. There, I said it. They just aren’t. Sadly no matter how much you and I dislike doing taxes, they still have to get done. More than that, taxes have to get done well. Making a mistake on your taxes can cut into your refund, or even worse, cause an audit. If you don’t like doing taxes, you certainly won’t like getting audited. This is why HobNobMurfreesboro is highlighting Dempsey Vantrease and Follis. DVF is a group of Certified Public Accountants that actually enjoy doing taxes.

Dempsey Vantrease and Follis employ over 20 CPA’s that work hard to help you get everything you deserve from your tax return. From the biggest and most complex clients to a single income household, DVF does it all.

Dempsey Vantrease and Follis was founded over thirty years ago, and has become the largest CPA firm in Rutherford County. And if the math wizards at DVF have learned one thing from their years of accounting, it is that good tax planning is necessary for good tax preparation. DVF will plan your tax year, and they will make sure you aren’t paying a penny more than you owe.

If your taxes are already under control, DVF still offers a wide variety of accounting services including auditing, bookkeeping, consulting, estate planning, small business accounting, QuickBooks training, and valuation and litigation services. Dempsey Vantrease and Follis also offers online resources for those who want to learn the ins sand outs of personal accounting from their own home. DVF online services include a Blog written by actual CPA’s, a list of powerful financial tools to help you calculate debt, savings, and personal finances, articles from professionals in the industry and a new business based e-newsletter.

The experts at DVF are more than just accountants; they are your personal business partners. Everything that DVF offers is customized to each individual client. Your CPA will make sure that you understand each step DVF takes when organizing your personal finances. The firm is about helping you reach your financial goals.

So as it gets closer to tax time this year, don’t panic. It’s time you put your accounting into the hands of someone you can trust. Head over to Dempsey Vantrease and Follis and ell them take the tax or money management burden off your back. Because you should never have to worry if your finances are in the right hands.

For more information visit: http://dvf-pllc.com/

Dempsey Vantrease and Follis PLLC is located in Murfreesboro at:

630 South Church Street, Suite 300
Murfreesboro, TN 37130

Phone number: (615) 893-6666

And at Lebanon at:

724 West Main Street
Lebanon, TN 37087

Phone Number: (615) 444-4125

Pictured: Kris Parkhurst, Sharon Evins, Paul “Brownie” Vantrease, Mike Hallum, Barbara Sutton, Mark Follis, Percy “Bubba” Dempsey

NASHVILLE, TN - The Internal Revenue Service is looking to return $2.48 million in undelivered refund checks. A total of 2,091 Tennessee taxpayers are due one or more refund checks that could not be delivered because of mailing address errors.

“IRS is ready to reissue these checks once the taxpayers give us a correct address," said IRS spokesman Dan Boone. "Taxpayers are warned that e-mails alerting them of pending refunds are not ever from the IRS but are identity-theft scams."

Taxpayers can generally update their address or check the status of their refund with the “Where’s My Refund?” tool on IRS.gov or by calling 1-800-829-1954. To use the tool, a taxpayer must submit his or her Social Security number, filing status and amount of refund shown on the 2009 tax return.

In Tennessee, undelivered refund checks average $1,188 this year, compared to $958 last year. Nationwide, the average undelivered check is $1,471, compared to $1,148 last year. The increase is possibly due to recent changes in tax law which introduced new credits or expanded existing credits, such as the Earned Income Tax Credit.

Taxpayers can put an end to lost, stolen or undelivered checks by choosing direct deposit when they file. Taxpayers can use direct deposit when e-filing or filing paper returns, but e-filing significantly reduces filing errors and speeds up refund processing.

WASHINGTON – Nearly 99 million individuals filed their federal income tax returns electronically during 2010, a 3 percent increase in the IRS e-file rate. Of the 141.5 million returns filed so far this year, almost 70 percent were filed electronically.

Each year, more taxpayers chose to e-file their tax returns. Last year, nearly 95 million taxpayers or 67 percent used e-file. In the past decade, the number of individual tax returns e-filed has increased by 145 percent. The overall number of individual tax returns increased only by 8 percent. IRS e-file is no longer is the exception; now it is the norm.

Year

Filed Total

Returns e-Filed

Returns        Percent

e-filed
2001    130,965,000     40,244,000      30.73% 
2002    131,728,000     46,892,000      35.60% 
2003    131,557,000     52,944,000      40.24% 
2004    132,200,000     61,507,000      46.53% 
2005    133,933,000     68,476,000      51.13% 
2006    136,071,000     73,255,000      53.84% 
2007    140,188,000     79,979,000      57.05% 
2008    153,650,000     89,853,000      58.48% 
2009    141,376,000     94,980,000      67.18% 
2010    141,536,000     98,740,000      69.76%

Home Computer e-Filers

Taxpayers who prepare their own tax returns using home computers continued to set the pace for e-file. This year, more than 35 percent of e-filers prepared and filed their returns themselves.

Almost 35 million returns were e-filed from home computers, up 8 percent from last year.

Direct Deposit Refunds

More than 74 million refunds were electronically deposited into taxpayers’ accounts, saving taxpayers a trip to the bank. More importantly, these taxpayers received their refunds at least a week faster than those receiving paper checks.

These direct deposit refunds accounted for almost 69 percent of all refunds, up from 66 percent of refunds last year. Overall, the IRS issued 109 million refunds, averaging $2,994 per refund; direct deposit refunds averaged $3,189 per refund.

―30―

2010 FILING SEASON STATISTICS  
Cumulative through the weeks ending 11/06/09 and 11/05/10      

Individual Income Tax Returns   2009    2010    % Change       
Total Receipts   143,529,000    141,536,000     -1.4%  
Total Processed 143,079,000     141,536,000     -1.4%  

E-filing Receipts:                             
TOTAL   95,478,000      98,740,000       3.4%  
Tax Professionals       63,285,000      63,893,000       1.0%  
Self-prepared   32,193,000      34,847,000       8.2%  

Web Usage:                             
Visits to IRS.gov       275,308,302     281,765,152     2.3%   

Total Refunds:                         
Number  111,163,000     108,923,000     -2.0%  
Amount  $315.290        Billion $326.125        Billion  3.4%  
Average refund  $2,836  $2,994   5.6%  

Direct Deposit Refunds:                        
Number  72,982,000      74,460,000       2.0%  
Amount  $220.250        Billion $237.444        Billion  7.8%  
Average refund  $3,018  $3,189   5.7%

NASHVILLE, TN – During the tax filing season, some Rutherford County volunteers made taxes less taxing for many in their communities.

Trained volunteers helped about 1,300 lower-income individuals and families in Rutherford County file their tax returns through the Volunteer Income Tax Assistance (VITA) program and related programs. Many of the volunteers return year after year to help, but new volunteers are always needed.

There are three training tracks for VITA volunteers: (1) New Volunteer - about 14 hours training; (2) Returning Volunteer - about 6 hours training; and (3) Tax Professional - 6 to 12 hours training. Each track has two options: Self-paced Online Learning or Classroom Learning.

Anyone interested in being a VITA volunteer can learn more at www.nashvilleafi.org/VolunteerCenter.htm or can call the United Way's Nashville Alliance for Financial Independence at 615-780-2444.

NASHVILLE, TN - The filing deadline for about 187,000 Tennessee taxpayers who requested an extension to file their 2009 tax returns is fast approaching. October 15 is also a crucial due date for approximately 9,300 small nonprofit organizations in Tennessee that are at risk of losing their tax-exempt status due to not filing for the last three years.

“October 15 is a dual deadline this year," said IRS spokesman Dan Boone. "It’s the last chance for many small charities to comply with the law and, as always, it’s the filing deadline for taxpayers who got an extension earlier this year.”

The IRS reminds taxpayers that IRS E-file and Free File are available through Oct. 15. E-file with direct deposit results in a faster refund than by using a paper return, plus electronic returns have fewer errors. Free File is a fast, easy and free way to prepare and e-file online for taxpayers whose 2009 income was $57,000 or less.

Many small nonprofit organizations are at risk of losing their tax-exempt status because, according to IRS records, they failed to file the required returns for 2007, 2008 and 2009. They can preserve their status by filing returns by Oct. 15 under the one-time relief program announced by the IRS in July.

The names and last-known addresses of these at-risk organizations are posted on IRS.gov, along with guidance about how to keep their tax-exempt status. Small nonprofits may only need to file Form 990-N online at IRS.gov, which usually takes about 10 minutes.

(ARA) - The Making Work Pay credit has many taxpayers confused, and for some, the confusion has led to the shock of smaller or delayed refunds. To help make sense and cents out of it all, TaxACT has provided the most essential information and tips for getting it right on your 2009 tax return.

Who qualifies and how to get it
The Making Work Pay credit replaced the 2008 federal stimulus checks for 2009 and 2010. Most taxpayers already received the benefit for 2009 through reduced federal withholding. You likely received an increase of $10 to $13 in your paychecks starting in April 2009. Even if you received this benefit in each paycheck, you'll generally still need to claim the credit on your 2009 tax return. The credit on your federal return makes up for the reduced withholding throughout the year.

The refundable credit is worth 6.2 percent of your earned income, up to $400 for individuals and $800 for married couples filing jointly. If you don't withhold federal taxes, you must file a federal tax return to receive the credit.

The credit phases out for married couples filing jointly with an modified adjusted gross income (MAGI) between $150,000 and $190,000, and for single taxpayers whose MAGI is between $75,000 and $95,000.

Why the credit means smaller refunds for some
When the federal withholding tables were adjusted for Making Work Pay, most taxpayers didn't adjust their withholding. Although the IRS says the vast majority of workers withheld enough during 2009 and can still expect a refund, some may have had too little tax withheld, especially:

*Married couples with two incomes
*Individuals with multiple jobs
*Pensioners
*Dependents
*Some Social Security recipients who work
*Workers without valid Social Security numbers

As a result, these groups may receive smaller refunds or owe a small balance of taxes for 2009. If you happen to owe taxes because too little was withheld during 2009, the IRS may waive any estimated tax penalty if it relates to changes made to withholding tables.

Why the credit has delayed refunds
The same tax act that included the Making Work Pay credit included two provisions that reduce the credit amount.

Retirees, disabled individuals and Supplemental Security Income recipients receiving benefits from the Social Security Administration, disabled veterans receiving benefits from the Department of Veterans Affairs and those receiving benefits from the Railroad Retirement Board received a one-time economic recovery payment of $250 in 2009.

Government retirees who don't receive social security can claim a one-time $250 refundable credit on their 2009 federal tax return.

Economic recovery payment and Government Retiree Credit amounts must be subtracted from any Making Work Pay credit amount. Many taxpayers have failed to do so, resulting in rejected returns and delayed refunds.

For example, if you're eligible for both the Making Work Pay and Government Retiree credits, your $250 Government Retiree Credit will be subtracted from the $400 Making Work Pay amount. You'd still receive the full $400 through two credits, with $150 coming from the Making Work Pay credit and $250 coming from the Government Retiree Credit.

Get the credit right on your 2009 return
If you're uncertain whether you received the $250 Economic Recovery Payment, verify that information before doing your taxes. Contact the Social Security Administration, Department of Veterans Affairs or Railroad Retirement Board.

Taxpayers filing Form 1040 or 1040A should figure the Making Work Pay Credit amount using Schedule M. If filing Form 1040-EZ, use the worksheet for Line 8 to figure the credit.

One of the surest ways to get the credit right is to use tax preparation software like TaxACT at www.taxact.com. Answer simple questions and TaxACT will figure your credit amount and report it on the correct line of the appropriate form. It will also identify other credits and deductions you may qualify for, and includes a maximum refund pledge. Best of all, you can prepare, print and e-file your federal return for free with TaxACT Free Edition.

Think ahead
Because the credit also applies for 2010, adjust your federal withholding if necessary through Form W-4, Withholding Allowance Certificate. Married couples filing jointly and individuals with multiple jobs should complete the W-4 dual earner worksheet.

Since the credit is being spread out over 12 months rather than nine months, your 2010 paychecks will likely be a few dollars less than last year's. However, you'll still receive the full credit amount you're due.

For all details of the Making Work Pay credit, visit the IRS Web site, www.irs.gov. Start your free federal return at www.taxact.com.

Courtesy of ARAcontent

(ARA) - More Americans are setting money aside in savings accounts these days, due to the financial crisis. And investing Americans have become more conservative, holding onto more cash than they might have in the past. Both trends are good ones and will lead to a stronger economy in the long run.

But with low interest rates on short-term CDs, money market funds and savings accounts hovering around zero percent, you may have difficulty finding an attractive place to park your savings.

Savers will have to be a little more creative to earn a respectable return. In light of this, it is helpful to explore some strategies to help make your cash work harder. However, you should carefully evaluate two potential issues with any strategy to boost returns on cash - the risk of losing your principal and earnings, and the accessibility of your funds. With this in mind, here are a few ways that you can earn returns that are higher than the 0.6 percent being paid by the average savings account:

1. Pay off debt. Before considering any of the options described here, think about paying off debt. Credit card balances or car loans with high interest rates are attractive options for deploying your cash, and best of all, provide a guaranteed return. The only drawback is that once you pay off debt, you lose access to the funds. Still, if you have set aside enough cash for an emergency fund, then using some of your cash to pay off debt is a very sensible option when interest rates on savings accounts and CDs are so low.

2. Buy a two-year CD. CD rates are at historic lows, but two-year CDs can provide an interest rate well above the typical savings account or money market fund. CDs are virtually risk-free if held to maturity and as long as you invest below the FDIC limits of $250,000 per individual, per institution. Buying a two-year CD also means that if interest rates rise, you will not have to wait very long until you can reinvest your money in a higher yielding CD or savings account.

3. Invest in a high quality short- or medium-term bond mutual fund. Buying a bond mutual fund that invests in highly rated bonds that mature in two to five years may provide higher returns than placing your savings in a money market fund or short-term CD. In addition, unlike a CD, your money is accessible at any time, though some bond funds may assess a modest early redemption fee. The major risk is that the value of your initial investment may go down, particularly if interest rates rise quickly. You can gauge this risk by finding out what a fund's duration is - the duration is a measure of how sensitive a fund is to changes in interest rates. For example, a fund with a duration of three years will fall approximately 3 percent if rates rose by one percentage point; a fund with a duration of five years would fall 5 percent if rates rose by one percentage point. While these declines are not dramatic, bond fund investors should be prepared to tolerate this level of volatility. The silver lining is that when interest rates rise and a bond fund falls in value, the future returns on the fund will also rise over time as the fund gets the opportunity to invest in higher yielding bonds. Fixed income securities are subject to interest rate risk, and their value will decline as interest rates rise.

4. Take a look at insurance products. You may already own a universal life insurance policy, either through work or a policy you purchased years ago. These products usually allow you to invest a certain amount each year, say 10 times your annual premium, in an account that will earn a guaranteed rate of return backed by the insurer. For some products, the guaranteed return is more than 4 percent today. The details will vary based on the product, so check with your insurance agent or employer.

Another insurance product that may make sense is a variable annuity. If you are approaching retirement, a variable annuity provides a means to convert cash that you may have set aside for retirement into a future stream of guaranteed retirement income. Many variable annuities, for an additional cost, will guarantee a steady increase, such as 5 percent each year, in the future retirement income that you can draw on the assets you invest for as long as you hold off on drawing your retirement income. However, it is important to keep in mind that while variable annuities guarantee you a future retirement income, the actual value of your assets held within such a product will fluctuate and can go down.

In addition, variable annuities have a broad range of features and contract terms, such as early withdrawal fees, to consider. A variable annuity is suitable for long-term investing, particularly retirement savings. It is best to speak to a knowledgeable financial advisor to evaluate whether a variable annuity is a suitable way to invest your cash. All guarantees are based on the claims-paying abilities of the issuer.

5. Invest in a stable value fund. Stable value funds are similar to high quality bond funds, but provide one added feature - a guarantee that you cannot lose your principal and accumulated earnings. These guarantees, which are dependent on the claims-paying ability of the issuing company, are usually backed by major insurers and even during 2008, stable value funds delivered an average return in excess of 4 percent, according to a Washington Post report. However, stable value funds are generally only available in 401(k) or similar accounts.

So, this may be a good time to consider whether you could benefit by contributing more money to your retirement accounts and investing these contributions in a stable value fund.  An additional benefit of doing this is that the retirement account may be tax advantaged and either defer tax on contributions and earnings or, in the case of a Roth account, provide for income tax free earnings. The main drawback to this strategy is that your money will be harder to access once contributed to a retirement account, since taxes and penalties may be assessed on early withdrawals.

Maximizing returns on cash is likely to be an area of interest for households for years to come as Americans recalibrate their finances in the wake of the financial crisis. Interesting and effective options exist for maximizing returns on cash if you look beyond the traditional options of a money market fund or savings account. Choosing among these options requires carefully thinking about how much easily accessible cash you need for emergencies, what your long-term plans are for your cash, and what trade-offs in terms of risk and accessibility you are willing to live with.

Courtesy of ARAcontent

LAW FIRM EXPANDS ON REAL ESTATE OFFERINGS WITH OPENING OF COMPANY

MURFREESBORO – January 11, 2010 – Congress has passed countless new regulations that have turned the real estate industry on its head. Lawyers Land & Title Services, LLC, today opened its doors to provide guidance to real estate professionals, as well as novice buyers and sellers in the evolving rules and regulations regarding title, escrow and closing services.

“As the real estate market begins to improve in Middle Tennessee,” said David Kious, “we felt like buyers needed additional confidence and expertise in navigating the evolving real estate rules and regulations.”

The company is a subsidiary of Murfreesboro law firm Kious, Rodgers, Barger, Holder and Kious, PLLC.

Attorney J. D. Kious and Closing Agent Lynn Vaught will head the Lawyers Land & Title Services team, but all of the partners at KRBHK, PLLC will play an active role in helping buyers and sellers complete their real estate transaction with confidence and security.

“We’ve been listening to the region’s real estate professionals – lending agents and real estate agents – and have put together a unique process that not only makes their jobs easier, but also helps buyers and sellers feel less overwhelmed by the transaction,” added J.D. Kious

Services offered by the new entity will include commercial and residential real estate closings, loan closings, title insurance (owner’s and lender’s policies), title searches, escrow services, loan document preparation, title and document review, and 1031 Exchanges.

Lawyers Land & Title Services is located in the historic John Spence House at 503 N. Maple Street.

About Lawyers Land and Title Services, LLC

The lawyers and closing agents at Lawyers Land & Title Services have more than 75 years of combined experience in commercial and residential real estate closings. Based in Murfreesboro, Tennessee, one of the fastest growing communities in the country, LL&TS understands the unique real estate needs of Middle Tennesseans. Lawyers Land and Title Services, LLC provides professional title, closing and escrow services. They can be found on the web at lawyerslandandtitle.com