Almost 3 Million Tax Returns Expected In Tennessee This Year
By Susan Thompson on February 9, 2011, 12:29 pm
In Tennessee, the Internal Revenue Service expects 2.7 million returns to be filed this year, up slightly from a year ago. “From the time the W2s come out, it just gets busier until April,” Tuttle said. According to the latest figures available, 1.62 million Tennesseans received refunds for calendar year 2008; 400,000 owed money.
E-Filing
According to the latest figures available, 1.62 million Tennesseans received refunds for calendar year 2008; 400,000 owed money. Last year 74 percent of Tennesseans e-filed, many of them from a home computer. “That number (home computer filing) has been rising 15 to 20 percent per year,” IRS spokesman Dan Boone said. For example, if a coin dealer purchased over $600 (even spread throughout the entire taxable year) of products from another dealer, a 1099 form would have to be issued acknowledging the transactions. The paperwork does not stop solely at businesses, however. Even if a private collector were to sell over $600 worth of coins, they would need to issue an IRS 1099 form and report in it the buyer’s name, address and even their social security number.
Sales Tax Deduction
“We don’t anticipate any rush on forms at the last minute that we can’t handle,” Boone said. There is some good news for taxpayers: Tennessee’s sales tax deduction had expired but was reinstated for 2010. “It’s near and dear to the hearts of Tennesseans,” Boone said. The deduction is claimed on Schedule A, and that form may not be available until Feb. 14 because of the time needed for the agency to make the adjustment. Tuttle’s retort to that: “Tell Congress to pass their changes earlier.”
New Deadline
Taxpayers have until Monday, April 18, to file this year because Washington, D.C., is celebrating Emancipation Day on Friday, April 15, the normal deadline. Law requires the extension to go beyond the weekend. Tennessee’s paper federal tax returns should be mailed to the IRS Center, Austin, Texas, 73301-0002. Tennessee taxpayers actually have it easier than those in other states because Tennessee has no state income tax.