Aaaah……The week after tax season (and the first full weekend home in two and half months) is the best week in a tax accountant’s life!

Tax Deductions are good….Nonrefundable Tax Credits are better….and Refundable Credits are great!

Refunds totaling more than $1.1 billion may be waiting for nearly 1.1 million people who did not file a federal income tax return for 2007, the Internal Revenue Service announced recently. However, to collect the money, a return for 2007 must be filed with the IRS no later than Monday, April 18, 2011. For Ohio, the IRS estimates there are 33,200 unfiled returns with an average refund of $620.

With no notice, the IRS changed the wording in its 2010 Form 1040 Instructions. The instructions now say that Medicare B premiums can be used to figure the self-employed health insurance deduction. The 2009 instructions and Publication 535 said they did not qualify.

The following is summary of due dates to timely file your 2010 tax returns. Please keep in mind that amounts owed on tax returns do not get extended and are due on the original filing date. Note: All of these due dates assume you are using a calendar year-end accounting period. If you are using a fiscal year-end accounting system then call us for your due dates.

In an effort to help struggling taxpayers, the IRS has recently made changes to their lien system and other collection tools. The changes include:• Significantly increasing the dollar threshold when liens are generally issued, resulting in fewer tax liens.• Making it easier for taxpayers to obtain lien withdrawals after paying a tax bill.• Withdrawing liens in most cases where a taxpayer enters into a direct debit installment agreement.• Creating easier access to installment agreements for more struggling small businesses.• Expanding a streamlined offer in compromise program to cover more taxpayers.