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Individuals who have filed their 2011 taxes early in an attempt to defray education costs may be wondering, “where’s my return?” For starters, the Internal Revenue Service (IRS) has reported that millions of dollars worth of tax refunds have not been delivered due to mailing address errors. Some taxpayers who have not updated their residential location are experiencing a delay in their return, which has prompted the IRS to remind citizens to update their records. According to World News Insight, approximately $7 million worth of tax refunds in Georgia were undeliverable because of mailing address issues.

Individuals can ensure a speedier refund – and no residence confusion – if they sign up for a direct deposit into their bank accounts. But for those who prefer to mail in their forms, the news provider said that it will take up to four weeks to receive refund checks. Taxpayers can check the status of their payment by visiting IRS.gov, clicking on “Where’s my refund?” and entering some information, such as your social security number, filing status and the exact dollar amount of your refund.

Individuals who claim college tuition and student loan interest on their returns may also have to wait another month before they file their federal taxes, according to CBS News Money Watch. Due to new laws that Congress did not pass until late last year, the IRS said it will not accept certain returns until mid-February at the earliest. The news provider reports that taxpayers who claim expenses for college education are included in the group of filers who have to wait.

Buying life insurance is practical, since it provides your beneficiaries with financial stability in case you die. It provides for your family to live a lifestyle that they need. It can send your children to school, even if you are not there with them. They can eat and have some food on the table, even though you long gone.

Life insurance provides an income tax free death benefit and no tax on the increase in the cash value as it grows over time. People buy insurance for many different reasons such as to cover funeral costs, replace lost income, provide liquidity to pay expected estate taxes, etc. Actually not only the beneficiaries can obtain a lower tax burden but as well as the policy holder wherein he can be able to cash on some tax free benefits during his lifetime.

Beneficiaries are not required to pay income tax on life coverage benefits especially both in term and whole life coverage. One thing more, there is no tax also on borrowing money against the cash value of your insurance policy but if ever you do not pay the policy back, then you will lose the commensurate amount of tax free death benefit. So always be sure to pay it back on time.

Take note that if you own an insurance policy on yourself in your own name, then the death benefit becomes part of your estate and considered taxable under the estate tax laws. That is why to avoid this thing to happen, place the policy in an irrevocable insurance trust. However, that means you give up direct control of the policies and even lose access to any cash value that may accumulate. So good planning and thinking twice is needed before doing it.

Taxpayers who are disabled and parents whose children are disabled may be eligible for various types of tax relief. Some of the tax credits and benefits available if you or someone else included on your tax return is disabled consists of:

Credit for the Elderly and Disabled: This credit is basically provided to specific taxpayers who are above the age of 65 years, as well as to specific taxpayers who have disabilities and are below the age of 65 years, and have retired permanently on the grounds of total disability.

Standard Deduction: Taxpayers who are lawfully considered to be blind may qualify for a higher standard deduction on their tax return.

Work Expenses Related to Impairment: Employees who have a mental or physical disability that limits their work may be in a position to claim business costs in connection to their place of work. The costs must be essential to allow or enable the taxpayer to work.

Gross Income: Specific payments related to disability, Supplemental Security Income, and Veterans Administration disability benefits, are exempted from gross income.

Earned Income Tax Credit (EITC): This is available to disabled taxpayers as well as parents whose children are disabled. If you have retired on disability grounds, the taxable benefits that you get under your employer’s disability retirement plan are regarded as earned income until you get to the minimum retirement age. EITC reduces a taxpayer’s tax liability and it may also result in a refund. If the taxpayer’s child has a disability, the age restriction for the EITC is put aside. The EITC has no effect on some public benefits. Whatever refund you receive due to the Earned Income Tax Credit will not be regarded as income when establishing whether or not you qualify for benefit programs.

Though fewer people are buying homes at the moment, for those who are in the market there are a number of tax breaks available. In fact, for those who haven’t owned a primary residence in the past three years, there are actually sizable tax deductions available. Certain buyers in this category may be eligible to claim deductions up to $8,000. For those who have purchased homes recently, there are still deductions available that can amount to almost $6,500.

So forget potential tax debt- for those in need of a new home, now could be the perfect time to look. By following these tips you can find your perfect home and minimize the impact on your tax bill:

1. Moving Expenses.The IRS has allowed tax deductions for moving expenses for individuals who have had to move distances in excess of 50 miles for a new job, or to look for a job. Unlike some other kinds of deductions, moving expenses do not need to be itemized. It is therefore possible to include a number of different kinds of expenses, including costs for relocating your favorite family pet.

2. Vacation Properties.Under certain circumstances, property taxes paid on vacation homes may be deducted. This tax deduction usually applies to those who group-purchase their home, or purchase a time-share, and who have the property taxes listed separately on the bill of owner dues.

3. Homes Purchased from Relatives.Unfortunately, properties purchased from family members do not qualify for the tax credit. The exclusion applies to ancestors, such as parents and grandparents, lineal descendents, such as children and grandchildren, and spouses. However, homes purchased from aunts and uncles still qualify for the tax credit.