2004 TAX SEASON FAQS (FREQUENTLY ASKED QUESTIONS)

By the time you read this newsletter, the Tax Department of Sterling & Tucker, Inc. will be immersed in Tax Season. You may have already submitted your tax information to us as soon as you received your 1099s, you may be in the process of gathering your information, or you may be trying not to think about it until October 15th, the final individual income tax return deadline. Below are the answers to some frequently asked questions we encounter during and after tax season.

WHERE IS MY REFUND?
How long can I expect to wait for my 2004 refund?

Are you expecting a refund when you file your 2004 tax return? If you file a paper tax return, your refund should be issued in about six to eight weeks from the date the IRS receives your return. If you file your return electronically, your refund should be issued in about half the time.

You can have a refund check mailed to you, or you may be able to have your refund electronically deposited directly into your bank account. Direct deposit into a bank account is faster and more secure because there is no check to get lost. A word of caution – some financial institutions do not allow a joint refund to be deposited into an individual account. Check with your bank or other financial institution to make sure they will accept your direct deposit.

HOW CAN I CHECK ON THE STATUS OF MY FEDERAL REFUND?
You can access the IRS website at http://www.irs.ustreas.gov/ and click on Where’s My Refund. You’ll need to provide the following information as shown on your return:

• Your Social Security Number (or IRS Individual Taxpayer Identification Number)
• Your Filing Status (Single, Married Filing Joint Return, Married Filing Separate Return, Head of Household, or Qualifying Widow or Widower)
• The Refund Amount (It is important to enter the refund amount exactly as it is shown on your return in order for our computer system to retrieve your data)

CAN I FILE ELECTRONICALLY AT STERLING & TUCKER?
How do I e-file my return?

Just let us know that you want to e-file when you bring in your tax information. When your tax return is complete, you will receive a copy of the tax returns for your records. We will also ask you to sign Form 8879, the IRS e-file Signature Authorization. Our office will then electronically file your return, and you will receive a postcard from the IRS confirming receipt of your return. At Sterling & Tucker, we are waiving our $25 e-filing fee for the 2004 tax season, so this is a great time to start e-filing.

AM I RECEIVING THE CORRECT REAL PROPERTY TAX HOME EXEMPTION?

You may be eligible for more than the $40,000 home exemption from your real property tax if you are a senior citizen or are disabled. The multiple home exemptions for Oahu and Big Island seniors are as follows:

To qualify for the increased Oahu home exemption in each age category, a taxpayer must reach that respective age on or before June 30, preceding the tax year for which the exemption is claimed. To qualify for the increased Big Island home exemption, a taxpayer must reach age 60 or 70 on or before December 31, preceding the tax year for which the exemption is claimed.