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Prepare Taxes Online. Get Money In 24 Hours. Free To TryIRS Tip: Direct Deposit of Tax Refunds.Don't wait around for a paper check. Have your federal tax refund deposited directly into your bank account. Choosing Direct Deposit is a secure and convenient way to get your money in your pocket faster. Here are the main reasons 66 million taxpayers chose Direct Deposit in 2008: 1. Direct Deposit is secure. There is no chance for a check to get lost in the mail. Thousands of checks are returned to the IRS by the US Post Office every year as undeliverable mail. Direct Deposit eliminates the possibility you won't receive your check and prevents your refund from being stolen. 2. Direct Deposit is convenient. The money goes directly into your bank account. You won't have to make a special trip to the bank to deposit the money yourself. 3. Direct Deposit is easy. When you're preparing your return, simply follow the instructions for "refund" on your return. Just make sure you entered the correct bank account and bank routing numbers on your tax form and you'll receive your refund quicker than ever. 4. Direct Deposit offers options. You can also electronically direct your refund to multiple accounts. With the "split refund" option, taxpayers can divide their refunds among as many as three checking or savings accounts and three different U.S. financial institutions. 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 your direct deposit will be accepted. Get Your Refund Faster - News On AMT Tax Refund DelaysMore than 3 million people will have to wait until February to get their tax refunds because of Congress' late fix to the alternative minimum tax, according to the IRS. As many as 13.5 million people will have to wait until Feb. 11, to start filing with the five AMT-related forms. The IRS was able to reprogram its computers to begin accepting other AMT-related forms when the tax season opens in early January.Congress put a one-year freeze on growth of the alternative minimum tax (AMT) last month, shielding many middle- and upper-middle income taxpayers from the tax. But Congress' late action means the Internal Revenue Service won't be able to start processing five AMT-related forms until February, delaying potential refunds for those people until then. The alternative minimum tax was passed in 1969 and was aimed at about 155 very wealthy families who used deductions to avoid paying any federal income tax. The AMT disallows certain deductions and credits. It was not adjusted for inflation and as a result, over the years it has hit a growing number of middle-income taxpayers. More than 4 million were subject to it in the 2006 tax year. Without the congressional fix, more than 20 million families would have been faced with an extra $2,000 tax bill on average. The five forms affected by the delay are: Form 8863, Education Credits. Form 5695, Residential Energy Credits. Form 1040A's Schedule 2, Child and Dependent Care Expenses for Form 1040ez Filers. Form 8396, Mortgage Interest Credit and Form 8859, District of Columbia First-Time Homebuyer Credit. Taxpayers using those forms will have to wait until February to file those forms with their taxes. The IRS will begin processing those forms on Feb.11, and the first refunds for those people will start going out 10 to 14 days later. More than 100 million people got refunds last year. Congress passes legislation every year to keep the AMT tax from expanding. The fix this year was delayed by an argument between Republicans and Democrats over whether some taxes should rise to offset the cost of correcting the AMT. The House's Democratic majority demanded that the $50 billion cost of the tax relief be paid for mainly by closing a loophole on offshore tax havens. But Republicans' argument that the AMT shouldn't be fixed with increased taxes on the rich prevailed, with the backing of a White House. The Dec. 19 passage of the AMT fix threw the IRS's schedule off because it takes several weeks to reprogram the agency's computers to adjust for congressional action. IRS officials recommend that people file electronically to get faster refunds. People who file electronically and get direct deposits into their accounts can expect refunds in 10-14 days, while those who file with paper forms can expect a wait of as long as six weeks. When selecting an oline efile provider, be sure that their website displays the "Authorized IRS Efile Provider" logo and security and privacy links. Fast Tax Refund to Pay Off Debt Fast Tax Refund to Pay Off Debt
One of the biggest challenges that many people face when trying to pay off debt is finding money to apply towards their debts. In order to pay off your debt, you have to pay more than the minimum payment, but this can be hard to do when you're having trouble just making ends meet each month. So where can you find additional money to apply to your credit card debts each month? Here are several ideas: Tax refund: Do you typically get a large tax refund each year? If you do, then you can apply part or all of the refund to your debts. In addition, you should adjust your withholding so that less taxes are withheld from each check; you'll get a smaller income tax refund, but you'll have more money to apply towards your debt payments each month. The last thing you want to do is give Uncle Sam an interest free loan when you have high interest credit cards! Savings: Nobody wants to cash out their savings account to pay off credit card debt, but when you have credit cards that are costing you 18% or more in interest each month and your savings are only earning 4% (or less), it just makes sense to use some of your savings to get rid of that nasty credit card debt. Bonuses, raises and overtime: Anytime you get a raise, bonus or earn overtime, you should use at least a portion of that money to pay towards your debt. Since this is "extra" money that you didn't have before, you shouldn't miss the money that you put towards your debt. Part time or temporary work: If you're really in a debt bind, consider getting a part time, seasonal or temporary job. It doesn't have to be forever, just long enough to pay off or at least make a dent in your debt. Sell things: Another option is to sell things to raise money. Have a yard sale or sell items no longer used on eBay. Sell books that you no longer read on Amazon or Half.com. You'll be surprised at how much some items will sell for on an online auction! Borrow from family and friends: Everyone hates to ask family and friends for money, but if you're in over your head and you have family members in a position to help, this is an option you shouldn't ignore. If it helps, you can draw up a written agreement so that each party knows what to expect, and there's no chance for disagreements or hard feelings down the road. Borrow against your home equity: This is not an option to take lightly. Yes, you can reduce the interest you are paying on your debts significantly by taking out a home equity loan, but remember that your home is at risk if you are unable to make the payments for any reason. Choose this option only if you are 110% sure that you can continue to make your payments, even in the event of a job loss or other emergency. Reduce spending: Although listed last, this is probably the first strategy you should take to find extra money to pay off debts. You should review your spending to see if there are any areas that you can cut back on to generate additional cash to be applied towards your debt. Some typical areas that can be cut back on, at least temporarily, to help pay off debt include food (both groceries and eating out), entertainment (gym memberships, magazine subscriptions, cable, internet, trips to the book store) and personal care (haircuts, clothing, housekeeping, etc.). These are just a few suggestions on how you can find money to help pay down your debts quicker. There are hundreds of other ways you can find money to use towards your debt if you are motivated to look for them. Conventional Way for Tax FilingThe easiest and quickest way to file a return and obtain a refund, is to do this electronically--a practice already used by more than half of all taxpayers. The conventional way of filing taxes with the IRS has been opposed by online tax filing systems in recent times. Filing online will allow you to get your Tax Refund in as little as 10 days. The process of filing taxes online is simple and trouble free. The customer first prepares his tax papers personally or approaches professional tax consultants to do so on his behalf. After the tax papers have been prepared they can be effortlessly filed through an IRS e-file provider. Filing can be done online as well, but if an individual is not sure about the mechanics, it is better to seek professional guidance. Usually most tax experts will be licensed IRS e-file providers. The relevant documents are signed and retained by the customer for future reference. The IRS e-file provider then files the returns electronically on the behalf of the customers. Next, the IRS e-file provider sends the customer an acknowledgement mentioning the current status of the filing process. Online filing eliminates the need for going through tiring steps of rushing to the local IRS offices and post offices and waiting in never ending queues to post the papers before the due date. Office hopping has been completely eliminated. The only thing required is a reliable computer and Internet connection. Mistakes and errors can be corrected online in comparatively less time. Online tax filing has reduced the time gap prior to receiving Tax Refunds and papers can be printed to maintain precise records for future reference. Online tax filing also facilitates tax payments using credit cards. It has reduced back office processing time considerably. Join the millions of people who have discovered how easy, Online Tax Filling can be. The cost will be much less, your tax forms will get to the IRS with no hand-written errors, and you'll get your tax refund in as little as 10 days. Labels: Faster Tax Refund Taxpayers Have Until April 17 to File and PayTaxpayers across the nation will have until Tuesday, April 17, 2008, to file their 2007 returns and pay any taxes due, the Internal Revenue Service announced today. Taxpayers will have extra time to file and pay because April 15 falls on a Sunday in 2008, and the following day, Monday, April 16, is Emancipation Day, a legal holiday in the District of Columbia. “This year, taxpayers have additional time to file and pay beyond the traditional April 15 deadline,” said IRS Commissioner Mark W. Everson. “As we always do, we encourage taxpayers to get an early start on their taxes to make sure they have plenty of time to accurately prepare their return.” This means the entire country has an April 17 deadline. Previously, the April 17 deadline applied just to individuals in the District of Columbia and six eastern states who are served by an IRS processing facility in Massachusetts, where Patriots Day will be observed on April 16. The April 17, 2008 deadline will apply to any of the following: 2007 individual Free Federal Tax returns, whether filed electronically or on paper. Requests for an automatic six-month tax-filing extension, whether submitted electronically or on Form 4868. Tax year 2007 balance due payments, whether made electronically (direct debit or credit card) or by check. Tax-year 2007 contributions to a Roth or traditional IRA. Individual estimated tax payments for the first quarter of 2008, whether made electronically or by check. Individual refund claims for tax year 2003, where the regular three-year statute of limitations is expiring. Other tax-filing and payment requirements affected by this change are described in IRS Publication 509, Tax Calendars for 2008, available on this Web site. Most taxpayers will not have to change their plans in response to this announcement. Three out of four individual filers get refunds. Typically, returns claiming refunds are filed early in the tax season. By law, filing and payment deadlines that fall on a Saturday, Sunday or legal holiday are timely satisfied if met on the next business day. Under a federal statute enacted decades ago, holidays observed in the District of Columbia have impact nationwide on tax issues, not just in D.C. Under recently-enacted city legislation, April 16 is a holiday in the District of Columbia. Officials recently became aware of the intersection of the national filing day and the local observance of the new Emancipation Day holiday after most forms and publications for the current Income Tax Filing season went to print. Even with the extra time, taxpayers can skip the last-minute rush and avoid needless mistakes by filing early, taking advantage of the speed and convenience of electronic filing, choosing direct deposit for any refunds and paying any taxes due by direct debit or credit card. IRS.gov has further details on electronic filing and payment options and links to companies providing these services. Labels: Tax Filing Deadline Some Telephone Tax Refund Requests May Be Too High; IRS Will Deny Improper Requests.The Internal Revenue Service said today that early filings show some individual taxpayers have requested large and apparently improper amounts for the special telephone tax refund. The IRS is investigating potential abuses in this area and will take prompt action against taxpayers who claim improper refund amounts and the return preparers who help them. “While the vast majority of taxpayers are claiming the telephone tax refund correctly, we are seeing some clear abuse involving overstated refund requests,” said IRS Commissioner Mark W. Everson. “People requesting an inflated amount will likely see their refund frozen, may have their entire Tax Return audited and even face criminal prosecution where warranted.” The government stopped collecting the long-distance excise tax last August after several federal court decisions held that the tax does not apply to long-distance service as it is billed today. Federal officials also authorized a one-time refund of tax collected on service billed during the previous 41 months, stretching from the beginning of March 2003 to the end of July 2006. The tax continues to apply to local-only phone service. The IRS checked a sample of returns filed through mid-January and found that some individual taxpayers requested telephone tax refunds that appear to be excessive: In some cases, taxpayers appear to be requesting a refund of the entire amount of their phone bills, rather than just the three-percent tax on long-distance and bundled service that they are entitled to. Some individuals are making requests for thousands of dollars, indicating that they had phone bills topping $100,000 – an amount exceeding their income. Some tax preparers are helping their clients file apparently improper requests. “If we find inappropriate refund claims, we will aggressively pursue tax preparers and promoters who make the improper requests, and we will contact individual taxpayers in egregious situations,” Everson said. “Audit letters will be sent out soon and, when appropriate, our investigators will visit tax preparers who have been preparing questionable telephone tax refunds.” The IRS is making it as easy as possible for taxpayers to get this special refund. Research and contacts with telephone service providers indicated that standard refund amounts, ranging from $30 to $60, based on the number of exemptions claimed on their Income Tax Return, would approximate the eligible amount for most taxpayers. Taxpayers do not need to present proof for requesting the standard amount. Alternatively, they can figure the refund using the actual amount of tax paid, based on their phone bills and other records. These documents should not be sent along with the refund request but should be retained in case the IRS questions the amount requested. The IRS reminds taxpayers that the best way to avoid mistakes and get a refund quickly is to file a return electronically and have the refund deposited directly into a checking or savings account. Electronic-filing software helps taxpayers figure tax breaks, such as the telephone tax refund, accurately and report them properly. Free e-file services are available to low and moderate-income taxpayers (incomes of $52,000 or less) through the Free File link on this Web site. Another way to avoid mistakes is to stay away from unscrupulous promoters and tax preparers who make false claims about the telephone tax refund and suggest that many, if not most, phone customers can get hundreds of dollars or more back under this program. The best and most reliable information on this unique refund can be found in the Telephone Excise Tax Refund section of this Web site. Here, taxpayers can download forms, find answers to frequently-asked questions and link to participating private-sector Free File partners offering free electronic-filing services. Labels: Telephone Tax Refund Request |
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