Entry bubble Tips for Income Tax Owers

By: Jake | April 07, 2008 | Category: Money

It's no fun owing income taxes. The same day I came home a proud college graduate I received a bill from the IRS for $500 because I forgot to claim some freelance writing payments on my previous year's return. Suffice it to say, my graduation money didn't go towards a nice vacation or new guitar.

It's no surprise to me that last year the IRS received 61 percent of balance-due returns (people who owe) after April 15. Many people will be at the post office on April 15 this year, submitting their balance-due returns and filing extensions (even though their estimated tax amount will still be due April 15).Tax Keyboard Key

If you owe taxes it is important to pay the whole sum right away to avoid penalties and late fees. The IRS accepts checks, money orders, cashier's checks, credit cards, cash and electronic funds transfer. If you e-file you can file your return and set your payment to be made by electronic funds transfer from your bank on April 15.

If you owe and you do not have the money to pay, the IRS has payment plans. The IRS actually recommends you use a credit card or bank loan to make the payment in one lump sum, rather than pay their rates. Generally, credit cards and bank loans have a lower interest rate, so you should check with your bank.

Those of you who are due a refund for 2007 have probably already filed since 73 percent of people who were due a refund last year filed before April 15. I got a refund this year and put it towards a new toy (hint: it's not the cat).

Be sure to check with your state government for income tax filing deadlines. The deadline to file federal income taxes for 2007 is Tuesday of next week.

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Entry bubble E-file Your Taxes!

By: Jake | March 03, 2008 | Category: Money

With changing tax laws, tax rebates checks and tax cats giving advice, there's a lot to consider when filing your taxes. E-filing can make things easier. It has for me.

For the last few years I have filed my taxes electronically. I have found e-file is more accurate and it saves me time number crunching. I also receive my refund quicker than I did when I mailed my refund. I'm not the only one that's found filing online easier. The Internal Revenue Service received nearly 80 million tax returns electronically in 2007 which accounted for nearly 60 percent of all returns they received. This is not just individuals; small businesses, charities and nonprofits can also e-file.Tax Computer Key

There are some things to think about before filing your taxes electronically. If your adjusted gross income is less than $54,000 you can file for free, but if it is more you will be charged for e-filing. Some states will accept your state tax return along with your federal return, but some will not. You should check to see how your state accepts online tax returns before you file. Also if you don't normally file a tax return, but are doing so for the tax rebate checks you should contact the IRS before e-filing to see if you are eligible.

For those who want to e-file, the IRS has a searchable database of local e-file providers as well as a list of online tax preparers. Though strict government laws won't allow me to endorse what it says (Oh, I'd only lose my job) and it's not a tip from their expert, the tax cat, you may want to check out the Consumerist post last week about how these online tax preparers rank.

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Entry bubble Tax Rebates for Americans

By: Sommer | February 15, 2008 | Category: Home and Family

Tax Refund Check Envelope


Tax season this year is the most exciting one for me and my husband yet since we’ll itemize so we can take our first ever mortgage interest deduction. And, in May we’ll be among the millions of Americans who will also receive the famed tax rebate checks the government has talked about for the last month.

In order to qualify, Americans will have had to file their 2007 tax returns. The IRS will then use your return to determine your eligibility for the rebate. They anticipate that singles with incomes under $75,000 will receive a maximum of $600 and for married people with incomes under $150,000 the checks will max out at $1,200. Households will also receive $300 additional for each dependent child under 17. Low-income Americans and beneficiaries of certain government programs have special eligibility.

Keep your eyes open for fraud since this new rebate provides the perfect opportunity for scamsters to take advantage of the unsuspecting public. The IRS will not call or email taxpayers about these payments! If you receive a scam email forward it to the IRS at phishing@irs.gov. Remember that the IRS will only contact you by mail about these payments.

Now that we’ve got business taken care of, I want to know what you’re planning to do with your check. Will you go on a vacation, invest it, use it to pay off debt or something else? We’re planning to use ours to start a college savings plan for our new son.

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Entry bubble Government Forms Made Easy

By: Nancy | January 10, 2008 | Category: General

woman looking at computer monitor

I have no glitz for you, today. No glamour. No grapefruit. No gifts. And sadly, no George Clooney.

What I do have though, is a great feature on USA.gov that will keep you from waiting in long lines, calling from office to office and wandering from website to website looking for the government forms that you need to take care of the business of everyday life: Forms.gov 

Bookmark this baby! The federal forms that you need are all in one place. Type key words in the search box for the forms you're looking for, search forms by the federal agency they come from or search by form number, if you know it. Whatever search method works for you, works for Forms.gov 

Tax day is three months away. Get your forms here.

Are you or your kids college bound and need to apply for student aid? Here's the gateway to the application process.

Ready to apply for Social Security? Here's where you start.

Moving and need to change your address with the post office, your state division of motor vehicles and more? Type "address change" into the Forms.gov search box to help you find all the forms you need.

Traveling and need to renew your passport? Do it by mail using this form.

If you're a farmer, doctor, realtor, civil servant or are in any other position that requires you to keep up with federal forms on the job for everything from safety to licensing to subsidies, Forms.gov is your go-to place.

I'm always looking for ways to consolidate and simplify my life--at home, at work and online. So I'm taking my own advice and bookmarking Forms.gov.

| Comments [3] | envelope Email This Entry | Tags: forms  forms.gov  nancy  passport  student  taxes 

 

Entry bubble Moving Out!

By: Jake | October 15, 2007 | Category: General

postal stamp: return to sender for better address

The apartment hunt is over! I found a new place in Alexandria and I move in early November. One of the first things I will do is tell various government agencies about my change of address.

I've found in the past the best place to start is the post office. I can change my address at any post office, or go online and do it for a dollar. After changing my address, the U.S. Postal Service will forward my mail to my new address for a year.

Though USPS will not tell people who mail me I have moved, they will forward my address change information to the Internal Revenue Service. The IRS will send my tax forms to the last address change furnished by myself or USPS. The last time I moved I did not change my address with the Internal Revenue Service and my tax forms arrived at my new address (though the IRS also got my new address when I changed for W-2's at work).

If this move were taking place during tax season and I had filed my tax return before changing my address, I would have notified my old post office and the IRS of the change so my refund and any other materials went to my new address. If you are collecting social security benefits,  have a passport or receive other services from federal agencies you should notify them of your address change.

For address changes on the state level, I've found the best place to start is at the state motor vehicles office. I can get my driver's license and car registration updated here, and most department of motor vehicles offices also allow you to update your voter registration.

Many municipalities require you give notice if you have a vehicle in their limits, so they can assess and collect property tax.  In the past I have received bills from former counties, so I will notify my old municipality so they don't send me a personal property tax bill.

After all the address changes are done, the Pueblo website has a moving checklist of things I need to do. I will be addressing things such as choosing a mover and utilities next week.

| Comments [2] | envelope Email This Entry | Tags: address  apartments  change  housing  irs  moving  taxes  usps