Published: Sunday, February 13, 2011
Tax-time tidbits you need to know
Three more days: Federal taxpayers have until April 18 rather than the normal April 15 to file returns this year.
File for free: The IRS "Free File" program is up and running. It is a chance to prepare and file your federal return for free. Go to IRS.gov if your adjusted gross income is $58,000 or less.
No account? No problem: If you do not have a bank account, keep an eye out for a pilot program that offers a low-cost way to speed tax refunds.
The Department of Treasury recently mailed out letters to 600,000 low- and moderate-income individuals nationwide who have limited or no access to a traditional bank account.
Taxpayers who receive the letters can consider activating a MyAccountCard Visa Prepaid Debit Card in time to have their 2010 federal income tax refunds directly deposited onto those cards.
Such cards sure beat the high cost of a refund anticipation loan.
Download paperwork: Tackle the tax season one piece of paperwork at a time.
Start finding the current 1099 forms for the bank accounts, CDs, etc., that you had on the 2009 return.
Beware of scams: Do not fall for scam e-mails. Seniors and others often start getting e-mails that claim: "You're owed $89 in a refund from your federal taxes." The IRS isn't sending those e-mails; they're being sent by crooked dudes who want your bank account numbers. If you buy it, your bank accounts could be hit.
No booklets: Think you'll wait to do your taxes until you get a booklet from the IRS? You could be waiting a long time. The IRS stopped such mass mailings this year. Taxpayers must call 800-829-3676 if they want to receive blank tax forms. The IRS wants to reduce costs -- and yes, encourage e-filing.
File for free: The IRS "Free File" program is up and running. It is a chance to prepare and file your federal return for free. Go to IRS.gov if your adjusted gross income is $58,000 or less.
No account? No problem: If you do not have a bank account, keep an eye out for a pilot program that offers a low-cost way to speed tax refunds.
The Department of Treasury recently mailed out letters to 600,000 low- and moderate-income individuals nationwide who have limited or no access to a traditional bank account.
Taxpayers who receive the letters can consider activating a MyAccountCard Visa Prepaid Debit Card in time to have their 2010 federal income tax refunds directly deposited onto those cards.
Such cards sure beat the high cost of a refund anticipation loan.
Download paperwork: Tackle the tax season one piece of paperwork at a time.
Start finding the current 1099 forms for the bank accounts, CDs, etc., that you had on the 2009 return.
Beware of scams: Do not fall for scam e-mails. Seniors and others often start getting e-mails that claim: "You're owed $89 in a refund from your federal taxes." The IRS isn't sending those e-mails; they're being sent by crooked dudes who want your bank account numbers. If you buy it, your bank accounts could be hit.
No booklets: Think you'll wait to do your taxes until you get a booklet from the IRS? You could be waiting a long time. The IRS stopped such mass mailings this year. Taxpayers must call 800-829-3676 if they want to receive blank tax forms. The IRS wants to reduce costs -- and yes, encourage e-filing.
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