For anyone watching their budget, taxes might not be at the top of their list until the April 15th deadline. If you have already received your W2 forms and all other required forms to file your taxes, you may want to do a quick calculation of your taxes now, to determine whether or not you owe money. You may need to tighten your budget for the next couple of months. Try to be extra cautious about your spending. Buy only what you need. Try planning meals so you don’t have the expense of eating out. You do not want to miss the April 15th deadline! If you do miss, it will make matters worse. You will have to pay a penalty on top of interest on your balance.
Interest charges will be assessed by using these forms of payments. Your last resort would be using a revolving credit card to pay for your taxes at a high interest rate. A better option may be an installment agreement directly with the IRS. The IRS charges a $43 fee for setting up an installment agreement. You will also be required to pay interest plus a late payment penalty on the unpaid balance. This penalty, usually 1/2 (one half) percent of the balance due per month, drops to a 1/25 (one quarter) percent rate when the IRS approves the installment agreement if your return was filed on time and you did not receive a levy notice from the IRS.
File on time!
Many times people owe more because they don’t have enough taken out of their pay weekly.
For really simple filing you can file by using a telephone or TeleFile.
If filing is a fairly simple task for you, you can file an E-file at the IRS web site, www.irs.gov.
If you do not feel comfortable filling out and filing your own tax forms, find a professional Tax Preparer.
Everything you need to know about filing your taxes is located on the IRS website at www.irs.gov. Don't get overwhelmed by it, there is help available. To find out where your local Taxpayer Assistance Center
The IRS Volunteer Income Tax Assistant Program (VITA) is designed to help you, if you fall within the low-to-moderate-income limit (under $35,000). This is comprised of volunteers sponsored by various organizations. They receive training to help prepare basic tax returns. They are generally located at community and neighborhood centers, libraries, schools, or shopping malls.
If you are in the service you can use the Armed Forces Tax Council (AFTC). They are trained and equipped to address military specific tax issues, combat zone tax benefits, and the effect of the new Earned Income Tax Credit (EITC) guidelines.
If you are over 60 years old you can use the Tax Counseling for the Elderly or (TCE), which is designed to assist taxpayers who are 60 or older. For more information on TCE, call 1-800-829-1040. To locate the nearest AARP Tax-Aide site, call 1-888-227-7669 or visit AARP's Internet site at www.aarp.org. To find available IRS help, go to their web site at www.irs.gov or call 1-800-829-1040.
To ask a question by email you can reach the IRS at *firstname.lastname@example.org, (Don't forget the asterisk at the front), and type "Publications Comment" in the subject line.
If you have tried unsuccessfully to resolve a problem with the IRS, your local Taxpayer Advocate can offer you special help. If you have a significant hardship as a result of a tax problem, and you acted reasonably and in good faith, the IRS may waive the penalties and interest on your account. For more information you can contact the Taxpayer Advocate at 1-877-777-4778.
Get ready and get that tax return in the mail!
Check out these web-sites for more information on taxes