Written by Hillsboro Free Press Tuesday, 31 March 2009 14:37The IRS recognizes that many people are going through difficult times financially. Often, there is a tax impact to events such as job loss, debt forgiveness or dipping into a retirement account, said Michael T. Devine, Kansas-Missouri IRS representative.
“If your income has decreased, you may even be eligible for certain tax credits, such as the Earned Income Tax Credit, which can mean money in your pocket,” he said.
Most important, people who believe they may have trouble paying their...
Written by Patty Decker Tuesday, 03 March 2009 14:14Last year in Marion County 717 individuals and families received more than $1.2 million, or an average of $1,752 from the Earned Income Tax Credit, said Internal Revenue Services spokesman Michael Devine.
"This year, the EITC can put an extra $400 to $4,800 into the pockets of low income working individuals and families," Devine said.
In addition, if people qualify and claim the credit, they may pay less federal tax, pay no tax or even receive a refund beyond the amount of tax withheld.
For those unfamiliar with earned income tax credit, he said, it was created in 1975 in part to offset the burden of Social Security taxes and to serve as a work incentive.
To find out if someone is eligible, the IRS suggests using the...
Written by Hillsboro Free Press Tuesday, 03 February 2009 14:15Imagine using your tax refund to remodel the kitchen.
After a long, economically challenged year, many homeowners can look forward to one bright spot on the New Year horizon: the expectation of a tax refund to help fund much-needed home fix-ups.
It’s hard not to want a fashionable, newly remodeled home, especially if your cabinets are cluttered and crumbling from years of use, and the bathroom is so out of date you’re embarrassed to have company visit.
Now is a good time to do a little advance planning for remodeling to ensure every hard-earned dollar is used wisely.
One way to stay on budget is to take the advice of the National Kitchen and Bath Association and prepare a top-10 list of must-have...
Written by Hillsboro Free Press Tuesday, 03 February 2009 14:13From brown-bagging your lunch to foregoing movie night, we have many opportunities to find savings.
Even though New Year’s Day is just behind us, April 15 isn’t that far away, and many Americans may be facing the unpleasant reality that their paycheck withholdings won’t be enough to cover their taxes and they’ll need to dip into their savings to cover the bill.
“Having to use your savings to pay an unexpected tax bill can be upsetting, but it doesn’t need to spell financial disaster,” says Steve Krenzer from LowerMyBills.com. “Many Americans may find that with just a few simple steps they can start saving money and get their bank accounts back on the road to recovery.”
Written by Hillsboro Free Press Tuesday, 20 January 2009 15:01The April 15 deadline for filing federal and state income taxes is months away. Even so, taxpayers who gather and organize their tax information early can be better able to take advantage of tax credits and free income tax services, a Kansas State University specialist said.
If due a refund, filing early also can speed that refund, said Carol Young, Kansas State University Research and Extension financial management specialist.
She offered these tax tips:
n Start now to organize and categorize receipts.
n Check to see if you qualify for one or more tax credits. For example, working individuals or families who have qualifying children and earn about $37,000 or less, often can receive an Earned Income Tax Credit. Some low-wage...
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