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Earned Income Tax Credit a benefit for county residents who qualify

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Written by Nicole Suderman Tuesday, 02 March 2010 19:52

Almost 800 Marion County taxpayers received more than $1.2 million in Earned Income Tax Credit last year.

“This year, and expanded, EITC can put up to $5,756 into the pockets of low-income working individuals and families,” said IRS spokesman Michael Devine.

“If they qualify and claim the credit, they could pay less federal tax, pay no tax or even receive a refund beyond the amount of tax withheld.”

The EITC was created in 1975 in part to offset the burden of Social Security taxes and to serve as a work incentive. Last year more than 186,000 Kansas individuals and families received more than $360 million.

But the IRS estimates that as many as one-in-four eligible taxpayers fail to claim this tax credit because they are...

If you need assistance, choose your tax preparer carefully

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Written by Nicole Suderman Tuesday, 02 February 2010 20:02

“Most return preparers are professional, honest and provide excellent service to their clients, but some engage in fraud and other illegal activities,” says Michael Devine, IRS media relations specialist for the IRS. Taxpayers who decide they need assistance when preparing a tax return should choose a tax preparer with care and caution.

Even if a return was prepared by an outside individual or firm, taxpayers should remember they are legally responsible for what they file with the Internal Revenue Service, according to Michael Devine, IRS media relations, St. Louis, Mo.

“Most return preparers are professional, honest and provide excellent service to their clients, but some engage in fraud and other illegal activities,” he said.

Return preparer fraud involves the preparation and filing of false income tax returns by preparers who claim inflated personal or business expenses, false deductions, unallowable credits or excessive exemptions on...

Record keeping can make all the difference

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Written by Nicole Suderman Tuesday, 02 February 2010 20:01

Normally tax records should be kept for three years. When you discard them, dispose of them properly to avoid identity theft. People can avoid headaches at tax time by keeping track of their receipts and other records all year.

In most cases, people do not have to keep tax records in any special manner. Good recordkeeping will save time and help taxpayers remember the various transactions they made during the year.

“Records help you document the deductions you’ll claim on your return and will help if the IRS selects your return for examination,” said Michael Devine, IRS media relations.

Whether someone does their own taxes pays a professional to complete the return, having tax records in one place will make returns easier to complete and more accurate.

“Generally speaking,” he said, “you should keep any and all documents that may have an...

Five ideas for saving time and money as you prepare taxes

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Written by Nicole Suderman Tuesday, 05 January 2010 19:51

Good online tax programs for people with general tax needs are available for less than $20 and even investors or small business owners who have more complicated returns can find solutions for less than $75. The typical taxpayer is expected to spend more than three business days and more than $200 completing his or her tax return.

As people get ready to file their 2009 tax returns, there are a few things they can do to save time and money.

1. Make sure you’re prepared. Having a few key items available when you start your taxes will save a lot of time. These include:

• Your tax return from 2008

• Social Security numbers for you, your spouse and children

• All W-2s (wage and tax withheld form for 2009 supplied by your employer), 1099s (statements on investment income provided by your financial services institutions), mortgage interest statements and other statements related to income

• All statements related to expenses that...

Tax changes that could work in your favor in 2009

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Written by Patty Decker Tuesday, 31 March 2009 14:38

TaxesPayTheBill2.jpg Taxpayers might reduce their contribution to the IRS if they are aware and exercise some of the changes in the tax law that are in force for 2009.

To help Marion County taxpayers navigate through key federal income-tax changes for 2009, financial and tax businesses in Marion and Hillsboro were asked to offer their expertise.

Representatives from Waddell and Reed Financial Services, Accounting and Financial Initiative LLC, Edward Jones Financial Services, Adams, Brown, Beran & Ball and Ken Koslowsky Accounting Service spoke on behalf of their respective businesses.

First-time home buyers

Bryce Wichert, Accounting and Financial Initiative LLC in Hillsboro, said two important changes include...