Tuesday, April 19, 2011

IRS Tips May Minimize Your Tax Time Stress and Put Money in Your Pocket

3-26-10
 
Nearly 77 thousand New Yorkers who failed to file an income tax return for 2006 are missing out on approximately $88 million in unclaimed refunds.
To collect the money, they must file their 2006 returns with the IRS no later than April 15. 
When a return is not filed, the law provides taxpayers with just a three-year window of opportunity for claiming a refund. 
Half of those who could claim refunds would receive more than $666. IRS forms and publications are available on the IRS.gov Web site.
 Hundreds of free IRS volunteer tax help sites are open to assist taxpayers in preparing basic tax returns.  The volunteer sites help prepare basic tax returns for older taxpayers, people with disabilities, non-English  speaking individuals and other people who cannot afford professional assistance.
Tax volunteers can be found at convenient neighborhood sites – such as libraries, senior centers, or college campuses. 
For the nearest volunteer site in New York call 1-800-906-9887.
“IRS Free File allows taxpayers earning $57,000 or less to e-file their tax returns for free through IRS.gov,” said IRS New York spokeswoman, Dianne Besunder. 
“E-file is fast, it’s free and it’s safe. Last year in New York, 6 million returns were e-filed,’ she said.
Also available on IRS.gov for the second year is an on-line tool that allows taxpayers to complete tax forms, perform basic mathematical calculations and e-file their federal income tax returns free of charge.
Free File Fillable Forms is most suited for those who prepare their own paper returns without the assistance of a tax return preparer or tax preparation software. There are no income limitations to use Free File Fillable Forms
“Workers with low incomes should review their eligibility for the Earned Income Tax Credit to see if they qualify for tax relief. Last year in New York, more than 1.5 million filers collected nearly $3.1 billion in EITC payments.
 The average EITC amount in New York was $2011.  

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