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Watch Out For Tax Scams!

www.taxassistonline.com keeping you up to date with tax news and tips. In TAX TIP 2006-24 the IRS Warns Taxpayers To Beware of Tax Scams Tax scams can take several forms, ranging from the promise of a large tax refund to the promotion of illegal ways of taxing yourself. Believe me, a few extra dollars is absolutely not worth the pain of

This is a strange but true story.

As of Feb 2005, unclaimed refunds totaling more than $2 billion were sitting waiting for about 1.7 million people who had failed to file an income tax return for 2001.

To collect their money, they had to file a return with the IRS no later than April 15 2005.

OK but that’s history now , so what’s the point?

The point is that the IRS estimates that half of those who could claim refunds would have received more than $484.

For example, you may have had taxes withheld from your wages or made payments against your taxes out of self-employed earnings but had too little income to require filing a tax return.

You may also be eligible for the refundable Earned Income Tax Credit. (This is a refundable federal income tax credit for low-income working individuals and families.)

How Long Can I wait Before Filing A Return?
The law provides most taxpayers with a three-year window of opportunity to claim a refund. If no return is filed to claim the refund within three years, the money becomes property of the U.S. Treasury.

IMPORTANT NOTE:
There is no penalty assessed by the IRS for filing a late return qualifying for a refund.

In other words if the IRS owes you money you’re OK. However, if you owe them money, you’ll be liable for back tax and maybe penalties.

Is There A Catch?
If you are seeking a refund for say 2002 or 2003, your checks will be held if you have also not filed tax returns for other years in between e.g. 2003 or 2004.

In addition, the refund will be applied to any amounts still owed to the IRS and may be used to satisfy unpaid child support or past due federal debts such as student loans.

Nevertheless, it sounds like a good deal, unless you’re hiding out in the hills because you think you owe the IRS a suitcase full of $100 bills.

How Do I Get A Form?
Forms for the current and prior years are available on www.irs.gov or by calling 1-800-TAX-FORM (1-800-829-3676).

What If I Need Help?
You can call the IRS help line at 1-800-829-1040.

For more help with your tax check out www.taxassistonline.com

Instant Refund - Don’t Believe It!

You  may have seen companies advertising instant refunds.  Beware of them.  Have you heard that there's no such thing as a free lunch?  Well, there's no such thing as an instant refund either. How do these companies get your refund instantly for you? They don't, is the short answer. They will complete your tax return and file it for you. If their calculations show

95,746 Tax Refunds Waiting To be Claimed

It might seem hard to believe, but the IRS has unclaimed refunds for 95,746 taxpayers because their checks could not be delivered! The average refund payment is $963 for each of the 95,746 taxpayers (worth a total of $92.2 million!) whose refund checks have been returned to the Internal Revenue Service as undeliverable, because a taxpayer has moved without notifying the

Where’s My Tax Refund?

OK, so you've filed your tax return (hopefully on time) and now you're expecting a refund. You have just one question and you want the answer now - Where the bleep is My Refund?? Well the good news is that you can access this secure IRS Web site to find out if the IRS received your return and the status of your

Telephone Excise Tax Refund

The IRS says the Telephone Excise Tax Refund (TETR) will be the most wide-reaching refund in IRS history - more than 160 million filers may request it. What Is The Telephone Excise Tax Refund? It is a one-time payment available on your 2006 federal income tax return. It is designed to refund previously collected long distance telephone taxes. Individuals, businesses and tax-exempt organizations are

About

Tax returns can be painful and getting them wrong can be even worse. It's important to get the right advice and help when you're preparing your tax return, especially if you want a tax refund. There are hundreds of twists and turns in the tax regulations, so that it's hard for the average person to know what's OK to claim, or

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