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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

First, the good news. A last minute deal in Congress has seen the alternative minimum tax adjusted for inflation, meaning about 23 million households will avoid a tax increase of about $2000.

However, the not quite so good news is that the IRS says it will take about seven weeks to reprogram and test its systems to accommodate the change to the tax rules affecting the alternative minimum tax (AMT). That applies to electronic and paper returns, and it means that even if you file your return early, you won’t be getting any refund due to you until at least February. In the words of U.S. Treasury Secretary Henry Paulson, “It is likely there will be some delays, including the delays of some refunds.”

The AMT was introduced in 1969, with the intention of preventing a small number of wealthy households claiming excessive deductions. But it wasn’t linked to inflation, so as the years have gone by, the number of households affected has increased. There’s no denying that the fix needed to be made and that the outcome will be a positive one for many taxpayers. But the timing will be causing more than a few headaches - for those rushing to implement the changes, for the Congressmen associated with a delayed tax refund in an election year and for those taxpayers who like to file early and get their refund at the end of January.

Well don’t count on it this year.

 

IRS Withholding Calculator - A Simple Tool

The IRS has introduced a calculator to help you make sure your employer deducts the right amount of withholding tax from your pay. The IRS website says: Purpose of This Computer Program The purpose of this application is to help employees to ensure that they do not have too much or too little income tax withheld from their pay. It is not

EITC - Tax Money The Government Wants You To Have

"The government has significantly curtailed welfare in the United States, and minimum wage is far too often the norm for many hard working unskilled Americans. The government has provided a financial windfall or tax credit as it is called to make up for the huge disparity between low-income wage earners and the high cost of living in the United States.

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