Wednesday, March 24, 2010

IRS To Open More Than 180 Local IRS Offices This Saturday to Help Taxpayers

The IRS is planning to provide help to taxpayers this year by being open for business this Saturday, March 27 from 9 a.m. to 2 p.m.—your local time. The location of participating offices is listed here.

IRS Commissioner Doug Shulman says the purpose of the Saturday office hours is to give economically struggling taxpayers the opportunity to work directly with IRS employees to resolve their tax issues via economic hardship status and payment arrangements. Taxpayers will also be able to get help claiming any of the special tax breaks in last year’s American Recovery and Reinvestment Act, many that I have gone over previously in my blog, such as, the:

- Homebuyer tax credit - the refundable credit equal to 10 percent of the purchase price up to a maximum of $8,000 ($4,000 if married filing separately). A first-time homebuyer is an individual who, with his or her spouse if married, has not owned any other principal residence for three years prior to the date of purchase of the new principal residence for which the credit is being claimed.

- American Opportunity Credit - a federal education credit to offset part of the cost of college. This credit modifies the existing Hope credit for tax years 2009 and 2010, making it available to a broader range of taxpayers. Income guidelines are expanded and required course materials are added to the list of qualified expenses. Many of those eligible will qualify for the maximum annual credit of $2,500 per student.

- Making Work Pay credit - In 2009 and 2010, the Making Work Pay provision of the American Recovery and Reinvestment Act will provide a refundable tax credit of up to $400 for working individuals and up to $800 for married taxpayers filing joint returns.

- Expanded Earned Income Tax Credit - There is now a new tax classification for EITC recipients who have three or more children and a higher credit amount – up to $5,657.

The IRS may hold three additional Saturday office hours this spring and early summer.

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