Tuesday, February 15, 2011

Tax-Time Tidbits You Need to Know

The Everett Washington Herald has put together a useful article with 6 things everyone should know for tax season. You can find a portion of their list below, or the full text at HeraldNet.com.

    Three more days: Federal taxpayers have until April 18 rather than the normal April 15 to file returns this year.

    File for free: The IRS "Free File" program is up and running. It is a chance to prepare and file your federal return for free. Go to IRS.gov if your adjusted gross income is $58,000 or less.

    No account? No problem: If you do not have a bank account, keep an eye out for a pilot program that offers a low-cost way to speed tax refunds.

    The Department of Treasury recently mailed out letters to 600,000 low- and moderate-income individuals nationwide who have limited or no access to a traditional bank account.

    Taxpayers who receive the letters can consider activating a MyAccountCard Visa Prepaid Debit Card in time to have their 2010 federal income tax refunds directly deposited onto those cards.

    Such cards sure beat the high cost of a refund anticipation loan.

    Download paperwork: Tackle the tax season one piece of paperwork at a time.

    Start finding the current 1099 forms for the bank accounts, CDs, etc., that you had on the 2009 return.

More here

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