FAST FACTS:
danya.bacchus@wreg.com
(Memphis 02/11/2010) Two things in life are certain: Death and taxes.
Instead of stressing yourself out this time of year, the Internal Revenue Service says it has ways to make filing taxes easier. First, forget the paper, file electronically.
"E-filing makes it simple it just walks you right through the process. It really helps you avoid missing any of the tax breaks that are out there. A lot of them it just gives them to you automatically," said Dan Boone with the IRS.
70% of filers are turning to the internet. If that doesn't convince you, Boone says not only is it easier but you'll get your refund faster.
"If you use direct deposit along with that you'll have your return in your bank account within 10 days. You get confirmation from the IRS that we go your refund. You also get a very low error rate," said Boone
He also says, this time of year, some "so-called" tax preparers are looking to take advantage of people. There are a couple of red flags you should look for before letting someone handle your information.
Boone says no one should charge you a percentage of the refund as a fee, never leave a blank return with a preparer and if it sounds too good to be true, it probably is.
"If they try to tell you they're going to get you a bigger refund than the guy down the street and they haven't even looked at your information yet, that's a big red flag right there," said Boone.
There are also tax breaks you should look at for this year. If you bought a new home, car, went to college or even received unemployment, there are credits and deductions you can take advantage of.
"Congress passed a law for 2009, the first 2400 dollars of your unemployment benefits are not taxed so you won't have to be taxed on those," said Boone.
If you have a household income of $49, 000 or less the IRS has set up sites in Memphis and Shelby County with trained volunteers to do your taxes.
Call 2-1-1 the United Way helpline for more information.
- IRS Gives Tax Tips
- Recommends Filing Electronically
- Watch Out For "Red Flags"
danya.bacchus@wreg.com
(Memphis 02/11/2010) Two things in life are certain: Death and taxes.
Instead of stressing yourself out this time of year, the Internal Revenue Service says it has ways to make filing taxes easier. First, forget the paper, file electronically.
"E-filing makes it simple it just walks you right through the process. It really helps you avoid missing any of the tax breaks that are out there. A lot of them it just gives them to you automatically," said Dan Boone with the IRS.
70% of filers are turning to the internet. If that doesn't convince you, Boone says not only is it easier but you'll get your refund faster.
"If you use direct deposit along with that you'll have your return in your bank account within 10 days. You get confirmation from the IRS that we go your refund. You also get a very low error rate," said Boone
He also says, this time of year, some "so-called" tax preparers are looking to take advantage of people. There are a couple of red flags you should look for before letting someone handle your information.
Boone says no one should charge you a percentage of the refund as a fee, never leave a blank return with a preparer and if it sounds too good to be true, it probably is.
"If they try to tell you they're going to get you a bigger refund than the guy down the street and they haven't even looked at your information yet, that's a big red flag right there," said Boone.
There are also tax breaks you should look at for this year. If you bought a new home, car, went to college or even received unemployment, there are credits and deductions you can take advantage of.
"Congress passed a law for 2009, the first 2400 dollars of your unemployment benefits are not taxed so you won't have to be taxed on those," said Boone.
If you have a household income of $49, 000 or less the IRS has set up sites in Memphis and Shelby County with trained volunteers to do your taxes.
Call 2-1-1 the United Way helpline for more information.
