TaxProPlus, NWI
S.A. Bednarski-Balthis

Tax Preparation

Helpful Hints & Information.......

irslogo.gif picture by scarlets0828        www.irs.gov  

IRS CONTACT: Toll-Free, 1-800-829-1040

Hours of Operation: Monday – Friday, 7:00 a.m. – 10:00 p.m. your local time (Alaska & Hawaii follow Pacific Time).

 HOW FAST WILL I GET MY REFUND???

When TAXPROPLUS electronically files your income tax return, you don't have to worry if the mail gets through. And, IRS e-file is so accurate that you are 99% less likely to receive subsequent correspondence from the IRS.  e-file delivers a fast refund, in as little as 10 days with Direct Deposit. Keep in mind there are NO FEES associated with IRS e-file. 

Tax professionals e-filed almost 63 million returns during 2008.

The official IRS webpage lists TaxProPlus  as an Authorized IRS e-file Provider. http://www.irs.gov/efile/article/0,,id=118449,00.html

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 TAXPROPLUS SAYS......
 Say "No" to Rapid Refund!!

Many commercial tax preparers love to sell "rapid refunds." Don't bite!

These offers are really high-interest short-term loans with outrageouly high interest rates - ranging from 40% to over 700% APR. Worse yet, with electronic filing, these offers don't deliver your refund that much faster. Typically, they will speed up your refund by only a week or two, depending on your situation.

If you fall for these schemes, you are giving away a chunk of your refund to a money lender. Keep all of your hard-earned money and tax credits for yourself and your family. You deserve it! Say "No" to all forms of up-front tax refund offers.

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***INFORMATION** Directly from the IRS Official Website**........

Highlights of 2008 Tax Law Changes: Tax Breaks Renewed, Recovery Rebate Credit, Homeowner Relief

http://www.irs.gov/newsroom/article/0,,id=202106,00.html?portlet=7

Tax Relief for Midwest Disaster Areas

Special tax relief related to severe storms, tornadoes or flooding, occurring after May 19, 2008, and before Aug. 1, 2008, is available to individuals in portions of Arkansas, Illinois, Indiana, Iowa, Kansas, Michigan, Minnesota, Missouri, Nebraska and Wisconsin that were affected by these disasters. Tax benefits include:

  • Liberalized rules for certain personal casualty losses and charitable contributions
  • An additional exemption amount for persons who provided housing for someone displaced by these disasters
  • The option to use 2007 earned income to figure a 2008 earned income tax credit (EITC) and additional child tax credit
  • An increased charitable standard mileage rate for use of personal vehicle for volunteer work related to these disasters
  • Special rules for withdrawals and loans from IRAs and other qualified retirement plans

Details on these and other relief provisions are in Publication 4492-B  .

First-Time Homebuyer Credit

Those who bought a main home recently or are considering buying one may qualify for the first-time homebuyer credit. Normally, a taxpayer qualifies if she didn’t own a main home during the prior three years. This unique credit of up to $7,500 works much like a 15-year interest-free loan. It is available for a limited time only –– on homes bought from April 9, 2008, to June 30, 2009. It can be claimed on new Form 5405 and is repaid each year as an additional tax. Income limits and other special rules apply.

 Tax Topics - What's Included........Itemized Deductions

http://www.irs.gov/taxtopics/tc500.html

2009 Inflation Adjustments Widen Tax Brackets and Expand Tax Benefits

http://www.irs.gov/newsroom/article/0,,id=187825,00.html