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When Will I Get My Tax Rebate?
The IRS also announced the availability of a new online calculator to help people determine the amount of their stimulus payments.
A news release from the IRS stated the stimulus payments will be made by direct deposit to those who choose to receive their 2008 income tax refunds through direct deposit. All others will get a paper check.
“To receive an economic stimulus payment, people just need to file their tax returns as they usually do,” said IRS Acting Commissioner Linda E. Stiff. “The payments will be automatic for the vast majority of taxpayers."
"Some lower-income workers and recipients of certain Social Security and veterans benefits who don’t normally need to file a tax return will need to do so in order to receive a stimulus payment,” Stiff said.
IRS officials said the stimulus payments will be sent out in the order of the last two digits of the Social Security number used on the tax return and because of that, some may receive their payments at different times than neighbors or family members. On a joint return, the first Social Security number listed will determine mail-out time.
The IRS expects to make about 34 million payments within the first three weeks after the payment schedule begins May 2. With more than 130 million households expected to receive stimulus payments, more than 25 percent of the payments will be made in the first three weeks.
Taxpayers who choose direct deposit on their federal income tax returns can expect to receive their economic stimulus payments between May 2 and May 16 provided their returns were received and processed by April 15, 2009.
For taxpayers who did not choose direct deposit on their tax return but whose returns were processed by April 15, the paper checks will be in the mail starting May 16, with the initial mailings completed by around July 11.
The IRS also announced Monday the availability of an online calculator on IRS.gov to help taxpayers determine if they are eligible to receive an economic stimulus payment and, if they are, how much they can expect.
Anyone who has prepared a 2008 income tax return can use the calculator. It will ask taxpayers a series of questions, so they should have their 2008 tax returns handy. After answering the questions, the calculator will provide the projected dollar value of the payment.
A news release from the IRS stated the stimulus payments will be made by direct deposit to those who choose to receive their 2008 income tax refunds through direct deposit. All others will get a paper check.
“To receive an economic stimulus payment, people just need to file their tax returns as they usually do,” said IRS Acting Commissioner Linda E. Stiff. “The payments will be automatic for the vast majority of taxpayers."
"Some lower-income workers and recipients of certain Social Security and veterans benefits who don’t normally need to file a tax return will need to do so in order to receive a stimulus payment,” Stiff said.
IRS officials said the stimulus payments will be sent out in the order of the last two digits of the Social Security number used on the tax return and because of that, some may receive their payments at different times than neighbors or family members. On a joint return, the first Social Security number listed will determine mail-out time.
The IRS expects to make about 34 million payments within the first three weeks after the payment schedule begins May 2. With more than 130 million households expected to receive stimulus payments, more than 25 percent of the payments will be made in the first three weeks.
Taxpayers who choose direct deposit on their federal income tax returns can expect to receive their economic stimulus payments between May 2 and May 16 provided their returns were received and processed by April 15, 2009.
For taxpayers who did not choose direct deposit on their tax return but whose returns were processed by April 15, the paper checks will be in the mail starting May 16, with the initial mailings completed by around July 11.
The IRS also announced Monday the availability of an online calculator on IRS.gov to help taxpayers determine if they are eligible to receive an economic stimulus payment and, if they are, how much they can expect.
Anyone who has prepared a 2008 income tax return can use the calculator. It will ask taxpayers a series of questions, so they should have their 2008 tax returns handy. After answering the questions, the calculator will provide the projected dollar value of the payment.
Labels: irs tax rebate, irs tax rebates
What To Do With Your Tax Rebate
We are all crossing our fingers that the money is on the way. Now, why are we all so excited? For some, it is because they will finally be able to buy that 52" HDTV without having to dip into their savings account.
For others, it means their savings account will finally hold more than just a few bucks, since every dollar is being used to pay off bills. For those of you who haven't already spent the money, here are a few things to think about that. These spending ideas will both help the economy (that is the reason behind this all) and create a better lifestyle for you.
The first spending idea for your tax rebate is to use it for home improvements. If you have the desire to make this money last without dumping it into your savings account, you can use it to update your home with materials that will last forever. Materials like tile, hardwood flooring, and even metal siding last a lot longer than some cheaper materials.
If you own an older home, you might think about updating your windows and appliances to those that are energy efficient. Go ahead and stock up on those new funky light bulbs as well. Not only will you be following the plan of jumpstarting our economy but you will feel great about "going green" as well.
Spending your money on items that are energy efficient will lower your power and heating bills. This probably seems like a great idea now, doesn't it. But don't forget about your other options.
You might use your money to stock up on food that you use often. There is nothing wrong with having a surplus of flour, sugar, and those canned foods you regularly use. Be sure to properly store any extra food your buy to ensure it will last for a long time.
If stocking up on food isn't your thing, you might consider spending the money on exercise equipment or even on a gym membership. Either choice is something that will last for more than just a few months. If you buy vitamins, use your tax rebate to stock up for a year.
The last idea for spending your tax rebate is not going to save you money on your power bill or help you go green, but you might consider it as well. Take your tax rebate and go on a shopping spree. Buy anything that you will need in the next 12 months.
You could buy off season clothes for you kids or even stock up on make up and other items you or your spouse is constantly buying. You can even get most of your holiday shopping done this summer, just don't forget where you hide them when the holiday's roll around. Spend you money at a number of different local merchants to help our your local economy.
It is obvious that there are more than just our two options of savings or spending our tax rebate. If you want to help out, spend this money on items or services that will last for a long time. Do your part as a citizen to boost our economy by not digging a hole in your back yard and burying your tax rebate.
For others, it means their savings account will finally hold more than just a few bucks, since every dollar is being used to pay off bills. For those of you who haven't already spent the money, here are a few things to think about that. These spending ideas will both help the economy (that is the reason behind this all) and create a better lifestyle for you.
The first spending idea for your tax rebate is to use it for home improvements. If you have the desire to make this money last without dumping it into your savings account, you can use it to update your home with materials that will last forever. Materials like tile, hardwood flooring, and even metal siding last a lot longer than some cheaper materials.
If you own an older home, you might think about updating your windows and appliances to those that are energy efficient. Go ahead and stock up on those new funky light bulbs as well. Not only will you be following the plan of jumpstarting our economy but you will feel great about "going green" as well.
Spending your money on items that are energy efficient will lower your power and heating bills. This probably seems like a great idea now, doesn't it. But don't forget about your other options.
You might use your money to stock up on food that you use often. There is nothing wrong with having a surplus of flour, sugar, and those canned foods you regularly use. Be sure to properly store any extra food your buy to ensure it will last for a long time.
If stocking up on food isn't your thing, you might consider spending the money on exercise equipment or even on a gym membership. Either choice is something that will last for more than just a few months. If you buy vitamins, use your tax rebate to stock up for a year.
The last idea for spending your tax rebate is not going to save you money on your power bill or help you go green, but you might consider it as well. Take your tax rebate and go on a shopping spree. Buy anything that you will need in the next 12 months.
You could buy off season clothes for you kids or even stock up on make up and other items you or your spouse is constantly buying. You can even get most of your holiday shopping done this summer, just don't forget where you hide them when the holiday's roll around. Spend you money at a number of different local merchants to help our your local economy.
It is obvious that there are more than just our two options of savings or spending our tax rebate. If you want to help out, spend this money on items or services that will last for a long time. Do your part as a citizen to boost our economy by not digging a hole in your back yard and burying your tax rebate.
Labels: irs tax rebate, irs tax rebates
IRS Tax Help
IRS tax help refers to the free tax help offered by IRS. It is considered as the easiest way to get tax help. Every tax year, Americans shell out $7.5 billion to get help from tax professionals to prepare their tax returns. IRS tax help is meant for those people who find it difficult to calculate the complex tax entries. Many IRS offices in the United States offer walk-in tax help for technical or tax questions about various tax forms and tax returns. This helps the common people to ask the IRS officials and clear any doubts regarding tax preparation or tax deductions.
IRS tax help was introduced with the aim to assist people to accurately prepare their tax returns. IRS officials assist the taxpayers with payroll tax, sales tax, income tax, and employment tax problems. This has become a major advantage for the people as they can prepare their tax returns without the help of a tax advisor or tax preparation software. IRS also sponsors volunteer tax help programs such as community outreach tax education program, tax counseling for the elderly program, and volunteer income tax assistance program. These free programs held at various IRS offices provide a step-by-step help in preparing your tax returns.
IRS tax help officials can also suggest the amount of tax you need to pay to avoid being charged with tax evasion. They also assist you in applying for a refund in cases where you paid any excess tax. Every year, many people benefit from the IRS tax help programs. Here, you can take advantage of any of the IRS tax help programs to prepare your own tax returns without having to pay a tax advisor or tax professional.
IRS tax help was introduced with the aim to assist people to accurately prepare their tax returns. IRS officials assist the taxpayers with payroll tax, sales tax, income tax, and employment tax problems. This has become a major advantage for the people as they can prepare their tax returns without the help of a tax advisor or tax preparation software. IRS also sponsors volunteer tax help programs such as community outreach tax education program, tax counseling for the elderly program, and volunteer income tax assistance program. These free programs held at various IRS offices provide a step-by-step help in preparing your tax returns.
IRS tax help officials can also suggest the amount of tax you need to pay to avoid being charged with tax evasion. They also assist you in applying for a refund in cases where you paid any excess tax. Every year, many people benefit from the IRS tax help programs. Here, you can take advantage of any of the IRS tax help programs to prepare your own tax returns without having to pay a tax advisor or tax professional.
Labels: irs tax rebate, irs tax rebates
Do you have an IRS Tax Problem? Here Are 6 Strategies to Solve Your Tax Problems Today
If you owe money to the IRS, you have many options legally available to you, to help you solve your tax problems.
Full Payment
The first option is the simplest and most straight-forward. You can simply pay off the outstanding tax balance. This assumes you have the resources to do so. You could either pay from current funds on hand or from borrowed funds. Once your account is paid in full, all collection activity will cease. Any outstanding liens and levies will be automatically removed. Unfortunately, not everyone can afford to make full payment. If you were able to make full payment to the IRS, you probably wouldn’t have a tax problem.
Installment Agreement
If you cannot afford to pay in full your past tax liability, you can request for an Installment Agreement. An installment agreement is effectively a loan from the IRS. There is no credit check although penalties and interest will continue to be charged until the balance is paid off. This will allow you to pay off your tax liability through monthly installments. The installment agreement may pay all (Full Pay) or part (Partial Pay) of your past tax liability.
Offer-in-Compromise
In certain limited circumstances, the IRS has the authority to settle, or compromise, federal tax liabilities by accepting less than full payment. This is what is known as an offer-in-compromise. By making an offer-in-compromise, you agree to pay less than the full amount of the taxes owed by you. If there is no doubt about your liability or collectibility, but an exceptional circumstance exists, then the IRS may still consider an offer in compromise. To be eligible on this basis, you must demonstrate that collection of the tax will create an economic hardship or will be unfair and inequitable.
Currently-not-Collectible
Currently-not-Collectible status means the taxpayer does not presently have the ability to pay their tax debts. The IRS uses this status to protect taxpayers from hardships that can be caused by collection activity. To qualify for Currently-not-Collectible status, your allowable expenses must exceed or come close to exceeding your income. The IRS will also consider your assets before placing your account into Currently-not-Collectible status. Once your account in placed in Currently-not-Collectible status, the IRS will stop all collection activity including levies and garnishments. The IRS will send you an annual statement stating the amount of tax still owed. Your account will be reviewed periodically to determine if your financial situation has changed and whether you still qualify to be classified as Currently-not-Collectible. While your account is in Currently-not-Collectible status, the IRS will continue to add interest and penalties but it will not try to collect the taxes from you.
Bankruptcy
Bankruptcy proceedings discharge certain taxes including federal income taxes. Federal income taxes can be discharged in a Chapter 7 bankruptcy proceeding. Many penalties and other assessments can be discharged through a Chapter 13 payment arrangement. Payroll tax liabilities cannot be discharged in bankruptcy.
Statute of Limitations
The IRS does not have forever to collect the money that you owe them. They cannot chase after you for the rest of your life. There is a 10 year statute of limitation for collecting tax (6 years for assessments of tax or levy made on or before November 5, 1990).This 10 year period begins to run on the day after the date of assessment. The statute is extended for the period of time you have a Bankruptcy filed and pending. The statute is also extended during the time you have submitted an offer-in-compromise and are waiting for an approval. This 10 year statute of limitation can be extended by mutual agreement if the agreement is made within the 10 year period. If the IRS doesn't collect the full amount in the 10 year period, then the remaining balance on the account disappears forever. All collection activity by the IRS must stop at this time.
Full Payment
The first option is the simplest and most straight-forward. You can simply pay off the outstanding tax balance. This assumes you have the resources to do so. You could either pay from current funds on hand or from borrowed funds. Once your account is paid in full, all collection activity will cease. Any outstanding liens and levies will be automatically removed. Unfortunately, not everyone can afford to make full payment. If you were able to make full payment to the IRS, you probably wouldn’t have a tax problem.
Installment Agreement
If you cannot afford to pay in full your past tax liability, you can request for an Installment Agreement. An installment agreement is effectively a loan from the IRS. There is no credit check although penalties and interest will continue to be charged until the balance is paid off. This will allow you to pay off your tax liability through monthly installments. The installment agreement may pay all (Full Pay) or part (Partial Pay) of your past tax liability.
Offer-in-Compromise
In certain limited circumstances, the IRS has the authority to settle, or compromise, federal tax liabilities by accepting less than full payment. This is what is known as an offer-in-compromise. By making an offer-in-compromise, you agree to pay less than the full amount of the taxes owed by you. If there is no doubt about your liability or collectibility, but an exceptional circumstance exists, then the IRS may still consider an offer in compromise. To be eligible on this basis, you must demonstrate that collection of the tax will create an economic hardship or will be unfair and inequitable.
Currently-not-Collectible
Currently-not-Collectible status means the taxpayer does not presently have the ability to pay their tax debts. The IRS uses this status to protect taxpayers from hardships that can be caused by collection activity. To qualify for Currently-not-Collectible status, your allowable expenses must exceed or come close to exceeding your income. The IRS will also consider your assets before placing your account into Currently-not-Collectible status. Once your account in placed in Currently-not-Collectible status, the IRS will stop all collection activity including levies and garnishments. The IRS will send you an annual statement stating the amount of tax still owed. Your account will be reviewed periodically to determine if your financial situation has changed and whether you still qualify to be classified as Currently-not-Collectible. While your account is in Currently-not-Collectible status, the IRS will continue to add interest and penalties but it will not try to collect the taxes from you.
Bankruptcy
Bankruptcy proceedings discharge certain taxes including federal income taxes. Federal income taxes can be discharged in a Chapter 7 bankruptcy proceeding. Many penalties and other assessments can be discharged through a Chapter 13 payment arrangement. Payroll tax liabilities cannot be discharged in bankruptcy.
Statute of Limitations
The IRS does not have forever to collect the money that you owe them. They cannot chase after you for the rest of your life. There is a 10 year statute of limitation for collecting tax (6 years for assessments of tax or levy made on or before November 5, 1990).This 10 year period begins to run on the day after the date of assessment. The statute is extended for the period of time you have a Bankruptcy filed and pending. The statute is also extended during the time you have submitted an offer-in-compromise and are waiting for an approval. This 10 year statute of limitation can be extended by mutual agreement if the agreement is made within the 10 year period. If the IRS doesn't collect the full amount in the 10 year period, then the remaining balance on the account disappears forever. All collection activity by the IRS must stop at this time.
Labels: irs tax rebate, online tax rebate, tax rebates
5 Ways to Handle IRS Tax Debt
You owe the IRS...you've checked to make sure the debt is correct and it is. Now you have to figure out how you're going to deal with it before the IRS comes and deals with you. These are the 5 most common steps you can take to deal with an IRS tax debt.
Step 1: Don't panic! The IRS isn't going to kick in your door the second you know you owe a tax debt. However just because you shouldn't panic; doesn't mean you should ignore the problem either. If you figured out you will owe before you filed, go ahead and file as soon as possible. If you don't file there is a non-filing penalty of 5% per month based on your income taxes. This 5% non-filing penalty increases by 5% each month that you don't file up to 25%.
Step 2: Buy yourself some time. You can send a written request to the IRS stating that you can't pay your debt right now. You can get a 45 day extension to pay your debt. Remember though, this is only a temporary solution, and you need to use this time to come up with a strategy, or borrow money, or figure out some other way to take care of your IRS tax debt.
Step 3: Deal with the devil. You should be prepared to deal directly with the IRS. The IRS offers several options to "help" you pay your tax debt. You need to be aware that whatever solution you setup with the IRS is not to your benefit. It's just like going to Vegas...the house always wins.
The most common way that the IRS will "help" you with your debt is by setting you up in a monthly payment plan. You should know that 97% of tax debtors who enter a payment plan fail. In fact the IRS wants you to fail, that way they can levy your bank accounts and wages because it makes it easier to collect the money from you.
Step 4: Seek professional help. You can gain the services of a tax professional to negotiate with the IRS on your behalf. Make sure the tax professional is legitimate, and always check with the Better Business Bureau before throwing down your hard earned money on the hopes of erasing your debt. Make sure whoever your dealing with is qualified to negotiate with the IRS. The IRS will only negotiate on your tax debt with one of these three professions: tax attorney, CPA, or licensed enrolled agent.
Step 5: You will have to pay. Even if you've been able to hold off your debt, and you've retained the services of a tax professional you will have to pay the IRS. You may be able to only have to pay a portion of the debt if you qualify for a settlement agreement. You may also have to pay back the full loan in an installment agreement.
Step 1: Don't panic! The IRS isn't going to kick in your door the second you know you owe a tax debt. However just because you shouldn't panic; doesn't mean you should ignore the problem either. If you figured out you will owe before you filed, go ahead and file as soon as possible. If you don't file there is a non-filing penalty of 5% per month based on your income taxes. This 5% non-filing penalty increases by 5% each month that you don't file up to 25%.
Step 2: Buy yourself some time. You can send a written request to the IRS stating that you can't pay your debt right now. You can get a 45 day extension to pay your debt. Remember though, this is only a temporary solution, and you need to use this time to come up with a strategy, or borrow money, or figure out some other way to take care of your IRS tax debt.
Step 3: Deal with the devil. You should be prepared to deal directly with the IRS. The IRS offers several options to "help" you pay your tax debt. You need to be aware that whatever solution you setup with the IRS is not to your benefit. It's just like going to Vegas...the house always wins.
The most common way that the IRS will "help" you with your debt is by setting you up in a monthly payment plan. You should know that 97% of tax debtors who enter a payment plan fail. In fact the IRS wants you to fail, that way they can levy your bank accounts and wages because it makes it easier to collect the money from you.
Step 4: Seek professional help. You can gain the services of a tax professional to negotiate with the IRS on your behalf. Make sure the tax professional is legitimate, and always check with the Better Business Bureau before throwing down your hard earned money on the hopes of erasing your debt. Make sure whoever your dealing with is qualified to negotiate with the IRS. The IRS will only negotiate on your tax debt with one of these three professions: tax attorney, CPA, or licensed enrolled agent.
Step 5: You will have to pay. Even if you've been able to hold off your debt, and you've retained the services of a tax professional you will have to pay the IRS. You may be able to only have to pay a portion of the debt if you qualify for a settlement agreement. You may also have to pay back the full loan in an installment agreement.
Labels: irs tax rebate, online tax rebate
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