Tuesday, March 20, 2007

BUHAY AMERICA TIPS:

TAX FILING TIPS

Nakapag-file ka na ba ng tax return mo? Kung hindi pa, don't fret - hindi ka nag-iisa.



According to the IRS, as of March 10, halos kalahati pa lang ng American taxpayers ang naka-pag-submit na.



Here are some interesting tax returns data culled from this report:

  • The average refund this year is at $2,548.
  • IRS has issued 50.5 million refunds out of the 60.9 million returns received as of March 10.
  • They expect to process about 136 million individual tax returns in 2007.
  • More than 13.3 million e-filed from their personal computers. Those who file electronically can usually have their refund deposited directly into their bank accounts in two weeks or less. (Sidebar: Proven ko ito. I received my refund last year in less than 2 weeks because I e-filed.)

Kung namamahalan kayo sa singil ng tax preparer ninyo, you can avail of the FREE TAX FILING program available through the IRS. Here's the link to that site.

The Free File program is a free federal tax preparation and electronic filing program for eligible taxpayers. It allows taxpayers with an Adjusted Gross Income of $52,000 or less to e-file their federal tax returns for free. Fees for state tax returns may apply.

But before you file, make sure that you avoid making some costly goofs. This article lists 10 common tax mistakes that we can sidestep.

Eto yung mga pagkakamali na kalimitang napapansin ng IRS sa mga tax returns:

  1. Claiming the wrong filing status. Maaaring hindi kayo maging eligible sa child tax credit, earned-income credit at exemptions for dependents kung mali ang inilagay ninyong status.
  2. Omitting or using wrong Social Security numbers. In 2003, my tax preparer accidentally wrote the wrong Social Security number for my daughter and my refund was delayed because of this.
  3. Make sure your handwriting is legible.
  4. Failing to use correct forms and schedules.
  5. Failing to sign and date the return. If you don't sign the return, you haven't filed. Both spouses must sign a joint return.
  6. Claiming ineligible dependents
  7. Misusing -- or not using -- the earned-income credit
  8. Failing to report domestic workers. Kung sosi kayo at may katulong sa bahay, siguraduhing na-i-report ninyo ang payroll taxes ni Lagring (o kung anuman ang pangalan ng kasama ninyo sa bahay.)
  9. Failing to report all income
  10. Failing to check for the alternative minimum tax. Here's a link to get help in determining if you are affected by AMT. AMT has been projected to hit about 19 million families in 2007, including 64% of households earning $100,000 to $200,000.

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