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Tax tips

February 25, 2009

We’re once again in the midst of tax season.  Here is some information for people who are filing their own taxes as well as what do with a refund or what to do if you owe Uncle Sam:

 

·        Pennsylvania residents can file their federal and state income taxes for free through

Pennsylvania’s I-CAN E-File at www.icanefile.org. Residents with low-to-moderate income who meet certain guidelines may also qualify for up to a $4,700 refund as part of the Earned Income Tax Credit, according to the IRS.

 

·        There are some common mistakes people make when filing their taxes. Make sure:

1)      To enter your Social Security number correctly.

2)      That your deduction totals are correct.

3)      That your withholding and estimated tax payments are on the correct lines.

4)      To sign and date your return.

 

·        Those who find themselves with a particularly large refund or shortage may want to adjust the number of allowances claimed for federal income tax withholding.

 

·        Remember that some employers do not deduct local wage taxes. If an employer does not deduct this tax, the employee is responsible for paying this tax to the municipality where he or she lives. Generally this tax is 1 percent, but it may be less in some municipalities.

 

·        People who receive a refund will have to decide what to do with that refund.  Advantage CCS recommends using a refund to pay down debts or put the money into savings. Whether the money should be used to pay down debts or go towards savings really depends on each individual’s circumstance. Those who would like advice about how to handle their refund can contact Advantage at (888) 511-2227, and a certified credit counselor will help them go over their budget and determine the most prudent way to use their refund.

Written by admin · Filed Under Tips 

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