IRS Tax Help – Struggling With Bad Credit & Debt
Are you leaving money on the table?
IRS Tax Help! When you’re faced with bad credit, then more than likely you have money problems. And when you have money problems, you MUST learn to squeeze the most you can out of All financial areas of your life – including Taxes!
Have you ever thought that the extra money you need could be right under your nose? You just may qualify for tax breaks and deductions that can add up to a sizable tax refund. But hey you’ll never know it if you haven’t been informed. Our mission today is to inform you. Read on…
Below we will guide you on possible tax deductions particularly if you fall into low income bracket. Fortunately, there is IRS Tax Help available for people with low incomes or those suffering a financial hardship. Below is IRS Tax Help that we’ve discovered and researched for you to check into:
(NOTE: Tax laws change frequently. As always, be sure to consult with your accountant, tax professional or professional tax software.)
Low Income Tax Payer Clinics (LITCs)
“If you are a low income taxpayer who cannot afford professional tax assistance during audits of your federal income tax return, you may qualify for help from Low Income Taxpayer Clinics or other…”
The Mortgage Forgiveness Debt Relief Act and Debt Cancellation
“If you owe a debt to someone else and they cancel or forgive that debt, the canceled amount may be taxable…”
Topic 453 – Bad Debt Deduction
“If someone owes you money that you cannot collect, you may have a bad debt. For a discussion of what constitutes a valid debt, refer to Publication 550, Investment Income and Expenses, and…”
IRS Help for Financially Distressed Taxpayers
“If you are facing financial difficulties and struggling to meet your tax obligations the IRS can help. As the 2009 tax filing season begins, in addition to new credits, deductions and exclusions, the IRS is taking steps to help people who owe back taxes. Here are some areas where IRS can help…”
EITC Eligibility Rules Outlined
“The Earned Income Tax Credit (EITC) is a tax credit for people who work but do not earn high incomes. The EITC is a valuable tool helping eligible taxpayers to lower their taxes or to claim a refund…”
Business Bad Debts
“You have a bad debt if you cannot collect money owed to you. A bad debt is either a business bad debt or a nonbusiness bad debt. This chapter discusses only business bad debts…”
The above is IRS Tax Help Information. We believe that we have located the best that may be of benefit to you. There may be more as well. Feel free to reference www.IRS.gov for more details and tax information.
Think Twice About Not Filing Your Taxes
If you don’t usually file your taxes because your income is low, or for various other reasons, you might wanna think twice about that. It is proven in many cases that filing taxes, even if you’re not required to Could be beneficial. You might be due a return if you’ve had federal income taken out of your check throughout the year, or have accumulated EIC – Earned Income Credit.
Therefore, it is always best to check and see if you qualify for a return, even though you may not be required to file. To see if may be due a return, an easy thing to do is just plug your numbers into a tax software like TurboTax or H&R Block (which by the way does offer a free edition for simple federal returns).
You can refer to this IRS Tax Help 1040 Manual to better determine filing requirements and advantages. (Once there just scroll down about an inch and you’ll see a chart that breaks down different scenarios for you)
And don’t forget to check past years as well. If you haven’t filed in a while, and have been generating income with taxes taken from your check, you might be sitting on a small fortune and not even realize it! You see the way the Government works… They Will Not tell you if you have unclaimed money sitting in their bank vault collecting interest for them. You must take action to learn about this. IRS Tax Help mainly starts with YOU!
If you find that you are fortunate enough to get an unexpected tax return REMEMBER: Do Not Blow It! Go ahead and pay down some bills and get rid of irritating interest and debt. That would be the wisest thing to do with an unexpected tax return windfall in your situation.