Archive for January, 2009
One of life’s annoying inevitabilities is filing our income taxes every year. So why do so many of us procrastinate when it comes to filing our income tax returns? For some, the dread of filing income taxes falls somewhere between a visit to the dentist and a trip the doctor – sure it’s a necessity, but can’t you put it off just one more day?
Why do we continue to drag our collective feet when it comes to filing our income tax returns, even if we owe nothing… and even if we can claim a big income tax refund?
Yes, we pay for our collective procrastination. When it comes to taxes, this payment can be pretty literal. This year, let us help you break the old habit of waiting until the last minute to file. Below are the top 5 reasons we here at Instant Tax Service think it’s time to stop your tax-time procrastination in 2009:
1) Late Filing Fees – If your tax return is more than 60 days late, you’re going to pay 5% a month of the net tax you owe to the IRS. Procrastinate… and you’re going to end up owning even more!
2) New Tax Programs – The IRS is offering new ways for struggling taxpayers to maximize their refunds this year, including several new credits and benefits for qualifying taxpayers. Check out the First-time Home Buyer Credit, the Recovery Rebate Credit and the Standard Deduction for Real Estate Taxes. Learn more at IRS.gov or visit your local tax preparer to see if you qualify.
3) Tax Preparation Professionals – Break the tax procrastination cycle by using a good tax professional to help you get the maximum refund you’re entitled to by law. Whether you need the amount of your tax refund quickly, or you just want it done right, using an income tax preparation company is a smart way to get your taxes done.
4) Refund Checks - If you’re due a tax refund, procrastinating means less money now. In today’s economy, everyone can use a little extra cash on hand.
5) Tax Deductions – Preparing your taxes early means you have the chance to review all possible tax deductions. Itemized deductions like home mortgage interest, job expenses not reimbursed by an employer, or personal property taxes are just some of the tax deductions you may be able to take. Check with IRS.gov or visit your local tax preparer for more information.
All governments are funded, at least in part, by some form of taxation on their citizens. Most of these taxes are collected after you sell or buy something, but others are collected at the end of a 12-month period. One such yearly levy is the oft-dreaded income tax – that annual bill from the federal and state government for what you earned throughout the year.
By law, it’s your employer’s job to deduct a certain percentage of money from each paycheck for tax purposes. Federal and state income taxes are taken out based on the amount of money you make, your marital status, and who you claim as a dependent. Other deductions are also made from your paycheck to cover Social Security benefits, insurance premiums (through your employer), and any other contributions you make to personal retirement or savings accounts like a 401(k). However, if the amount withheld by your payroll department is higher than the amount of income tax you actually owe the government, the government will issue you a tax refund.
So, how do you figure out if you’re owed a refund? What’s the best way to get your money back? These are all good questions, and while you can certainly prepare your own taxes to determine your refund amount, using a tax preparer is one of the fastest, easiest ways to reduce your tax season stress.
A good tax professional can help you get the most out of your tax return. Tax professionals are experts on tax credits and deductions, and can help you get the maximum refund you’re entitled to by law. If you need the amount of your tax refund quickly, many tax preparers can also offer you a 12-24 hour Advanced Refund Anticipation Loan (ARAL) based on the amount of your refund, an Electronic Tax Refund Check (ERC) in the amount of your refund in 10-16 days, or an IRS Direct Check deposited into your bank account or sent to your home in 10-21 days.
Whether it’s online, through the mail, or over phone, using an income tax preparation company is a smart way to work through your tax refund. Just remember to choose carefully and pay attention to the details! Ultimately, you’re responsible for what’s on your tax return. Some companies, like Instant Tax Service, even offer service guarantees.
There are a lot of ways to get your tax refund – so be sure to choose the best way for you.
Let’s face it, the Internet changed the way we communicate, the way we find information, and the way we do business – including our tax returns. How do you find an income tax preparation office near you? If you’re a new tax business, how do you expect to be found?
At Instant Tax Service, we just launched “optimized” local store pages for all of our tax preparation offices across the U.S. That’s nearly 2,000 locations!
What’s an “optimized” store page? Basically, it’s a web page targeted to a particular kind of audience through a combination of keywords, topics, and phrases like “tax service,” “tax preparation” or “income tax preparation” and the location’s city and state. Optimized pages allow web browsers to find the goods and services they’re looking for (like a great tax preparer!) more quickly.
How do you find an income tax office near you? Most web users will probably use a local search engine like Google. Our optimized pages now allow customers to perform local searches like this to find our locations. Just enter your city and state and “tax service” or “income tax preparation” into your favorite search engine to instantly find your nearest Instant Tax Service store.
You can also try it out on our main website – www.instanttaxservice.com. Enter your zip code into our store locator and you’ll get maps, store hours and address information for all of our income tax preparation stores in your area. With tax season now officially underway, this tool helps make your income tax preparer search fast and easy.
For our franchise owners, these local pages also serve as virtual real estate. They are a great a tool for directing customers to local stores and just generally getting the word out about our business.
So, if you’re looking for a fast, friendly income tax preparation office near you, just click here.
Think it’s impossible to find a low interest loan in this economy? How about a no-interest loan? At participating Instant Tax Service locations, you may qualify for an Instant Cash Loan of up to $1,000!
Sound too good to be true? Here’s how it works:
We don’t charge anything for the Instant Cash Loan. All you need to do is bring in an ID and your most recent paystub. Fill out our application. If you qualify, we can load your loan onto a prepaid debit card. If you come back to our offices with your W-2 and file your taxes with us, we can deduct the amount of your loan from your anticipated refund. Easy money to get, and easy to pay back!
You get an interest free loan and we get a chance to win your business during tax season. It’s a win-win, and a great way to encourage people to come into our stores.
But don’t wait! This program ends January 15th. Call 888.347.1040 to find a participating location near you.
Oh, and our legal team wants me to tell you… the Instant Cash Loan is NOT a Refund Anticipation Loan (RAL), and it’s being offered at participating locations only and while supplies last. Loans are subject to credit approval, terms, and conditions. Estimated federal tax refund is required to qualify. The Instant Cash loan is offered by TCA Capital, LLC. See store for details, while supplies last.
Families in Dayton, OH can now pre-register for 2009’s Toys for Tots giveaway when they get their taxes filed at participating Dayton Instant Tax Service locations.
Customers can come in from now until April 15th to file their taxes. When they file, they can request to be pre-registered for this year’s Toys for Tots giveaway. Customers must file a tax return with Instant Tax Service in order to pre-register.
Families will also be able to pre-register later this year through the usual Toys for Tots pre-registration process.
Six Dayton area Instant Tax Service locations acted as distribution centers for the Toys for Tots giveaway this year. Both companies hope to continue the partnership next year.
“Instant Tax Service has always been passionate about giving back to the Dayton community,” said Shelley Franz, COO of Instant Tax Service. “This holiday season, we helped give away thousands of toys to deserving families. Offering pre-registration at our stores is one way we’re continuing to grow our partnership with Toys for Tots all year long.”
Taxpayers can pre-register at the following locations:
Storefronts
3195 W. Siebenthaler Ave Dayton, Oh 45406
1052 Smithville Rd. Dayton, OH 45403
5282 Salem Ave. Dayton, Oh 45426
4400 North Main Dayton, Oh 45405
4444 Powell Rd Huber Heights Oh 45424
2164 N. Gettysburg Dayton, Oh 45417
4 S. Main St Dayton, Oh 45402
Kiosks
4212 Linden Ave Dayton, Oh 45432
2129 Needmore Road Dayton, Oh 45414
1947 South Alex Road West Carrolton, Oh 45449
2930 West Alex Bell Rd West Carrolton, Oh 45459
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Preparing your own income tax return can have its advantages… right? You can take your time, go at your own pace, and learn more about the tax code.
Unfortunately, “all that time” often means procrastinating, and procrastinating means a delay in your refund amount (if you’re getting one) and additional tax season stress. There are few things worse than that looming April 15th deadline!
Having a paid tax preparer is one of the easiest ways to reduce your overall tax season stress. A tax professional will have suggestions on how to reduce your tax burden – now and in the future. If you needed a new roof or a major medical procedure, would you try and do it yourself? Yet when it comes to our finances, many Americans go it alone.
Most tax professionals are happy to have you drop off your tax information at your leisure. They can complete the bulk of your return while you’re out running errands. To finish the return, you can set up an appointment or just drop by the office to review and complete the rest of the return.
Remember to choose your tax preparer carefully. Even if your taxes are prepared by a third party, you are responsible for what’s on the tax returns. Many income tax companies, like Instant Tax Service, offer service guarantees. Check with your local tax service.
Educate yourself at IRS.gov for information about tax schemes or scams. There are a lot of tax preparers out there – be sure you choose the right one for you.
Expecting a big tax refund this year? With all the tax changes for 2008/2009, sometimes it’s hard to estimate whether or not you owe.
Why not stop by your local Instant Tax Service? We can get you a FREE tax refund estimate today!
Find an Instant Tax Service location in your area.
Are you ready for some tax advice for 2009? The new year signals more than new beginnings in the tax industry – it’s also the start of tax season. January is a great time to get 2009 tax advice.
First up: Buying a house!? First-time home buyers can take advantage of an IRS credit of 10% of the purchase price of their home (up to $7,500) this year. Buy your home by June 30th, 2009 and get your tax credit! This credit is available to both single and married filing jointly taxpayers. For the purposes of this credit, a “first-time home buyer” is someone who hasn’t owned a home in the three years prior to buying the home. If you’re already planning on buying a house this year, be sure to take advantage of this credit!
Make sure you and your tax preparer are aware of a new standard deduction for those who pay real estate taxes (but don’t itemize their deductions). This deduction can be taken for the amount of estate taxes paid: up to $500 for singles and $1,000 for joint filers. You can take this deduction in the 2008 and 2009 tax years to maximize your deduction!
In 2009, you also have higher income limits for your deductible IRAs and Roth IRA. You can take the full IRA deduction if your gross income (married filing jointly) is less than $85,000 or $53,000 (single, head of household).
Another tax credit you may be able to tax advantage of before it lapses if the $250 deduction for classroom supplies purchases by educators. This deduction can be taken during this tax year, but will be phased out next year. If you qualify, take it now!
Don’t forget to take your student tuition an fees deduction. The deduction for up to $4,000 in student tuition and fees was reinstated for tax years 2008 and 2009.
For more 2009 tax advice, visit IRS.gov.
