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309 State St. greensboro, NC 27408 Tel: 336.230.2266 Fax: 336.691.8030 Hours: Sun - Thurs: 11a - 10p Fri - Sat: 11a - 11p
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Reminders - Tax return preparers. Choose your preparer carefully. If you pay someone to prepare your return, the preparer is required, under the law, to sign the return and fill in the other blanks in the Paid Preparer’s area of your return. Remember, however, that you are still responsible for the accuracy of every item entered on your return.
Future developments. The IRS has created a page on IRS.gov for information about Publication 554, (Tax Guide for Seniors) (2001) at www.irs.gov/pub554. Information about any future developments affecting Publication 554 (such as legislation enacted it’s release) will be posted on that page.
Underpayment. Quite simply, ou are responsible for paying it, plus any interest and penalty that may be due. Sale of home by surviving spouse. If you are an unmarried widow or widower, you may qualify to exclude up to $500,000 of any gain from the sale or exchange of your main home.
Third party designee. You can check the “Yes” box in the Third Party Designee area of your return to authorize the IRS to discuss your return with your preparer, a friend, family member, or any other person you choose. This allows the IRS to call the person you identified as your designee to answer any questions that may arise during the processing of your return. It also allows your designee to perform certain actions. Employment tax withholding. Your wages are subject to withholding for income tax, social security tax, and Medicare tax even if you are receiving social security benefits. Please Help Me! - The AARP has set up Tax-Aide which offers free assistance for federal and state returns. For the location of an AARP Tax-Aide site in your community, call 1-888-227-7669. When asked, be ready to press in or speak your 5-digit ZIP code. Or, you can visit their website on the Internet at www.aarp.org/money/taxaide. Return preparation assistance. The IRS wants to make it easier for you to file your federal tax return. You may find it helpful to visit a Volunteer Income Tax Assistance (VITA), Tax Counseling for the Elderly (TCE), or American Association of Retired Persons (AARP) Tax-Aide site near you. The Internal Revenue Service provides free tax help through Tax Counseling for the Elderly program. The program is sponsored by the AARP, which offers in-person tax counseling. The service is provided by certified AARP Tax-Aide volunteer counselors. TCE looks to help low- to middle-income individuals who are at least 60 years old, offering assistance at more than 7,000 sites in the United States. For information on Tax Counseling for the Elderly, call 800-829-1040. Additionally, the Volunteer Income Tax Assistance and Tax Counseling for the Elderly program aids taxpayers age 60 or older fill in and file their returns. For the VITA/TCE site nearest you, contact your local IRS office. I hope I have given you enough information to at least get started about thinking about your tax returns. Again, I am not an expert in this field and the information being provided should not be considered all inclusive of available information. Happy Filing! Next month, I am not sure what I will be writing about but whatever it is, I hope is it fun, enjoyable and serves as a resource to many in the golden corner<<<25 skin deep<<< 25 Greensboro Community.