PRESS RELEASE: Direct from CredAbility
GREENVILLE SC, April 12, 2012 ? Taxpayers have a two-day reprieve for filing their 2011 income tax returns, which must be postmarked by midnight on April 17.
While this may be great news for procrastinators, the fact remains that tax returns must be filed. If you are one of the 70 percent of tax payers who can expect a refund this year, there is even more reason to get started now.
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?Tax time doesn?t have to be stressful,? says Deatra Riley, financial education manager for CredAbility. ?With a little preparation, you can file on time and enjoy your refund sooner.? CredAbility offers tips to those consumers who haven?t yet filed.
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Keep It Simple
A single file to keep important tax documents can make the process faster and easier. If you?ve kept good records of possible deductions, such as out-of-pocket medical costs, child care, car mileage and expenses, costs for a job search and charitable donations, it?s just a matter of organizing the information, filling out the forms and doing the calculations.
If you are using a tax preparer to complete your forms, having these items organized will make the process go much faster. With so much information online, you can also find most year-end statements and other tax documents on the Internet.
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While you?re at it, go ahead and set up a folder system for your 2012 taxes. It can be as simple as designating a drawer, a couple of file folders or a shoebox to collect all the information in one place. Then it?s ready when you need it at this time next year.
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Still Time to Earn Deductions by Saving for Retirement
Taxpayers have until April 17 this year, or until they actually submit their tax return (whichever comes first), to fund retirement plans, such as an IRA or a Roth IRA. In a traditional, tax-deductible IRA, the amount you contribute for tax year 2011 is deductible.
?If you aren?t as concerned with immediate deductions but want to save on taxes in retirement, you can still make 2011 Roth IRA contributions. You can contribute up to $5,000 ($6,000 if you are age 50 or older). Roth IRA contribution limits are affected by income levels, so be sure to consult with your financial advisor.
?Either type of contribution may make you eligible for the saver?s credit. Remember, you?re not only looking for a deduction or credit, you?re investing in your future.
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Don?t Procrastinate ? Just File
Filing a tax return is required by law, so either file by the deadline or request an extension. There are advantages to completing your tax return early, even if you owe money. The earlier you know how much you owe, the more time you will have to find funds or adjust your budget to prepare for the added expense.
?If you are getting a refund, filing early increases your chances of getting it quickly. While tax payers who file a paper return can wait up to six weeks to receive their refund, filing electronically can cut that time in half and having your refund directly deposited into your checking or savings account can reduce the time even further.
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If you owe back taxes, it?s time to communicate with the IRS about a payment plan. The IRS can and will place a lien o?n all of your property and future property to collect taxes. Do not believe that you will not have to pay the taxes owed from previous years if the IRS has not contacted you. Not o?nly will they eventually contact you, but also you will have been accruing penalties and interest from the time the tax was due.
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If you are at a loss as to how you will pay your taxes or would like help budgeting so you will not be in the same position next year, contact CredAbility at 800.251.2227 or http://www.CredAbility.org.
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