Norwalk, CN (PRWEB) January 31, 2007
If it's a new year, it must be time to start finishing up and filing all the paperwork from the previous year -- i.e., tax returns, reports AP9 Privacy Matters, a leading security and privacy membership program offered by Adaptive Marketing LLC.
Even with the constant political wheeling-and-dealing over taxes, the number of tax-related questions never seems to decrease. How much are child credits worth this year? Does time spent as a volunteer coach for a youth soccer team qualify as a charitable deduction? How come IRA contributions made before April 2007 can be counted on 2006 returns but charitable donations made in the same timeframe can't?
Because each tax return is a lot like a snowflake in its unique nature, hiring a qualified, professional tax preparer is often the wisest path toward peace of mind when it comes to tax returns. Still, as the midnight deadline on April 15 starts inching into view, AP9 PrivacyMatters has a few useful tips for fretful tax filers:
-- Extend the deadline as needed. Taxpayers who can't file their tax returns on time can file for an automatic four-month extension using Form 4868, which is available at IRS district offices and by calling 1-800-TAX-FORM (1-800-829-3676). However, they'll need to file that form with the Internal Revenue Service by April 15 -- AND they'll need to pay at least 90% of their owed taxes by that date to avoid an ongoing monthly fine (equal to 0.5% of the outstanding tax bill).
-- File something by the deadline. It's a crime for anyone who owes taxes not to file a return by April 15. Therefore, even folks who can't pay the taxes they owe should file their returns (or an extension request) by the deadline. The good news is that it's not a crime to file a return without paying the taxes owed. People who do so still face interest charges and other penalties, but they won't face jail time or criminal fines.
-- Pay as much as possible. Even upstanding citizens can run into financial difficulties at tax time. Filers who can't pay the entire tax bill should send in a payment for as much of the tax bill as they can afford to pay, then speak with an IRS agent as quickly as possible to explain their situation. For a one-time user fee of $43, partial-payment filers can set up an Installment Agreement with the IRS to cover their outstanding debt, using Form 9465. A caveat: Installment Agreements typically include interest and penalty fees.
-- Know your rights. Taxpayers have the right to review IRS decisions that affect them, as well as the right to representation by a lawyer, a CPA, and/or other qualified advocates. For a complete list of taxpayer rights, visit http://www.irs.gov and enter "taxpayer rights" into the search engine.
AP9 Privacy Matters encourages its members to visit PrivacyMatters.com to order an updated single bureau credit report before filing their tax returns. Access to unlimited, single bureau credit reports and scores and continual credit monitoring are just some of the financial safeguards enjoyed by members of AP9 PrivacyMatters.
About AP9 Privacy Matters
AP9 PrivacyMatters is a leading security and privacy membership program offered by Adaptive Marketing LLC. Headquartered in Norwalk, Conn., Adaptive Marketing is a category leader in both membership and loyalty programs, bringing value direct to consumers through an array of benefits in healthcare, discounts, security, personal property and personals. Members may access their benefits at Portal: PrivacyMatters.com. With broad online and offline distribution capabilities, Adaptive Marketing offers its corporate client partners effective tools to enhance market presence, strengthen customer affinity and generate additional value through programs such as AP9 Privacy Matters.