Tag Archive: taxpayer’s pocket

How to Increase Your Tax Refunds?

Who really likes to deal with a tax return? There are very few people who actually like to deal with their taxes and it’s causing a bit of a stink! In truth, most people have issues with their taxes and returns at the end of the year and try to do their best to avoid getting things wrong. However, for most, they are more interested in the size of their refunds! Yes, that is right; people focus on their refunds more so than anything else and want to do their best to ensure their refunds are what they expect. It can be very difficult to ensure you get the type of refund you want but there are ways to help ensure your refunds are increased rightly.

Don’t Lie

If you want to ensure you get a good refund and have it increased then you have to be truthful. You cannot lie on the return and say you have paid more in taxes when you have not. It doesn’t work like that! You really need to ensure you are as truthful and honest as you possibly can be on the return so that you get a good refund. Remember, tax refunds can be great but if you lie about what you earn you are going to end up getting nothing! It’s time you thought about that.

Ensure Everything Is Accurate

When you are filling your taxes you need ensure everything you tell the Australian authorities is genuine and honest. If you aren’t accurate about what you earn then you is more likely going to end up with a rubbish refund. Far too many people try to cheat and make out as though they are earning less in hopes of a better refund but again, it’s not going to work. If you are caught lying it’s not going to end well for you to say the least. Why not instead ensure you are accurate about everything you say? That will prove a lot better and it’s something that will make a real difference to say the least. To find out more, check out taxreturn247.com.au.

Don’t Forget Any Income Stream – No Matter How Small

For those who want to see an increase to their refunds, they have to think about what information they are adding. Have you forgotten one form of income? Are you forgetting about a deduction that is necessary? Sometimes you can absolutely forget about the little streams of income you have and that will prove difficult. It really is important to take a little time out to ensure all income is reported as it might help to increase the size of your refund. Tax refunds can be improved when you are honest about all earnings.

Call On a Professional

Sometimes you can do nothing more than what you are already doing to increase your refund. The size of the refund can depend on a variety of factors such as what you are earning, how much you pay towards tax and other such things as well as what deductions you make too. There are lots of things which can help determine the size of your refund. To find out a little more, check out taxreturn247.com.au.

7 Steps to Avoid Becoming a Tax Scam Victim

7 Steps to Avoid Becoming a Tax Scam Victim

Do Not Trust Calls, Emails and Texts from “Tax Agencies”

After you file your tax return, if the federal or state tax agencies in your state are trying to get a hold of you, or even worse, threatening to sue you, they will not contact you over the phone, emails, or text messages. They will always send you a letter via the mail.


Do Not Open Links from Scam Emails

Because state and federal tax agencies will never call, email, or text you for anything dealing with your tax refund, you should never open any emails from tax agencies claiming to be from the IRS. If you need to know more you can also visit our top article here.  If you open the email, you should never, ever open the links attached to it. These links can hold viruses and other malware that can try and steal your personal information.


Maintain Security on Your Computer

If you file your own taxes, you can have vital information about your personal and financial information that can be stolen by anyone trying to hack into your information. Security software should always come with both virus and firewall protections in order to keep your information, including your tax return information, safe from hackers and thieves. You should always be smart and proactive against hackers.

7 Steps to Avoid Becoming a Tax Scam Victim

Always Encrypt Valuable Files

One of the most important things that you can do to protect yourself against becoming a tax scam victim is to encrypt any valuable files that you are keeping on your computer, including your tax refund information. This can be done easily with different software services that are available online. You should always encrypt all files with personal and financial information in them.


Lock Up and Shred Documents

Not all of your documents are going to be online, however. Sometimes you are going to have physical paper documents. Many people like to have a physical copy of their tax returns, for safe keeping. If you absolutely have to keep the document, if it is important, you should ensure that you lock it up in a safe place. If you need to know more you more you click this link:http://money.cnn.com/2015/11/19/pf/taxes/irs-tax-fraud/ here. For those documents that are not necessary to keep, shed them as soon as possible.


Keep An Eye on Your Credit Information

For those who are victims of tax scams, and someone gets your tax refund information and gets a hold of your personal financial information, the first place that thieves are going to hit is your credit. You may not know if someone has hacked into your information, so in order to ensure that nobody gets your information, you should regularly check your credit and all credit information.


Do Not Overshare Personal and Financial Information

One of the most common mistakes that people make when dealing with their personal financial information and tax information is oversharing on the Internet and in other places. You must always keep your personal information personal, rather than public. It is important to make the job of hackers and thieves as hard as possible. For any other information on tax information visit taxreturn247.com.au.

Income Tax Refund Advance

Income Tax Refund

This tax season, many taxpayers will accept an income tax refund advance. Most of these individuals will not fully understand the exact nature of this refund anticipation loan.

The process is easy; the individual completes and submits their federal and perhaps state tax returns. They then receive a loan from a lender who could be connected with the tax preparation or could be independent. The loan repayment comes out of their refund, which goes to the lender.

Unfortunately, many of these taxpayers do not understand the risks they are taking when they accept one of these loans against their refund.
Most income tax refund advance loans are provided by the companies who also prepare the returns, including H&R Block, Jackson Hewitt and Liberty. They have small or temporary offices set up in low income areas filled with working class people who do not understand that what they receive is a loan, not their actual refund.

The risk lies in the possibility that the refund may not come through as hoped from the Internal Revenue Service. The borrower is obligated to repay this loan regardless of what happens when IRS receives and reviews the paperwork. The lender is also going to charge the borrower interest and fees for the loan whether or not IRS accept it.

The tax filer needs to understand that the tax preparers do not have the final say on the validity of the return. The preparer only fills out the forms and submits them on behalf of the filer. Only IRS has the authority to determine the filing is acceptable and then process it.view website here!

The approval by IRS happens after an agency official reviews the return and determines that it is accurate, complete and includes required documentation. The review process takes several days to several weeks depending on whether the tax return was filed electronically or by mail.

Lenders have no problem with this risk because the odds of getting their loaned money back are excellent. The Internal Revenue Service approves virtually all returns within a week of their submission. Even if a few returns end up being rejected, the amount of income earned on the huge majority that do pass IRS inspection justifies the relatively few losses on return rejections.

If the IRS decides that the return is inaccurate, incomplete or IRS objects to some deductions, the refund could be delayed, reduced or eliminated. IRS may refuse to pay the refund as requested and then the borrower must struggle to repay the income tax refund advance out of their own funds. If they are unable to fulfill the loan conditions, their credit rating, future credit worthiness and credit interest rates could suffer. Some tax services are able to protect their own interests by recovering anticipation loans that were not repaid from tax refunds in future years.

The wisest course for most taxpayers is to avoid the process unless they are in truly desperate need of immediate funds. This eliminates all concern over being able to repay the loan or getting the refund in time to avoid any extra interest or late charges.

Income Tax RefundThe emergency needs to be very immediate, because IRS processes refunds quickly. Those who file electronically and have their refund direct deposited frequently get the refund within a week at no charge from IRS or the bank. Even refunds submitted by mail usually get processed within a month if submitted early in the tax season.

Most important to the tax filer is the knowledge that they are getting every penny of their hard-earned money. None of the refund is going to the preparer on top of their charges for preparing the return. The money that was going toward loan interest and fees is instead going into the taxpayer’s pocket. There is really no point in an anticipation loan for most individuals.

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