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As part of our home ownership and
financial literacy education, we educate people about financial
tricks and traps. Below is information to consider as you begin
thinking about tax preparation.
If you're like most people, someone else
prepares your tax return. But be careful who you choose. Consumer
watchdog groups see outrageous tax preparation costs being charged
by local and national tax preparers - independents and chains. Their
"instant refunds" are actually short term loans and are
very expensive for you. Compare two or three tax preparation services
and their prices. Do it today and you'll be ready when tax time
rolls around.
Check in your area for the VITA (Volunteer
Income Tax Assistance) or TCE (Tax Counseling for the Elderly) tax
sites. Volunteers are trained to answer questions about Earned Income
Tax Credits and other programs. And consider electronic filing (e-filing)
instead of an instant refund. Many VITA and TCE sites offer free
electronic filing (e-filing). Use the e-file program to get your
refund in half the time (15-20 days) compared to returns filed on
paper - or faster if deposited directly into your bank account.
E-filing is a safe and fast alternative.
Here are some
web sites and toll free numbers to help you:
IRS: www.irs.gov
AARP: www.aarp.org/money/taxaide/taxpreparation/
Or locate the nearest AARP
Tax-Aide site by calling 1-888-227-7669.
To
locate the nearest VITA site or for more information on TCE, call
1-800-829-1040.
Posted 1/21/05
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