Tuesday, April 8, 2008

Last minute tax tips for Indiana taxpayers

These and other tips may help busy Hoosiers when it comes to completing their Indiana tax returns For instance, did you know that at least 26 thousand Hoosier failed to file an income tax return for 2004 - but could still get their unclaimed refunds? At this point, at least $22 million dollars in unclaimed refunds are out there!

Last minute tax tip for Indiana Taxpayers: if you may be one of those eligible for a refund because of unclaimed funds, then file your 2004 returns no later than April 15, 2008.

Next, did you know about the Economic Stimulus Payment? You may have heard of it but did you know you had to have a valid Social Security number, $3000 of qualifying income and a 2007 federal tax return? If you want to know more, go to www.irs.gov for more details. Find out if you qualify.

Did you know that free tax help may be available to Indiana taxpayers preparing basic tax returns? Free help - that is absolutely correct.

Libraries, senor centers and even college campuses are being used as temporary tax centers for those needing tax help. To find one, call the IRS at (800) 906-9887.

Beware of the tax scams out there!
Yes, savvy phishers, tax rebate scam artists and other are just waiting to grab that money you may have coming. Find out about them at the IRS government website listed above.

Consider taking advantage of Free File, an option for Indiana taxpayers (and others) who earn $54,000 or less to e-file tax returns. We used this option for one member of our family this year. Last year, 57% of returns were e-filed.

Another last minute tax tip for Indiana taxpayers:

If you have a low income, see if you qualify for eligibility for an Earned Income Tax Credit.

Surprisingly, around 20 to 25 percent of those who qualify do not claim it and could be losing as much as $4716 in money they could receive.

(source: IRS media relations specialist for Indiana and Kentucky)