IRS Refund and Tax Rebates

Each year when we complete our tax return we often hope that the IRS will work with our form and discover that we have over paid and are due an IRS refund. Many people eagerly anticipate their IRS refund as it is enough for them to pay of a credit card bill or other debt. Others buy something such as furniture or they take a vacation with their refund. It really depends on how much money you end up getting back.

It is very important to be honest when it comes to filing your taxes, althought the temptation may be large to adjust small items on your form. It really is not worth the trouble and trauma of an audit. You may want to be able to get a huge chunk of money back but if you are found to have incorrectly submitted your return you will be paying back that refund plus interest. In addition the IRS can tack on huge penalties and you can even be facing jail time if they can show you outright lied on your taxes in order to get more money out of them.

For more on this business blog or IRS Refund and tax rebates

What are Unclaimed Refunds?

One lesser-known fact is that many tax refunds are left unclaimed. Millions of dollars is left in the government’s hands when they are unable to locate an individual to issue the refund. Often it is the case that the address is out of date or has been spelt incorrectly. These unclaimed refunds will sit in wait for an allotted time and then be moved on to other uses.

There are various sites online where you can type in your information and find out if you have a refund that isn’t claimed. It is actually the case that these unclained refunds are problematic for the issuer and they do try to inform individuals where ever possible. There are various websites now online that will research for you and check to see if you have unclaimed funds. The problem though is that many people believe these sites for unclaimed refunds are scams. So they don’t bother to look to see what they may have coming to them and are rightly due.

For many a tax refund is a low priority in their minds. It is not difficult to understand how people forget that they were due a refund as it can take weeks from form submission for the payment to come through. Yet some of these unclaimed refunds are for hundreds or even thousands of dollars. People just don’t realize they are entitled to them.

Read more on this business article or What are unclaimed refunds?

What are Federal Refunds and How to Get Them

A Federal refund is money you may be entitled to for many reasons. By far the most common and well known one is for income tax refund. When completing your form you may over pay or have not included tax credits that can be deducted and for some this means a few hundred dollars return, for other it can mean thousands of dollars.

By mailing in your tax return it can delay the processing and can be many weeks before your form is processed, approved and you receive payment. You can choose to have it directly deposited into a checking or savings account if you choose to do so, bypassing the mail. This is a great way to help you save time waiting for it. You also don’t have to worry about it getting lost or someone taking it. Unfortunately federal refunds are something that frequently go missing as they can be easily identified.

In most cases individuals will not be familiar with the vast variety of means that you may be entitled to a refund. This is due to most federal returns being done by an employer or business rather than an individual. They may cover prepaying for taxes, paying for permits, and other fees that have to be done in the course of business. These types of Federal returns are often issues throughout the year.


For more on this business article or What are federal refunds and how to get them

What are Social Security Benefits

Social security benefits are earned by tax payers throughout their working lives and are paid upon reaching retirement age as an income. These benefits can also apply with the death of a spouse for them and for their children. Even so, individuals should not rely solely on the promise of social security benefits to keep you in retirement. You should also be planning to have your own money in a retirement account. This way you can use your social security benefits as only a supplement.

You should not claim social security benefits you have earned until you reach the age of 65. If you access them earlier than that you will get a reduced benefit amount. It can take several months to get approved for social security benefits as well. To get the benefit you must fill in the correct paperwork either at the government office or online and it then takes time to process.

Some types of social security benefits have to do with a disability. In order to receive this benefit you must provide medical substantiation that you are unable to work. Other people experience that they can only work reduced hours or a different type of job that pays less. Your social security office can assist you with the specifics of such benefits as well as how to apply for them.

More on this business article or What are social security benefits

What are my Insurance Benefits

There are many different types of insurance benefits that you may want to have coverage from. Most insurance policies are created around a fixed monthly fee with a substantial payment if you need to cash in the policy. One of the most popular types of insurance benefits has to do with health insurance. This is not surprising as when you look at the cost of routine check ups which may not be too much, but once you have an emergency or major procedure done that can all change.

Dental insurance benefits are very important too. Most people are told to visit their dentists twice a year to maintain healthy strong teeth. If you are unlucky however and need a lot of work done then it can cost heavily. It is also something that you really do not have much choice concerning, without healthy teeth life becomes pretty miserable.

Both health insurance and dental insurance can be obtained through your employer in most instances. If you can’t get it from them you need to look into coverage on your own. There are many insurance companies now that realise many people are looking for personal insurance policies for themselves and their families and have many different schemes so finding one that suits you should not be difficult.


Read more on this business blog or What are my insurance benefits

Am I entitled to Tax Benefits?

The majority of us dread having to take care of filing our taxes each year. For most however who work a single job the process of completing your return is relatively easy. Not only that but if done correctly and researched well you can quite often discover you are entitled to many rebates and refunds you may not have been aware of.

These types of tax benefits will help to reduce the amount of money you owe. In some instances they will put you in a different tax bracket and you will get money back. One example is a tax break on dependants. If you have a dependent spouse or child then ensure they are named on the form as you will receive tax credits for them.

For low-income families, the Earned Income Tax Credit is a great way for them to get a large chunk of money back when they file their taxes. By completing these forms with your employer you will receive more money in your pay cheque which is a great bonus rather than waiting a year to get it refunded.

More on this business article or Am I entitled to tax benefits?

How do I get Tax Refunds

All homes and families in the USA are required to complete and submit a tax return by April 15th in most circumstances. For many the process of filing is not one to delay as they entitled to a refund, some submit their forms as early as January. Many people complete the process on their own with old fashioned forms. They can also use a software program to walk them through the system.

There are plenty of professional tax preparers out there as well. With the process of filing your return being a daunting one and also one that takes a significant amount of time, many companies now specialize in doing this for you – even to the point of advancing your refund. There are high fees associated with this process though and that is where the agency makes even more money.

It is very important to be honest about all of the information on your tax return. Should you receive a refund that you do not believe you are entitled to then you need to alert the tax office immediately. There are fines and penalties that will apply to your account should you not do this and they can really add up quickly. Should it be discovered that the information you provided was intentionally fraudulent in order to get a refund, you can face criminal charges as well.

For more on this business article or How do I get tax refunds

Information on avoiding an IRS Audit

If you make more than $100,000 per year then your chances of an IRS audit will increase. This is due to a past history of those in this income bracket manipulating the system to show their deductions as higher than they actually are in order to lower their taxes. Yet most people don’t want to limit their income to less than this if they don’t have to just to avoid an IRS audit.

Large amounts of itemized deductions on a tax return or large amounts of contributions to non profit organizations can really highlight your return. These are areas where the IRS is really getting tough because of fraudulent claims. Make sure you are very honest about these amounts on your tax returns.

You can be sure there are plenty of agencies that report income to the IRS as well. The online age and access to your personal banking information means that if your tax return is in contradiction with information received from banks, online sites such as Paypal, and other reports then you can be sure they will be contacting you for an audit. Even if you don’t get a 1099 or a W-2 for work you did you need to honestly report that income on your tax return.

For more on this business article or Information on avoiding an IRS Audit