MANAGING YOUR MONEY Is It The Right Time To Buy A Home?

(NAPSI)-If you’re thinking about buying a home, now might be the right time. Mortgage rates remain at historically low levels, and housing prices have yet to rebound from their recent declines. As those conditions aren’t expected to last, smart homebuyers need to consider their options, especially if they are making low down payments. There are two main options for first-time buyers and others putting less than 20 percent down: loans insured by the Federal Housing Administration (FHA) and loans insured by private mortgage insurance (PMI). Premiums are tax deductible, and the insurance may be cancelable when equity in the home reaches 20 percent. Both programs have changed in the past year, and more changes may be ahead. While FHA pricing has often been more favorable compared to PMI, rates are going up. Earlier this year, the up-front premium required on FHA loans jumped from 1.75 percent to 2.25 percent of the base loan amount, adding $1,000 to a $200,000 mortgage. Now the FHA wants to raise its maximum mortgage insurance premium, a change that could take the monthly premium on a $200,000 mortgage from $92 to $125. PMI offers many premium plan structures that now make pricing very competitive. In general, PMI pricing is more affordable than FHA’s for borrowers putting down 10?15 percent and can match FHA on loans with 5 percent down. The minimum required FHA down payment is 3.5 percent, but new credit guidelines require a credit score of 580 to qualify for the 3.5 percent program. Borrowers with less than a 580 credit score must put at least 10 percent down. PMI mortgages with 5 percent down are available nationwide, with 3 percent down for some loans that meet Affordable Housing Guidelines. PMI can also offer extra benefits at no extra cost to the borrower. Genworth Financial, for example, purchases job loss protection that helps make a borrower’s mortgage payment (principal, interest, taxes and insurance) in the event of involuntary unemployment up to $2,000 a month for up to six months during the benefit period, with a maximum of three monthly payments per job loss occurrence. Genworth also provides free homeowner assistance to borrowers in financial difficulty as long as they have mortgage insurance with the company. In 2009, it completed nearly 20,000 mortgage workouts, saving over $2.6 billion of mortgages from foreclosure. More information is available at www.SmarterMI.com/MI-vs-FHA.aspx. Understanding your mortgage financing options can save you money and could even save your home.

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Savings heat up with solar-powered water heaters

(ARA) – More homeowners are deciding solar power is the right thing to do – for the sake of the environment and their wallets. New technologies make it easier than ever to use the sun to heat water in our homes. And Congress is helping make going green a cash-smart move too, by extending the federal solar tax credit another eight years.

Thanks to the tax credit program, you can recoup 30 percent of the total installed cost of a solar water heating system. “It’s a great time to switch to solar power for your water heating needs,” says Jim Cika, a solar water heating expert with VELUX America. But before you buy a solar water heater, do your homework, he urges, learn about the technologies available and review just how solar-friendly your home can be.

“Homeowners need to factor in geographic location, orientation of the roof for solar collectors, costs and tax incentives and rebates that may be available to arrive at an economically sensible and environmentally-sensitive decision,” Cika says.

While a solar water heating system usually costs more to purchase and install than a conventional water heating system, it can reduce energy costs in the long run and is much kinder to the planet.  

Cika says that the cost of an installed ENERGY STAR qualified system from his company will vary depending upon the volume of heated water required in a home. A packaged system consisting of one, two or three rooftop solar collector panels will usually be installed along with a 60, 80 or 120-gallon solar storage tank. An average installation is projected to cost $6,500 to $11,000, with some complex installations running as much as $12,000. Systems are available for gas, electric and boiler markets throughout the U.S., Cika says.

“On average,” he says, “if you install a solar water heater, your water heating bills should drop 50 to 80 percent — not an insignificant sum when you consider that the Department of Energy says that water heating can account for 14 to 25 percent of the energy consumed in our homes.”

According to Cika, in the construction of a new home, where the cost of the system is rolled into the mortgage, homeowners can save more on their monthly energy bills than the increase in their house payment. “Solar water heating provides a positive cash flow from the day of move in,” he says, “effectively giving an immediate payback.”

“In the case of an installation in an existing home in an area that has both federal and state rebates and incentives,” he says, “the payback can vary from three to seven years.”

Two primary solar technologies are available in the market right now: solar photovoltaic (PV) and solar thermal. The photovoltaic process uses the sun to generate electricity and solar thermal uses the sun to heat water. Solar thermal often is the technology of choice for homeowners for a number of reasons. Kevin Hughes, a writer for GreenBuildingElements.com, who installed a solar thermal system in his San Francisco home, explains why.

“I prefer solar thermal, specifically solar hot water, a much older technology. It is much cheaper to install, much more efficient and has a much faster payback,” he says.  

For homeowners considering an installation, the Internet offers a number of websites that can be helpful with an analysis and then with locating products and installers. Findsolar.com and nabcep.org list certified installers by state. Solar-rating.org lists certified solar equipment manufacturers and certified installers for VELUX units are listed at veluxusa.com.

Eere.energy.gov/consumer includes a link to a calculator for initial cost, annual operating costs and determining payback, as well as a consumer’s guide to solar thermal, while nrel.gov offers a consumer’s guide to photovoltaic. Federal and state tax credit information, by geographic area, is available at dsireusa.org.

Cika says that solar water heating represents a logical first step for homeowners who want to harness the power of the sun because it is relatively simple technology compared to generating electricity from the sun. “The technologies accomplish different objectives,” he says, “but they both will pay increasing dividends to homeowners who utilize them now and in the future.”

For more information on the benefits of solar water heating or natural light and ventilation through skylights, call (800) 283-2831 or visit veluxusa.com.

Courtesy ARAcontent

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Five ways to save time and money on your taxes

(ARA) – The typical taxpayer is expected to spend more than three business days and more than $200 completing his or her tax return.

“That’s too much time and too much money,” says Gary Lundberg, product management director for CompleteTax (www.CompleteTax.com), an online income tax preparation program. “The good news is, there are a few easy things people can do that will help them save time and money doing their taxes, as well as make sure they get the biggest refund they’re due.”

As people get ready to file their 2009 tax returns, there are a few things they can do to save time and money.

1. Make sure you’re prepared.

Having a few key items available when you start your taxes will save a lot of time. These include:

* Your tax return from 2008
* Social Security numbers for you, your spouse and children
* All W-2s (wage and tax withheld form for 2009 supplied by your employer), 1099s (statements on investment income provided by your financial services institutions), mortgage interest statements and other statements related to income
* All statements related to expenses that you will be claiming on your tax return
* The routing numbers and account numbers for the accounts in which you want to directly deposit your tax refund.

2. Use an online tax program.

One advantages of using an online tax program is that many of the items you need to start your taxes – like your prior year’s return – can be stored by the program. So, you don’t have to waste time hunting down information every year.  

More than 32 million people filed their tax returns from their home computers during 2009, up nearly 20 percent from the prior year, according to Internal Revenue Service data. That number is likely to continue to increase as more people realize the benefits of online tax prep and electronic filing.

Using the right online tax program makes it a lot easier and faster for people to finish their tax return with no need to go to the store or download a program onto their computer.  

Online tax programs also are a lot more accurate. In fact, the IRS reports that an electronically prepared and filed return has an error rate of less than 1 percent, compared to an error rate of about 20 percent for a paper prepared return.  

3. Free file if you can.

Depending upon how complicated a person’s taxes are, they may be able to prepare and e-file their tax return absolutely free. For example, if you don’t need to itemize, and only have a few simple requirements – such as claiming the Earned Income Tax Credit – you may be able to use a free online tax program. For example, CompleteTax offers a free version of its program and the IRS lists other providers participating in the Free File Alliance.

If your tax situation is more complicated – for example, you have itemized deductions, investment income or you are a small business owner – you will want to make sure to purchase the online solution that is tailored to your needs. Good online tax programs for people with general tax needs are available for less than $20 and even investors or small business owners who have more complicated returns can find solutions for less than $75.

“Completing your tax returns does not need to be a drain on your wallet,” says Lundberg. “The right tax program can save a taxpayer both time and money.”

4. Maximize your credits and deductions.

The average tax refund for 2008 was nearly $2,800. However, many taxpayers have the sinking feeling that they are not getting the tax breaks they should. In fact, according to an independent survey conducted by CompleteTax, two-thirds of 1,000 randomly surveyed taxpayers fear they may overlook tax breaks or make mistakes that could cost them in fines or penalties.

“There are dozens of credits and deductions that people may have available to them. So it’s important to make sure that the tax program they’re using is geared to identify these and guide them to options that will maximize their refund,” says Lundberg.

Some programs will also provide tools to help further ensure accuracy. For example, while millions of people donate clothing and household items to charities, few have any idea of the value. A tax program, such as CompleteTax, with a charitable donation calculator, provides an easy way for determining and documenting the fair market value of these items, helping you realize the greatest charitable contribution deductions you can.

5. E-file and use direct deposit.

Electronically filing and using direct deposit significantly increases how quickly taxpayers have access to their refund. Generally, e-filers can have their refund deposited directly into their accounts within a few days, compared to the weeks it takes to receive a mailed check. Certain tax programs also allow customers to split their refund and deposit it into three separate accounts. For example, you could deposit part in your checking account, part in your savings account and part directly into a tax-advantaged IRA account.

“E-filing and direct deposit don’t cost you anything, but they can mean you have your refund faster so that it can start working for you – whether that’s paying off debt, buying something you want or saving for the future,” Lundberg says.

Taxpayers can find more money-saving tips through CompleteTax news and tax alerts at www.CompleteTax.com.

Courtesy of ARAcontent

Buying a home or making green home improvements? Don’t miss out on these tax credits

(ARA) – A wide range of tax law changes over the last year will result in considerable savings for millions of Americans on their 2009 federal tax returns. Homebuyers and homeowners have some of the most to gain from the changes.  

Understanding the qualifications for home-related credits can be confusing and intimidating. Jessi Dolmage, spokeswoman for 2nd Story Software, the makers of TaxACT, breaks them down.

“If you’ve never owned or haven’t owned a principal residence during the three years prior to the purchase date, you may qualify for the First-Time Homebuyer Credit. The purchase date must fall after April 8, 2009 and before May 1, 2010, with closing to take place before July 1, 2010. It’s equal to 10 percent of the purchase price, up to a maximum of $8,000. You only have to repay the money if the home ceases to be your primary residence or is sold within three years of purchase,” says Dolmage.

Property cannot be acquired from a relative, and married taxpayers must both qualify as first-time homebuyers if filing jointly. The credit can be claimed on a 2009 return or an amended 2008 return.

The Worker, Homeownership and Business Assistance Act of 2009 extended the credit’s closing date from Nov. 30, 2009, to April 30, 2010, and added rules for homes purchased after Nov. 6, 2009, including:

* You must be at least 18 on the purchase date (only one spouse must be 18) and cannot be claimed as a dependent.
* Purchase price cannot exceed $800,000.
* If the sale doesn’t close by April 30, 2010, you may still qualify if there’s a binding contract to purchase by that date. The sale must close before July 1, 2010, and the credit cannot be claimed before the closing date.

Purchase date and modified adjusted gross income (MAGI) determine credit phase out. If the purchase date was before Nov. 7, 2009, full credit is available to those with an MAGI up to $75,000 ($150,000 for joint filers). If you have an MAGI between $75,000 and $95,000 ($150,000 and $170,000 for joint filers), you’re eligible for reduced credit. Higher incomes do not qualify.

If the purchase date is after Nov. 6, 2009, full credit is available to those with an MAGI of up to $125,000 ($225,000 for joint filers). If your MAGI falls between $125,000 and $145,000 ($225,000 and $245,000 for joint filers), you could receive a reduced credit. Higher incomes don’t qualify.

“Current homeowners looking for a different or new home may also qualify for the First-Time Homebuyer Credit,” Dolmage says. “The Worker, Homeownership and Business Assistance Act modified the credit to allow for up to $6,500 if you purchase a replacement home before April 30, 2010. You must have lived in the same principal residence for a five-consecutive-year period during the eight-year period that ends on the purchase date of the replacement home.”

In addition:

* You must buy, or enter into a binding contract to buy, a principal residence after Nov. 6, 2009, and before May 1, 2010, and close on it before July 1, 2010.
* The credit phases out for those with an MAGI between $125,000 and $145,000 ($225,000 and $245,000 for joint filers).
* 2009 purchases must be claimed on a 2009 return; 2010 purchases can be claimed on a 2009 or 2010 return.

All homeowners can claim tax credits for green improvements. The Residential Energy Property Credit is worth 30 percent, up to $1,500, for improvements such as adding insulation or installing energy-efficient windows, doors, or heating and air conditioning systems. Bigger improvements involving alternative energy equipment, like solar hot water heaters, geothermal heat pumps and wind turbines can be claimed under the Residential Energy Efficiency Property Credit. This credit is equal to 30 percent of the cost of the qualified property, with no limit on the maximum amount of the credit available.

New tax laws also include breaks for children, college expenses, new vehicles, unemployment and several other areas. Information about all 2009 tax law changes can be found at www.IRS.gov.

“You can see exactly how the changes will affect your 2009 taxes with TaxACT Free Federal Edition,” Dolmage adds.”  With TaxACT, all taxpayers can prepare, print and e-file their IRS return for free. Go to www.TaxACT.com to get started.”

Courtesy of ARAcontent

What You Need to Know Before Doing Your Taxes Online

(ARA) – The tax code continues to get more complex — with 500 changes to the tax law in 2008 alone. So, if you’re like millions of other Americans, you are looking for help preparing and filing your tax returns. Using online tax preparation and electronic filing services continues to grow at record rates. In fact, nearly 27 million taxpayers e-filed their tax returns from home last year, according to the Internal Revenue Service.

“Online tax prep and e-filing can save you time and money and ensure accuracy. But you need to do your homework first to make sure you are using the program that offers you the greatest value for your dollar,” says Debra Gray, product manager for CCH CompleteTax, an online tax preparation and e-filing service created by the experts in tax law and software.

According to Gray, questions you should look to answer are:

1. Is the site secure?

You want to use an online program that encrypts your data using recognized security standards. Only use e-file programs that have been tested and approved by the IRS. These will display the IRS e-file logo on their home page.

2. Is it easy to use and can you try before you buy?

Online software can save time because you don’t have to download it to your computer. But make sure the program is easy to navigate and presents information clearly. Only choose an online tax program that allows you to try it out before purchase.

3. Does the program check your work?

Make certain the program automatically checks for errors or oversights. The program should provide links to the problems to help you quickly correct potentially costly mistakes.

4. Does it clearly show the cost of preparing and filing your returns?

The cost for using the program should be clearly displayed on the first page so that you can make an informed choice. Caution also needs to be taken to ensure you are selecting a provider that will not try to up-sell you to a more costly version. According to Gray, most do-it-yourself taxpayers should be able to find a good tax program for under $50, including costs for preparing both a federal and state return. Those with simple tax situations should be able to complete both a federal and state return for no more than $30. E-filing your returns should always be free.

5. What are the payment and refund options?

Some programs, like CCH CompleteTax, let you deduct the cost of using their program from your expected tax refund and allow for direct deposit of your refund into your bank account for even faster access.

6. What are the help options?

Ideally the program should be straightforward, allowing you to finish your tax returns on your own. But you will want comprehensive help should you run into a question you can’t answer. So make sure the tax program provides help resources on every page of its program and offers support via e-mail or live online chat.

“Taxpayers who spent hours last year doing their returns using pen and paper or who have been frustrated by the tax software programs they’ve used in the past, really owe it to themselves to take a look at the features available in online tax programs this year,” says Gray. “Using the right tools, you can save time and ensure you’re taking advantage of the right tax breaks to help lower your taxes and potentially increase any refund you are owed.”

More information on online tax preparation and e-filing is available from CCH CompleteTax at www.CompleteTax.com.

Courtesy of ARAcontent

(ARA) – You’re busy establishing yourself in your career and your life. You want to buy a home, get married and have children. There’s only one problem: you can’t even think about these things because all your money is going toward paying off student loans and credit card debt. And, oh yes — you have your eye on that plasma big-screen TV.Sound familiar? You’re not alone.

According to a survey commissioned by the American Institute of Certified Public Accountants (AICPA), 54 percent of adults aged 18 to 34 believe they can’t afford to buy a home. Moreover, a quarter of them are considering a second or part-time job to cover their current expenses.

To help these overburdened young adults get on the track of financial well-being, the AICPA, in partnership with the Ad Council, created Feed the Pig (www.feedthepig.org), a national financial literacy campaign designed to teach them how to take control of their finances and make saving money a part of their lifestyle.

“Our goal is to create a savings revolution,” says Carl George, chair of the National CPA Financial Literacy Commission. “Even at their stage of life, it’s very important that young people know how to prepare for retirement. They won’t be able to rely on Social Security benefits and pensions to see them into the golden years.”

The symbol of the savings revolution is Benjamin Bankes — a humanized “piggy bank” many may remember from childhood. He’s all grown up and has a message to share: there is hope and there are little things you can do today that eventually will add up to significant savings tomorrow. Some examples of small steps you can take: stick to a monthly budget, cut up a credit card, use your neighborhood library instead of renting movies or buying books.

“We recognize young Americans face financial hardships,” says Barry Melancon, president and CEO of AICPA. “But if they don’t begin taking control of their finances now, they may find themselves working longer than they had intended. Even worse, they may not be able to retire at all.”

“Most importantly, make paying off debt a priority over discretionary spending,” says George. “Smart money management now helps build a solid financial foundation for the future.”

Feedthepig.org offers calculators, resources and award winning podcasts of interviews to help teach the art of finance management. Sign up to receive weekly tips and check out a related site, www.360financialliteracy.org, which helps Americans manage their finances through every stage of life.

Remember, if you feel you can’t afford to save, remember that you can’t afford not to.

Courtesy of ARAcontent

* Open up a 401(k). Check to see if your employer matches a percentage of your contribution. A matching contribution is essentially free money.
* Bank your raise or a portion of it. If you don’t get used to having the extra money, you won’t miss it.
* Keep driving that old car. Look for Web sites that help calculate savings if you keep your car for a longer period of time.
* Consider raising the deductible on your insurance policy. For example, if it’s $100, increase it to $200. It will likely lower your premium payments.
* Create a long-term, financial calendar in which you clearly state your goals, such as paying off student loans, in a shorter amount of time to avoid high interest rates. Place reminders in your e-mail calendar or PDA.
* Avoid retail therapy. If you are living paycheck to paycheck, then you need to seriously rethink any spending on nonessential items.
* Always pay your credit card bill in full each month to avoid interest charges.
* Cut down on premium cable channels or ditch cable all together.
* Consult your health insurance benefits — some of your gym dues may be covered. Or explore local community centers or local school systems for low-cost or no-cost options.
* Maximize your company’s health care reimbursement accounts. You contribute pre-tax dollars and reimburse yourself with tax-free dollars

(ARA) – In response to the threat of the U.S economy falling into recession, President Bush signed a new economic stimulus package into law February 2008 which will provide more than 130 million Americans with a little extra money. The first checks are scheduled to go out in May. Yet, some taxpayers are confused about how they can get their money from Uncle Sam.

To get a clear understanding of the rules and how the phase-outs work, here’s a listing of how eligibility is structured:

Tax Rebate for Singles -
* If you earned at least $3,000 (and paid taxes), you’re eligible to receive $300;
* If you earned more than $3,000 (and paid taxes), you’ll receive $600;
* If you have children, you’ll receive an additional $300 per child under age 17 (your child’s Social Security number is a requirement);
* The phase-out reduction begins with those who have an Adjusted Gross Income (AGI) of $75,000 and ends at $87,000 – at a reduction of five percent per $1,000 over the lower limit. If you’re single and earned more than $87,000, you will not receive a rebate check.

Tax Rebate for Couples –
* If you and your spouse earned more than $3,000 but you didn’t pay taxes, you’ll receive $600;
* If you and your spouse earned more than $3,000 and you paid taxes, you’ll receive $1,200;
* If you have children, you’ll receive an additional $300 per child under age 17 (your child’s Social Security number is a requirement);
* The phase-out reduction begins with those couples who have an AGI of $150,000 and ends at $174,000 – at a reduction of five percent per $1,000 over the lower limit. If you are a couple who earned more than $174,000, you will not receive a rebate check.

Also important to note is that $300 payments will go to seniors, veterans and veterans’ widows who showed $3,000 in veteran’s disability or Social Security benefits.

Many Americans are asking, “If I hold off on filing my 2007 tax return until April, will I get my tax refund and rebate on one check?” and “Do I have to file a tax return to get a rebate check?”

“To ensure you receive a rebate check that may be due to you, taxpayers must file a 2007 tax return. For those Americans who don’t earn enough income to normally file, a simplified filing process using Form 1040A has been rolled out by the IRS,” says Stephanie Behrends, spokeswoman for 2nd Story Software — makers of popular TaxACT tax software.

“However, whether you file your tax return in January or April, taxpayers who are expecting a tax refund will not receive a consolidated check representing their refund and stimulus rebate. In fact, rebate direct deposits and paper checks will be issued by the IRS based on the sequence of your Social Security Number.”

If you are a one-time stimulus filer, you can opt to prepare Form 1040A-3 the old fashioned way (by hand) and mail it in to the IRS. Another option for stimulus filers is to file electronically by visiting the Free File Program hosted by IRS.gov. For 2008, taxpayers filing their 2007 tax return and one-time stimulus filers may qualify to use the IRS’ Free File Program providing your Adjusted Gross Income does not exceed $54,000. Taxpayers are, however, encouraged to weigh their options carefully as some Alliance Partners place restrictions on the type of income and deductions taxpayers can claim while using the Free File Program.

TaxACT, the pioneer of free federal tax preparation software, provides taxpayers wanting a completely free way to prepare, print and e-file a federal tax return with its TaxACT Standard Edition — no gimmicks or fine print. More information regarding TaxACT is available at http://www.TaxACT.com .

(ARA) – According to the Internal Revenue Service (IRS), the number of electronically filed tax returns surpassed a record in 2007 when nearly 80 million tax returns, approximately 60 percent of all individual federal income tax returns, were e-filed. Over 57 million returns came from tax professionals. More than 22.5 million taxpayers used software e-filing services from their home computers — up almost 10 percent compared to the prior year.

But just how secure is the IRS’ e-file system? IRS e-file transmissions are very secure because the IRS is extremely diligent in the design, development, analysis and testing of its infrastructure and systems. Perhaps the most telling is that, as of Tax Year 2007, nearly 800 million tax returns have been filed electronically since 1986 with no security incidents. In a nutshell, it is safe!

Yet, while there is a substantial portion of taxpayers who use tax preparation software to prepare their return — a surprising number of these filers opt to print and mail their tax forms rather than using e-file.

“There are two predominate explanations why those who use tax software to prepare their return opt to mail rather than e-file their taxes. In some instances, taxpayers may have a lingering distrust of technology — concerned the privacy of their data may be compromised. Still there are other taxpayers who simply feel their tax software service provider charges too much for e-filing tax data to the IRS,” says Stephanie Behrends, spokesperson for 2nd Story Software, Inc., makers of the popular TaxACT tax preparation software and Web-based services.

Behrends continues, “The reality is that e-file eliminates most opportunities for mistakes and enables filers entitled to a tax refund to receive it faster. In fact, e-file increases a filer’s control over their tax data because of the security and safeguards in place.”

Indeed, when you e-file your taxes, there are a number of advantages.

* Convenience. You can electronically file 24 hours a day, 7 days a week – from anywhere you have access to a computer.

* Security. Your tax return information is encrypted and transmitted over secure lines to ensure confidentiality.

* Accuracy. With a reported error rate of less than one percent by the IRS, electronically filed returns have far fewer errors than paper returns. Conversely, the IRS reports up to a 20 percent error rate for paper returns.

* Proof of Filing — E-filing your tax return will provide you with an Electronic Postmark — also referred to as an Acknowledgement. When you e-file your taxes, you’ll receive an e-mail — within 24 to 48 hours — acknowledging the IRS has received your return and that it will be processed.

* Improved Communication. If an error is detected by the IRS (e.g. a SSN does not correspond with the taxpayer’s name on record), error codes can be communicated faster and more efficiently. In most cases, Error Code Explanations supplied by the IRS and your tax software provider can identify the location of the error in the tax return and provide complete information with regards to how you can make the correction.

* Faster Refunds. E-filing your tax return gives you the added advantage of receiving your tax refund in half the time it would take if you mailed a paper return. And, when you use e-file in combination with Direct Deposit, you can receive your money in as few as eight days.

But what about the high fees that some tax software companies charge to e-file your taxes? Behrends reveals not all software companies charge these fees. “TaxACT is a very unique tax preparation product. TaxACT Standard (Online or software download for Windows) is completely free tax software that enables all taxpayers to prepare, print and e-file a federal tax return — no gimmicks, no rebates, no restrictions.”

Are you thinking about using tax software to file your taxes — helping you to conserve time, save money, and avoid making costly mistakes? Still have questions about e-file? Visit http://www.IRS.gov/efile  for more information. More information regarding TaxACT may be found by visiting http://www.TaxACT.com .

Raleigh, NC – Nathan R. “Chip” Hymiller, III, CFP®, a principal with the Raleigh-based Beacon Financial Strategies, has announced that Erin Campbell, CPA, CFP®, will speak to the clients of Triangle Family Services on February 20, from 6:00 p.m. until 7:30 p.m. at the Durham office, and on February 26, from 6:00 p.m. until 7:30 p.m. at the Raleigh office. Campbell’s informative presentation will include information on the basics of tax filing and the important reasons to file tax returns.

For more information about NCACPA Financial Literacy, visit www.ncacpa.org or www.growyourgreen.org

Read More:CarolinaNewsWire

(ARA) – If you don’t want to prepare your taxes by hand and are looking for an affordable online solution, good news. There’s a Web-based software option available that will enable you to prepare, print and e-file your 2007 federal tax return, and it won’t cost you a penny.

An agreement forged between the IRS and a consortium of private-sector Web-based tax preparation companies (collectively known as the Free File Alliance, or Alliance), makes it possible for millions of taxpayers to file their federal return online via IRS.gov at no cost.

The agreement contributes to the IRS’ goal to convert paper filers to e-filers. However, there are limitations regarding who can utilize one of the free online software offers available through the IRS’ Free File Program.

For 2008, taxpayers filing their 2007 tax return qualify to use Free File providing their Adjusted Gross Income (AGI) does not exceed $54,000. Approximately 70 percent of the nation’s taxpayers, some 95 million people, fall into this category.

Yet, the question remains: Can’t taxpayers with an AGI greater than $54,000 benefit from free online tax preparation and e-filing services too? “There’s a significant segment of taxpayers who have average to above average earnings who could reap benefits from Free File. On paper, these households may seemingly have an affluent lifestyle. Yet, more often is the case these households are making ends meet by adhering to a rigid, carefully crafted budget,” says 2nd Story Software spokesperson, Stephanie Behrends.

Taxpayers who are interested in determining what offers they may qualify for via the Free File Program should visit www.IRS.gov. Even so, consumers are encouraged to weigh their options carefully and should be aware that many companies participating in the Alliance place restrictions on the type of income and deductions taxpayers can claim while using the Free File Program.

If you do not qualify for any of the IRS Free File offers (or you want to forego the laborious process of determining which of the 19 offers you may qualify for), all taxpayers filing an individual Federal income tax return can use TaxACT Standard at no cost via www.TaxACT.com.

“The heritage of our company is to make electronic tax preparation as easy and inexpensive as possible — simplifying the tax preparation process for millions of taxpayers while helping our customers to keep more of their hard-earned money,” adds Behrends.

Courtesy of ARA Content