Important Tax Filing Tips to Keep in Mind During the Economic Downturn

Important Tax Filing Tips to Keep in Mind During the Economic Downturn

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STORY INFORMATION: THIS IS A MULTIVU SPECIAL REPORT BROUGHT TO YOU BY TEXAS SOCIETY OF CPAS. THERE ARE IMPORTANT TAX-FILING IMPLICATIONS YOU NEED TO KEEP IN MIND DURING ANY ECONOMIC DOWNTURN.

FOR EXAMPLE, IT'S CRITICAL TO FILE ON TIME TO AVOID ADDITIONAL PENALTIES. THIS IS TRUE EVEN IF YOU CAN'T PAY THE TAXES YOU OWE. ALSO BE CERTAIN TO NOTIFY THE INTERNAL REVENUE SERVICE RIGHT AWAY IF YOU'RE UNABLE TO PAY YOUR TAX BILL.

TSCPA CHAIRMAN, STEVE GOODMAN:

"If you're looking for a job, certain expenses you incur may be deductible. Some deductible expenses are employment and outplacement agency fees, resume preparation, and travel expenses for job search and interviews."

IF YOU HAD A REDUCTION IN INCOME IN 2008, YOU MAY BE ELIGIBLE FOR SOME CREDITS OR DEDUCTIONS. FOR EXAMPLE, THE EARNED INCOME TAX CREDIT, OR EITC, IS AVAILABLE FOR WORKING FAMILIES AND INDIVIDUALS. ELIGIBILITY IS DETERMINED BY INCOME AND FAMILY SIZE. YOU MUST FILE AN INCOME TAX RETURN IN ORDER TO CLAIM EITC.

   FOR MORE INFORMATION, www.ValueYourMoney.org    I'M LARRY CARDARELLI.    AUDIO PROVIDED BY:  Texas Society of CPAS    FOR MORE INFORMATION PLEASE CALL:   MultiVu, 1-800-653-5313, ext. 3  

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Source: Texas Society of CPAS

Web Site: http://www.valueyourmoney.org/

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