Free Tax Filing Information And Resources

Free Tax Filing Information

Most federal highway use tax returns are due, with the due date falling on the 31st Aug 2012. Now the use revenue collector, the IRS or internal revenue service is reminding owners of highway vehicles truckers regarding the need to file their taxes. Aug 31st is a deadline when forms such as the tax form 2290 will need to be filed with the IRS as well as payment of the relevant taxes for this particular financial year. This applies to those using the roads on or before July 2012. There is free tax filing information available to tax payers online.

This taxation feature applies to vehicles using the highways that have a gross weight of 55000 pounds or more. Such vehicles include tractors, trucks as well as buses and all others. Vehicles such as vans and pick ups do not fall into this category basically because they have tare weight that’s below 55000 pounds. The cost is usually $550 per vehicle depending on the weight of the vehicle. There are some rules that govern the administration of this tax feature.

Many tax payers are advised to submit their tax returns via the internet. There are electronic forms that need to be filled for this purpose even though the option of filing form 2290 still exists. Tax payers are advised of a public holiday weekend from August 31st to September 4st 2012. As such, they are advised to file their tax returns early. Free tax filing options can now be offered to interested tax payers.

Gambling and taxes – what should you report?

Gambling is something that many people enjoy doing either on a regular basis or now and again. Of course, gambling is a much more enjoyable pastime when you are winning rather than losing! However, if you are one of the lucky ones on a winning streak you need to bear in mind that you’re probably going to have to give a slice of your good luck to the IRS, as it will be classed as taxable income.

In many cases, if you have been lucky enough to win a big jackpot the payer will actually deduct taxes from your winning upfront and the information will be issues to you via the W-2G form. The amount of money that you have won, and the type of gambling that you won it on, will determine whether the payer gets involved in taking your details and withholding part of your winnings for the taxman.

When you have bagged larger sums of money by way of winnings the payer will need to take your social security number to let the IRS know that you have come into some additional ‘income’. In some cases they will take the 25 percent tax from your winnings before you get your money. If you do not provide your social security details the payer could withhold as large an amount as 28 % of the winnings, so it is advisable to cooperate and furnish the casino with the necessary information.

Of course, you may only have won a small amount with your gambling, which will not warrant the payer to take your details and inform the IRS. However, in order to ensure that you are paying your taxes by the book you will still need to declare these winnings. Both big jackpots and smaller winnings can be reported under the ‘other income’ section of Form 1040. You can also supply details here of any taxes that were paid upfront on your winnings through deductions made by the payer, which will be detailed on the W-2G form.

The good news is that whilst you have to pay tax on your gambling winnings you are also able to deduct tax on your losses. So, unless you struck really lucky and scored a big jackpot with your very first bet you can recoup some or even all of the money that you pay on taxes on your winnings based on how much you lost on your gambling.

Andrew writes frequently about personal finance as well as issues effecting both consumers and small businesses, covering everything from credit cards to mortgages to mortgage loans.

The Hidden Extras of a Loan

On the surface, getting a loan should be a straightforward process, but there are so many factors that can affect the final price paid. Hence, looking for the cheapest loans takes time and effort.

The best deals available will be offered to those customers with a good credit profile, but even they can get lower rates of interest (and hence monthly payments) by taking out a secured loan rather than an unsecured loan.

Secured loans are available for larger amounts borrowed over longer periods and, although the rate of interest will be lower (due to the additional security for the lender), the costs of setting up the loan will be charged to the borrower.

Loans under £10,000 will probably be unsecured for most borrowers, meaning that there will be a few extra add on costs other than an administration fee. Secured borrowers may have to pay for independent property valuation and registration fees, although these may be added to the loan and repaid over time.

Lenders look for a particular profile of customer, so comparing terms offered can be important in getting an application approved. Good credit profiles will have the widest choice, whilst those with a poor credit history can expect to pay a premium to borrow and have a shorter repayment period.

This means that for a similar £5,000 loan, a poor credit profile customer may pay an additional £2,000 in interest and fees over the life of a five year loan. Therefore prospective borrowers should do everything possible to improve a credit profile before applying for a loan as this can save many pounds.

Checking credit information costs just £2 or may even be free through one of the credit reference agencies. Several offer a free one month trial, which allows an easy to see view of the credit information held so that any incorrect information can be challenged.

Another additional cost to consider is the addition of payment protection insurance (PPI). There has been a large amount of bad press relating to the sale of PPI by banks but it can be a worthwhile addition provided it is properly explained at the time of sale and the customer qualifies for cover.

Self employed people and those with pre-existing medical conditions or previous knowledge of impending redundancy will not be eligible. There is also at least a six month qualifying period before a claim can be made.

On the plus side, PPI policies will make monthly loan payments if the worst happens. Extreme care needs to be exercised before taking on the additional cost of a PPI policy.

One measure of the cost of a loan is the stated APR (Annual Percentage Rate). This adds in all fees and charges and makes a standardised calculation as to the true cost of credit.

This is a fair comparison for loans over a year in duration, but can give some high values where short term loans are taken out.

Since the APR calculation looks at the cost per annum, a short pay day loan of 20 days, for example, could have a rate approaching 2,200%.

Some loan companies also have a policy of charging fees for missed payments or when loans are in arrears. Make sure to check what could be charged as an administration fee or late payment fee should a payment be missed. These can soon amount to a considerable sum and will not be included in the APR stated.

The final true test is the monthly repayment plus any fees paid. Rather than relying on APRs alone, always check the amount of the payment and the number of payments to be made, plus any additional fees.

Check what happens in the event of a default and it should be possible to flush out all the potential hidden costs.

 

Sam is a finance writer based in the UK, currently working for Moneysupermarket.com

IRS Tax Debt – Resolving the IRS Dues that you Owe

If you owe money to the IRS on taxes, you should find out some way to pay off the due amount. Otherwise, things can get complicated. There are various ways in which you can try resolving your IRS tax debt. You can try to do it on your own or else, you can also try to get help from the debt settlement companies to resolve the tax debt problem.

Resolving IRS tax debt:

Resolving your tax debt on your own is not much of a problem because there are various ways in which you can pay off your IRS debts. This is because the IRS encourages the tax payers to pay at least what is possible for them. The different types of IRS pay off agreements are:

1. The installment agreement – In installment agreement you can make a payment each month (installment) on the back taxes. This helps you to pay off the taxes that you owe to the IRS. Installment agreement types–

* Non-streamlined
* Partial payment
* Guaranteed
* Streamlined

2. Offer in Compromise – In OIC or offer in compromise you are not required to pay the full tax amount that you owe to the IRS. The IRS allows you what the debt settlement companies do for you in case of simple debts. There are some terms and conditions which you will have to abide by while making OIC payments, otherwise the IRS can revoke the OIC.

3. Currently not collectible plan – In Currently not collectible plan you won’t have to pay your back taxes at least for the time being. This is one of the best debt relief options for you, if you are now without enough cash to handle all of your expenses. You will have to pay off the debt at a later date.

The thing is that you will have to try and pay off your taxes. If you are facing problems you will have to talk about that to the IRS and they will offer you any of the above agreements as per your financial condition. However, if they are able to find out that you intentionally trying not to pay the tax, you may get seriously penalized.