Tax Time is Coming

Tax forms are starting to arrive in mailboxes and the IRS has a few reminders, as you get ready to start work on your 1040. IRS Spokesperson David Stewart says the first thing to do is grab a folder and start putting all of the W-2’s, 1099’s and tax statements into the folder so you will be ready when its time to get down to work. He says the next stop should be the IRS.GOV web page. He says every from you will ever need is there along with instructions, tips and a long list of tools. Among those tools are links to free electronic filing software for people making less than 56 thousand dollars a year. He says 70-percent of Pennsylvania filers qualify for that free service. The software takes you through the tax forms in a question or answer format. Stewart says everyone qualifies for a new service on IRS.GOV called “fillable forms.” He says the on-line forms are exactly the same as the printed forms but they do the math for you and can be filed electronically for free. One of the biggest changes to this years tax form is a deduction for first time homebuyers.

October Deadline For Stimulus Check

Anyone who files for an income tax extension has until October 15th to file a return. Usually that is about 10-percent of the Pennsylvania’s taxpayers. This year the number was just 8-percent but IRS spokes person David Stewart says there are an estimated 178-thousand citizens who do not usually file any tax return who need to meet the October 15 deadline if they want to get their economic stimulus check. About 18,700 of them are in Allegheny County. Stewart says many of those who have not filed are social security or V-A benefit recipients who may not have seen a tax form in years. The stimulus payment forms are on the IRS web site and at IRS field offices. It takes 8-12 weeks to process the request.