Tag Archives: Earned Income Tax Credit

Last-minute tips for filing your tax returns


| mrbarrytax@aol.com


The tax filing season is just around the corner. The IRS offers tips for taxpayers still working on their returns.

File electronically. IRS e-file is safe, easy and the most common way to file. E-file is now the norm; not the exception. In 2011, nearly 110 million people used e-file to transmit their returns. If you expect a tax refund, you’ll get the money faster when you e-file, because the IRS processes electronic returns faster than paper ones.

Check all numbers. Carefully check Social Security numbers for each person listed. This includes you, your spouse, dependents and persons listed in relation to claims for Child and Dependent Care or Earned Income Tax Credit. Missing, incorrect or illegible Social Security numbers can delay or reduce a tax refund.

Double-Check Your Figures. If you are filing a paper return, you should double-check that you have correctly figured the refund or balance due.

Check the Tax Tables. If you are filing a paper return, double-check that you have used the right figure from the tax table.

Contribute to Retirement Accounts: If you haven’t made an IRA (deductible or non-deductible) or Roth IRA contribution for 2012, you have until April 15.

Sign Your Form. You must sign and date your return. Both spouses must sign a joint return, even if only one had income. Anyone paid to prepare a return must also sign it.

Electronic Payments. Electronic payment options are convenient, safe and secure methods for paying taxes. You can authorize an electronic funds withdrawal, or use a credit or a debit card.

Can’t Pay the Taxes Due. If you owe taxes but can’t pay the full amount by the deadline, file your tax return on time and pay as much as you can to avoid tax penalties and interest.

Extension to File. By the April due date, you should either file a return or request an extension of time to file, Form 4868. Remember, the extension of time is not an extension of time to pay.

Barry Lisak, EA, is an IRS Enrolled Agent who has operated a tax preparation office for over 30 years. Any questions or comments, please contact mrbarrytax@aol.com or 516-829-7283.

Have Occupy Wall Street protesters abandoned reason?


| editorial@queenscourier.com


Occupiers, socialists and progressives believe that the disparity of wealth and incomes in our society is the result of a nefarious conspiracy, and that the role of government is to equalize incomes so we can all live like Bill Gates and Donald Trump.

They are oblivious to the fact that the government can redistribute only that which it first must take from someone else; in effect – whatever one person receives without working, another person must work for without receiving. If such a claim on property is permitted and sanctioned, however small and seemingly insignificant, the sanctity of private property has been abrogated. This paradigm of “social justice” is antithetical to the rights codified in the Constitution. But that is of little concern to the protestors, because to them, private wealth is community property.

            In fact, the government has been redistributing our property for the past 50 years. Latest statistics confirm 45.8 million people rely on food stamps at a cost of $6.13 billion, and over 26 million received nearly $59 billion in Earned Income Tax Credit. When you add in persons receiving housing and rent subsidies and the 50 percent of the population that pay no taxes, it is evident half the population is subsidizing the other half.

            We are running out of other peoples’ money and must borrow 42 cents of every dollar we spend, yet we express more concern about the rights and the comfort of those who seek to appropriate, redistribute and spend even more of our money.

Have we abandoned reason and common sense? Will we capitulate and surrender our liberties to a mob promoting revolution and adoption of a new world order of global feudalism?