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By: Theresa Cahill
Washington, D.C. (Mar 29) – With the April 15th tax filing time period rapidly approaching, there have been many changes to the new tax code. A number of significant tax credits are available, many of which the average American is unaware exists.
The White House has issued an announcement from the office of Vice President Joe Biden stating, “I’m writing you today to talk about literally putting money back in your pocket.” He further added, “We’ve launched the Tax Savings Tool at WhiteHouse.gov to make sure as many Americans as possible know about and take advantage of the array of middle class tax refunds passed in the Recovery Act last year. With a few simple questions, the tool generates a printable checklist anyone can use to make sure they don’t miss out on any of the benefits they may be owed.”
In a typical year, many Americans would most likely use tax services with trained individuals aware of these changes in tax law. However, under the present climate, working families are struggling to meet basic needs. Money for professional services and/or online tax tutorials may put a strain on family finances.
The Recovery Act Tax Savings Tool is one method to help ensure tax returns filed give individuals and families full advantage of all available tax credits. Be aware though that while the White House website emphasizes the ease of using this tool, it is just that – an online process to assist citizens in preparing their income tax forms. Thousands of dollars in savings are possible, however, any questions individuals may have “regarding their eligibility for tax benefits under the Recovery Act” are encouraged to “review the relevant IRS forms and instructions or contact a qualified tax professional.”
Tax cuts, in the form of refunds, are available for a wide range of living expenses. You must file, therefore, help ensure you and/or your family gains the most benefits from that rough year gone by 2009.