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PRESS RELEASE
Wednesday, March 17, 2010
CCCS of Greater Dallas Offers Smart Tax Tips for Consumers
Agency shares common filing mistakes and warns against refund anticipation loans
Dallas - March 17, 2010 - Consumer Credit Counseling Service of Greater Dallas (CCCS of Greater Dallas), a nonprofit provider of free housing and credit counseling and education, is sharing smart tax filing tips for consumers.
"Tax time is the perfect time of year to get your finances in order," said Todd Mark, vice president of education for CCCS of Greater Dallas. "For consumers lucky enough to get a refund, putting that money directly into an emergency savings account can be a great way to guard against unexpected events that could put your financial well-being at risk."
CCCS of Greater Dallas recommends the following smart tax tips:
Visit a VITA site if you make less than $50,000. CCCS of Greater Dallas is helping consumers file their taxes at no cost. The agency is part of the United Way's VITA effort offering free tax preparation to consumers who make less than $50,000. Trained tax preparers are available four times a week through April 15 at several locations across Dallas. Visit www.cccs.net for a schedule and locations.
Avoid refund anticipation loans (RAL). An RAL is an extremely high-cost loan secured by your pending tax refund, which you have to pay back even if you don't get a refund. If you're looking for a quick refund, you can get it within two weeks or less by e-filing and having the refund directly deposited into your bank account.
File electronically. You can e-file for free if you earn $52,000 or less. Go to www.irs.gov and click on Electronic Services. Telephone help is also available 24/7 at 800-829-1040 (TTY/TTD 800-829-4059).
Set up a savings account. If you don't have an emergency savings account or even a regular checking account, now is the time to set it up. Direct deposit is the fastest way to receive a refund and getting a jump start on your savings is a smart use of a tax refund.
Don't wait until the last minute. The closer you get to tax deadline, the more likely you'll be rushed and forget an important deduction or another critical detail. If you are one of those in line at the post office on April 15, make sure you mail your return with some sort of return receipt. If you're just out of time, you can file an extension using IRS Form 4868 by April 15. Beware - you can be charged interest and late payment penalties. For more information, go to http://www.irs.gov/pub/irs-pdf/f4868.pdf.
Take advantage of deductions. Taxpayers have until April 15 this year, or until they actually submit their tax return, to fund retirement plans, such as an IRA or a Roth IRA.
CCCS of Greater Dallas offers free budget and credit counseling, as well as a number of free classes to educate consumers on increasing their financial stability. Including a class focused on surviving the recession, consumers can learn more about ways to get out of debt and update their families' budgets by visiting www.cccs.net or calling a CCCS counselor at 1-800-249-2227.
About CCCS of Greater Dallas
Consumer Credit Counseling Service of Greater Dallas, Inc. is a nonprofit, community based credit counseling and debt management service. Established in 1974, CCCS of Greater Dallas and its affiliate offices provide financial education and counseling to consumers in-person, by phone, or Internet through their 24 locations in four states. CCCS of Greater Dallas is a HUD approved housing counselor and serves as one of eight counseling agencies supporting the 888-995-HOPE Hotline. The agency is also a member of the National Foundation for Credit Counseling (NFCC), the nation's largest and longest serving national non-profit credit counseling network. To learn more about CCCS of Greater Dallas' free seminars or the agency's services, visit www.cccs.net.
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