Printer
Text'Tis the Season for Tax Tips
Fairfax County Office of Public
Affairs
12000 Government Center Parkway, Suite 551
Fairfax, VA 22035-0065
703-324-3187, TTY 711, FAX 703-324-2010
Jan. 3, 2006
’Tis the Season for Tax Tips
“Each year millions of dollars in unclaimed tax credits are left on the table,” says Tom Meagher who manages the CASH (creating assets, savings and hope) program for the Fairfax County Office of Partnerships. As the county aims to assist low-income residents by helping them file their tax returns and get the money they deserve, there’s also an economic benefit of bringing $2 million back into the economy. The CASH program, which brings together county and federal government agencies, businesses and community service groups, offers the following federal tax tips:
Claim the Earned Income Tax Credit
The Earned Income Tax Credit is a refundable tax credit for working
Americans. Thousands of eligible Fairfax residents do not claim it
because they do not know about the credit or think claiming it is too
hard. With benefits available for families with incomes up to $37,000 and
with maximum benefits of $4,400, it is worth checking to see if you are
eligible.
Get Free Tax Filing Assistance
The CASH program will offer free federal tax preparation assistance to
low income residents (making less than $37,000 per year) at 12 locations
throughout Northern Virginia from Jan. 19 through May 1. For more
information, call 703-222-0880, TTY 703-803-7914, Spanish 703-631-3366 or
visit www.fairfaxcounty.gov/partnerships.
Get the Answers You Need
If you are preparing your own return and have questions, you can call
the IRS hotline at 1-800-829-1040. You also may visit and download forms
and publications at www.irs.gov.
Beware of Costly Refund Anticipation Loans
Some tax preparers and other businesses offer refund anticipation loans
that make cash available on the spot for taxpayers who will receive a
federal tax refund. Though some find them useful, beware of RALs with
high interest rates or administrative fees. A 2002 study by the Consumer
Federation of America found that annualized refund anticipation loan
interest and charges averaged 150 percent or more and sometimes topped
600 percent. If you decide a RAL is right for you, choose one with
reasonable fees and rates.
Know When to Expect Your Refund
If you file electronically and choose direct deposit, your refund should
be deposited within 11 days of filing. If you file electronically but
choose to have a paper refund check mailed to you, it should arrive
within three weeks of filing. If you file a paper return, your refund
check should arrive six to eight weeks after you file.
Check the Status of Your Refund
Longer delays are not necessarily cause for concern about your return,
as they may only reflect high processing volumes at IRS. You can check
the status of your refund by calling the IRS Refund Hotline at
1-800-829-1954, TTY 1-800-829-4059, or visiting the IRS Web site at www.irs.gov. You will need your Social
Security number, your filing status (single, married filing jointly,
etc.), and the exact amount of your refund.
For more information about the CASH Program, contact Tom Meagher at 703-324-5319, TTY 711, or via e-mail at tom.meagher@fairfaxcounty.gov.
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