Free Tax Assistance for Seniors and Low Income and Tax Debt Help

Looking for a Credit Card for Christmas Shopping? Before you submit a credit card application, first review the main points which will help you choose the right credit card for your needs.

What Charges You'll Make - If you're going to use the credit card mainly for booking airline reservations and hotels, it might be best for you to get a travel credit card that offers sky miles and hotel points or cashback. If this will be an emergency credit card only, then your main concern may be for a low interest rate credit card with low fees.

When You'll Repay Charges - Will you pay off credit card charges in full every month, or will you carry a balance month to month? If you're going to carry a balance, you want the lowest possible interest rate as well as a low introductory rate. But if you'll payoff balances in full every month, then interest rate really doesn't matter so no annual fee and/or a long grace period would be a bigger concern. If you're going to carry a balance, be concerned about how the finance charge is calculated. The most common method is the Average Daily Balance, which means that the daily balances are added together and then divided by the number of days in the billing cycle. Stay away from credit cards that compute the balance using two billing cycles, as this method costs more money in financing fees.

What Amount You'll Charge - If you're going to use the credit card for all your monthly expenses, then you need a card that has a high credit limit and a high cashback percentage.

More info about Interest Rates, Credit Limits, Incentives, Fees and Penalties

Interest Rates - The interest rate (Annual Percentage Rate) APR can either be a fixed rate or a variable rate that is tied to another financial indicator, most commonly the prime rate. With a fixed rate credit card you know what the interest rate will be every month, whereas a card with a variable rate can fluctuate. Of course, even the interest of a fixed rate card can change based on certain events, such as paying your credit card bill late, exceeding your limit, or simply because the credit card issuer decides to change it after providing you ample advance notice.

Credit Limit - This is the amount of money the credit card company will let you charge to the card. This amount varies depending upon the card offer and your credit history. Be sure to get a credit card with an ample limit, because getting close to your max can hurt your credit score. Just remember that you don't have to max out your limit just because it's available.

Incentives - To compete for and to gain customers, many credit card companies offer rewards. Even if you normally use cash, why not use your credit card and then use the cash to make the payment during the grace period? You still won't pay interest and meanwhile you'll rack-up rewards. A credit card with 5% cashback will earn you $5 for every $100 charged. If your total bills come to $2,000 per month, you'll earn a free $100 every month. Look for a rewards program that you'll use and which offers flexibility, such as cashback or travel.

Fees and Penalties - Compare common charges such as late fees, overlimit fees, balance transfers, cash advances, and for making payments by telephone. Regarding balance transfers, look for credit card offers with no transaction fees and zero percent interest for at least 12 months.

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Free Tax Assistance for Seniors and Low Income and Tax Debt Help

By Credit Federal | Published 02/16/2009

There could be help for getting taxes prepared if you are low-come or elderly as the Internal Revenue Service is expanding and forming partnerships with community organizations to help these taxpayers get service. This service is through the VITA or "The IRS Volunteer Income Tax Assistance" program and is for those who earn less than $42,000 and the TCE or "Tax Counseling for the Elderly" for taxpayers who are age 60 or older.

For full details about IRS Tax Help and Assistance, please visit IRS.gov

Need help tracking expenses so you can sort and itemize deductions? Download our free expense tracking software

Be prepared and take to the tax preparer these items: photo identification, Social Security cards, birthdates, the tax package (if you received one), wages and earnings statements (1099s), Interest/dividend statements, last year's federal and state tax returns, your routing numbers and account numbers for direct deposit, information about income and expenses, and any day care fees, and the day care's identifying number.These community volunteers are able to help with Child Tax Credit or Credit for the Elderly.

Getting a refund in half the time can be made easier with the e-file program and faster if refunds are deposited into bank accounts. To locate an AARP Tax � Aide site you can call 1-888-227-7669 or visit AARP's internet site. The AARP offers tax-aide counseling programs at some 8,000 sites during the tax filing season.

The AFTC - "Armed Forces Tax Council " partners with the IRS to provide free tax help to military personnel and their families.Volunteers are trained to address military specific tax issues like the combat zone tax benefit and the effect of the EITC guidelines.

If money is owed, payments can be made by April 15 using electronic withdrawal (direct debit) from a savings or checking, credit cards, or pay by check or money order using Form 1040 �V Payment Voucher. Getting free tax help from the Internal Revenue Service is available for those who qualify. If you need to contact the IRS , call 1-800-829-1040.

The IRS May Have Options for Taxpayers who Struggle:

It seems that the IRS may sympathize with hundreds of taxpayers who have lost their jobs and possibly their savings accounts too. They know the problems of the economy and the financial status of taxpayers and have ways to give some relief. According to an IRS Commissioner, Doug Shulman, they may even go the extra mile to help taxpayers who have done the right thing in the past and are now facing hardships.

Here are some ways the IRS may help those who struggle:

Suspend Collection Efforts:
This involves hardship cases when the taxpayer has recently lost a job and is only on Social Security or Welfare income and is facing a devastating illness or medical bills. They may even suspend collection with the usual documentation to further help the taxpayers burden.

Flexibility in Paying Back Taxes:
If taxpayers are having problems paying back taxes because of job loss or other financial hardships, the agency may permit a skipped payment or reduced monthly payment without automatically suspending the Installment Agreement.

Review of Offer In Compromise (OIC):
The IRS may permit the additional review of a taxpayer's home value. The OIC is an agreement between the taxpayer and IRS that settles the taxpayer's debt for less than the full amount owed. However, the IRS is strict and just a few offers are accepted each year. The equity of the taxpayer's home is a factor because the taxpayer could have enough equity they could use to pay taxes owed. Because of home values that may have changed due to the recent housing market, taxpayers who were turned down may reconsider reapplying for the OIC. Homeowners need to take documents that prove the current value of the home � that amount that could be expected from the sale of an asset today and any written estimates. The taxpayer can contact the IRS for options to avoid default.

Tax Levy:
A levy is the seizure of your property � like your home, auto, bank account, wages, to pay a tax debt. This is not a lien which is a claim to use as security for a tax debt. The IRS may release a Levy creating a significant economic hardship. They may work with you on a payment plan or take other steps. It is not clear how those working for the IRS and trying to collect an unpaid tax will react, but you should contact the IRS before they have to contact you. It is not wise to avoid or try to dodge the IRS. Contact the IRS using the phone number on the Levy and explain your situation.

For those taxpayers who have lost a job or may be experiencing financial hardships, it may be worth your efforts to seek out the IRS and examine all their options to get the help you need.

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Free Tax Assistance for Seniors and Low Income and Tax Debt Help - by <a href=http://creditfederal.com>CreditFederal.com</a> <div style="text-align: left; font-family: Verdana;">There could be help for getting taxes prepared if you are low-come or elderly as the Internal Revenue Service is expanding and forming partnerships with community organizations to help these taxpayers get service. This service is through the VITA or "The IRS Volunteer Income Tax Assistance" program and is for those who earn less than $42,000 and the TCE or "Tax Counseling for the Elderly" for taxpayers who are age 60 or older. For full details about IRS Tax Help and Assistance, please visit <a target="_blank" href="http://www.irs.gov">IRS.gov</a> Need help tracking expenses so you can sort and itemize deductions? Download our <a target='_top' target="_top" href="http://creditfederal.com/track-expenses.html">free expense tracking software</a> Be prepared and take to the tax preparer these items: photo identification, Social Security cards, birthdates, the tax package (if you received one), wages and earnings statements (1099s), Interest/dividend statements, last year's federal and state tax returns, your routing numbers and account numbers for direct deposit, information about income and expenses, and any day care fees, and the day care's identifying number.These community volunteers are able to help with Child Tax Credit or Credit for the Elderly. Getting a refund in half the time can be made easier with the e-file program and faster if refunds are deposited into bank accounts. To locate an AARP Tax � Aide site you can call 1-888-227-7669 or visit AARP's internet site. The AARP offers tax-aide counseling programs at some 8,000 sites during the tax filing season. The AFTC - "Armed Forces Tax Council " partners with the IRS to provide free tax help to military personnel and their families.Volunteers are trained to address military specific tax issues like the combat zone tax benefit and the effect of the EITC guidelines. If money is owed, payments can be made by April 15 using electronic withdrawal (direct debit) from a savings or checking, credit cards, or pay by check or money order using Form 1040 �V Payment Voucher. Getting free tax help from the Internal Revenue Service is available for those who qualify. If you need to contact the IRS , call 1-800-829-1040. The IRS May Have Options for Taxpayers who Struggle: It seems that the IRS may sympathize with hundreds of taxpayers who have lost their jobs and possibly their savings accounts too. They know the problems of the economy and the financial status of taxpayers and have ways to give some relief. According to an IRS Commissioner, Doug Shulman, they may even go the extra mile to help taxpayers who have done the right thing in the past and are now facing hardships. Here are some ways the IRS may help those who struggle: Suspend Collection Efforts: This involves hardship cases when the taxpayer has recently lost a job and is only on Social Security or Welfare income and is facing a devastating illness or medical bills. They may even suspend collection with the usual documentation to further help the taxpayers burden. Flexibility in Paying Back Taxes: If taxpayers are having problems paying back taxes because of job loss or other financial hardships, the agency may permit a skipped payment or reduced monthly payment without automatically suspending the Installment Agreement. Review of Offer In Compromise (OIC): The IRS may permit the additional review of a taxpayer's home value. The OIC is an agreement between the taxpayer and IRS that settles the taxpayer's debt for less than the full amount owed. However, the IRS is strict and just a few offers are accepted each year. The equity of the taxpayer's home is a factor because the taxpayer could have enough equity they could use to pay taxes owed. Because of home values that may have changed due to the recent housing market, taxpayers who were turned down may reconsider reapplying for the OIC. Homeowners need to take documents that prove the current value of the home � that amount that could be expected from the sale of an asset today and any written estimates. The taxpayer can contact the IRS for options to avoid default. Tax Levy: A levy is the seizure of your property � like your home, auto, bank account, wages, to pay a tax debt. This is not a lien which is a claim to use as security for a tax debt. The IRS may release a Levy creating a significant economic hardship. They may work with you on a payment plan or take other steps. It is not clear how those working for the IRS and trying to collect an unpaid tax will react, but you should contact the IRS before they have to contact you. It is not wise to avoid or try to dodge the IRS. Contact the IRS using the phone number on the Levy and explain your situation. For those taxpayers who have lost a job or may be experiencing financial hardships, it may be worth your efforts to seek out the IRS and examine all their options to get the help you need. </div> This article provided courtesy of <a href=http://creditfederal.com target=_new>www.CreditFederal.com</a>, a personal credit resource of good or bad credit credit cards and loans.

Credit Tip: Need a high limit for Christmas credit card charges? If you have bad credit, consider a personal loan by refinancing your mortgage. Even if you have cash to buy Christmas presents, we recommend using a prepaid card to make purchases because it's safer than carrying cash.