Free Income Tax Assistance Program

Volunteer Income Tax Assistance Program
Volunteer Income Tax Assistance Program

Do you or a Loved one Qualify for free Income Tax Assistance??

VITA (which stands for Volunteer Income Tax Assistance Program) was created to help and provide assistance to elderly, disabled, and limited English speaking tax payers.  The program is great because it provides a safe haven for people who are usually targets of certain tax frauds and scams.  It provides a service that can educate and teach the disabled or elderly tax payers. Which will give them the knowledge to avoid being taking advantage of .  The program is safe and secure and it a provides a way for those who are on a fixed income to keep money in their pocket.  To Find our More about the services and requirements please go visit  VITA .

Uncover up to $60,000 in tax Savings with the New Home BUYER program…

Have you heard or taken advantage of the Mortgage Credit Certificate Program……..

Lets me start by saying that any credit is better than a tax deduction because a credit is a dollar for dollar deduction against your taxes owed.  Ex: if you owe a $1000 in taxes to the IRS and Have a $1000 tax credit then the tax credit will reduce your tax liability to 0.  Remember a credit is dollar for dollar so it will completely cancel your tax liability dollar for dollar.

Now that you know how valuable a credit is lets talk about how this MCC Program can help out first time homebuyers in a huge way.  The way I calculate it this can result in savings up to $60,000.  You would be foolish not to investigate and figure out if you are eligible for the Program…

Ok, the Mortgage Credit Certificate Program was created to allow homeowner to claim a percentage of the mortgage interest every year.

To be approve by the program you must meet some the following criteria:

  • home must be used as primary residence
  • meet the requirements of the mortgage loan
  • have the income and purchase requirements
  • have not owned a home or primary residence in 3 years
  • homebuyer education course must be completed before loan closes
  • MCC issuance fee of 1% of the loan

The MCC program will allow you to Credit 40% of your mortgage interest paid each year up to $2000. The credit can only be applied to tax liabilities and if the credit is more than your taxes owed you can apply the remaining balance to your next year tax return.  You are allowed to claim this credit every year for the  the entire length of the loan.  That is how I came up with $60,000 worth of savings by  multiplying 30 (avg. length of loan) x 2000(max credit allowed).

Please take the time to read more into the loan procedures and benefits.  Each state is different make sure you know the state requirements you need to qualify for the program.  A great company that is helping people with this program located in Houston, Texas is www.newhomeprograms.com ..

Being Organized Pay$ Well………….

The problem with most of us when it comes to saving and doing taxes is Organization. We are lazy & it is just takes too much out of us to get organized…….  Right?  Well I got news for you that way of thinking and doing could be costing you thousands of dollars each year in tax savings.  You have to understand that in order for your tax preparer to do the best job they can, they need you to provide them with accurate and proven info.  Most people enter a tax office and expect their preparer to do magic  when you have given them nothing to work with.  Dropping a shoe box full of receipts on your tax preparers desk is not doing you any good and is not helpful.  There are millions of apps on your phone (taxbot) that you can use and make your life a lot less taxing.  When you are unorganized your taxes are rushed and deductions and credits seem to always be missed.  The fact of the matter is it is up to you to take control of your documents and have them well prepared before tax season so it can be a smooth process which puts a lot more money into your pocket at the end of the day.  I suggest that you Tax plan and talk with your preparer on ways that you can help make their job easier to better serve you.

It literally takes a couple of seconds after a meal or business outing to pull out your mobile device and snap a pic of the receipt and purpose of the dinner.  With the unlimited access to tax apps available to help automate your tax diary there is no excuse to be unorganized.  If you know that you are not a organized person you can always hire someone or put your kids to work to keep track of your receipts and important tax documents… Start planning now to save and increase your refund for the upcoming season

Avoid Penalties and Interest

Today is the last the day to file your 2013 taxes if you filed for an extension.  Failure to file today will result and in additional penalties and interest.  Always know the two most important dates when dealing with income taxes which are : April 15 & Oct.15th.   To avoid tax penalties and interest make sure you contact your preparer/accountant and do some tax planning for the upcoming tax season.  Tax planning and keeping up with documents and receipts are great ways to avoid rushing and penalties.  Not to mention that when you are rushing and your paperwork is not organized there is a bigger chance that your tax preparer/accountant will overlook deductions that could have saved you money.