Sunday, April 26, 2009

What are my Insurance Benefits

Dental insurance benefits are very important too. Most people are told to visit their dentists twice a year to maintain healthy strong teeth. If you are unlucky however and need a lot of work done then it can cost heavily. It is also something that you really do not have much choice concerning, without healthy teeth life becomes pretty miserable.

Both health insurance and dental insurance can be obtained through your employer in most instances. If you can’t get it from them you need to look into coverage on your own. There are many insurance companies now that realize many people are looking for personal insurance policies for themselves and their families and have many different schemes so finding one that suits you should not be difficult.

Life insurance is another type of benefit that you will want to look into. This allows you to pay in a premium and then upon your death your beneficiary will be paid a set amount. Often this policy type gives a great deal of peace of mind to the individual that upon their death their loved ones will have some help in dealing with all the necessary costs and legal expenses.

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Am I entitled to Tax Benefits?

These types of tax benefits will help to reduce the amount of money you owe. In some instances they will put you in a different tax bracket and you will get money back. One example is a tax break on defendants. If you have a dependent spouse or child then ensure they are named on the form as you will receive tax credits for them.

For low-income families, the Earned Income Tax Credit is a great way for them to get a large chunk of money back when they file their taxes. By completing these forms with your employer you will receive more money in your pay cheque which is a great bonus rather than waiting a year to get it refunded.

Donating items is a great way to help others out and you can also get tax benefits for it. When you donate food, clothing, or even vehicles you need to get a receipt for it. There are rules that apply regarding how much you can deduct though so make sure you discuss this with your tax preparer.

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How do I get Tax Refunds

There are plenty of professional tax preparers out there as well. With the process of filing your return being a daunting one and also one that takes a significant amount of time, many companies now specialize in doing this for you – even to the point of advancing your refund. There are high fees associated with this process though and that is where the agency makes even more money.

It is very important to be honest about all of the information on your tax return. Should you receive a refund that you do not believe you are entitled to then you need to alert the tax office immediately. There are fines and penalties that will apply to your account should you not do this and they can really add up quickly. Should it be discovered that the information you provided was intentionally fraudulent in order to get a refund, you can face criminal charges as well.

For many the tax refund system is almost a method of savings and they look forward to the end of the tax year and receiving their refund to settle credit card bills or maybe to treat themselves to a holiday of new car. The amount of a tax refund can be from just a few dollars to several thousands of dollars.

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Information on Avoiding an IRS Audit

The IRS is an entity that people fear. The last thing anyone wants to do is to raise red flags to the IRS that results in them being audited. There are however certain measures you can take to reduce the chance of being put through an audit. There is a minority of IRS audits that are conducted purely on random selection by a computer, but the majority are done as a consequence of incorrect information being submitted or circumstantial information that does alert the audit system to take a closer look.

Some issues that come up are simple mistakes such as when a divorced couple both claim the same defendants on their tax returns. Other more complicated issues may be a warning sign, such as a self-employed individual having higher outgoing expenses than incoming turnover. This would obviously be cause for investigation, as it would mean that a business is continually operating at a loss and would not be a viable concern.

If you make more than $100,000 per year then your chances of an IRS audit will increase. This is due to a past history of those in this income bracket manipulating the system to show their deductions as higher than they actually are in order to lower their taxes. Yet most people don’t want to limit their income to less than this if they don’t have to just to avoid an IRS audit.

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What are Refunds & Rebates

Many manufacturers and retailers offer refunds in the form of a rebate. If you take advantage of these offers then it can really save you money. Unfortunately many people do not complete the necessary forms and take the time to submit them. It may be the case that they intend to do so but then it gets pushed aside or forgotten about. Most of these refund & rebate offers have a very limited period of time associated with them and if you do not complete the form in the available time period then you will not be entitled to any refund or rebate.

It is well worth the effort of sacrificing a few minutes of your time to complete the forms necessary to get these rebates and refunds, after all you are entitled to them. You will also need to pay for an envelope and a stamp but your refund check could end up being for $25 or more. It takes very little effort to complete these forms in their entirety and with a few moments of your time you will get money that is owing to you.

Make sure you read all of the details associated with the refund and the rebate. You will likely have to submit your original receipt as well as your proof of purchase from the item in order to get it. It is always wise to keep a copy on file for your own reference also. Many people just take a picture with a digital camera too as proof that they did indeed get this information and submit it.

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