Greensheet (Houston, Tex.), Vol. 38, No. 118, Ed. 1 Friday, April 13, 2007 Page: 7 of 52
fifty two p. : ill.View a full description of this newspaper.
Extracted Text
The following text was automatically extracted from the image on this page using optical character recognition software:
April 13-19, 2007
Page 7
Financial
Finding Tax Relief.
April 17th is almost here. Read-on for advice on last minute
filing, and tips to help prepare for next year.
By: Christie Bohm Chase, Staff Writer
It’s almost here. . . April 17th, the day of
income tax doom. Whether you have waited
until the last minute, and plan to wait in line at
the post-office to have your payment
postmarked at midnight, or you have already
received your income tax return and are
preparing for next year, the following
information may help you get through this tax
season, and minimize your future tax burden.
Tax Ihtb V da the W ordd W dde W eb
The IRS offers nearly 570 tax forms and
schedules, that provide detailed information
about deductions, investments and a multitude
of special tax situations. The most commonly
used form is the 1040. The IRS wants to make
it as easy as possible for you to get your
payment to them. You’ll find tax information and
booklets in the following places.
• Public buildings, such as the library, will
have tax booklets displayed for easy
pickup. Follow the instructions for
calculation, and then mail your forms
away.
• You may purchase a software program
that will walk you through your tax form.
You type in the blanks, the program
calculates, and prints out your 1040 -
completed.
• The IRS has a web site, so that
browsers can file on-line if they prefer. You
can download forms, instructions, and
helpful information from their web site,
located at (www.irs.ustreas.gov)
• If you don’t want to hassle with the
paperwork yourself, consider hiring a
professional.
DontM akeanEZ M dstake
To err is human. Last year, the IRS Error
Resolution Department caught almost 430
thousand math mistakes on individual tax
forms. Although the IRS will likely find
miscalculations and bill you if necessary, to
avoid an audit and receive your refund as
quickly as possible, double check your forms
before sending them in.
• Choose the right filing status:
Whether you were married for one
month or for nine months of 2000, the
IRS counts you as married for the
entire year, and you must file as such.
• Include Social Security numbers for
dependents: If you plan to claim your
children as dependents, each must
have a social security number.
• Try to withhold the proper amount
from your wages: If you claim lots of
exemptions on your W-4 payroll
withholding form, you’ll get bigger
paychecks throughout the year, but
when tax time rolls around you’ll find
you owe a hefty tax. On the other
hand, a big refund isn’t necessarily
good either. Essentially, a refund
amounts to pay back from an interest-
free loan you made to the government.
The best approach is to have enough
withdrawn from your paycheck to avoid
fines, and keep enough in savings to
pay what you owe at tax time.
• Correctly value your charitable
contributions: The value of a
donation isn’t based on how much you
paid for the item, but on what a thrift
shop could sell it for. Legitimate
charitable organizations will be glad to
give you a receipt for your donations.
• Keep records of all documents you
send to the IRS: The IRS may have
questions concerning your return,
therefore it is important to save a copy
of all the documents that you use to
figure out your taxes.
The IRS offers programs for taxpayers who
simply can’t come up with the money at tax
time. Last year, millions of people were allowed
to pay in installments. In the past the IRS has
been criticized for being too harsh on American
taxpayers and is now looking for ways to better
serve the public.
R educe Your Future Tax B ill
It may be too late to affect how much you’ll
owe before April 17, 2007, but it’s not too early
to start planning for next year’s taxes so that
you keep a little extra cash in your pocket, if
you feel taxes take a big bite out of your
income, you might consider investments like
municipal bonds, tax-free unit investment
trusts, and tax-free mutual funds that pay tax-
free interest income. Such investments are free
from federal taxes, allowing you to keep more
of the income you earn.
If you take a look at your IRS Form 1040,
you’ll see that line 8a is where you list your
taxable interest income. However, Line 8b is
where you list your tax-exempt interest income.
Although you report it, you don’t pay taxes on it.
The more income you can move from line 8a to
8b, the more you keep. Because of the tax
advantages tax-free investments offer, they
often provide significantly more after-tax
income than comparable taxable investments
paying higher interest rates. Tax-free investing
can be particularly beneficial if you’re in the 28
percent tax bracket or higher. It’s important to
note, however, that tax-free mutual funds and
unit trusts may be subject to an alternative
minimum tax. As a taxpaying investor, you can’t
afford to overlook the benefits of tax-free
investing. Talk to your tax adviser and
investment professional to see if tax-free
investments are right for you.
Various tax misconceptions exist, which
cause people to unnecessarily worry. Get all
the facts before you believe anything you hear
about the IRS and taxes.
• Using the four month extension of filing
your tax return by April 17 does not put
you at greater risk of being audited.
• You can claim your parents as
dependents even if they do not live with
you, as long as you meet requirements
regarding amount of support.
• Canceled checks are not always accepted
as proof of charitable contributions. A
written acknowledgment from the charity
is required for all charitable contributions
of $250 or more.
• If you pay by credit card, deduct items for
the year they were charged-even if you
pay the credit card bill the next year.
An Ounce Of
Audit Prevention
If your tax return form is sloppy,
unclear, or appears miscalculated, you
run the risk of being audited by the
IRS. Here are a few ways to avoid an
audit.
• Double-check your figures. Any
math errors could draw attention.
Have a specialist go over your
figures for greater accuracy.
• Avoid using whole numbers, such
as $1,000. These numbers can
suggest a fabricaiotn of some
sort.
• Include copies of documents that
support any unusual amount or
item on your return, including
large charitable donations, debts,
or investments.
• Make sure the W-2’s or 1099’s
from your broker, employer, or
investment company match your
return.
Affordable Dental Care You’ll Love
C> Emergencies seen
immediately
k Convenient hours
& Saturdays
G> Senior citizen
discounts
k Insurance &
Medicaid accepted
G> Easy payment plans
Lovett Dental
Call 713.490.8880
Five Convenient Locations
Se habla Espanol
Texas Dental Associates, PA. Kent Ziegenbein, DDS l.Does not include X-
rays. 2.Removable prosthetics $549 to $1500 and fixed prosthetics $549
to $950. 3. With approved credit. 4. If patient qualifies for treatment. Offer
do not apply where insurance is applicable._
Kent Ziegenbein, DDS
New Patients
Free Exams1
Start Today
20% Off
Major dental care
No Excuses
0% Interest
Extended payment plans
up to 48 months
Braces
Free consultation
No down payment
Low monthly payments
Taking all
the GUESS
WORK OUT OF
WHERE TO
ADVERTISE.
Greensheet
MUIWUPfl
The
SOLUTION
TO ALL OF
YOUR
Advertising
needs.
WWW.THEGREENSHEET.COM
nre jjMiiwwiiirtgiHMlB
I High Blood Pressure?
Local physicians are seeking individuals,
40 years old or older who are overweight
and have high blood pressure, to
participate in a clinical research study
comparing two approved medications to a
single approved medication, in their
ability to lower high blood pressure. AH
medications are approved bv the FDA for
the treatment of hypertension.
Qualified participants receive all study-
related exams and study medication at no
charge and may be compensated for their
time and travel.
For more information, please call:
1-800-217-4007
HIGH
I0IR HtraiHi
ini
Why Should You Care?
Cardiovascular disease is America's #1 killer. A
high level of cholesterol in the blood is one of the
risk factors that you can change or control.
Local Physicians are conducting a research study
comparing an investigational medication to
Niacin E-R (NIASPAN), to control cholesterol and
triglycerides, and the flushing symptoms
associated with Niacin use. Qualified participants
will receive study-related exams, lab tests and
study medication at no cost. Compensation for
time and travel may also be available.
To learn more about this research study, please call:
1-800-21I-4M7
Look at wkat kids kave to say. Ckeek out tke Youtk Scoop page in tke
Greenskeet. To participate or for more information please visit us
online at www.greenskeetyoutkscoop.com
Section continues ...
Business 713-371 -3500 Personal 713-371 -3600
Visit us at thegreensheet.com
West Greensheet
Upcoming Pages
Here’s what’s next.
Search Inside
This issue can be searched. Note: Results may vary based on the legibility of text within the document.
Tools / Downloads
Get a copy of this page or view the extracted text.
Citing and Sharing
Basic information for referencing this web page. We also provide extended guidance on usage rights, references, copying or embedding.
Reference the current page of this Newspaper.
Greensheet (Houston, Tex.), Vol. 38, No. 118, Ed. 1 Friday, April 13, 2007, newspaper, April 13, 2007; Houston, Texas. (https://texashistory.unt.edu/ark:/67531/metapth516509/m1/7/: accessed July 18, 2024), University of North Texas Libraries, The Portal to Texas History, https://texashistory.unt.edu; .