Information
Top Five Tax Tips
- Gather your records…now! It’s never too early to start getting together any documents or forms you’ll need when filing your taxes: receipts, canceled checks, and other documents that support an item of income or a deduction you’re taking on your return. Also, be on the lookout for W-2s and 1099s, coming soon from your employer.
- Take your time. Rushing to get your return filed increases the chance you will make a mistake and not catch it.
- Double-check your return. Make sure all Social Security numbers and date of birth are correct. Mistakes will slow down the processing of your return.
- Consider e-file and Direct Deposit. When you file electronically, you will get your refund in about half the time it takes when you file a paper return. If you elect to have your refund directly deposited into your bank account, you’ll receive it faster than waiting for a check in the mail.
- Relax: There’s no need to panic. GenGen Corporation is here to help. Call us or send us an email to get started and enjoy peace of mind this tax season.
Be Aware of Suspicious E-Mails
Be aware of e-mail scams that fraudulently use the IRS name or Logo as a lure. The goal of the scam is to trick people into revealing personal and financial information, such as Social Security, bank account or credit card numbers, which the scammers can use to commit identity theft and steal your money.
The IRS does not send unsolicited e-mails about a person’s tax account or ask for detailed personal and financial information. Additionally, the IRS never asks people for the PIN numbers, passwords or similar secret access information for their credit card, bank or other financial accounts.
If you receive an e-mail from someone claiming to be the IRS or directing you to an IRS site,
- Do not reply.
- Do not open any attachments. Attachments may contain malicious code that will infect your computer.
- Do
not click on any links.
Remember that all of the web page addresses for the official IRS website, IRS.gov, begin with http://www.irs.gov. Don' t be confused or misled by internet sites that end in .com, .net, .org or other designations instead of .gov.
First-Time Home Buyer Credit
There’s a new tax credit that’s available to first-time home buyers. Although it’s for a limited time, the credit:
- applies to home purchases between April 8, 2008 and July 1, 2009
- reduces a taxpayer’s tax bill or increases his/her refund, dollar for dollar
- is fully refundable, meaning that the credit will be paid out to the eligible taxpayer, even if they owe no tax or the credit is more than the tax they owe
- Only the purchase of a main home located
in the United States qualifies. Vacation homes and rental properties
are exempt.
Please contact one of the experienced professionals at GenGen Corporation to find out more about this tax credit and how we can assist you by providing a comprehensive tax analysis for an optimum return.
