Guide to Finance

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Tax Information For 2008

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*The IRS Volunteer Income Tax Assistance Program (VITA)



*The Tax Counseling for the Elderly Program (TCE)

*Free tax help for Military personnel and their families

The VITA and TCE Programs are comprised of volunteers who are trained to help with your tax concerns like Earned Income Tax Credit (EITC), Credit for the Elderly and Child Tax Credit. If you qualify for any of these, or other special credits, your VITA or TCE counselor can let you know. Besides help with preparing your tax return, most of these free tax counselors also offer electronic filing, also known as e-filing, of your taxes free of charge. If you choose to utilize the e-filing method, you will receive your tax return in about half the time required to process paper returns. Another way to speed up delivery of your valuable tax return is to take advantage of the direct deposit option. Funds are usually deposited into your bank account within days versus weeks or even months it can take for paper filing methods and mailed checks.

The VITA tax help program is widely available to households with low to moderate income levels. If your yearly income is $39,000 or less, you automatically qualify. The VITA volunteers are sponsored by local and national organizations and are certified to provide tax help and to prepare basic tax returns in cities and communities across the country.

VITA is generally widely available in community centers, public libraries, public schools, malls, shopping centers and many other convenient locations to better serve your tax needs. Most VITA locations offer free e-filing, so feel free to take advantage of this fast, easy and reliable way to speed up the preparation and delivery of your tax return. Call their toll-free number 1-800-829-1040 if you need assistance locating the nearest VITA site.

The TCE Program is widely available to the elderly in need of tax help. If you are age 60 or older, you automatically qualify for the TCE Program's assistance. TCE volunteers are usually retired individuals who are associated with a non-profit organization that receives grants from the IRS to operate. These volunteers are trained to provide free tax help and income tax return information, preparation and filing.

The American Association of Retired Persons (AARP) is part of the TCE program, sponsored by the IRS. With nearly 7,500 AARP Tax-Aide sites nation wide, a certified AARP Tax-Aide volunteer is readily available to help you with all of your tax help and preparation needs.

The VITA Program also has a very strong military presence. The Armed Forces Tax Council (AFTC) is comprised of program coordinators for all branches of the U.S. Military. The AFTC is the primary outreach channel utilized by the IRS to connect with the United States Military personnel and their families.

All tax help provided by VITA, TCE and TCE via the AARP is provided to you free of charge if you qualify.

Here is a list of items you need to bring with you to have your taxes properly prepared:

*Wage and earning statements (for example W-2, W-2G, 1099-R)

*Photo ID or other proof of identification

*Social Security cards for yourself and any dependents

*Birth dates for you and any dependents

*Interest and dividend statements you may have

*A copy of the previous year's Federal and State Returns

*Required information regarding day care (for example total paid for day care expenses and the tax id number for your day care provider)

If you plan to take advantage of e-filing or if you're married filing jointly, both spouses must be available to sign the prepared tax documents.
Tax Information For 2008
Buying a home in the State of Texas is a really good investment option. You can have a solid investment in your hands and the value of the property is set to rise in the near future. As a homeowner you should pay all taxes applicable on your property correctly otherwise you will be subject to penalties. If you are a smart homeowner, you will also find ways which you can legally cut down your taxes on the property and increase you savings.

Those who have taken a home mortgage can deduct their mortgage interest payments. In case of late payment on monthly mortgage dues, late payment fees will apply and this can also be deducted for taxes. One of the benefits of going in for a home mortgage is gaining through tax deductions. If your property purchase comes under the category of a 1031 property exchange, you are exempt from paying tax on property in that year.

You can make tax deductions in loan points that come with a home mortgage. One point is one percent of the principal loan amount. In the case of home loans, one to three points are normally awarded and in terms of tax deductions this will come up thousands of dollars, which can prove to be good savings for you. In case of a refinance, points received to the refinance loan are also tax deductible, if they are amortized over the loan lifetime. In case you have taken a home equity loan and used the money to make considerable home improvement, the home equity loan interest is deductible from taxes.

Tax deductions are specific to state laws, so it is best to consult a qualified property tax auditor who can show you the various ways by which you can deduct taxes. Tax deductions are offered by the government to encourage people to buy property. By looking into means for reducing your taxes, you can free up money for other crucial expenses. On the other hand, being unaware of tax deduction benefits means you lose out on big areas where you can save up your finances.
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Both Ryan Machara & Paul Escobedo are contributors for EditorialToday. The above articles have been edited for relevancy and timeliness. All write-ups, reviews, tips and guides published by EditorialToday.com and its partners or affiliates are for informational purposes only. They should not be used for any legal or any other type of advice. We do not endorse any author, contributor, writer or article posted by our team.

Ryan Machara has sinced written about articles on various topics from Insurance, Small Business and Online College. Ryan is an expert with tax problems! Please visit for more information.. Ryan Machara's top article generates over 8100 views. to your Favourites.

Paul Escobedo has sinced written about articles on various topics from Real Estate, Wedding Gowns and Real Estate. Search ,
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