Newspaper Page Text
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Waiting for refund check not necessary
Those entitled to the Earned Income Tax Credit (EITC) can receivé it in paycheck
ATLANTA
The IRS is making a list and
checking it twice before sending
out some tax refunds this year.
In order to combat tax cheats
- who try toclaim refunds they are
not entitled to, the IRS has im
plemented its Revenue Protec
tion Strategy. Under this strate
gy, some taxpayers will find their
refund hasbeen delayed and may
receive their refunds in two in
-1 stallments. Most delays are tem
porary and will only occur be
-1 cause of the time needed to vali
date information on the tax re
| turn.
| According to IRS district direc
l tor, Nelson A. Brooke, “For those
' entitled to the Earned Income
| Tax Credit (EITC), there is no
Writing a will important even for small estate
More than $8 trillion will be
passed on to the next generation
through inheritances over the
next decade, according to cur
rent estimates. Yet studies have
found that, despite the increas
ing financial worth of today’s
estates, more than 70 percent of
all Americans die without leav
ing a valid will.
Writing a will can be a very
practical part of financial plan
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need to wait on a refund check.
Taxpayers entitled to the EITC
canreceive it throughout the year
in their paycheck from their em
ployer.”
Those that meet the require
ments should file Form W-5,
“Earned Income Credit Advance
Payment Certificate,” with the
employer. However, those who
get the advance EITC in their
paychecks must still file a tax
return at the end of the year to
report the amount advanced and
claim any remaining credit as a
lump sum.
Also, the IRS says actions can
be taken by all taxpayers to fat
ten their paychecks by having
the right amount withheld each
month. According to the IRS,
ning that can someday save your
family and loved ones needless
trouble and expense.
Many people believe they don’t
need a will because the estate
they will be leaving is not very
large. But even for a small es
tate, the directions that are out
lined in a will can avoid family
squabbles and provide many ben
efits. Most importantly, a care
fully planned will can help heirs
many taxpayers feel they are
getting something for nothing by
receiving a larger refund when
in fact they could have that mon
ey each monthintheir paychecks.
“Too many people don’t take the
time or effort to ensure the right
amount of taxes is withheld each
month and are overwithheld, re
sulting in larger refunds at the
end ofthe year,” says Mr. Brooke.
The amount ofincome tax with
held from your regular pay de
pends on two things: the amount
you earn, and the information
you give your employer on Form
W-4, “Employee’s Withholding
Allowance Certificate.” Taxpay
ers can check to see whether the
amount of tax withheld from
their pay is too little or too much
and other beneficiaries avoid
complications and unnecessary
legal costs.
Often the hardest part of writ
ing a will is simply getting start
ed on the project. That’s why the
American Institute for Cancer
Research has prepared a free bro
chure and workbook, which ex
plain the process and make it all
much easier to organize. The
special workbook also helps or
MELILOW
by completing the worksheet in
Publication 919, “Is My With
holding Correct for 1995?” They
can order it by calling 1-800-829-
3676. If too much or too little tax
is being withheld, taxpayers
should give their employers a
new Form W-4 to change with
holding.
Finally, the IRS recommends
taxpayers take the time to com
pare their social security card
with the name and number on
their tax returns, Better yet,
check your social security card
now so you have time to fix any
problems before filing your tax
return. SSNs, names, and birth
dates of dependents must match
Social Security Administration
(SSA) records.
ganize information, which can
mean a much smaller bill when
you visit an attorney to write
your will.
To order a free copy of “Six
Steps to a Thoughtful and Prac
tical Will” and the AICR Will
Organizer, call toll-free 1-800-
843-8114, extension 61, Monday
through Friday, 9 a.m. to 5 p.m.
Eastern time.
AUGUSTA FOCUS
Augusta
Focus
CONSOLIDATION:
Why will a consolidated government
be beneficial to our area?
. ~d
)
| 4 ; ’
o
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Host: Sen. Charles Walker
Tune in to Augusta In Focus this Sunday at 10:30 a.m. on
WAGT TV-26. Join Sen. Walker as he welcomes Rep.
Beftieanne Childers Hart and Attorney Sam Nicholson
for a discussion on the benefits of consolidation.
March 30, 1995
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Chliiders Hart
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