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Saturday, February 18, 2012

+tax refund news

+tax refund news

May 2, 2009 -- The National Council for Financial Literacy warns consumers about IRS Tax Refund Scams. This is the season for tax refund “phishing” scams. E-mails are going out notifying the recipient of a refund that is due. These e-mails are NOT from the IRS says Joseph Russo -from National Council for Financial Literacy

This notification is from a previous IRS warning:, “The e-mail, which claims to be from the IRS, directs the consumer to a link that requests personal information, such as Social Security This scheme is an attempt to trick the e-mail recipients into disclosing their personal and financial data. The practice is called “phishing” for information.

The information fraudulently obtained is then used to steal the taxpayer’s identity and financial assets. Generally, identity thieves use someone’s personal data to steal his or her financial accounts, run up charges on the victim’s existing credit cards, apply for new loans, credit cards, services or benefits in the victim’s name and even file fraudulent tax returnsThe bogus e-mail, which claims to come from "tax-refunds@irs.gov" tells the recipient that he or she is eligible to receive a tax refund for a given amount. It then says that, to access a form for the tax refund, the recipient must use a link contained in the e-mail. The link then asks for the personal and financial information.

The IRS does not ask for personal identifying or financial information via unsolicited e-mail. Additionally, taxpayers do not have to complete a special form to obtain a refund.

If you receive an unsolicited e-mail purporting to be from the IRS, take the following steps:

• Do not open any attachments to the e-mail, in case they contain malicious code that will infect your computer.

• Contact the IRS at 1-800-829-1040 to determine whether the IRS is trying to contact you about a tax refund.

The IRS has seen numerous attempts over the years to defraud the public and the federal government through a variety of schemes, including abusive tax avoidance transactions, identity theft, claims for slavery reparations, frivolous arguments and more. More information on these schemes may be found on the criminal enforcement page at IRS.gov.”
Other e-mail scams are evolving with regard to “Economic Stimulus Checks” and consumers should be aware that other bogus “US Government” e-mails are being generated to unsuspecting consumers.

Opening of these e-mails may subject your computer to a “virus” that can damage your computer.

The new year is upon us with the promise of many exciting events in 2012. If you are employed your company will issue you a W2 tax form with all of your earnings and taxes withheld for the year 2011. For many of us in the United States, this means getting back a tax refund that can be spent on anything from educational costs to general living needs. In many cases, a tax refund is spent on products like big screen TVs and down payments on new vehicles.To insure you get the full advantage from any tax refund , there are some things you need to understand concerning your federal student loan. First off, if you become delinquent on a student loan, your credit score automatically takes a hit. This will make getting a loan for that new vehicle much harder than before. Next, if you neglect to pay back your student loans and they fall into default, the federal government reserves the right to garnish you tax refund until the loan is paid off. So you can kiss that new TV or digital camera goodbye, because Uncle Sam wants his money back. Even worse, the government can garnish your actual wages up to 15% each pay period until the loan is paid off. Just when you thought things couldn’t get worse, Federal student loan debt cannot be forgiven by declaring bankruptcy.

What started as a trip to the electronic store with your refund check in hand has turned into working two minimum wage jobs with no car and a horrible credit score; all because you neglected to pay back your federal student loan.
So let’s start 2012 off right. Remember that if you have student loans, pay them back. It’s that simple. If you can’t make payments, research your options and contact your loan company to set up a plan that fits you. There is plenty of help out there tailored specifically to help students who have trouble paying back their loans. Now that you realize the consequences that default can have on your life, how about putting that tax refund toward something that will benefit your life for the long run. New cars and TV’s aren’t going anywhere, just like your student loan debt.
Are you missing your tax refund? If you are, you aren’t the only one. The IRS still has more than $150 million in tax refunds that it hasn’t been able to deliver to taxpayers.
Read more at http://www.inquisitr.com/164228/wheres-my-tax-refund-100000-taxpayers-still-owed-153-million-in-tax-refunds/#ZreoeGsDa3qvY2h5.99that 99,123 taxpayers are still owed tax refunds this year. The IRS says that it hasn’t been able to deliver their tax refunds due to issues like incorrect mailing addresses. According to the IRS, the $153 million in tax refunds makes up for just .01% of the total that it has already delivered. Still, on an individual basis, 99,000 people are missing a check worth an average of $1,500.

If you’re missing your tax refund, you can use the IRS’ “Where’s My Refund” tool.

The IRS says on its website:

“Where’s My Refund? will usually have information about your refund 72 hours after IRS acknowledges receipt of your e-filed return, or three to four weeks after mailing a paper return. Check back weekly, on Wednesdays, for any updates to your refund information.”
To use the tool you simply enter your social security number, your filing status, and the amount of your tax refund.

The IRS recommends that taxpayers opt for direct deposit when they file their taxes so that it’s impossible for the check to get lost in the mail. According to Fox10, 78.4 million taxpayers chose to receive their refund through direct deposit last year.

The IRS also warns taxpayers not to give out any information about their taxes over the phone or through email. The IRS does not contact taxpayers by phone or email so if you’ve received an email about your tax refunds, someone is probably trying to scam you.

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