SAN ANTONIO, Jan. 11 /PRNewswire/ -- In January, taxpayers receive the most
important tax form of the year - Form W-2, Wage and Tax Statement. Your 2009
income tax and future social security and Medicare benefits are based on it,
so its accuracy is vital to short- and long-term financial health.
The American Payroll Association, the nation's leader in payroll education,
offers W-2 tips to save time, money, and headaches this tax season:
1. Increase your pay for 2010. If you get a big tax refund, you overpaid
your taxes. The average person overpays taxes by more than $200 a month,
according to the IRS! Making just minor adjustments to your W-4 form can
increase your paycheck. The W-4 assistant at www.nationalpayrollweek.com/W4
can help determine the withholding allowances to claim on Form W-4.
2. Does the government owe you money? Read the back of W-2 copies B, C, and
2 to determine if you are eligible for credits. You could be missing out on
thousands of dollars in tax credits.
3. Is your W-2 correct? Check it against your final 2009 paystub. If your
W-2 seems incorrect, contact your payroll department.
Things to watch include:
* Box 1 should differ from your final 2009 paystub year-to-date gross pay if you participate in a 401(k) or other employer-sponsored savings plan.
* Box 3 total should not exceed $106,800 - the 2009 social security wage base.
* Boxes 1, 3, and 5 should be less than your final 2009 paystub year-to-date gross pay, if you use pre-tax deductions to pay your insurance premiums or to contribute to medical or dependent care flexible spending accounts.
4. Does your Social Security Number (SSN) match your social security card?
The name and SSN on your W-2 must match your social security card to receive
your benefits. Ask the payroll department for a corrected W-2 if they do not
match.
5. Did you receive everything you need to file an accurate tax return? You
should receive a W-2 from every company that paid you in 2009. Contact the
payroll department of any company you worked for in 2009 that didn't send you
a W-2. Request a "reissued statement" to replace lost W-2s. If you earned
more than $600 from a single company for any freelance or contract work, you
should receive Form 1099-MISC, Miscellaneous Income, instead of a W-2.
For additional tips, visit www.nationalpayrollweek.com.
SOURCE American Payroll Association
Tuesday, February 23, 2010
Tuesday, February 2, 2010
Tri Tax teams with TFG Card Solutions, Inc. to reduce need for tax refund loans and speed up refund delivery.
PORTLAND OREGON– January 20, 2010 – Tri Tax Implements TFG Card Solutions’ Platinum Pay to reduce the need for tax refund loans and speed refund time.
Tri Tax will offer direct deposit of tax refunds through TFG Card Solutions’ Platinum Pay pre-paid debit card for tax year 2009. In years past, tax refund loans were what customers demanded to get refund dollars quickly, however, the cost of these loans were eating up much of the refund. Last year, the IRS processed 118,479,904 individual income tax refunds. Of those, millions of refunds were unable to be delivered due to address changes. Some paper check refunds took up to three months to be received. Tri Tax found Platinum Pay is a way to quickly get tax refunds to clients without the hefty loan fees while eliminating undeliverable paper checks and speeding up delivery time.
Carlos Marquez, Founder of Tri Tax notes, “We are helping the communities we serve by offering quicker tax refunds through direct deposit. By offering Platinum Pay to our clients, we also are minimizing the need for tax refund loans, which can be very expensive.”
“Tri Tax is a great example of how to use Platinum Pay to increase loyalty, educate consumers and remain ahead of the pack,” says Thomas Secor, President of TFG Card Solutions.
About Tri Tax
Tri Tax is the largest Hispanic tax preparation franchises in the United States. Over the last 15 years Tri Tax has revolutionized its business by offering on-going support, training, and consultation services to its franchise owners. At the same time, continuing to improve the technology and infrastructure to answer many of the challenges that those in the tax industry face. For more information, visit www.tri-tax.com.
About TFG Card Solutions, Inc.
TFG offers free payroll debit card solutions that help businesses of all sizes maximize direct deposit participation, maximizing their current direct deposit system and empowering un-banked employees. Payroll debit cards save both the business and its employees money every single pay period. For more information, visit www.tfgcard.com.
Tri Tax will offer direct deposit of tax refunds through TFG Card Solutions’ Platinum Pay pre-paid debit card for tax year 2009. In years past, tax refund loans were what customers demanded to get refund dollars quickly, however, the cost of these loans were eating up much of the refund. Last year, the IRS processed 118,479,904 individual income tax refunds. Of those, millions of refunds were unable to be delivered due to address changes. Some paper check refunds took up to three months to be received. Tri Tax found Platinum Pay is a way to quickly get tax refunds to clients without the hefty loan fees while eliminating undeliverable paper checks and speeding up delivery time.
Carlos Marquez, Founder of Tri Tax notes, “We are helping the communities we serve by offering quicker tax refunds through direct deposit. By offering Platinum Pay to our clients, we also are minimizing the need for tax refund loans, which can be very expensive.”
“Tri Tax is a great example of how to use Platinum Pay to increase loyalty, educate consumers and remain ahead of the pack,” says Thomas Secor, President of TFG Card Solutions.
About Tri Tax
Tri Tax is the largest Hispanic tax preparation franchises in the United States. Over the last 15 years Tri Tax has revolutionized its business by offering on-going support, training, and consultation services to its franchise owners. At the same time, continuing to improve the technology and infrastructure to answer many of the challenges that those in the tax industry face. For more information, visit www.tri-tax.com.
About TFG Card Solutions, Inc.
TFG offers free payroll debit card solutions that help businesses of all sizes maximize direct deposit participation, maximizing their current direct deposit system and empowering un-banked employees. Payroll debit cards save both the business and its employees money every single pay period. For more information, visit www.tfgcard.com.
Friday, January 29, 2010
Tax Refunds – your money, don’t pay to get it
Last year, the IRS processed 118,479,904 individual income tax refunds, issuing almost 3 percent more refunds last year compared to the same time the year before. Before you choose how to get your refund, know your options.
Even if you do not have a traditional bank account, there are several ways to get your tax refund including a tax refund loan, direct deposit, and a paper check.
A tax refund loan gives you quick access to your refund, but it comes at a high price – up to 2,000%! Tax refund loans, also known as “instant refund loans” or “refund anticipation loans” give consumers a short-term loan, usually 10 days, and costs anywhere between $29-$100 plus filing fees. This type of loan equates to an APR of approximately 222%. According to the Consumer Federation of America and the National Consumer Law Center, 12 million taxpayers paid over $900 million in fees last year on these types of loans. I’m pretty sure that if someone asked you if you’d like a 10 day loan for 222%, you’d either turn and run away or ask if they need a loan under the same terms.
Another way to get your tax refund is the traditional paper check. Last year, millions of paper refund checks were unable to be delivered due to address changes between the time of filing and delivery. Moreover, of the deliverable paper checks, some refunds took up to three months to be issued and received. What about lost or stolen paper checks? We hear every year on the news how mailbox theft is increasing, particularly during the months following the tax filing deadline of April 15th. Refund checks are easily identifiable and targeted by thieves.
If you are one of the millions of Americans without a bank account, how do you cash your refund paper check? If you use a check cashing store or other expensive check cashing alternative, you might want to explore other options, like paycards. It may seem that using a check cashing store is a convenient option, however, these stores charge 5% or more in fees. That’s $100 to cash a $2,000 check!
How can you avoid paying high fees and quickly get your money? Paycards are a great way to receive tax refunds using direct deposit. They allow you to get your refund faster while eliminating the risk of mail fraud, high costs of a refund loan, and check cashing fees.
Paycards are a safe and convenient way to direct deposit your tax refund. Just give the tax preparer your account and routing numbers, and your refund is deposited to your card directly. The same paycard you use to direct deposit your tax refund can be used to direct deposit your paycheck, child support, alimony, government benefits, and more. Just because you don’t have a bank account, doesn’t mean you can’t receive electronic payments. All you need is a paycard.
Direct Deposit Using a Paycard
Cost: Up to $20
Risk: Little to no cost or risk
Summary: Very low cost or risk
Traditional Paper Check. Cashing a check cashing store
Cost: up to 5%of check amount
Risk: High cost and risk of delay or undeliverability
Summary: High cost and risk
Loan on anticipated tax refund
Cost: Averages 222.5%
Risk: Extremely high cost, high risk and the loan is short term
To avoid the high costs and risks associated with traditional paper checks and anticipation loans, have your tax preparer contact www.tfgcard.com or enroll online at www.tfgcard.com/tax.
Even if you do not have a traditional bank account, there are several ways to get your tax refund including a tax refund loan, direct deposit, and a paper check.
A tax refund loan gives you quick access to your refund, but it comes at a high price – up to 2,000%! Tax refund loans, also known as “instant refund loans” or “refund anticipation loans” give consumers a short-term loan, usually 10 days, and costs anywhere between $29-$100 plus filing fees. This type of loan equates to an APR of approximately 222%. According to the Consumer Federation of America and the National Consumer Law Center, 12 million taxpayers paid over $900 million in fees last year on these types of loans. I’m pretty sure that if someone asked you if you’d like a 10 day loan for 222%, you’d either turn and run away or ask if they need a loan under the same terms.
Another way to get your tax refund is the traditional paper check. Last year, millions of paper refund checks were unable to be delivered due to address changes between the time of filing and delivery. Moreover, of the deliverable paper checks, some refunds took up to three months to be issued and received. What about lost or stolen paper checks? We hear every year on the news how mailbox theft is increasing, particularly during the months following the tax filing deadline of April 15th. Refund checks are easily identifiable and targeted by thieves.
If you are one of the millions of Americans without a bank account, how do you cash your refund paper check? If you use a check cashing store or other expensive check cashing alternative, you might want to explore other options, like paycards. It may seem that using a check cashing store is a convenient option, however, these stores charge 5% or more in fees. That’s $100 to cash a $2,000 check!
How can you avoid paying high fees and quickly get your money? Paycards are a great way to receive tax refunds using direct deposit. They allow you to get your refund faster while eliminating the risk of mail fraud, high costs of a refund loan, and check cashing fees.
Paycards are a safe and convenient way to direct deposit your tax refund. Just give the tax preparer your account and routing numbers, and your refund is deposited to your card directly. The same paycard you use to direct deposit your tax refund can be used to direct deposit your paycheck, child support, alimony, government benefits, and more. Just because you don’t have a bank account, doesn’t mean you can’t receive electronic payments. All you need is a paycard.
Direct Deposit Using a Paycard
Cost: Up to $20
Risk: Little to no cost or risk
Summary: Very low cost or risk
Traditional Paper Check. Cashing a check cashing store
Cost: up to 5%of check amount
Risk: High cost and risk of delay or undeliverability
Summary: High cost and risk
Loan on anticipated tax refund
Cost: Averages 222.5%
Risk: Extremely high cost, high risk and the loan is short term
To avoid the high costs and risks associated with traditional paper checks and anticipation loans, have your tax preparer contact www.tfgcard.com or enroll online at www.tfgcard.com/tax.
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