IRS lends helping hand to struggling taxpayers
5:11 p.m. Thursday, January 8, 2009
“It's going to get a lot worse before it gets better,” said Wayne Miller of Hays.
“It's a little shaky and mostly due to indecisions and people being unsure and mostly scared,” said Will Bevan of Meriden.
From Wall Street to Main Street, everyone is feeling the effects of the recession.
“We’re just being very cautious and watching it and not spending as much as what we usually do,” said Debbye King of Manhattan.
IRS Help
You can read details about the qualifications for the IRS's tax breaks and assistance options here.
“I've had to slow down a lot of my traveling and a lot of things I wanted to buy,” Miller said.
And now that a new year is here, it's time to start thinking about filing your income taxes.
But before you do, the IRS is giving people with financial hardships options.
If you owe back taxes and are strapped for cash, the IRS is willing to let you adjust your payments, avoid defaulting on payment agreements or put off paying.
Taxpayer's Corner
To help you this tax season, we've collected information that might answer some of your questions, or tell you where to get the answers you need. Just tap into Taxpayer's Corner here.
Job loss, relying only on social security or welfare or significant medical bills are just a few scenarios that would qualify as a financial hardship.
“They're working, doing their very best and some things are out of their control,” King said.
Some find it hard to believe.
“They usually want their money now,” said Miller.
But say it's a good idea by the IRS.
“Maybe we're becoming a more kinder, gentler nation,” King said.
Maybe she's right.
The IRS is also hoping taxpayers can capitalize on new tax breaks, like a first-time home buyer credit, recovery rebate credit, standard deduction for real estate taxes and mortgage forgiveness debt relief.
“I think it's a good thing,” she said. “And I would be happy for those who do and I believe that we will and I’ll be happy for myself also.”
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