With little more than a week left in 2008 the Internal Revenue Service wants to remind taxpayers to be aware of recent tax changes as well as some recently reinstated tax deductions.
“A simple review of your current tax situation may result in a bigger refund or less taxes to be paid come tax time,” said IRS Spokesperson Luis D. Garcia.
The Internal Revenue Service offers these tax tips for you to consider.

While the spirit of giving seems to grow during the holiday season, the IRS reminds taxpayers to keep some important points in mind when making donations with the expectation of deducting them on a federal tax return.
Taxpayers can deduct donations only if they make them to a qualified tax exempt organization.
"The IRS website allows taxpayers to search for many charitable organizations online with Publication 78," said IRS spokesperson Luis D. Garcia. “Qualified organizations can include non profit groups that range from religious to scientific, charitable to educational, or that work to prevent cruelty to children or animals. Generally, organizations will be able to tell you whether they are federally tax exempt and eligible to accept tax-deductible donations."

Sam almost lost the farm that had been in his family for 8 generations!  We’ve all heard that “The Devil is in the details”.  It is especially true when it comes to estate planning.  Make sure you don’t make the same mistake Sam did.

   The millions of Social Security beneficiaries who do not have bank accounts will soon be able to receive their benefits in the form of a prepaid debit card, instead of a traditional paper check through the mail.  The plan recently announced by the U.S. Treasury Department is expected to save both the government and beneficiaries millions of dollars, speed access to available funds, and reduce problems associated with lost or stolen checks.

Consumers who call early may have more alternatives to foreclosure

    

AUSTIN – Texas Attorney General Greg Abbott today encouraged homeowners who are struggling with monthly mortgage payments to contact their lenders and loan servicing companies immediately.

Question: I have just started on my fist job.  I have some large debts and monthly expenses. Can I refuse Social Security so the tax will not be deducted from my wages?    

     

Answer: No.  Social Security is a Federal law passed by Congress and changed by Congress.  The law now requires employers to deduct 7.5% from your salary and match this amount by 7.56% from total of 15.3%.    

Question:  I have never worked and have been receiving Survivor Social Security benefits on my deceased husband’s account.  My youngest child will be 16 this year.  I have just learned that my Social Security check will stop at that time.  Is this correct?

Question: After I signed up for direct deposit for my social Security check do I have to stay with the same bank?

 

Answer: No.  You can use direct deposit at any federally-insured bank, savings and loan on credit union.  If you move your account call Social Security’s toll free number, 1-800-772-1213 and a representative will change your direct deposit information

Don’t ignore it; look forward to the chance to get things in order.

Here’s the scenario … you get a card in the mail, one of those little reminders that tells you it’s time for your annual financial checkup. Your reaction: I’ll take care of that later. Here’s why you should look forward to it. 

On Social Security
Contributed by Betty Grubbs Question: I have heard that some Medicare part D enrollees are receiving some of their medications free. Where do I find out how to sign up for help?