On Tuesday, April 7, tax experts from H&R Block will offer 24 hours of “taxpertise”
These H&R Block tax specialists can help taxpayers wade through issues like cancelled debt, first-time homebuyer credit, penalties for early withdrawals from pension plans and other pressing issues. Common questions include:
• My home was repossessed. Do I still have to pay taxes?
• I bought a home for the first time - but it has wheels - do I still qualify for that first-time homebuyer credit?
• I’m traveling to job interviews far from home. What expenses can I deduct?
The Tax Talk Line will be open all day signaling the final-week countdown for taxpayers to either file their taxes, an extension or even an amendment.
The only constant, is change
“There were more than 500 tax code changes last year,” said John Gobcio, Regional Director, at H&R Block. “No wonder taxpayers have questions. With time running out this tax season, now is the time for answers – especially in today’s sluggish economy, record-high unemployment rates and all the tax laws changes.”
In fact, a recent survey by The Tax Institute showed that more than 70 percent of taxpayers were unaware of recent legislative changes that could impact their bottom line at tax time.
The survey also showed:
• Credit confusion. More than half of all those surveyed didn’t know they could claim a credit or deduction they overlooked on a previous return. (They can – and that can spell big bucks for taxpayers.)
• Unemployment confusion. Despite soaring jobless rates, more than 40 percent of those surveyed are confused about whether unemployment benefits are taxable.
While H&R Block is open year-round to answer taxpayers’ questions, the Tax Talk Line offers advice in a hurry with last-minute tax tips kicking off the final week of tax season.
“With the passing of the recent Recovery Act and so many tax law changes last year, it’s even more vital now to understand what it takes to get every deduction and credit you are entitled,” Gobcio said.
The Recovery Rebate Credit, Making Work Pay Credit, first-time homebuyer credit and tax implications of unemployment compensation are just a few of the hottest topics on taxpayers’ minds, McAnarney said.
