IRS HAS DROPPED ITS
INTEREST RATES AGAIN
If you underpaid your taxes and did not pay-up by April 15,here's some minor "good news." The interest you will pay has been reduced to four percent. Of course, there may be late-payment penalties on top of that.
If you file Amended Returns for any of the past three years in order to claim deductions you missed the first time around, they will not only send you the additional money due to you, they'll also pay you 4% interest for the period
of time they had your money.
GOOD NEWS (if you already got hit with "bad news"):
HAVE YOU JOINED THE RANKS OF
THE UNEMPLOYED THIS YEAR?
If so, the American Recovery and Reinvestment Act of 2009 says that the first $2,400 you receive in unemployment benefits, will be considered "tax free" when you file your taxes next year.
This tax-exclusion is per person, so if both husband and wife lose their jobs and both receive unemployment, they may each exclude $2,400.
by Ron Mueller
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