Navigating Tax Season 2008
Tax season is once again upon us and millions of Americans are busy preparing their income taxes. Tax season can be stressful, and this year there’s some good news and bad news.
First, the bad news. The Internal Revenue Service recently issued an alert that cautioned taxpayers to beware of advance payment scams being perpetrated this year. According to the IRS, the scams are being operated using phone calls and emails. Taxpayers need to stay vigilant and aware to avoid being victimized.
The scams currently being perpetrated involve a “rebate phone call”, a “refund e-mail”, an “audit e-mail”, a “changes to tax law e-mail”, and a “paper check phone call”. Most of these scams seek personal financial information, like bank account numbers, for the purposes of breaking into a person’s account and emptying it. The specific details of the scams are available at www.irs.gov. If you receive an email or phone call that you believe is suspicious, report it immediately to the IRS via their website. Also available at www.irs.gov is information regarding “How to Protect Yourself From Suspicious E-Mails or Phishing Schemes.”
Now, for the good news. The Congress has passed and the President has signed legislation that will provide rebates to millions of Americans and give our economy a shot in the arm. The Economic Stimulus Package will provide rebate checks to single taxpayers with adjusted gross incomes (AGI) up to $75,000 and married couples with an AGI of up to $150,000. For anyone qualifying for the base rebate, a children’s bonus of $300 per child will also be included, with no limitation on the number of children. For example, a family of 4 with an adjusted gross income of $80,000 can expect to see a rebate of up to $1800. While this legislation is meant to provide a short term stimulus, I am hopeful it will lead to further bipartisan action that will give our economy long term stability.
The rebate checks are not expected to start hitting mailboxes until May. So if you or someone you know gets a call before then claiming some sort of advance payment, call the IRS or call my office at 909-575-6226. This tax season, stay vigilant, stay aware, and you’ll weather it just fine.
