Wake County Free Tax Prep
A Public Service of the Wake EITC Coalition
Free Income Tax Preparation by Volunteers
- Free preparation of your income tax return
- Free electronic filing of your return
- Free direct deposit of your return into your bank account(s)
- Free printed copy for your records
- Most income tax refunds are deposited in your bank account in 10 days!
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We have had some questions about the first-time homebuyers credit. It is basically a refundable tax credit of up to $7,500 that must be “repaid” in future tax years of 1/15th of the amount each year. In other words, it is an interest free loan to homeowners that purchased their homes after April 8, 2008 and before July 1, 2009. Here is the IRS news release (IR-2008-106) that addresses the First-Time Homebuyers Credit that can be taken on Form 5405.
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Tax Refund Anticipation Loans (RALs) are short-term cash advances for the amount a customer expects to receive as an income tax refund. So, it’s the same idea as getting a cash advance on a coming paycheck, except the loan is against your anticipated income tax refund instead of your paycheck. The benefit of a RAL is the same, too. It offers customers a quicker access to cash than waiting for their tax refund. Read the rest of this entry »
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Homeowners that experienced a foreclosure or were granted a short sale by their lender normally must pay taxes on any “forgiven debt.” This can potentially add tens of thousands of dollars in additional tax liabilities to families that are already in a huge financial bind. Congress however has created a reprieve from this rule to allow for an exemption from the “forgiven debt rule” when mortgage related losses are forgiven. Read more for the announcement as well as the brochure that you may download. Read the rest of this entry »
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Taxpayers that are seeking additional money for holiday spending may be tempted to utilize an expensive option offered by many tax preparers. Pay stub refund anticipation loans are frequently used to provide extra cash for the holidays. However, the cost of these loans is so high that it dramatically reduces the total tax refund. Read the rest of this entry »