Archive for March, 2008
March 21st, 2008
If you didn’t file an income tax return in 2004 — and you were owed a refund – you still have time to file and claim one, says the IRS. Until April 15, 2008, that is.
The IRS has more than $53 million for about 50,000 residents of Illinois who have not filed their 2004 income tax returns, said spokeswoman Sue Hales. But won’t you be in trouble if you didn’t file sooner?
“Returns that qualify for refunds, if they’re filed late, are not assessed penalty or interest,” Hales said. “But if you don’t claim it within three years, it becomes the property of the U.S. Treasury.” For 2004, that three-year window ends this April 15.Â
Even low-income workers who may not have made enough money to reach the filing requirement in 2004 may have a refund of withheld taxes coming, she said.
Of course if you owed a balance due and did not file in 2004, then you would be assessed penalties and interest, Hales said. And if you thought you were owed a refund for 2004, but were audited and it was found additional taxes were due, then you also could be assessed penalties. Also, your refund check could be held if you have not filed tax returns for 2005 or 2006.
To find current and prior year tax forms you can go to the IRS Web site at www.irs.gov or call 1-800-TAX-FORM. If you need further help you can call the IRS at 1-800-829-1040.
Any returns must be properly addressed, postmarked and mailed by April 15.
March 19th, 2008
If you earned less than $40,000 in 2007 you might be eligible for as much as $4,716 in extra cash — through the federal Earned Income Tax Credit (EITC). The Internal Revenue Service says as many as one of four taxpayers eligible for the EITC doesn’t claim it.
The EITC was created for lower-income working people and families. The amount of credit you get does vary according to income and family size. Amounts change each year. The IRS says that this year the maximum EITC is:
* $4,716 for a family with two or more qualifying children;
* $2,853 for a family with one qualifying child; or
* $428 for taxpayers at least 25 years old but under age 65, with no children.
The state of Illinois also has an EITC for state income tax.
If you need help finding out about EITC eligibility, you can turn to Volunteer Income Tax Assistance (VITA) and Tax Counseling for the Elderly (TCE) sites. They’re often at community centers, libraries, schools and malls. VITA provide free tax return preparation to low and moderate income taxpayers, and TCE gives help to taxpayers age 60 and over. To find nearby volunteer sites, call the IRS at 1-800-829-1040.
March 17th, 2008
It’s hard, of course, to summarize a whole 26 pages of survey results in just a few column-inches or a few paragraphs on the Web.
Especially when the survey gives a voice to 85 Rock River Valley companies — with a total of more than 8,500 employees — and what they think about the business climate here. Specifically, their satisfaction level, or lack thereof, with about 40 different local factors from workforce stability to utilities to property tax assessment to schools.
In the past couple of weeks at businessrockford.com we’ve written some stories about that fourth annual survey — whose results were publicly released March 13 as the Voice-of-the-Customer Report by the Rockford Area Economic Development Council. (The customers are, of course, local businesses.)
I’d recommend you take a look at the whole 26-page report. It’s available online in pdf format here.
The summary report doesn’t just gauge business satisfaction, it points out our community’s strengths and opportunities for improvement.
“Our region’s job growth and capital expansion will be significantly enabled by how well we meet existing employers’ expectations for infrastructure and workforce,” says the executive summary.
On average, it adds, communities can expect 70 percent to 80 percent of their job growth and capital investment to come from existing employers.
If you’re one of those existing employers – and you probably are – take a look at the full report and see what you think.
March 12th, 2008
Oops, I waited too long and missed it: National Procrastination Week.
Believe it or not, there really is a National Procrastination Week. It is the second full week in March, so this year it started March 3.
I Googled it and found dozens of references. Some of them included a quote from a very famous procrastinator, Mark Twain: “Do not put off until tomorrow what can be put off ’til day-after-tomorrow just as well.”
I was alerted to National Procrastination Week by an e-mailed press release about Bob Kustka, CEO of The Fusion Factor, an HR strategy consulting firm in Massachusetts. When I saw that the e-mail was not from a local source, I saved it to read later, and when I finally got to its contents, I realized I had missed this important week.
Even though the official week itself is over, I figure I probably still could benefit from some of Kustka’s input. Some people procrastinate because they don’t like working on certain tasks, he said. But others just feel overwhelmed by the amount of work on their plates and don’t know where to begin.
Some of the steps Kustka outlined, as part of his trademarked “Right Here Right Now” method:
Decide. When faced with a daily to-do list, first decide the priority of each task.
Designate. When a task can’t be finished quickly, set a time for it later in the day or week, and then write it in a calendar to keep yourself accountable.
Delegate. See who else is carrying a lighter load and use teamwork to help everyone get through the day productively.
