LANSING, MI (WLNS) – It’s April and that means tax time.
And with the filing deadline 10 days away, the IRS has some advice for you.
That comes straight from the IRS.
Many people don’t even realize they may qualify for money that often gets left behind.
“If you work hard, you don’t make a lot of money, there’s a way to get money back through the Earned Income Tax Credit,” said Luis Garcia, spokesman, IRS.
It’s been around for decades, but 1 in 5 people who are eligible don’t claim the credit. And IRS spokesman Luis Garcia says if your income has changed, you may be one of those people.
“It’s a significant amount of money, but you have to claim it.”
There are even more savings to be found online with free filing software for which a majority of Americans qualify.
And if you’ve sorted all of this out direct deposit is the fastest way to get your money.
It saves taxpayer money by not having to mail checks and it saves you time, but make sure your account numbers are correct.
“Once we send it out there’s nothing that can be done. It goes to that account whether it’s yours or not.”
All of this can be daunting and if you don’t think you have the money to pay, your first thought might be to not pay, but that will only make things worse.
“If you file your tax return and don’t pay, you’re looking at about a 5 percent penalty. If you don’t file and don’t pay, you’re looking at up to a 25 percent penalty.”
The IRS wants to remind people that there are also phone scams all over leading to thousands of dollars in theft.
Click: Tips to avoid tax scams