Tax Cut You Are Missing

Three out of ten taxpayers are unaware they’re taking home more money due to the payroll tax cut, says a survey by Boston-based John Hancock Financial Services.

That’s up slightly from 2011, when 26 percent didn’t realize their take-home pay had a bit more money.

The survey also found that about 20 percent of taxpayers think they’ll spend that money instead of saving it, compared to 12 percent last year.

Those saying they’ll save that extra money fell to 22 percent compared to 29 percent last year.

One in five of those surveyed said they’d use the extra cash to pay down debt, the same as last year.

One in seven said they’d increased their retirement plan contribution at work, while ten percent invested in a retirement plan outside the workplace.

Of taxpayers getting a refund, nearly half said they’d put the cash in a savings account, while 25 percent said they’d pay down debt.

One in five said they’d spend the refund, the same as in 2011, and 18 percent said they’d put the refund toward their retirement plan outside of work.


Of those spending their refund checks, just over half said they’d take a nice vacation.

More than a quarter will buy basic household items, 19 percent will buy entertainment items, and 16 percent will spend it on home improvements.

Just 13 percent will spend the money on a luxury item, while 8 percent said they’d make a big ticket purchase like a car.

About 53 percent said they expected to receive a Federal refund, and about 30 percent said they expected to owe Uncle Sam. Of those, 84 percent said they’d pay the taxes due from checking or savings accounts.

The findings were drawn from the quarterly John Hancock Investor Sentiment Index survey, conducted by independent research firm Mathew Greenwald & Associates.

A total of 1,006 investors were surveyed Feb. 13 to Feb. 24, 2012.

To qualify, respondents were required to participate in some of their household’s financial decision-making process and have a household income of at least $75,000 with assets of $100,000.

The margin of error is plus or minus 3.15 percentage points.

Online Tithing

We are hot on the trail of providing a great new way for your congregation to give. Fast, easy and readily available. This will enable givers and non-givers to setup recurring gifts any time they are at your facilities. Let us know if your organizations is interested in deploying one or two or twenty of these. We will have multiple options once these are complete.

If You Can't File or Pay On Time, Don't Panic Yet

The Internal Revenue Service today reminded taxpayers that quick and easy solutions are available if they can’t file their returns or pay their taxes on time, and they can even request relief online.


The IRS says don’t panic. Tax-filing extensions are available to taxpayers who need more time to finish their returns. Remember, this is an extension of time to file; not an extension of time to pay. However, taxpayers who are having trouble paying what they owe usually qualify for payment plans and other relief. Last month, for example, the IRS, as part of its Fresh Start initiative announced penalty relief for unemployed taxpayers and self-employed individuals whose income has dropped.


Either way, taxpayers will avoid stiff penalties if they file either a regular income tax return or a request for a tax-filing extension by this year’s April 17 deadline. Taxpayers should file, even if they can’t pay the full amount due.


Here are further details on the options available.


More Time to File


People who haven’t finished filling out their return can get an automatic six-month extension. The fastest and easiest way to get the extra time is through the Free File link on IRS.gov . In a matter of minutes, anyone, regardless of income, can use this free service to electronically request an automatic tax-filing extension on Form 4868.


Filing this form gives taxpayers until Oct. 15 to file a return. To get the extension, taxpayers must estimate their tax liability on this form and should also pay any amount due.


By properly filing this form, a taxpayer will avoid the late-filing penalty, normally five percent per month based on the unpaid balance, that applies to returns filed after the deadline. In addition, any payment made with an extension request will reduce or eliminate interest and late-payment penalties that apply to payments made after April 17. The current interest rate three percent per year, compounded daily, and the late-payment penalty is normally 0.5 percent per month.


Besides Free File, taxpayers can choose to request an extension through a paid tax preparer, using tax-preparation software or by filing a paper Form 4868, available on IRS.gov. Of the 10.5 million extension forms received by the IRS last year, about 4 million were filed electronically.


Some taxpayers get more time to file without having to ask for it. These include:


• Taxpayers abroad.U.S.citizens and resident aliens who live and work abroad, as well as members of the military on duty outside theU.S., have until June 15 to file. Tax payments are still due April 17.


• Members of the military and others serving inIraq,Afghanistanor other combat zone localities. Typically, taxpayers can wait until at least 180 days after they leave the combat zone to file returns and pay any taxes due. For details, see Extensions of Deadlines in Publication 3 , Armed Forces Tax Guide.


• People affected by certain tornadoes, severe storms, floods and other recent natural disasters. Currently, parts ofIndiana,Kentucky,TennesseeandWest Virginiaare covered by federal disaster declarations, and affected individuals and businesses in these areas have until May 31 to file and pay.


Easy Ways to E-Pay


Taxpayers with a balance due IRS now have several quick and easy ways to electronically pay what they owe. They include:


• Electronic Federal Tax Payment System (EFTPS). This free service gives taxpayers a safe and convenient way to pay individual and business taxes by phone or online. To enroll or for more information, call 800-316-6541 or visit www.eftps.gov.


• Electronic funds withdrawal. E-file and e-pay in a single step.


• Credit or debit card. Both paper and electronic filers can pay their taxes by phone or online through any of several authorized credit and debit card processors. Though the IRS does not charge a fee for this service, the card processors do. For taxpayers who itemize their deductions, these convenience fees can be claimed on Schedule A Line 23.


Taxpayers who choose to pay by check or money order should make the payment out to the “United States Treasury.” Write “2011 Form 1040,” name, address, daytime phone number and Social Security number on the front of the check or money order. To help insure that the payment is credited promptly, also enclose a Form 1040-V payment voucher.


More Time to Pay


Taxpayers who have finished their returns should file by the regular April 17 deadline, even if they can’t pay the full amount due. In many cases, those struggling with unpaid taxes qualify for one of several relief programs, including those recently expanded under the IRS “Fresh Start” initiative. These include the following:


• Most people can set up a payment agreement with the IRS on line in a matter of minutes. Those who owe $50,000 or less in combined tax, penalties and interest can use the Online Payment Agreement to set up a monthly payment agreement for up to six years. Taxpayers can choose this option even if they have not yet received a bill or notice from the IRS. Alternatively, taxpayers can request a payment agreement by filing Form 9465-FS. This form can be downloaded from IRS.gov and mailed along with a tax return, bill or notice.


• Most unemployed filers and self-employed individuals whose business income dropped substantially can apply for a six-month extension of time to pay. Eligible taxpayers will not be charged a late-payment penalty if they pay any tax, penalty and interest due by Oct. 15, 2012. Taxpayers qualify if they were unemployed for any 30-day period between Jan. 1, 2011 and April 17, 2012. Self-employed people qualify if their business income declined 25 percent or more in 2011, due to the economy. Income limits and other special rules apply. Apply using Form 1127-A.


• Some struggling taxpayers may qualify for an offer-in-compromise. This is an agreement between a taxpayer and the IRS that settles the taxpayer’s tax liabilities for less than the full amount owed. Generally, an offer will not be accepted if the IRS believes the liability can be paid in full as a lump sum or through a payment agreement. The IRS looks at the taxpayer’s income and assets to make a determination regarding the taxpayer’s ability to pay.


Details on all filing and payment options are on IRS.gov.

Thinking About Using A Check Guarantee Service?

Get ready for the “check guarantee sales pitch.”  Ordinary check guarantee presentations frequently go something like this:

Utilize our “check guarantee service” and you will be SAFE from bad checks.”

You may also hear this one:  “discontinue bad checks NOW by guaranteeing your checks!”

Even though is what a lot of check guarantee services repeatedly market themselves as a way to safely acquire checks and stay away from bad check losses, they are not virtually as secure and good as often claimed.  Stated another way, be aware of the “check guarantee” propaganda.  Keep in mind, if it “sounds too good to be true, it probably is.”

If you sign up with a guarantee service, part of the “fine print in the guarantee contract” says YOU must insure certain items are listed and or examined on accepted check.  If you omit one of the specified items, or do not fully follow the procedure exactly as described, and the check is returned, the check guarantee promise is null and void (i.e. you will not be paid for the value of the check). 

When your business is in the midst of “high traffic hours,” employees may not always check every single item.  That process takes time and customers are not always patient. Employees sometimes forget to follow each part of check approval process, and sometimes new employees are not aware of what needs to be done.

Before signing on with a check guarantee service ask if you really want to have to verify various items on every single check you accept.  If you look into check guarantee services very far, you will find they are generally a major source of irritation for both business owners as well as customers.  No business wants to unnecessarily aggravate its customer base.  A better solution for bounced checks is a clear company that excels in performance and has excellent track record.  

If you are currently using a check guarantee service and you have checks that were returned by the “guarantee company” unpaid, Check Care can help your business. 

Don't Be Afraid To Purchase Online

Most of us pay bills, transfer funds, or purchase goods using checks or credit and debit cards. However, there is a huge number of people who are either reluctant to use credit cards online, or just probably don’t have any. Of course, you can always pay through checks, but then again, some people find it too much of annoyance to use them. And understandably so since paying with checks would often times require you to mail them, where for some unknown reasons, they are sometimes mishandled by mail service handlers and the checks end up being lost.

Well, if you are one of the people looking for better ways to pay bills, or more reliable ways to pay for goods or services you purchase online, then you might be interested in trying to pay through ACH processing.   ACH processing is a safe and secure way of making online payments through an automated clearing house (ACH) network. Paying through ACH processing has a lot of advantages since it prevents errors and even accelerates processing of payments, while only needing fewer resources.
Many businesses the world over are choosing ACH processing as their preferred option to receive payments from customers. This is because ACH processing is fast and secure. Advantages of this payment option for business include eliminating the need to forward checks to banks or waiting for the checks to be cleared. This allows the receipt of money faster and more reliable. 

Aside from businesses, many customers all over the world also pick ACH processing as their chosen payment option because, aside from being fast and secure, ACH processing eliminates the need to write checks manually while also allowing the processing of credit and debit card payments electronically (these payments are credited to a merchant’s bank account).

One of the fastest rising ACH processing providers today is Check-Care.com .  Check-Care.com provides secure payment processing solutions for business all over the world, and ACH processing is just one of the services they provide.   Aside from ACH processing, they also offer businesses and customers other secure payment options that allow them to make transactions online in very secure ways. With the service Check-Care.com provides, businesses and customers are able to receive or make payments for goods, products or services online, fast and hassle-free.

So, whether you are a businesses looking for better ways to receive payments or a customer looking for better ways to make payments, you should consider the secure and fast way of making transactions through ACH processing. check processing

Online Payment Services Advantages

Online payment services allow companies and customers to swap money electronically over the Internet. With an online payment service, your company can be given payment from any customer with an email account. Online payment services have recently become very trendy with businesses and consumers.
Advantages of Online Payment Services


Online payment services can either replace or supplement your decision to accept credit and debit cards. Opening an online payment account is often quicker and less difficult than setting up a Merchant Account (which is required to accept credit and debit card payments). Online payment accounts usually acquire smaller fees than a customary Merchant Account, which can have a big impact on companies with many small dealings. From a customer service angle, it’s useful to have numerous payment options available. Online payment services are also user-friendly and can simplify the payment process by storing customer card information or billing customers at a later date.

ACH Processing

Most of us pay bills, transfer funds, or purchase goods using checks or credit and debit cards. However, there is a huge number of people who are either reluctant to use credit cards online, or just probably don’t have any. Of course, you can always pay through checks, but then again, some people find it too much of annoyance to use them. And understandably so since paying with checks would often times require you to mail them, where for some unknown reasons, they are sometimes mishandled by mail service handlers and the checks end up being lost.

Well, if you are one of the people looking for better ways to pay bills, or more reliable ways to pay for goods or services you purchase online, then you might be interested in trying to pay through ACH processing.   ACH processing is a safe and secure way of making online payments through an automated clearing house (ACH) network. Paying through ACH processing has a lot of advantages since it prevents errors and even accelerates processing of payments, while only needing fewer resources.
Many businesses the world over are choosing ACH processing as their preferred option to receive payments from customers. This is because ACH processing is fast and secure. Advantages of this payment option for business include eliminating the need to forward checks to banks or waiting for the checks to be cleared. This allows the receipt of money faster and more reliable. 

Aside from businesses, many customers all over the world also pick ACH processing as their chosen payment option because, aside from being fast and secure, ACH processing eliminates the need to write checks manually while also allowing the processing of credit and debit card payments electronically (these payments are credited to a merchant’s bank account).

One of the fastest rising ACH processing providers today is Check-Care.com .  Check-Care.com provides secure payment processing solutions for business all over the world, and ACH processing is just one of the services they provide.   Aside from ACH processing, they also offer businesses and customers other secure payment options that allow them to make transactions online in very secure ways. With the service Check-Care.com provides, businesses and customers are able to receive or make payments for goods, products or services online, fast and hassle-free.

So, whether you are a businesses looking for better ways to receive payments or a customer looking for better ways to make payments, you should consider the secure and fast way of making transactions through ACH processing. check processing