Super Saturday, which takes place on March 29, is a one-day event for which Americans can plan in advance.
The IRS and scores of its partners nationwide will open hundreds of locations in an effort to reach those Americans who are eligible for the economic stimulus payment but who normally are not required to file an income tax return.
Approximately 320 IRS offices will be open on Super Saturday to prepare the simple Form 1040A for people who are filing a return solely to receive their stimulus payment. IRS partners such as AARP, United Way of America and dozens of others also are making special efforts on Super Saturday to reach out to those who normally are not required to file a tax return.
To find the location closest to you, view the list below of locations in various cities throughout the State of New York.
Albany
Clinton Avenue & N Pearl St
12207 IRS 9 a.m. - 3 p.m.
Albany
(VA Hospital)
113 Holland Avenue
12208 Office of Temporary
Disability & Assistance 9 a.m. - 1 p.m.
Albany
Beltrone Living Center
6 Winnders Circle
12205 CASH of Greater Capital Region - Hours TBD
Albany
Westview Center
680 Central Avenue
12206 Jan Mislan VITA site - Hours TBD
Albany
Townsend Apartments
12206 Jan Mislan VITA site - Hours TBD
Binghamton
49 Court Street
13901 IRS 9 a.m. - 3 p.m.
Bronx
1200 Waters Place
10461 IRS 9 a.m. - 3 p.m.
Bronx
1525 Unionport Road
10462 Parkchester Enhancement Program for Seniors 10 a.m. - 4 p.m.
Brooklyn
Metrotech)
625 Fulton Street
11201 IRS 9 a.m. - 3 p.m.
Buffalo
130 S Elmwood Avenue
14202 IRS 9 a.m. - 3 p.m.
Buffalo
Clemmon Hodges Sr Ctr
86 Pine Avenue
14204 First Shiloh - Hours TBD
Buffalo
(City Hall)
65 Niagara Square
14202 CASH Coalition of Buffalo and Erie County - Hours TBD
Cohoes
Cohoes Sr. Center
100 Cayuga Plaza
12047 Catholic Central Hish School - Hours TBD
Elmira
149 West Gray Street
14901 IRS 9 a.m. - 3 p.m.
Garden City
107 Charles Lindbergh Blvd.
11530 IRS 9 a.m. - 3 p.m.
Hauppauge
1180 Veterans Mem'l Hwy
11788 IRS 9 a.m. - 3 p.m.
Hudson Falls
Hudson Falls Free Library
220 Main Street
12839 W$SH 10:30 a.m. - 2 p.m.
Hudson Falls
Sr. Center of the Kingsbury
& Fort Edward areas
78 Oak Street
12839 W$SH 10:30 a.m. - 2 p.m.
Jamestown
300 E 3rd, Room G-1
14701 IRS 9 a.m. - 3 p.m.
Kingston
153 Sawkill Road
12401 IRS 9 a.m. - 3 p.m.
New York City
(Harlem/Uptown)
55 W 125th Street
10027 IRS 9 a.m. - 3 p.m.
New York City
(Mid-town)
110 W 44th Street
10036 IRS 9 a.m. - 3 p.m.
New York City
290 Broadway - Foley Sq
10007 IRS 9 a.m. - 3 p.m.
New York City
99 Essex Street
10002 Henry ST Settlement 10 a.m. - 1 p.m.
Poughkeepsie
191 Main Street
12601 IRS 9 a.m. - 3 p.m.
Poughkeepsie
City of Poughkeepsie
Public Safety Bldg.
505 Main Street
12601 CASH Coalition of Hudson Valley - Hours TBD
Poughkeepsie
Family Partnership Center
29 N Hamilton Street
12601 Hudson Valley CASH Coalition - Hours TBD
Queensbury
375 Bay Road
12804
IRS 9 a.m. - 3 p.m.
Rego Park
(Lefrak City Plaza)
59-17 Junction Blvd.
11368 IRS 9 a.m. - 3 p.m.
Rochester
255 E Avenue
14604 IRS 9 a.m. - 3 p.m.
Schenectady
Meal Center
12308 Catholic Charities of Schenectady County - Hours TBD
Schenectady
Mt. Pleasant Commons
12308 Catholic Charities of Schedectady County - Hours TBD
Syracuse
100 S Clinton Street
13261 IRS 9 a.m. - 3 p.m.
Utica
10 Broad Street
13501 IRS 9 a.m. - 3 p.m.
Watervliet
2400 Second Avenue
12189 Watervliet Housing Authoity - Hours TBD
West Nyack
242 W Nyack Road
10994 IRS 9 a.m. - 3 p.m.
White Plains
210 E Post Road
10601
IRS 9 a.m. - 3 p.m.
March 25, 2008
Reverse Mortgage - 5 Questions To Ask Before Considering a Reverse Mortgage
The price of gas, groceries, medications and other necessities have risen noticeably. Retirees living on a fixed income have probably noticed the higher prices more than others. Many retirees may be looking for ways to raise additional income to help pay for the essentials. Many retirees have owned their residence for several years, paid off the mortgages and built up a significant amount of home equity. A home equity loan is no longer the only way to convert the value of the home into cash. Reverse mortgages are now being marketed aggressively to homeowners 62 years of age or older.
Before considering a Reverse Mortgage, here are 5 questions to ask:
1) Do you really need a reverse mortgage? Why are you interested in these loans? What would you do with the money you would get from one? Are the needs you intend to meet really worth the high total cost of these loans? If you want to take a dream vacation, a reverse mortgage is a very expensive way to pay for it. Investing the money from these loans is an especially bad idea, because the loan is highly likely to cost more than you could safely earn. If anyone is trying to sell you something and recommending you use a reverse mortgage to pay for it, that’s generally a good sign that you don’t need it and shouldn’t be buying it.
2) Can you afford a reverse mortgage? These loans are very expensive, and the amount you owe grows larger every month. The younger you are when you take out a reverse mortgage, the more the compound interest will grow, and the more you will owe. On the other hand, due to high up-front costs, these loans can be especially costly if you sell and move just a few years after taking one out.
3) Can you afford to start using up your home equity now? The more you use now, the less you will have later when you may need it more, for example, to pay for future emergencies, health care needs, or everyday living expenses. This is especially so if your needs suddenly grow or your income does not keep pace with inflation. You may also need your equity to pay for future home repairs or a move to assisted living. If you are not facing a financial emergency now, then consider postponing a reverse mortgage. Homeowners who decide to wait have “a reasonable expectation of securing a better product at a lower cost in the not-too-distant future,” according to a report by the Fidelity Research Institute.
4) Do you have less costly options? Do you have other financial resources that you could use instead of taking out a loan? If you don’t, and if you could easily make the monthly repayments on a home equity loan or home equity line-of-credit, these alternatives are much less costly than a reverse mortgage. Many state and local governments offer very low-cost loans for paying your property taxes or making home repairs. Have you seriously looked into the costs and benefits of selling your home and moving to a less expensive one?
5) Do you fully understand how these loans work? Reverse mortgages are quite different from any other loans, and the risks to borrowers are unique. Before considering one, you need to do your homework carefully and thoroughly.
Source: AARP.org/money/revmort
Before considering a Reverse Mortgage, here are 5 questions to ask:
1) Do you really need a reverse mortgage? Why are you interested in these loans? What would you do with the money you would get from one? Are the needs you intend to meet really worth the high total cost of these loans? If you want to take a dream vacation, a reverse mortgage is a very expensive way to pay for it. Investing the money from these loans is an especially bad idea, because the loan is highly likely to cost more than you could safely earn. If anyone is trying to sell you something and recommending you use a reverse mortgage to pay for it, that’s generally a good sign that you don’t need it and shouldn’t be buying it.
2) Can you afford a reverse mortgage? These loans are very expensive, and the amount you owe grows larger every month. The younger you are when you take out a reverse mortgage, the more the compound interest will grow, and the more you will owe. On the other hand, due to high up-front costs, these loans can be especially costly if you sell and move just a few years after taking one out.
3) Can you afford to start using up your home equity now? The more you use now, the less you will have later when you may need it more, for example, to pay for future emergencies, health care needs, or everyday living expenses. This is especially so if your needs suddenly grow or your income does not keep pace with inflation. You may also need your equity to pay for future home repairs or a move to assisted living. If you are not facing a financial emergency now, then consider postponing a reverse mortgage. Homeowners who decide to wait have “a reasonable expectation of securing a better product at a lower cost in the not-too-distant future,” according to a report by the Fidelity Research Institute.
4) Do you have less costly options? Do you have other financial resources that you could use instead of taking out a loan? If you don’t, and if you could easily make the monthly repayments on a home equity loan or home equity line-of-credit, these alternatives are much less costly than a reverse mortgage. Many state and local governments offer very low-cost loans for paying your property taxes or making home repairs. Have you seriously looked into the costs and benefits of selling your home and moving to a less expensive one?
5) Do you fully understand how these loans work? Reverse mortgages are quite different from any other loans, and the risks to borrowers are unique. Before considering one, you need to do your homework carefully and thoroughly.
Source: AARP.org/money/revmort
March 20, 2008
IRS Free File and Economic Stimulus Payment
IRS Free File continues to grow in popularity as taxpayers are taking advantage of the program’s benefits, which include free electronic return preparation and filing of tax returns, as well as quicker refunds with direct deposit.
“Free File provides an opportunity for taxpayers to prepare and file their tax returns electronically for free,” said Acting IRS Commissioner Linda E. Stiff. “Free File is also available to individuals who normally do not file a tax return but must do so this year in order to qualify for the economic stimulus payment.”
IRS Free File is intended to provide taxpayers earning $54,000 or less with a free, safe and quick way to prepare and file their taxes. Free File is available to 70 percent of taxpayers. IRS Free File is also available to people who normally do not file a tax return but must do so this year to receive their 2008 economic stimulus payment.
5 companies offering free tax preparation and electronic filing to those people who are filing merely to receive their economic stimulus payments include:
1. TurboTax® Freedom Edition: Free tax preparation and e-file if your Adjusted Gross Income is $30,000 or less.
2. Free TaxACT: Free federal online tax preparation and e-file if your adjusted gross income is $54,000 or less and you are age 19 through 54 years old.
3. average1040.com: Free federal online tax preparation and e-file if your adjusted gross income is $54,000 or less.
4. Online Taxes @ OLT.com: Free tax return preparation and e-file if your Adjusted Gross Income is $54,000 or less and you are age 50 or younger.
5. FileYourTaxes.com: Free tax preparation and e-file if your Adjusted Gross Income is $50,000 or less.
“Free File provides an opportunity for taxpayers to prepare and file their tax returns electronically for free,” said Acting IRS Commissioner Linda E. Stiff. “Free File is also available to individuals who normally do not file a tax return but must do so this year in order to qualify for the economic stimulus payment.”
IRS Free File is intended to provide taxpayers earning $54,000 or less with a free, safe and quick way to prepare and file their taxes. Free File is available to 70 percent of taxpayers. IRS Free File is also available to people who normally do not file a tax return but must do so this year to receive their 2008 economic stimulus payment.
5 companies offering free tax preparation and electronic filing to those people who are filing merely to receive their economic stimulus payments include:
1. TurboTax® Freedom Edition: Free tax preparation and e-file if your Adjusted Gross Income is $30,000 or less.
2. Free TaxACT: Free federal online tax preparation and e-file if your adjusted gross income is $54,000 or less and you are age 19 through 54 years old.
3. average1040.com: Free federal online tax preparation and e-file if your adjusted gross income is $54,000 or less.
4. Online Taxes @ OLT.com: Free tax return preparation and e-file if your Adjusted Gross Income is $54,000 or less and you are age 50 or younger.
5. FileYourTaxes.com: Free tax preparation and e-file if your Adjusted Gross Income is $50,000 or less.
March 11, 2008
Social Security Tips for Baby Boomers
2008 is a big year for the baby boom generation. Baby boomers born in 1946 will turn 62 in 2008 and will be able to start drawing Social Security retirement benefits. It's expected that more than half of the baby boomers will claim an early retirement benefit although the benefit amount may be reduced by as much as 25%. Before claiming social security benefits, baby boomers should consider the following:
1. Current Income
2. Future Income
3. Pensions, 401(k)s and IRAs
4. Health
5. Life Expectancy
6. Family longevity
7. Break Even Point
8. Cost of Living Adjustment
9. Future of Social Security
It's hard not to take the dangling carrot. Many choose to take the early retirement benefits because:
1. It's mine
2. It's there
3. I earned it
4. If I don't use it, I lose it
5. I may not be around long enough to enjoy it
6. I could use the extra money
7. My friends and family started taking it at age 62
Please keep in mind that this is a personal choice and everyone has a different set of circumstances. It may be wise to discuss this decision with a Social Security benefits counselor or financial planner first. Best of luck baby boomers. Choose carefully.
1. Current Income
2. Future Income
3. Pensions, 401(k)s and IRAs
4. Health
5. Life Expectancy
6. Family longevity
7. Break Even Point
8. Cost of Living Adjustment
9. Future of Social Security
It's hard not to take the dangling carrot. Many choose to take the early retirement benefits because:
1. It's mine
2. It's there
3. I earned it
4. If I don't use it, I lose it
5. I may not be around long enough to enjoy it
6. I could use the extra money
7. My friends and family started taking it at age 62
Please keep in mind that this is a personal choice and everyone has a different set of circumstances. It may be wise to discuss this decision with a Social Security benefits counselor or financial planner first. Best of luck baby boomers. Choose carefully.
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