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Filing Taxes for 2012

By on January 24, 2013 in Financial, Resources

Here is some general information and answers to FAQ regarding what kinds of income are taxed, income thresholds (not everyone must file taxes), and resources for assistance with filing taxes.

General Requirements:
http://www.irs.gov/publications/p554/ch01.html#en_US_2012_publink100043524
Shows if you are single and over 65, the most amount you can earn is $11,200 and do not have to file.

Does everyone need to file an income tax return?
From TurboTax:
http://turbotax.intuit.com/tax-tools/tax-tips/IRS-Tax-Return/Does-Everyone-Need-to-File-an-Income-Tax-Return-/INF14399.html

There are also some sites that can direct members for help if they have concerns or feel they may have to file:
Tax-Aide sites through AARP:
http://www.aarp.org/applications/VMISLocator/taxAideLocations.action;jsessionid=A48FFBF4F604B5FD3CE4F875F0F72144

Low-income taxpayer clinics (LITC):
http://www.irs.gov/uac/Contact-a-Low-Income-Taxpayer-Clinic-(LITC)-in-Michigan

And finally this information is from Social Security:  Are Social Security benefits taxable?
http://www.irs.gov/uac/Are-Your-Social-Security-Benefits-Taxable%3F

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Accounting Aid Free Tax Preparation Sites

By on January 22, 2013 in Financial, Resources

FREE TAX PREPARATION SITES

sponsored by Accounting Aid Society

 http://www.accountingaidsociety.org 

 Accounting Aid Society will have 20+ free tax preparation locations in Wayne, Oakland, Macomb, and Livingston counties for the main tax season, beginning in late January 2013 and operating through April 13th (some through April 15th). Six sites are open year-round.

 Find a site: http://accountingaidsociety.org/get-help/full-service-tax-help/ (or see flyer attached)

 http://accountingaidsociety.org/wp-content/uploads/2013/01/2013-Tax-Help-Sites1.pdf

 Most locations offer walk-in first come, first served service. Some are by appointment-only as noted.

Please note that Midtown resident, Leslie Malcolmson, is a volunteer at the Duffield Library. If you have questions – call her on 313-831-7931.

 Choosing Accounting Aid Society over paid tax preparers who can miss potential deductions and credits, and charge for “rapid refund loans,” will save you $200 to $300 in fees. And because we e-file and offer direct deposit, there is no faster way to get your refund.

 Eligibility for our free full service is based on annual household income:

·       $50,000 or less for families (A married couple or having more than one person in the home.)

·       $35,000 or less for individuals

·       If you pay rent, heating bills, or property taxes but are not working, you may still be eligible for some tax credits.

·       Our Homebound Tax Program can help if you are physically unable to go to a tax site. Call us for details.

NEW OPTION: Self‐Service Taxes

Make under $57,000? You can do your own taxes online with free software and get free support from our tax hotline. Visit our website for details.

Sites in Midtown and Central District:

Main Detroit Public Library

5201 Woodward, Detroit 48202

Sat. 10 a.m.‐2 p.m., Jan. 26‐April 13

(Closed Feb. 16 & Mar. 30)

Tue. Feb. 5‐Feb.26, 4 p.m.‐7 p.m.

 

Duffield Branch Library

2507 W. Grand Blvd., Detroit 48208

10:30 a.m.‐2:30 p.m., Sat. Jan. 26‐April 13

(Closed Feb. 16 & Mar. 30)

By appointment: 313‐224‐6456

 

Northend Neighborhood Tax Center

7700 Second Ave., Detroit 48202

Tue. & Thur., 12 noon.‐7 p.m.

Wed. & Fri., 9 am.‐4 p.m.;

Sat. 9 am.‐2 p.m. , Jan. 24‐April 15

Appointment preferred: 313‐556‐1920

 

6 SUPER SITES – OPEN 5+ DAYS A WEEK: 

Focus:HOPE

1300 Oakman Blvd., Detroit 48238

Tuesdays through Saturdays , 9 a.m.‐ 2 p.m.

Jan. 24‐April 13 (Closed Mar. 29‐30)

Walk‐in service; first come, first served.

Fills up fast.

 

Northend Neighborhood Tax Center

7700 Second Ave., Detroit 48202

Tue. & Thur., 12 noon.‐7 p.m.

Wed. & Fri., 9 am.‐4 p.m.;

Sat. 9 am.‐2 p.m. , Jan. 24‐April 15

Appointment preferred: 313‐556‐1920.

 

Northwest Neighborhood Tax Center

19556 Grand River, Detroit 48223

Mon./Thur./Fri./Sat. 9 a.m.‐4 p.m.

Tue. & Wed., 12 noon‐7 p.m., Jan. 24‐April 15

Appointment preferred: 313‐556‐1920

 

Oakland County Neighborhood Tax Center

1956 Hilton, Ferndale 48220

Mon./Tue./Fri. 12 noon‐7 p.m.

Wed./Thu./Sat. 9 a.m.‐4 p.m., Jan. 24‐April 15

Appointment preferred: 313‐556‐1920

 

Osborn Neighborhood Tax Center

4777 E. Outer Drive, Detroit 48234

Mon./Wed./Fri./Sat. 9 a.m.‐4 p.m.

Tue. & Thur. 12 noon‐7 p.m., Jan. 24‐April 15

Appointment preferred: 313‐556‐1920

 

Southwest Neighborhood Tax Center

8634 W. Vernor, Detroit 48209

Mon./Wed./Fri./Sat. 9 a.m.‐4 p.m.

Tue. & Thur. 12 noon‐7 p.m., Jan. 24‐April 15

Appointment preferred: 313‐556‐1920

Hablamos Español

 

Other DETROIT Sites: 

Neighborhood Service Organization

Harper‐Gratiot Multi‐Service Center

9641 Harper, Detroit 48213

Sat., 9:30 a.m.‐3 p.m., Jan. 26‐April 13

Appointment preferred: 313‐556‐1920

 

State Rep. Rashida Tlaib Office

2101 W. Lafayette, Detroit 48216

Saturdays, 10 a.m.‐4 p.m.

Feb. 2‐April 13 Hablamos Español

 

See attached list for other Wayne County, Macomb County, Livingston County, and Oakland County sites 

Important documents and information you need to bring with you to get your 2012 income taxes and tax credits prepared by Accounting Aid Society (see attached file):

 Identification/Social Security Numbers

·       ID: Driver’s License or State ID

·       Social Security card for yourself, spouse and each dependent

·       Taxpayers filing a joint return must both be present when the tax returns are prepared. Both spouses must sign a joint tax return. 

Income Statements or Forms

·       A copy of last year’s return, if available

·       Wages (all Forms W‐2)

·       Unemployment (Form 1099‐G)

·       Pension (Form 1099‐R)

·       Social Security (Form SSA‐1099)

·       Supplemental Security Income (SSI), Letter from SSA

·       Interest/Dividends (Form 1099‐INT or 1099‐DIV)

·       DHS Assistance (DHS Annual Client Statement)

·       Child Support (Child Support Annual Statement)

·       Gambling/Lottery Winnings (Form W‐2G)

·       Miscellaneous Income (Form 1099‐MISC)

·       Any other income documentation you may have 

Proof of Expenses

·       Medical or HMO Premiums paid for self and/or family members

·       Dependent care expenses

·       Student loan interest or tuition and course materials 

Amount of Annual Heating Costs – for the Home Heating Credit

·       The amount you were billed for heating your home from 11/01/2011 to 10/31/2012. This information should be on your utility bill. If you cannot find it, contact your heat provider.

·       The Home Heating Credit is available for homeowners and renters (if rent is included in your rent – you can still get the Credit). 

Homeowners – for the Michigan Homestead Property Tax Credit

·       The taxable value of your home

·       A complete copy of your summer and winter property tax bills for 2012 

Renters – for the Michigan Homestead Property Tax Credit

·       Your lease or rental contract

·       Rent receipts for 2012

·       Your landlord’s name and address

 

Direct Deposit – Fastest and Safest way to receive your refund

·       Your bank or credit union name

·       Routing number

·       Account number

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Scams, Schemes, and Swindles: A Review of Consumer Financial Fraud Research

By on November 28, 2012 in Financial, Resources

The Financial Fraud Research Center presents a summary of research on consumer financial fraud. This white paper outlines what we know (and what we have yet to learn) about consumer financial fraud – its prevalence, victims, perpetrators, and methods.

Highlights:

  • Complaints of fraud are increasing, although fraud is still under-reported.
  • An estimated $40 to $50 billion of measurable, direct costs are lost to fraud annually.
  • There is no single profile of a fraud victim, but certain generalizations can be made about victims of specific scam types.
  • Fraudsters are generally white, young or middle-aged men from middle-class backgrounds, often characterized as “middle-class failures.”
  • Fraudsters’ methods of contacting targets and receiving payment mirror the technological transformations of the broader market.

Information provided by Tim Wintermute.

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Elder Economic Security Index by Michigan County

By on November 28, 2012 in Financial, Resources

The Elder Economic Security Standard Index (Elder  Index) is a measure of economic security for older adults developed by Wider Opportunities for Women in collaboration with the Gerontology Institute at the University of Massachusetts Boston. The Elder Index benchmarks basic costs of living for elder  households. It illustrates how costs of living vary geographically and are  based on the characteristics of elder households: household size, housing status (homeownership  or renter), transportation and health status. The costs are for basic  needs of elder households; they are based on market costs and  assume no  subsidies.

You can print off just the sections relevant to your county. This is a great tool for helping residents with budgeting and also understanding that it isn’t there fault that they cannot make ends meet when social security is their only form of income. It may also reduce the fear or stigma of applying for additional benefit programs, as you can chart how each benefit moves a resident’s net income closer to economic security.

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Michigan Weatherization Assistance Program News

By on October 26, 2012 in Case Management, Company News, Emergency Funds, Financial, General information, Housing Programs / Services, Public Services, Resources, Welfare

The Mich Weatherization Assistance Program is operating through the Community Action Agencies.  Eligible families must have income at or below 200% of the federal poverty line. contact their local CAP agency.  DHS & SSI recipients automatically qualify for this no cost program. Visit the Michigan Community Action Association website for details.

 

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Suggested Retirement Savings Goals

By on September 13, 2012 in Credit & Financial Services / Counseling, Financial, Resources

Suggested Retirement Savings Goals, by Age

By ANN CARRNS

For those of you wondering if you’re saving enough money for retirement, here are some new savings guidelines to ponder.

Fidelity Investments has recommended that most workers should strive to save at least eight times their final salary before they retire to adequately prepare for retirement. (Saving that amount puts you on track to replace 85 percent of your salary, Fidelity says.)

Now, the investment firm is suggesting earlier milestones to help you get to that eight times goal by the time you’re 67.

Namely, Fidelity suggests workers should aim to save about one times their salary at age 35, three times at age 45 and five times at age 55.

So if you’re 45 and you’re making $50,000 a year, you should have put away $150,000.

“We believe these savings targets offer a rule of thumb to help employees get engaged in retirement planning by making it simpler and more achievable, but we recognize many individuals may need more than eight times their ending salary in retirement based on their lifestyle,” James M. MacDonald, president of workplace investing at Fidelity, said in a news release.

The company’s savings guideline is based on an employee in a workplace retirement plan, like a 401(k), beginning at age 25, working and saving continuously until age 67 and living until age 92. The goal would include savings in all retirement accounts, like 401(k)’s and I.R.A.’s, as well as other savings.

The calculation includes several assumptions, like a lifetime average annual portfolio growth rate of 5.5 percent and income growth of 1.5 percent a year over inflation with no breaks in employment.

 

New York Times:

http://bucks.blogs.nytimes.com/2012/09/12/suggested-retirement-savings-goals-by-age/

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Fifth Third Bank E-Bus

By on September 10, 2012 in Credit & Financial Services / Counseling, Financial, Resources

Join Fifth Third Bank and Vanguard CDC on August 29, 2012 for the Fifth Third Bank E-Bus!!!

Resources include: • Money management and budgeting advice from certified credit counselors • Receive home foreclosure prevention information • Visit with MI Child to sign your child up for free or low cost health insurance with the State of Michigan • Meet representatives from nonprofit organizations in your community to receive information and resources for health, dental, food and other basic needs • Receive a free copy of your credit report • Apply for a free cell phone • Vin Etching

*Free food will also be available for all e-bus participants.

To download a PDF of the flier click here: ebus flier

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Scudder Fund

By on May 29, 2012 in Emergency Funds, Financial, Resources

Luella Hannan Memorial Foundation Scudder Fund Guidelines for Assistance – 2011

Eligibility for Funding:

  1. Client must be 60 years of age or older and live in the tri-county area (Wayne, Oakland, Macomb) with special emphasis on the city of Detroit, Highland Park and Hamtramck.
  1. Client has a special and/or emergency need, the cost of which cannot be covered by another source of funding.  The Scudder contribution may be used in combination with other sources of funding to meet the cost of need.  In this case, the approved Scudder amount will be paid  upon the receipt of  documentation of other contributions.  (copies of checks, approvals of payment by DHS, etc.)
  1. There is a $300 annual limit per individual for goods or services.  Each case will be determined on its merits.  The annual eligibility will be based on the calendar date of each application.  Payments are made directly to the vendor of service.

Application Process:

  1. Provider organizations invited by the Foundation to participate (participating provider), may submit an application on behalf of any eligible person who they believe needs the assistance of the fund.
  1. All applications must be made on the approved form (dated 2010) and include complete documentation of need, a written bill for the goods or services requested and mailing address for vendor. Mail to the Baum Senior Service Center, 4750 Woodward Avenue, Detroit, Michigan 48201, or fax to 313.832.4710 or 313-833-1710.
  1. The referring provider  will be notified by email by Hannan staff within 5 days of receipt of referral as to the disposition of the request and  the approximate time the check will be mailed.  The provider is responsible for notifying the vendor regarding delivery of goods or services. If the check is not to be mailed to vendor, provider must give specific instruction as to the check being picked up or mailed to another address.  If additional information or documentation is needed  the provider will be contacted either by email or phone.   Be sure your email address is on the application. 
  1. An advisory group of  participating providers meets  twice a year or as needed to share concerns, information and discuss issues pertinent to the fund and its operation.

Operation of the Scudder Fund:

  1. The Hannan Board of Trustees has delegated to the Program Committee of the Board administration and oversight of the Scudder Fund.
  1. The Program Committee designates the responsibility for day to day administration and disposition of referrals for assistance to Hannan staff.
  1. A monthly report on applications submitted and their disposition will be maintained.  A report will be submitted to the Program Committee of the Board of Trustees quarterly.  The Committee will report to the Board of Trustees on a regular basis.

Recipient must not be an employee (or immediate family member of employee) of the Hannan Foundation or employee (or immediate family member) of  a collaborating Scudder partner agency making the referral.

Grants should not be awarded to pay debt for discretionary spending.  The nature of how the debt was incurred and the likelihood that it will recur should be reviewed.  The ability to impact life by making a payment should be the over riding consideration.

Scudder application 2010 Am House rev. 1-2012

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