How to Find Unclaimed Money from the Government

How to Find Unclaimed Money from the Government
If the government owes a person money and that person does not collect it, the money is considered unclaimed money. This may also happen with pensions, credit unions, banks and other companies. While there are legitimate sources of unclaimed money for some people, it is also important to be aware of scams relating to unclaimed funds. Many people pretend to be from the government or other companies claiming a person is owed money but must pay a fee to collect it. A government agency will never call about unclaimed money or ask for a fee to recover it. Every consumer should know how to look for unclaimed money and how to avoid scams.

Where To Find Unclaimed Money Online
There is no central site where all types of unclaimed funds are listed. To find different types of unclaimed money, a person must visit several sites. A name, social security number or state of residence may be required for the search.

State Funds
Start by using a search engine to find state listings of unclaimed funds. Tax refunds and other tax money that is unclaimed can be found by contacting the IRS.

Federal Funds
The United States Treasury Department, USA.gov and the FDIC are some good places to start when searching for federal funds. Most of these sites have search features where people can find their unclaimed money by entering a state of residence, a first name and a last name.

Pensions And Retirement
For any retirement accounts or pensions from companies that went out of business, try to find unclaimed funds by searching the company’s name and “unclaimed funds.” These may also be listed in other places. For help locating such funds, discuss concerns with an agent.

Banking And Investments
In some cases, banks fail and owe people money for their accounts. Some people forget they have accounts with these banks. Try searching the FDIC first for any funds from failed financial institutions. This is also the best place to start when searching for funds from a credit union. For any funds from SEC claims, try searching the Securities and Exchange Commission site first. There are typically lists that specify when one party owes another money. People who have mutilated coins and bills can exchange them with the Treasury Department under the damaged money provision.

Mortgages
For people who had mortgages insured by FHA, there may be refunds owed from the Department of Housing and Urban Development. This agency is commonly referred to as HUD.

Savings Bonds
A useful site for finding savings bonds that are no longer accruing interest is Treasury Hunt. If a bond was issued during 1974 or later and has matured, it should appear on this site. There are also resources for calculating the value of a savings bond and replacing stolen or lost paper bonds.

For any foreign claims, the Bureau of Fiscal Service provides a search tool to locate these funds. To learn more, discuss concerns with an agent.

Include a Few Tax Items in Your Summer Wedding Checklist

Include a Few Tax Items in Your Summer Wedding Checklist

If you’re preparing for summer nuptials, make sure you do some tax planning as well. A few steps taken now can make tax time easier next year. Here are some tips from the IRS to help keep tax issues that may arise from your marriage to a minimum:

• Change of name. All the names and Social Security numbers on your tax return must match your Social Security Administration records. If you change your name, report it to the SSA. To do that, file Form SS-5, Application for a Social Security Card. The easiest way for you to get the form is to download and print it on SSA.gov. You can also call SSA at 800-772-1213 to order the form, or get it from your local SSA office.

• Change tax withholding. When you get married, you should consider a change of income tax withholding. To do that, give your employer a new Form W-4, Employee’s Withholding Allowance Certificate. The withholding rate for married people is lower than for those who are single. Some married people find that they do not have enough tax withheld at the married rate. For example, this can happen if you and your spouse both work. Use the IRS Withholding Calculator tool at IRS.gov to help you complete a new Form W-4. See Publication 505, Tax Withholding and Estimated Tax, for more information. You can get IRS forms and publications on IRS.gov/forms at any time.

• Changes in circumstances. If you receive advance payments of the premium tax credit you should report changes in circumstances, such as your marriage, to your Health Insurance Marketplace. Other changes that you should report include a change in your income or family size. Advance payments of the premium tax credit provide financial assistance to help you pay for the insurance you buy through the Health Insurance Marketplace. Reporting changes in circumstances will allow the Marketplace to adjust your advance credit payments. This adjustment will help you avoid getting a smaller refund or owing money that you did not expect to owe on your federal tax return.

• Change of address. Let the IRS know if you move. To do that, file Form 8822, Change of Address, with the IRS. You should also notify the U.S. Postal Service. You can change your address online at USPS.com, or report the change at your local post office.

• Change in filing status. If you are married as of Dec. 31, that is your marital status for the entire year for tax purposes. You and your spouse can choose to file your federal tax return jointly or separately each year. It is a good idea to figure the tax both ways so you can choose the status that results in the least tax.

IRS YouTube Videos:
• Getting Married? – English
• Changed Your Name After Marriage or Divorce? – English | Spanish | ASL
• IRS Withholding Calculator – English | Spanish | ASL
• Premium Tax Credit: Changes in Circumstances – English | Spanish | ASL

IRS Podcasts:
• Changed Your Name after Marriage or Divorce? – English | Spanish
o IRS Withholding Calculator – English | Spanish
o Premium Tax Credit: Changes in Circumstances – English | Spanish

From the IRS: IRS.gov: Simply the Best Place to Get Tax Help

IRS.gov: Simply the Best Place to Get Tax Help
If you need help with your taxes, the IRS website is the place for you. There is no waiting for service and it has tax tools that are easy to use. You can even prepare and e-file your tax return for free with IRS Free File. If you have questions, you can get the answers you need, when you need them. Here are the best reasons to make IRS.gov your one stop shop for tax help from the IRS.

• Use IRS Free File. You can prepare and e-file your federal taxes for free with IRS Free File. Free File does the hard work for you. If you made $60,000 or less, you can use free name-brand tax software. If you earned more, you can use Free File Fillable Forms, the electronic version of IRS paper forms. Either way, you have a free e-file option, and the only way you can access it is on IRS.gov.

• Options to File Electronically. You should file electronically whether you qualify for free volunteer help, do your own taxes or hire a tax preparer. IRS e-file is the easiest, safest and most popular way to file a complete and accurate tax return. The fastest way to get your refund is to combine e-file with direct deposit. You get your refund in less than 21 days in most cases. If you owe taxes, e-file has easy pay options so you can file early and pay by the April 15 deadline.

• Help at Any Time. IRS.gov is always available. Use the “Filing” link from our home page for all your federal tax needs. Just about everything you need is right at the tip of your fingers. The Interactive Tax Assistant tool and the IRS Tax Map can answer with many of your tax law questions. You can view, download or print tax products right away. Many IRS tools and products are also available in Spanish.

• Find a Tax Preparer. The IRS has a new tool that you can use to help you find a tax return preparer. The Directory of Tax Return Preparers tool will search and sort for a list of tax preparers in your area with the credentials and qualifications that you prefer.

• Check Your Refund. You can track your refund using the ‘Where’s My Refund?’ tool. It’s quick, easy and secure. You can check the status of your return within 24 hours after the IRS has received your e-filed return. If you file a paper return, you can check your refund status four weeks after you mail it. Once IRS approves your refund, the tool will give you a date to expect it. The IRS updates refund status for the tool no more than once a day.

• Pay Tax Online. Electronic payments are a convenient and safe way to pay taxes. The IRS Direct Pay tool is the fastest and easiest way to pay the tax you owe. Visit IRS.gov/directpay to use this free and secure way to pay directly from your checking or savings account. If you can’t pay all your taxes in full, use the Online Payment Agreement to apply for an installment agreement.

• Use the EITC Assistant. The Earned Income Tax Credit may apply to you if you worked and earned less than $52,427 in 2014. The credit can be worth up to $6,143. Use the EITC Assistant tool to find out if you’re eligible. You may be among the millions of workers who get the EITC this year. And you can use Free File to claim the EITC.

• Figure Your Withholding. The IRS Withholding Calculator tool can help you avoid having too much or too little income tax withheld from your pay. You can use it anytime throughout the year to stay on target.

• Get Health Care Tax Information. You can get all the details about the Affordable Care Act tax provisions on IRS.gov/aca. Visit this site to find out how the health care law affects your taxes, including:

o Reporting health insurance coverage.

o Claiming an exemption from the coverage requirement.

o Making an individual shared responsibility payment.

o Claiming the premium tax credit.

o Reconciling advance payments of the premium tax credit.

The official IRS website is IRS.gov. Don’t be fooled by other sites that claim to be the IRS, but end in .com, .net, or .org. Some scams use phony websites to get your personal and financial information. Thieves also use the information to commit identity theft or steal your money. Visit only IRS.gov for tax help from the IRS.

If you found this Tax Tip helpful, please share it through your social media platforms. A great way to get tax information is to use IRS Social Media. You can also subscribe to IRS Tax Tips or any of our e-news subscriptions.

IRS YouTube Videos:
• Welcome to Free File – English
• Interactive Tax Assistant – English | ASL
• When Will I Get My Refund? – English | Spanish | ASL
• Help for Taxpayers – English | ASL
• IRS Tax Payment Options – English | Spanish | ASL
• Online Payment Agreement – English | Spanish | ASL
• IRS Withholding Calculator – English | Spanish | ASL

IRS Podcasts:
• Interactive Tax Assistant – English
• When Will I Get My Refund? – English | Spanish
• Help for Taxpayers – English
• IRS Tax Payment Options – English | Spanish
• Online Payment Agreement – English | Spanish
• IRS Withholding Calculator – English | Spanish

From the IRS: Five Key Tax Tips about Tax Withholding and Estimated Tax

Five Key Tax Tips about Tax Withholding and Estimated Tax

If you are an employee, you usually will have taxes withheld from your pay. If you don’t have taxes withheld, or you don’t have enough tax withheld, then you may need to make estimated tax payments. If you are self-employed you normally have to pay your taxes this way. Here are five tips about making estimated taxes:

1. When the tax applies. You should pay estimated taxes in 2015 if you expect to owe $1,000 or more when you file your federal tax return next year. Special rules apply to farmers and fishermen.

2. How to figure the tax. Estimate the amount of income you expect to receive for the year. Also make sure that you take into account any tax deductions and credits that you will be eligible to claim. Use Form 1040-ES, Estimated Tax for Individuals, to figure and pay your estimated tax.

3. When to make payments. You normally make estimated tax payments four times a year. The dates that apply to most people are April 15, June 15 and Sept. 15 in 2015, and Jan. 15, 2016.

4. When to change tax payments or withholding. Life changes, such as a change in marital status or the birth of a child can affect your taxes. When these changes happen, you may need to revise your estimated tax payments during the year. If you are an employee, you may need to change the amount of tax withheld from your pay. If so, give your employer a new Form W–4, Employee’s Withholding Allowance Certificate. You can use the IRS Withholding Calculator tool help you fill out the form.

5. How to pay estimated tax. Pay online using IRS Direct Pay. Direct Pay is a secure service to pay your individual tax bill or to pay your estimated tax directly from your checking or savings account at no cost to you. You have other ways that you can pay online, by phone or by mail. Visit IRS.gov/payments for easy and secure ways to pay your tax. If you pay by mail, use the payment vouchers that come with Form 1040-ES.

Additional IRS Resources:
• Publication 505, Tax Withholding and Estimated Tax
• Estimated Tax – frequently asked Q & As
• Tax Topic 306 – Penalty for Underpayment of Estimated Tax
• Make a Payment

IRS YouTube Videos:
• Estimated Tax Payments – English | Spanish | ASL
• IRS Tax Payment Options – English | Spanish | ASL
IRS Podcast:
• Estimated Tax Payments – English | Spanish
• IRS Tax Payment Options – English | Spanish

IRS: Getting Married Can Affect Your Premium Tax Credit

The IRS reminds newlyweds to add a health insurance review to their to-do list. This is particularly important if you receive premium assistance through advance payments of the premium tax credit through a Health Insurance Marketplace.

If you, your spouse or a dependent gets health insurance coverage through the Marketplace, you need to let the Marketplace know you got married. Informing the Marketplace about changes in circumstances, such as marriage or divorce, allows the Marketplace to help make sure you have the right coverage for you and your family and adjust the amount of advance credit payments that the government sends to your health insurer.

Reporting the changes will help you avoid having too much or not enough premium assistance paid to reduce your monthly health insurance premiums. Getting too much premium assistance means you may owe additional money or get a smaller refund when you file your taxes. Getting too little could mean missing out on monthly premium assistance that you deserve. You should also check whether getting married affects your, your spouse’s, or your dependents’ eligibility for coverage through your employer or your spouse’s employer, because that will affect your eligibility for the premium tax credit.

Other changes in circumstances that you should report to the Marketplace include:

the birth or adoption of a child,
divorce,
getting or losing a job,
moving to a new address, gaining or losing eligibility for employer or government sponsored health care coverage, and
any other changes that might affect family composition, family size, income or your enrollment.

In addition, certain life events – like marriage – give you and your spouse the opportunity to sign up for health care during a special enrollment period. That means that if one or both of you is uninsured, you may be able to get coverage now. In most cases, the special enrollment period for Marketplace coverage is open for 60 days from the date of the life event.

More Information

Find out more about the premium tax credit and other tax-related provisions of the health care law at IRS.gov/aca. See IRS Publication 5152 for more information about reporting changes in circumstances to the Marketplace.

Find out more about the health care options at HealthCare.gov.

From the IRS: Deducting Moving Expenses

If you move because of your job, you may be able to deduct the cost of the move on your tax return. You may be able to deduct your costs if you move to start a new job or to work at the same job in a new location. The IRS offers the following tips about moving expenses and your tax return.

In order to deduct moving expenses, your move must meet three requirements:

1. The move must closely relate to the start of work. Generally, you can consider moving expenses within one year of the date you start work at a new job location. Additional rules apply to this requirement.

2. Your move must meet the distance test. Your new main job location must be at least 50 miles farther from your old home than your previous job location. For example, if your old job was three miles from your old home, your new job must be at least 53 miles from your old home.

3. You must meet the time test. After the move, you must work full-time at your new job for at least 39 weeks the first year. If you’re self-employed, you must meet this test and work full-time for a total of at least 78 weeks during the first two years at the new job site. If your income tax return is due before you’ve met this test, you can still deduct moving expenses if you expect to meet it.

See Publication 521, Moving Expenses, for more information about these rules. It’s available on IRS.gov or by calling 800-TAX-FORM (800-829-3676).

If you can claim this deduction, here are a few more tips from the IRS:

Travel. You can deduct transportation and lodging expenses for yourself and household members while moving from your old home to your new home. You cannot deduct your travel meal costs.
Household goods and utilities. You can deduct the cost of packing, crating and shipping your things. You may be able to include the cost of storing and insuring these items while in transit. You can deduct the cost of connecting or disconnecting utilities.
Nondeductible expenses. You cannot deduct as moving expenses any part of the purchase price of your new home, the cost of selling a home or the cost of entering into or breaking a lease. See Publication 521 for a complete list.
Reimbursed expenses. If your employer later pays you for the cost of a move that you deducted on your tax return, you may need to include the payment as income. You report any taxable amount on your tax return in the year you get the payment.
Address Change. When you move, be sure to update your address with the IRS and the U.S. Post Office. To notify the IRS file Form 8822, Change of Address.
Premium Tax Credit – Changes in Circumstances. If you purchased health insurance coverage from the Health Insurance Marketplace, you may receive advance payment of the premium tax credit in 2014. It is important that you report changes in circumstances, such as when you move to a new address, to your Marketplace. Other changes that you should report include changes in your income, employment, family size, or eligibility for other coverage. Advance credit payments provide premium assistance to help you pay for the insurance you buy through the Marketplace. Reporting changes will help you get the proper type and amount of premium assistance so you can avoid getting too much or too little in advance.

Additional IRS Resources:

Publication 5152: Report changes to the Marketplace as they happen English | Spanish
Can I Deduct My Moving Expenses? – Interactive Tax Assistant tool
Tax Topic 455 – Moving Expenses
Form 3903, Moving Expenses
IRS YouTube Videos:

Premium Tax Credit: Changes in Circumstances – English | Spanish | ASL
Premium Tax Credit – English | Spanish | ASL
Moving Expenses – English | Spanish | ASL
IRS Podcasts:

Premium Tax Credit Changes in Circumstances – English | Spanish
Premium Tax Credit – English | Spanish
Moving Expenses – English | Spanish

From the IRS: A Summer Adjustment Can Prevent a Tax-Time Surprise

When it comes to filing a federal tax return, many people discover that they either get a larger refund or owe more tax than they expected. But this type of tax surprise doesn’t have to happen to you. One way to prevent it is to change the amount of tax withheld from your wages. You can also change the amount of estimated tax you pay. Here are some tips to help you bring the amount of tax that you pay in during the year closer to what you’ll actually owe:

• New Job. When you start a new job, you must fill out a Form W-4, Employee’s Withholding Allowance Certificate. Your employer will use the form to figure the amount of federal income tax to withhold from your pay. Use the IRS Withholding Calculator on IRS.gov to help you fill out the form. This tool is easy to use and it’s available 24/7.

• Estimated Tax. If you get income that’s not subject to withholding you may need to pay estimated tax. This may include income such as self-employment, interest, dividends or rent. If you expect to owe a thousand dollars or more in tax, and meet other conditions, you may need to pay this tax. You normally pay it four times a year. Use the worksheet in Form 1040-ES, Estimated Tax for Individuals, to figure the tax.

• Life Events. Make sure you change your Form W-4 or change the amount of estimated tax you pay when certain life events take place. A change in your marital status, the birth of a child or buying a new home can change the amount of taxes you owe. You can usually submit a new Form W–4 anytime.

• Changes in Circumstances. If you receive advance payment of the premium tax credit in 2014 it is important that you report changes in circumstances, such as changes in your income or family size, to your Health Insurance Marketplace. You should also notify the Marketplace when you move out of the area covered by your current Marketplace plan. Advance payments of the premium tax credit provide financial assistance to help you pay for the insurance you buy through the Health Insurance Marketplace. Reporting changes will help you get the proper type and amount of financial assistance so you can avoid getting too much or too little in advance.

For more see Publication 505, Tax Withholding and Estimated Tax. You can get it on IRS.gov, or call 800-TAX-FORM (800-829-3676) to get it by mail.

Additional IRS Resources:

Publication 5152: Report changes to the Marketplace as they happen English | Spanish

IRS YouTube Videos:

Premium Tax Credit: Changes in Circumstances – English| Spanish
Premium Tax Credit – English | Spanish | ASL
IRS Withholding Calculator – English | Spanish | ASL

IRS Podcasts:
Premium Tax Credit: Changes in Circumstances – English| Spanish
Premium Tax Credit – English | Spanish
IRS Withholding Calculator – English | Spanish

From the IRS: Summer Weddings Mean Tax Changes

Taxes may not be high on your summer wedding plan checklist. But you should be aware of the tax issues that come along with marriage. Here are some basic tips that can help keep those issues to a minimum:

Name change. The names and Social Security numbers on your tax return must match your Social Security Administration records. If you change your name, report it to the SSA. To do that, file Form SS-5, Application for a Social Security Card. You can get the form on SSA.gov, by calling 800-772-1213 or from your local SSA office.

Change tax withholding. A change in your marital status means you must give your employer a new Form W-4, Employee’s Withholding Allowance Certificate. If you and your spouse both work, your combined incomes may move you into a higher tax bracket. Use the IRS Withholding Calculator tool at IRS.gov to help you complete a new Form W-4. See Publication 505, Tax Withholding and Estimated Tax, for more information.

Changes in circumstances. If you receive advance payment of the premium tax credit in 2014, it is important that you report changes in circumstances, such as changes in your income or family size, to your Health Insurance Marketplace. You should also notify the Marketplace when you move out of the area covered by your current Marketplace plan. Advance payments of the premium tax credit provide financial assistance to help you pay for the insurance you buy through the Health Insurance Marketplace. Reporting changes will help you get the proper type and amount of financial assistance so you can avoid getting too much or too little in advance.

Address change. Let the IRS know if your address changes. To do that, file Form 8822, Change of Address, with the IRS. You should also notify the U.S. Postal Service. You can ask them online at USPS.com to forward your mail. You may also report the change at your local post office.

Change in filing status. If you’re married as of Dec. 31, that’s your marital status for the whole year for tax purposes. You and your spouse can choose to file your federal income tax return either jointly or separately each year. You may want to figure the tax both ways to find out which status results in the lowest tax.

Note for same-sex married couples: If you are legally married in a state or country that recognizes same-sex marriage, you generally must file as married on your federal tax return. This is true even if you and your spouse later live in a state or country that does not recognize same-sex marriage. See irs.gov for more information on this topic.

For more information, visit IRS.gov. You can also get IRS forms and publications on IRS.gov or by calling 800-TAX-FORM (800-829-3676).

IRS YouTube Videos:

Getting Married? – English
Premium Tax Credit – English | Spanish | ASL
Changed Your Name After Marriage or Divorce? – English | Spanish | ASL
IRS Withholding Calculator – English | Spanish | ASL
Tax Information About Same-Sex Marriage – English | ASL
IRS Podcasts:

Premium Tax Credit – English | Spanish
Changed Your Name after Marriage or Divorce? – English | Spanish
IRS Withholding Calculator – English | Spanish
Tax Information About Same-Sex Marriage – English | Spanish

Haven’t Filed 2013 Taxes Yet? 5 Tips

Tax Tips are not a substitute for legal, accounting, tax, investment or other professional advice. Always consult with your trusted accounting advisor before acting upon any Tax Tip.

You had good intentions, but you just couldn’t pull it together in time. Here are some suggestions for dealing with delinquent taxes.

One of the problems with waiting until the last minute to prepare and file income taxes is that you don’t know what might pop up in your personal or professional life to delay you.If this happened to you this year, or if for whatever reason you simply didn’t have all of the information you needed by the deadline, you’re probably wondering what to do now.

Here are some options.

Take care of your tax obligation as soon as possible.
If you’re due a refund, it doesn’t matter if you miss the deadline (though you may lose the money owed you if you don’t file within three years). If you must pay in, file quickly to minimize any penalties the IRS might assess.

Complete an Installment Agreement Request.
This is done on an IRS Form 9465, or you can enter the information online here. You’re only eligible if you owe $25,000 or less (total of tax, penalties and interest) for businesses or $50,000 for individuals. All required forms and schedules must be completed. You may want to do this when, for example, you can only pay a portion of the tax owed.

Contact the IRS right away if your return is late because of hardship.
If you lost your job, got divorced, or faced some other unfortunate life event that prevented you from filing, or if you can make a case for a different reasonable cause, the IRS may waive penalties and postpone collection activity. Keep in mind that you may be asked to increase your payments if your economic situation gets significantly better.

Request an Offer in Compromise.
Talk to us before you reach out to the IRS about this. The agency will sometimes negotiate with you and settle for less than you owe based on your current and future incomes.

Go over your return again, or ask us to review it.
It is possible that you missed a credit that you were eligible for, miscalculated, didn’t take a deserved deduction, etc. If that’s the case, you may either be getting a refund or at least owe less than you think, which will minimize penalties and interest.

If you are at all concerned that the IRS may take unwanted action against you, contact us immediately. We’ve worked with the IRS for different clients, and we can advise you on what steps you’ll need to take. While we’re doing that, why not get a jump on preparing for your 2014 taxes? Income tax-planning should be a year-round endeavor.

TAX ADVICE DISCLAIMER: In accordance with IRS Circular 230, any tax advice included in this communication, including attachments, is not intended or written to be used, and cannot be used by you or any other person or entity, for the purpose of avoiding penalties that may be imposed under the Internal Revenue Code or applicable state or local tax law provisions, nor may any such advice be used to promote, market or recommend to another party any transaction or matter addressed within this communication. If you would like such advice, please contact us.
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TLC Financial, Inc. (TLC TAX) is a Minneapolis accounting firm that provides a wide variety of accounting, tax and financial management services. Our clients are located in Minneapolis, Saint Paul, Midway, Minnehaha, Como Park, Summit Hill and surrounding communities.

Report Name Change before You File Taxes

Did you change your name last year? Did your dependent have a name change? If the answer to either question is yes, be sure to notify the Social Security Administration before you file your tax return with the IRS.

This is important because the name on your tax return must match SSA records. If they don’t, you’re likely to get a letter from the IRS about the mismatch. And if you expect a refund, this may delay when you’ll get it.

Be sure to contact SSA if:

You got married or divorced and you changed your name.
A dependent you claim had a name change. For example, this would apply if you adopted a child and that child’s last name changed.
File Form SS-5, Application for a Social Security Card, with the SSA to let them know about a name change. You can get the form on SSA.gov by calling 800-772-1213 or at an SSA office.

You can file Form SS-5 at an SSA office or by mail. Your new card will have the same SSN as before but will show your new name.

If you have an adopted child who does not have a SSN, use a temporary Adoption Taxpayer Identification Number on your tax form. You can apply for an ATIN by filing Form W-7A, Application for Taxpayer Identification Number for Pending U.S. Adoptions, with the IRS. Get the form on IRS.gov or by calling 800-TAX-FORM (800-829-3676).

IRS YouTube Videos:

Changed Your Name After Marriage or Divorce? – English | Spanish | ASL
IRS Podcasts:

Changed Your Name After Marriage or Divorce? – English | Spanish