Tax information & selling your precious metals

January 25, 2008 3:52:01 PM PST
Millions of taxpayers will soon be getting corrected tax forms in the mail; plus, how you can get help and file your taxes for free; and what you need to do before selling your gold and precious metals.

Before you do your taxes, the government sent out some tax forms with incorrect payment information. Uncle Sam is now sending out apologies and corrected notices to more than two and a half million people.

Social security recipients need a certain tax form to complete their federal income tax returns and find out if their benefits are taxable. The problem happened earlier this month. That's when the Social Security Administration sent out some forms with bad information. The government said a computer error caused Medicare and other deduction amounts for 2006 to be included in the amounts for 2007.

The new forms will have the words "corrected notice" printed on the envelope. The agency also plans to send the corrected information to the Internal Revenue Service.

There is a new way Pennsylvanians can file their taxes for free. It's called "I-Can E-File". All you do is answer the questions on each screen and print your completed tax return. The program can also e-file your return.

In December, Action News told you the price of gold is up and jewelers are paying five times for it than usual! In response to the modern day gold rush the Pennsylvania Attorney General has issued a consumer advisory.

Before you cash in your old metal; make sure the individual or business you're selling to is registered with the local county sheriff's office. And realize state law requires dealers to publicly post prices for precious metals. They must also report metal purchases and corresponding details to their county district attorney or local police department. They are also required to keep the items for at least five working days after the purchase report has been filed.