-You've reviewed your personal financial papers in

preparation of filing your tax return on April 15. You get a sinking

feeling in your stomach when you realize you owe money to the Internal

Revenue Service. Consumer Credit Counseling Service recommends that

consumers owing money act quickly in determining a plan to pay their

1999 taxes.

“This is not the time to procrastinate,” says Suzanne Boas, president of

CCCS/Atlanta. “There may be a certain sense of dread in facing up to an

IRS bill but the sooner you can work out an acceptable payment plan, the

sooner you will feel in control of your future.”

With the April 15 filing deadline just weeks away, Consumer Credit

Counseling Service urges clients to take immediate action:

* Calculate how much you owe as soon as possible. As soon as you

receive your tax forms in the mail, sit down and roughly figure the

amount that you owe. This approximation will assist you in determining

how to pay your taxes.

* Cash or charge? Determine the best way to pay. Traditionally,

if you owed the IRS a substantial amount, you had two choices: use your

savings or take out a loan. Beginning last year, consumers with

MasterCard, American Express and Discover cards have the option of

charging their IRS payment on credit. Paying your taxes by credit card

will include a “service fee” but more importantly, you run the risk of a

continuous cycle of rotating debt—accruing interest charges all the

way. Using money from your savings probably will cost less than paying

interest on a loan. If you must borrow money, consider a short-term

loan from your credit union or bank and be sure to shop around for the

lowest interest rate.

*

* Cut your expenses now. Reducing your daily spending beginning

today will help you save the amount you need. Cut down on optional

expenses such as cell phone usage and getting your nails done. A simple

spending reduction such as taking your lunch to work instead of buying

it can mean $300 saved over six to eight weeks.

* Check your deductions. Make sure you have taken all deductions

for which you are eligible. Go to the library or borrow a

tax-preparation book. Call the IRS hotline at 800.TAX.1040. Maybe you

are eligible for the Earned Income Tax Credit (EIC). Workers with a

family income of less than $26,473 who are raising one child in the

home, may receive an EIC of up to $2,271.

* Look for hidden sources of income. There may be ways to earn

extra money for your tax payment including a temporary part-time job,

working overtime, taking clothes to a consignment store or holding a

garage sale.

Review your scheduled W-2 form deductions and consider changes to ensure

you avoid this predicament next year.

For more information about personal finances, contact CCCS. Consumer

Credit Counseling Service is a nonprofit, community service organization

that provides free credit counseling and offers debt repayment plans for

consumers who are overextended.

CCCS negotiates with creditors to reduce or eliminate interest charges

for clients who repay their creditors through a CCCS Debt Repayment

Plan. Workplace Financial Education (InBalance) is available to

employers.

Headquartered in Atlanta, CCCS has offices in Athens, Carrollton,

Decatur, Douglasville, Fayetteville, Gainesville, Marietta, Norcross,

Rome, Toccoa and throughout the metropolitan Atlanta area. Telephone

counseling and online counseling are available seven days a week. For

24-hour access to schedule an appointment, call 404-527-7630 in Atlanta.

Outside Atlanta call 1-800-251-CCCS. Consumers can visit CCCS on the

Internet at www.cccsatl.org. The agency's TTY number for the hearing

impaired is 770-716-9666.

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MEDIA CONTACT

Norma Tharp, Public Relations Director

404.653.8833 / e-mail: ntharp@cccsatl.org

Karen Nicolas

Public Information Coordinator

Consumer Credit Counseling Service

(404)653-8874

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