I use a professional to prepare my tax returns each year, so there’s no point in me bothering to learn about taxes. In fact, that’s the entire reason I use an accountant.
I come across that line of reasoning all the time. And as a former tax accountant, let me say this: It’s a huge mistake–one [...]
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I know what you’re thinking. It’s not even Halloween yet so why in the world should we be thinking about the most dreaded day of the year, April 15th? The truth is, now is exactly the time when you should begin planning the preparation of your 2009 tax return. Here are a few tips to [...]
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Many people are scared of the IRS even if they did nothing wrong. If you want to avoid IRS audits, remember that taxes should always be on the back of your mind, not just during April. Furthermore, here are nine precautions you can take to avoid those dreadful meetings with Uncle Sam.
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Cash for Clunkers tax rules have been falsely rumored by many people on the Internet and I want to clear it up for anyone who already took advantage of this program. The truth is that the Cash for Clunkers income is not taxable. It doesn’t matter if you received $3,500 or $4,500 and [...]
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When tax time comes around, it’s often difficult to determine whether you should opt for the standard deduction or for an itemized deduction. What is a seemingly tiny distinction could actually be the difference between thousands of dollars in tax savings. It’s important to make a quick scan of your fiscal year to figure out [...]
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Being the largest government program in the world and eating up as much as 23 percent of the federal budget, the Social Security is a system that most Americans either love or hate. If you are receiving benefits and depend on the checks that come through regularly, you appreciate what this program does for [...]
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Once upon a time, I actually liked filing for income taxes. I was in high school up north (Canada) and mailing the yearly package meant without much income meant getting a nice check. That seemed like yesterday.
Nowadays, I scramble to get my taxes done every year – gathering all my receipts, 1099s, gains/loss [...]
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Even with our president promising to simply our tax code, today is the deadline to file our 2008 taxes. I just want to send a quick note to the last minute filers:
Hang in there! You can do it!
For those that are self-employed, also remember that the first tax estimates for 2009 are due [...]
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My wife sent me an email from Bank of America highlighting 7 important tax changes for the benefit of those who still haven’t filed yet.
The good thing is that most of these changes are going to help you lower your taxes so read on!
Adjusting for Inflation
For 2008, the standard deductions is up to $10,900 for [...]
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The deadline for filing estimated tax payments passed a month ago, but one of my reader still doesn’t know if she made the correct payment yet. Why? The government.
Oh the government… When I made my estimated payment online through their system, it says that the submission went through just fine. As [...]
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During the last few years, more and more companies are starting to offer free federal tax returns. Turbo Tax, being of the most popular, also offers one called Turbo Tax Free Edition which I checked out over the last couple days. I noticed that even though free stuff is always good, you might want to [...]
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Many travel to different countries around the year but few take advantage of the sales tax refund policies that some countries provide. The most common reasons for not applying are:
never knew tax refund are possible for visitors
didn’t know how to get your tax refunds back
laziness
If you fall under any of the following, this article is [...]
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Perhaps one of the silver linings of 2008 will be that many of us will be able to reduce our taxes this year due to the market decline. Yahoo Finance has made available WSJ’s big questions for your 2008 tax year for us to make sure we squeeze every last ounces of tax deduction! [...]
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I just received my notice about how much I will receive on my economic stimulus payment. That’s right, I got the actual economic stimulus payment before the notice of how much I will receive. In a way, it’s funny because it makes the notice totally useless but in another way, it’s just sad. [...]
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