Each year around tax time, I go through all of our personal receipts, bank statements, household utilities, and medical bills/receipts in an attempt to stay organized. Here are some of the time-saving tips I use to keep all of our personal, household, and tax info organized. Plus tips for how long and which tax papers to keep.
Tax Tips
Homeowner Tax Credits For Using Energy-Efficient Products
Even if you haven’t been planning on remodeling or upgrading your home, now is definitely the time to take a serious look at the possibilities. These tax incentives will go a long way in stretching your budget and will not only pay you back now through tax credits and refunds, but they will continue to pay you back as you save energy in the future!
Last-Minute Income Tax Tips For Individuals, Families & Small Businesses
The key to lowering your tax liability is to reduce your adjusted income to its lowest possible amount. Here are some ways to do that, plus great last-minute tax tips for all you procrastinators!
Ponzi Scheme Warning Signs You Should Look For
In a tough economy, more and more people are falling prey to Ponzi schemes in hopes of making easy money. Most don’t understand that the “easy money” they are going after is indeed a faulty scheme and they are the innocent victim. They fail to see the warning signs of a Ponzi scheme.
3 Good Reasons To Make Charitable Contributions
Charitable contributions may be the last thing you have on your mind during tough times. But, the truth is, giving away money, time, and items is always a good idea. Here are the top 3 reasons to consider making charitable donations this year.
What Are John McCain’s Plans For The Economy?
A review of presidential nominee John McCain’s plans for the economy.
What Are Barack Obama’s Plans For The Economy?
John McCain says Barack Obama will raise taxes for everyone. Barack Obama says John McCain will give the rich tax cuts while cutting needed services. McCain accuses Obama of giving government hand-outs. Obama accuses McCain of not being in touch. Aside from the accusations, where do the presidential nominees stand on the economy? Following is a summary of Barack Obama’s plans for the future, as well as his past actions to improve the economy.
Get Ready For Next Year’s Taxes… NOW!
Now that Tax Season is over and you have (hopefully) completed your tax returns and put them behind you, here are some things you can do to make the next tax season even easier. Things to do WAY before April 15th…
Watch Out… They Are Out To Get Your Tax Rebate Check!
Marketers are seeing dollar signs, and they are pulling no punches with ideas on how you can spend your government stimulus check. Here’s what to watch for, so you don’t get taken by someone telling you how to spend your tax rebate check.
Is The Bad Economy Making You Stingy?
With Americans rallying to save more and spend less, charities and religious organizations are actually suffering. Charities need goods and money in order to help people in the community. But what can we do? Especially when we are just treading water ourselves. Here are some ideas…
What Are You Going To Do With Your Tax Rebate Check… Stimulate The Economy Or Pay Off Debt?
Tax rebate checks — also known as Economic Stimulus Payments — will be sent out in May of 2008 to 130 million families. Their purpose is to stimulate the economy. I can’t help but think they’ll simply be used to pay of debts. How does that stimulate the economy?
How The President’s Economic Stimulus Package Affects You And Your Taxes
Don’t file a tax extension this year… it may cause you to lose out on your piece of the pie from the President’s Economic Stimulus Package. That’s right, you might not get your refund if you don’t file your taxes on time.
Alternative Minimum Tax – Not This Year!
After debating for months on how to fix the alternative minimum tax, Congress recently issued a tax reprieve which postpones the use of the alternative minimum tax for one year. As this tax is becoming more and more common among middle-income taxpayers, its important to understand the basics as it will likely be back in future years.
How Buying Business Equipment Can Affect Your Taxes
Most business will make equipment purchases each year. If your business appropriately plans for the purchases, you may be able deduct the full price of the equipment. This article discusses the deduction for equipment purchases and how to plan your purchases in order to decrease your tax bill.
3 Tax Updates Businesses Should Know About
This summer Congress increased the minimum wage. In order to offset the increase in expenses, Congress also allocated money for tax breaks for these businesses. This article lists 3 of the ways to take advantage of these tax breaks.
Do I Have To Pay Quarterly Taxes?
Do I have to pay quarterly tax payments? Many people don’t realize they need to pay quarterly payments until it is too late and you are stuck with a tax penalty.This article discusses who owes quarterly tax payments, how much and when must you pay.
Marriage and Taxes – What You Need To Know
Getting married is a wonderful event. But after the celebrations are over, there are many decisions you will face as a married couple. This article lists a few of the tax decisions newlyweds will face in the beginning.
Types of IRS Audits – What You Need To Know
You never know when or if you will be audited. But the best way to be prepared is to know what to expect and to maintain your tax documentation. This article discusses the 3 types of audits and what to expect in each.
Tax Freedom Day: When It Is And How It Works
Tax Freedom day represents the number of days Americans on average have to work a year in order to afford their tax liability.
U.S. Savings Bonds
United States Savings bonds are a great way to invest money conservatively and can provide the opportunity to grow interest tax free. These bonds make a great gift for young children to hold on to and potentially use for college expenses.
How To File A Tax Extension
Since its the last day before the tax deadline, you may be wondering how in the world am I going to get this done. But one way to reduce the stress is to complete a tax return extension.
Breast Reconstruction, Teeth Whitening, Vision Correctiton Surgery – Tax Deductible Or Not?
Does the IRS allow teeth whitening, breast reconstruction, and vision correction surgery as medical expense deductions? These are typically considered cosmetic or elective surgeries, but two of them are allowed as a medical expense.
Income The IRS Can’t Tax
There are certain types of income that should not be included on your tax return. In this article we discuss a few of the types of income that are excluded from your tax return and therefore result in tax savings.
Top 5 Tax Deductions That Most People Miss
There are several tax deductions available to us that we have no clue about. Hopefully, by learning some of the common missed tax deductions we are all able to save a little bit more.
What Is My Tax Filing Status?
We’ll discuss the different tax filing statuses and the requirements and benefits associated with each status. By knowing all the tax statuses available, you may be able to reduce your tax liability.
Should You Itemize Taxes Or Not?
By knowing the basic limitations behind itemizing expenses, the decision to take the standard deduction or itemize your expenses is made much easier. Also, by maximizing the deduction you are allowed to take, you can reduce your tax liability and save money.
What Is A Qualifying Child?
The Working Families Relief Act of 2004 created a standard definition of a qualifying child to be used for tax purposes. The definition has 4 main requirements to consider.
Earned Income Credit
The earned income credit is available to many taxpayers who have low to moderate income. This tax credit will effectively lower your taxable income and increase your potential for a tax refund.
Change In The 2006 ‘Kiddie Tax’
The ‘kiddie tax’ has been changed to apply to all children under the age of 18. It previously only applied to children under the age of 14. Therefore, for children under 18, all unearned income greater than $1,700 will be taxes at the parent’s top tax rate.
Most Overlooked Tax Deductions
According to H&R Block, these are some of the most often overlooked tax deductions that people often forget to take…
What Is The Telephone Excise Tax Refund All About?
The Telephone Excise tax refund is applicable to almost everyone for 2006. Individuals and businesses have 2 options to select from in order to calculate the refund they are eligible for.
Education Tax Credits: Hope Credit & Lifetime Learning Credit
The Hope Credit and the Lifetime Learning credits are 2 types of tax credits that can reduce your tax liability and save you money.
Dependent Care Credit Helps With Daycare Or A Nanny
The Dependent Care Credit – also known as the Childcare Credit – is one way for working adults to save money on their tax return.
What Is The Child Tax Credit?
A Child Tax Credit is available to most taxpayers for each ‘qualifying child’. This tax credit is an easy way to save some money on your tax return. Here’s what you need to know.
Tax Deductions vs. Tax Credits
Tax deductions and tax credits are 2 ways to lower the amount of income tax you owe and therefore save you money! Here’s what you need to know.
Yes, You Have To Pay Taxes On Downloaded Songs
If you live in one of these states then you have to pay taxes on all of the media you’ve downloaded — for a fee — this year! Here’s the complete list of states.
