I always used my family's accountant to do my taxes. He wasn’t cheap, but I thought the expense was justified...until I found some serious errors in my tax return that, had I not caught them, would have cost me as much as I was paying my accountant. At that point, I realized that the best and … [Read more...] about Save money on tax preparation by doing your own taxes
Taxes
New deadline for filing 2019 taxes
The Internal Revenue Service has announced that the deadline for tax filing and making payments has been extended to July 15, 2020. You do not have to file for an extension in this case. The President of the United States issued a declaration using the Robert T. Stafford Disaster Relief and … [Read more...] about New deadline for filing 2019 taxes
Got clutter? Donate and save on taxes
Most people will agree that clutter is bad. It takes up valuable space in your home, is difficult to clean around, and makes it hard for you to keep organized and find things. Cleaning out your household and clothing clutter can earn you money if you choose to sell it, but that can take time and … [Read more...] about Got clutter? Donate and save on taxes
Health Savings Accounts: the triple tax advantage
Health Savings Accounts (HSA) are great way to save for future medical expenses and to reduce your current taxes. As we all face increased out-of-pocket medical expenses, one method to prepare is to open an HSA, which is like an IRA but offers a triple tax advantage. Your contribution is … [Read more...] about Health Savings Accounts: the triple tax advantage
Tips for donating your car to charity
Donating a car to charity requires almost as much research as buying one. These tips will ensure there’s a tax benefit for you and that you're donating to a legitimate group. Know what your car is worth. Your vehicle does not have the same value to a used car dealer and to a charity. Current … [Read more...] about Tips for donating your car to charity
Free and low-cost ways to file your taxes online
If you’ve never taken advantage of the many free tax-filing options out there, you could be missing out. There are several free – or low cost – options available that will not only save you a few bucks, but will help simplify the process as well. Here is a look at some tax filing services that … [Read more...] about Free and low-cost ways to file your taxes online
8 resolutions to make before next Tax Day
Phew.... That’s the collective exhale you hear as another Tax Day comes and goes. Maybe you file early and already have that refund in hand. Perhaps you wait until the last minute to dig out those dog-eared receipts, credit card statements, and 1099s and your return wings its way electronically to … [Read more...] about 8 resolutions to make before next Tax Day
Where to find free help with your taxes
Even if you’re expecting a tax refund, this time of year can be, well, taxing on your wallet when it comes to paying for tax preparation services. According to a National Society of Accountants survey, hiring a tax return preparer cost an average of $273 for an itemized Form 1040 with Schedule A and … [Read more...] about Where to find free help with your taxes
How to check on your income tax refund
The income tax season has officially opened. Among the first to file will be those taxpayers who are due income tax refunds. And once you file, your burning question will be: Where’s my refund? The Internal Revenue Service has an app for that. The agency’s popular Where’s My Refund website … [Read more...] about How to check on your income tax refund
How to create a retirement plan when you’re self-employed
Whether permanently or temporarily, by choice or by circumstance, many of us are self-employed these days. We're in this gig economy, where so many of us are making our own livings with our own small businesses. That's great. Except for one thing: People who are self-employed have to provide their … [Read more...] about How to create a retirement plan when you’re self-employed
Free, cheap and high-value ways to do your taxes
If you're looking to make this tax season easier than last year's, or if your financial circumstances have changed, we have a list of resources for you to consider. Online: Filing your taxes online is easy, and it may be free if your income is low enough and your financial situation has few … [Read more...] about Free, cheap and high-value ways to do your taxes
Don’t miss out on work-related tax deductions
By now you've probably either made an appointment to complete your income tax return, or you have filed for an extension beyond the April 15 deadline. Either way, if you itemize on your tax return, be sure that you're taking every deduction allowable by law to minimize your tax liability and keep … [Read more...] about Don’t miss out on work-related tax deductions
How to offset college costs with tax deductions and education credits
Do you have or will soon have children heading off to college? If so, you may want to review information from the Internal Revenue Service (IRS) regarding college education expenses. For example, the IRS offers income tax deductions and education credits for college tuition and other education … [Read more...] about How to offset college costs with tax deductions and education credits
8 tax deductions parents shouldn’t miss
The year our daughter Jane was born, my husband and I almost forgot to claim her on our taxes. She was a newborn, our accountant hadn't seen us in a year — so she'd never seen me pregnant — and our tax appointments never involved chitchat, so the fact that we'd become parents wasn't part of the … [Read more...] about 8 tax deductions parents shouldn’t miss
It’s not too late to add to 2017 IRA and save on taxes
With 2017 over, taxpayers may think it's too late to stash earnings in a retirement account and get a tax deduction for the year. But 2017 contributions for many kinds of retirement accounts can be made up until April 17, 2018, or whenever you file your taxes, and some can be made even later by … [Read more...] about It’s not too late to add to 2017 IRA and save on taxes
