It’s the most wonderful time of the year for some — the season in which your state and federal government pays its debt to you in the form of a big, fat tax refund. If you’re expecting Uncle Sam to be generous this year, it’s tempting to spend the money on luxury items or vacations as soon as it … [Read more...] about 10 smart ways to spend your tax refund
Taxes
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 filed early and already have that refund in hand. Perhaps you waited until the last minute to dig out those dog-eared receipts, credit card statements and 1099s, and your return is still winging its way … [Read more...] about 8 resolutions to make before next Tax Day
6 free and cheap 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 that will not only save you money but also promise to simplify the process of filing your taxes. Here is a look at several free online tax filing … [Read more...] about 6 free and cheap ways to file your taxes online
6 last-minute tax tips for procrastinators
With just a few days to go until the April 15 tax-filing deadline, people who have not yet done their taxes may think they are doomed. But you still have time to save money on your taxes if you’re smart. If you’re looking for information, the IRS has reams of advice on its website, including … [Read more...] about 6 last-minute tax tips for procrastinators
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 the 2020-21 National Society of Accountants survey, the average cost of hiring a certified public accountant (CPA) to prepare and … [Read more...] about Where to find free help with your taxes
Save money by doing your own taxes
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 I could do my taxes … [Read more...] about Save money by doing your own taxes
8 tax credits for parents with dependent children
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 me pregnant and the topic never came up during our conversations. Luckily, we remembered, and Jane had a Social Security number, so we were able to claim the … [Read more...] about 8 tax credits for parents with dependent children
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
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
