Taxes

A major component of your overall expenses are the various taxes that you must pay. Paying taxes is a fact of life; however, it does not mean you should not be looking for way to reduce your taxes. Articles in this section will help you better understand various taxes and things that you could do to minimize your tax burden. Additionally, check out these related sections: budgeting, smart spending, and insurance and risk management.

Taxes is a subsection of expense management.

What to Do if You Cannot Afford to Pay Taxes

What to Do if You Cannot Afford to Pay Taxes

What can you do if you can’t pay the taxes you owe come April? Should you borrow from your 401(k) or is there an IRS tax payment plan option? This is especially important for many Americans […]

Do You Have to Pay Taxes On Unemployment Income?

Do You Have to Pay Taxes On Unemployment Income?

The U.S. unemployment rate continues to remain high at 9.1%. This means that many Americans are collecting their unemployment insurance payments, and many are doing so for the first time ever. Now that the tax season […]

How to File an Amended Income Tax Return (Form 1040X)

How to File an Amended Income Tax Return (Form 1040X)

What happen if you’ve sent in your income tax return and then discover you made a mistake? If you’ve made an error on your tax return after sending it in, you do have the ability to […]

Refund Anticipation Loans May be Coming to an End

Refund Anticipation Loans May be Coming to an End

Starting in 2011, the IRS will be making it harder for consumers to get their hands on a quick income tax refund. The popular refund anticipation loans, which are short-term loans based on the anticipated amount […]

5 Tax Deductions to Take This Year

5 Tax Deductions to Take This Year

Tax season just ended. Do you really want to think about taxes already? You do if you are interested in reducing your tax liability and saving money more efficiently. What you do now can result in […]

How to File a Federal Tax Extension

How to File a Federal Tax Extension

April 15 looms on the horizon. There may be any number of reasons that you are not prepared to file a tax return, from not having your dividend statements back, to waiting to get a home […]

File a Tax Extension Instead of an Amended Return

File a Tax Extension Instead of an Amended Return

As April 15 inches closer, many are beginning to get their tax documents together and prepare to file their tax returns. However, there are many who don’t have all their tax documents by the requisite time, […]

What is a Tax Audit and 5 Common Red Flags to Avoid

What is a Tax Audit and 5 Common Red Flags to Avoid

While random chance plays its role in tax audits (sometimes there is just no way to avoid some sort of an audit — no matter what you do), there are some red flags that may prompt a closer review of your paperwork. Here are some tips for avoiding a tax audit.

Why You Should Electronically File Your Tax Return

Why You Should Electronically File Your Tax Return

Do you efile? If you do then you already know about many of the advantages that efiling has over the “traditional” paper method of filing a tax return. If not, maybe you don’t know about the […]

How to Maximize Your Energy Efficiency Tax Credit

How to Maximize Your Energy Efficiency Tax Credit

As the year is winding down, you may be considering some ways to lesson your 2009 tax burden. Should you take advantage of the federal tax credits Congress has provided certain energy efficiency expenditures? Well, maybe. […]

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