income tax filing

To help you make the most of your 2009 taxes, here are some tax tips to help you organize, prepare, and take advantage of the available tax deductions and tax credits for 2009 tax year. Instead of trying to compile my own list, I reached out to a few personal finance bloggers to share their [...]

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.

The contribution limit for IRA did not change for 2010. Like 2009, the maximum you may contribute to your Traditional and Roth IRAs combined is $5,000. If you are 50 years and older, your contribution limit is $6,000 (due to $1,000 catch-up contribution allowance). Note this is a per individual limit and as a married [...]

As the year draws to close, it’s time to take stock of what you are doing to increase your overall tax efficiency. If you are looking to get a few more deductions, this is the time to do so, whether you are paying points for a mortgage or donating to charity. And another way you [...]

Understanding the many tax deductions can be nothing short of a minefield, and many taxpayers are unaware of the many deductions that can be used to legally reduce your tax bill. This article highlights just a few of the tax deductions that you can claim if your circumstances lend themselves.
Standard Deductions
A standard deduction varies depending [...]

Ah … Fall and Spring cleaning — a fresh desk, a clean home, a new perspective with the changing of the seasons. Why is this such a good idea, especially when it comes to your financial documents? It’s simple. Clutter can be dangerous – especially when it involves your finances. When your financial documents are [...]

If you’re self employed, you’re responsible for keeping track of your own taxes, as well as making payments on time. This also involves being on top of your paperwork, filing your tax return on time and keeping hold of receipts and invoices in case you’re asked to prove certain aspects of your tax return. This [...]

It’s a great feeling to be your own boss and make money at it. At least, until you discover that you are now responsible for paying self-employment tax and may be required to make estimated tax payments. I have been paying self-employment tax over the last few years; however, I have not made an estimated [...]

The following article contains information about the Internal Revenue Service (IRS)’s officially released 2009 federal income tax brackets. You’ll need this information to prepare and file your 2009 tax return in early 2010. To the extent that the information in this article helps summarize the changes in Federal Income Tax, you should consult the official [...]

As a new parent, I am sure you’re painfully aware of how expensive college is, and will be.  You may wonder how in the world are you going to save that huge sum needed for your child’s college education. This article is design to help you walk through each step — e.g., getting your finances [...]