Taxes

Tax Tips for 2009 Tax Year

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 [...]

How to Avoid a Tax Audit

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

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 benefits of electronically filing your tax return. Maybe you’re like a friend of mine who refused to get a [...]

How to Maximize Your Energy Efficiency Tax Credit Without Overspending

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. This post is intended to help you understand these tax credits of energy expenditures and decide if they are [...]

Unfiled Tax Returns, What Happens If You Don’t File A Tax Return?

Filing an unfiled tax return or even multiple years of unfiled tax returns isn’t as big of a deal as you may believe. Even if you cannot pay the taxes that are owed with the return it isn’t that big of a deal. It is a big deal if you keep waiting longer and longer [...]

How To Resolve IRS Tax Debt

If you pay estimated taxes, you may find yourself facing a tax debt when you come to fill in your tax return. As estimated tax payments are predominantly based on your income for the previous tax year, you can easily be crippled with a tax bill that is more than you anticipated if your income [...]

What Counts As a Tax Deduction?

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 [...]

5 Reasons You Need a Tax Professional

If you’re responsible for dealing with your own taxes, it can be beneficial to hire an accountant to make sure that you’re deducting everything that you’re entitled to. In most cases, whether you need to use a tax professional depends on your situation. If you are a regular employee who fills in W-2 forms and [...]

Additional Income: Is It Taxable?

We’ve briefly touched on the topic of paying income taxes on eBay sales in the past, but a lot of people are unsure as to whether additional income in general needs to be reported to the IRS. By additional income, I’m referring to anything that’s not part of your usual pay packet, which can include [...]

Tradition IRA versus Roth IRA — Which One Should You Choose?

Up until about 10 years ago, there was one type of IRA, the traditional IRA which was deducted from your taxable income, grows tax deferred, and upon withdrawal, is taxed at whatever rate you find yourself. Its cousin, the Roth IRA is the mirror image, the money you put in is after tax money, but [...]

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