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 buyer tax credit, to straightforward procrastination. No matter your reasons, you can actually file for an extension. Any taxpayer [...]
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, or who want a little extra time to make some savvy tax moves for their 2009 returns. In such [...]
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.
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 [...]
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 [...]
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 [...]
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 [...]
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 [...]
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 [...]