Taxes

Guest Post: How Much Does a $100 Coat Cost?

Today features another guest post from Bradd. This time he encourages us to think about the true cost of goods we buy. It may have you thinking twice before you pick up that sale item this holiday season. With the end of the year and the Christmas shopping season coming up, I’ve been thinking recently about taxes and the prices of goods.  And a new coat. Maybe I’m looking…
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Preparing for Taxes: Deducting Charitable Donations

On Friday, I recommended that you avoid buying consumer goods to help a cause, and instead send a cash donation. If you’re able to itemize your tax returns, you get a nice bonus for your donation in the form of a tax deduction. You have to be careful that the organization you donate to actually qualifies for tax-exemption, but you can also deduct some non-cash donations and other surprising things.…
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Adjust Tax Withholding for the New Year

If you overpaid or underpaid your 2007 federal or state tax, then clearly you need to adjust your 2008 withholding. You can also change your withholding now to take advantage of deductions you won’t be eligible for until later in the year. Fixing Withholding Last year, my husband and I wildly underwithheld both our state and federal tax because our income doubled after I finished grad school and…
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2009 TurboTax Online Review

TurboTax asked me to review their software and gave me a free Federal and State return filing to give away. This is a copy of the online version. To enter, simply comment at the bottom of this post by 6PM PST March 17, 2010. Leave a valid email address where I can reach you. And now on to the review. This was my third time doing my taxes, because…
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Tax Software Cost Comparison

For some people, choosing a tax software package comes down to trust. They want to go with the name they’ve heard of. And that’s fine. Trusting your software is important. For me, it comes down to price. That’s why I prefer a lesser-known software called TaxAct. It’s just as good, just as accurate, and much cheaper. Of course, free is the cheapest, so find out how to win…
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2009 TaxAct Tax Software Review

I’m a longtime user of TaxAct online tax software for one reason: it’s cheap. After completing my return in the H&R Block At Home software, I took this year’s version of TaxAct for a spin. Call my crazy, but I’ve actually started to like doing my returns twice. Yes, it takes me an extra hour, but it’s a good way to make sure I didn’t forget to include…
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Tentative Tax Rebate Deal

This morning, several news organizations announced that the White House and Congress have come to a tentative agreement on the economic stimulus plan. The main part of the plan is tax rebates for singles earning under $75,000 and couples earning under $150,000. Each person will receive at least $300, plus an additional $300 per child. There will probably be a cap in the range of $1200 per family. Some sources say…
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Which Tax Documents Do You Need to Gather?

‘Tis the season to start gathering your tax documents. Yeah, it doesn’t quite have the same ring as ‘tis the season to be merry, but it must be done nevertheless. Last week I tried to make a list of all the tax documents I need to gather or expect to receive, but I always worry that I’m forgetting something and will only discover it when I sit down…
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What to Do with a Tax Refund

Tax refunds have started rolling in. Although the IRS told us not to expect our until mid-April, they actually sent it already. I quickly transferred that baby to our savings account where it will earn a few pennies until we start buying furniture. This year’s refund is expected to average $3036. So what should you do with it? Here are a few tips: Pay Off Debt If you…
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Online Tax Software Review: TaxAct Online

As I mentioned yesterday, I prepared my taxes using two online tax software programs this weekend. Yesterday I presented the first of my tax software reviews: H&R Block’s Tax Cut. Today I’ll cover TaxAct Online. If you want to use it, here’s a link to their offer: Do Your Federal Taxes Free Tax Act Online has been my preferred service for several years. The main reason is because it’s the…
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