Category: taxes

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By David on January 14th, 2010

Estimated Taxes Due Tomorrow, January 15th.

It’s that time yet again! If you pay estimated taxes like I do, your Federal and State payments are due tomorrow, January 15th. I have been paying estimated taxes for many years now, and while I find it kind of a pain in the you-know-what, I truly enjoy working for myself on my own time. It’s definitely a trade-off to make sure I always put away enough money to pay the taxes every 3 months! I have a special “Taxes” account over at ING Direct that I put 30% of every dollar I make into, as I made the mistake 2 years ago of not setting enough aside – and boy did that hurt come April 15th. So I cannot recommend enough that you open an account just for your estimated taxes and fund it as well as possible.

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taxes
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By David on January 06th, 2010

What To Do If You Cannot Pay Your Taxes In Full.

Every year thousands of working Americans pay numerous bills and then realize they have little left to pay what they owe in taxes. Owing the IRS can be scary because if taxes go unpaid and unresolved you can potentially face some of the harshest collection mechanisms. Many taxpayers avoid the IRS because they cannot pay and are scared of what may happen when the IRS finds out they can’t pay. Understand that the IRS allows individuals to resolve their taxes that they cannot pay in various ways, no matter how bad their financial situation is. Before considering a tax payment plan or some other form of tax settlement is a smart idea to double check and make sure you have taken all possible deductions that you could have taken. If you have not done so already, you should have a tax professional take a look at your return to see if there is anything you missed. Every year there are new tax credits that become available that the average taxpayer is not aware of. It is also a good idea to check past tax returns as well. You will still be able to claim a refund up to 3 years from your filing deadline or 2 years from your last tax payment. So if you have missed deductions in the past you can file an amended tax return to offset what you owe this year.

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taxes
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By David on December 09th, 2009

Tax Law Changes In Store For 2010.

With only a few weeks left in 2009, now is definitely the time to look ahead to 2010 and what it can mean for your finances. My brother is my accountant, so I leave most of the paperwork to him, but I still need to know what big changes might be coming along from year to year. So in order to help you (and me!) out, I went looking for information on what tax law changes we have in store for 2010, and this is what I found…

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taxes
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By David on December 02nd, 2009

Teachers – Don’t Forget Your $250 Tax Deduction.

Since I was married to a teacher, I know about this tax deduction – do you or any of your teacher friends? If you are an educator, remember to keep any receipts for unreimbursed classroom supplies so that you have a record of them. There is a line item deduction on your tax form for $250 for these costs, and while you don’t have to submit your receipts to get the deduction it’s always a good idea to have them around just in case. I just read recently that some 66% of teachers use their own money for classroom supplies and/or food for their students, so while this $250 is nice it doesn’t seem like nearly enough. But it is what you have for now, so remember to take it!

taxes
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By David on October 08th, 2009

The Tax Extension Deadline Is October 15th.

Did you file an extension back in April so you could have more time to file your taxes? Well guess what – your due date is coming up next week. October 15th is the tax extension deadline, so be sure to file your taxes so you don’t get in any trouble with the IRS. While I have always filed and paid my taxes in April, when most people do, I have friends who file an extension every single year. There is nothing wrong with doing so, but you have to remember to file by October 15th so you don’t get in hot water with the government! My brother does my taxes for me, as he is a CPA, but you can either do them yourself or use a service like TurboTax – but either way, make sure you get them in by the 15th of October!

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taxes
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