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Taxes

Where’s My Tax Refund?

by Flexo

Earlier today, I finalized my tax return calculations and filed them online. I was able to file my federal taxes for free, but rather than do my state taxes separately and mail them for free, I opted to pay a fee — about $15 — to file them online as well. Although I’ve done that ... Continue reading this article…

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Where Is My SEP IRA?

by Flexo

I was hoping to write about my new SEP IRA account this weekend, but TIAA-CREF hasn’t withdrawn the money from my ING Direct savings account to fund it yet. I would have liked to mention how I’m using the SEP to put some of my 2005 non-salary income away to reduce my tax bill, but ... Continue reading this article…

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Walking Away From Your Money

by Flexo

If you don’t itemize your taxes, you may be overpaying the government, according to Bankrate.com. The General Accounting Office has found that filers of 1998 returns who used the standard deduction instead of itemizing paid the Internal Revenue Service almost $1 billion more than they should have. Should you itemize? It depends on your expenses ... Continue reading this article…

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Tax Bill or Tax Refund, Which is Better?

by Flexo

There are two typical responses when a person finishes preparing his tax return, depending on the result. If he owes money, I hear, “Do’h! I have to pay the government more. I wish they’d use my money more efficiently.” If he is due a refund, I hear, “Woohoo! I’m going to get a big fat ... Continue reading this article…

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Seven Tax Mistakes You Might Make, Part 2

by Flexo

It’s tax season, and I’m double-checking my return before filing. I’m checking for seven typical mistakes. I began mentioning MSN’s seven tax mistakes earlier, and now I’ll finish up those thoughts. 4. Getting married. According to MSN, a “marriage penalty” still exists. “[T]wo individuals who each earn $70,000 in taxable income [and file as a ... Continue reading this article…

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Seven Tax Mistakes You Might Make, Part 1

by Flexo

First of all, I finished my taxes over the weekend. I started out using Turbo Tax Online, which I have used for the last three years. I decided to look around for better deals, and I’ve settled on Tax Act for now. I may not file online, however. While my initial estimates had me owing ... Continue reading this article…

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Tax Credits for Better Energy Efficiency

by Flexo

While energy is more expensive this year, I’ve done a good job so far of keeping the cost of heating my apartment comparable to my expenses last year. Today, I noticed an article describing little-known tax credits available for those who upgrade their homes for better energy conservation. Some of the upgrades are expensive, and ... Continue reading this article…

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Tax Filing Time, I’m Going To Owe

by Flexo

I’ve begun receiving my 1099s and W2s, and that means it must be tax time. Jeff Schnepper steps right in to provide me with 15 quick points to motivate me to get my taxes done and done well. For the past several years, I’ve been filing my taxes online with TurboTax Online for which I’ve ... Continue reading this article…

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False Tax Returns Cost NYC Millions

by Flexo

From the Associated Press: Two accountants have been indicted on charges of tax evasion and helping hundreds of their clients file false city and state tax returns, resulting in the loss of millions of dollars. These accountants, Jeffrey C. Rosner of Queens and David E. Cohen of Staten Island, charged up to $500 per tax ... Continue reading this article…

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Taxes and Your First Job

by Flexo

Yesterday I mentioned earier, this Thursday will be National Tax Advice Day. Yes, it’s a fabricated holiday to sell software and services from H&R Block, but that doesn’t mean we can’t find some good information within their materials. H&R Block has advice for those people in their first job who might be filing their taxes ... Continue reading this article…

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National Tax Advice Day

by Flexo

To celebrate National Tax Advice Day (which I predict will soon become a major holiday which we’ll celebrate with staplers and shredders instead of tinsel and mistletoe) on Thursday, H&R Block has set up what appears to be a somewhat complete resource on calculating and filing your taxes. Sure, there are some light topics like ... Continue reading this article…

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Did You Catch These?

by Flexo

Here are a few articles that I’ve enjoyed by other bloggers in the past week or so. * Free Money Finance mentions store return policies, a hot topic after the holidays. Stores are getting stricter and you have to play by their rules. * JLP from AllThingsFinancial talks about the Alternative Minimum Tax. * Jim ... Continue reading this article…

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The New Tax Proposal

by Flexo

I was thinking about commenting on the latest tax proposal from the president’s advisory panel, but I don’t think it’s a worthwhile topic yet. There will probably a number of changes before anything comes up for a vote, and then more changes after that.

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75 Dollar Surprise

by Flexo

As I checked my bank account balance this morning, I noticed something I wasn’t expecting: a tax refund from the New Jersey 2004 FAIR Tenant Rebate Program is scheduled to be deposited on August 1. Even though I don’t directly pay property taxes, I pay them indirectly through a portion of my rent. Here are ... Continue reading this article…

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Property Taxes

by Flexo

I am not a homeowner right now for many reasons. Here’s another reason to add to the list: sky-high property tax. Yes, I pay some property tax now, hidden within my rent bill. Landlords pass the cost of taxes onto tenants. Because of the high cost of buying and owning a home, finding money for ... Continue reading this article…

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Free Prizes May Not Be Worth It

by Flexo

In some cases, it might be better to decline contest winnings [free WSJ article] than to accept the prize. The income tax due on winnings might be more than what it would cost to buy the prize outside of the contest. In the article, a man declines free American Airlines flights.

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Friday Reading

by Flexo

Here’s what I’m reading today, updated throughout the day as I feel like it. Jim Jubak sees a revolt pertaining to property taxes and the Alternative Minimum Tax. Prediction: Oil will either spike to $100 a barrel or it will drop. There is a third possibility that the price will do neither. In conclusion, no ... Continue reading this article…

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Best. Deduction. Ever.

by Flexo

Marketplace is a mini radio show on National Public Radio. They air for a few minutes in the morning and a half an hour in the evening, after the markets have closed for the day. The program offers financial news and tends to have interesting discussions about the economy. As we’re coming down to the ... Continue reading this article…

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Emigrant Direct Saga and Found Cash

by Flexo

My Wachovia checking account received the two small verification deposits from Emigrant Direct, which was the next step in opening my account with that bank. Unfortunately, when I originally signed up, I submitted an email address I no longer used. After reactivating that mailbox, I called Emigrant Direct’s customer service to have them resend a ... Continue reading this article…

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Tax Time

by Flexo

I’ve started working on my tax forms with TurboTax Online through taxfreedom.com, a site that offers free federal and reduced-price state filing. I have almost all the information I need, so I went through to see where I was heading. Thankfully, I took classes last year towards my MBA. If I hadn’t, I would have ... Continue reading this article…

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