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Making Work Pay Credit Extension

by Flexo

The 2009 economic stimulus came to the middle class in the form of the Making Work Pay credit, which provided a $400 credit for single taxpayers or a $800 credit for married taxpayers filing jointly across two years. The credit was embedded in W-2 paychecks, hardly noticeable to many. The credit was also designed to ... Continue reading this article…

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S-Corporation Designation

by Flexo

Last year, I mentioned my accountant saved me $15,000 by re-classifying my self-employment income from a limited liability corporation (LLC) to an S-corporation. I glossed over the process; in fact, getting to the $15,000 in tax savings was a bit more complicated than simply filing as an S-corporation. I could likely have saved even more ... Continue reading this article…

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Podcast 79: Potential Income Tax Changes, Bob Meighan

by Flexo

Today on the Consumerism Commentary Podcast, Tom Dziubek talks to Bob Meighan, CPA and Vice President of Consumer Advocacy TurboTax, Intuit about potential income tax changes for the new year. Bob and Tom talk about the potential sunsetting of the “Bush Tax Cuts” and how it will impact more than just those making $250,000 a ... Continue reading this article…

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Exclusive Video: Bob Meighan Answers Our Tax Questions

by Flexo

There are only twenty-four hours left to file tax returns in the United States or file for a six-month extension. Bob Meighan, CPA and Vice President of TurboTax offered to answer Consumerism Commentary readers’ questions about filing taxes as the last minute. The good news is that even with less than a day left, you ... Continue reading this article…

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The American Opportunity Tax Credit

by Flexo

Last week I offered some last-minute tax filing tips, and the IRS deadline is looming. I’m happy to tackle tax questions, and Consumerism Commentary reader Eric has one. Eric was a full-time student through May 2009, and he, like many former students, is dealing with the cost of a college education. Eric is looking for ... Continue reading this article…

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The White House’s Tax Filing Tips

by Smithee

In the past 14 months, we’ve covered many of the ways the American Recovery and Reinvestment Act might affect your household finances, including home buyer tax credits and energy efficiency tax credits. If you still haven’t yet found the time to file your taxes, or if you’re the sort of person who makes it a ... Continue reading this article…

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How Debt Settlements Affect Credit History

by Jeremy Simon

This is a guest article by Jeremy M. Simon. Each Tuesday, his Credit Score Report column addresses a CreditCards.com reader’s question on credit scoring. He selects questions that either best reflect a common reader concern or that highlight some particularly interesting aspect of credit scoring. Today, Consumerism Commentary is hosting the weekly question-and-answer session with ... Continue reading this article…

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How to Check the Status of Your Tax Refund: Federal and State

by Flexo

I am still waiting for the second tax refund the IRS owes me after I filed an amended tax return for 2008. Additionally, the State of New Jersey decided to count my business income twice after I filed an amended tax return, so that refund has been delayed as well. The first tax refunds after ... Continue reading this article…

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