Shoeboxed Review – Organize Your Receipts for Tax Time and More

Shoeboxed Review

Whether you’re looking to do some cleaning, looking to go green or paperless, or just want to get a little more organized, can help you.

Imagine this…

You’re getting ready to finally do your taxes. Besides all the tax forms you need you also have to put together your receipts. But where are they?

If you’re like most people they are piled up someplace, like a shoebox, waiting to be organized. Or they are spread out all over the place and you hope you can find each and every receipt.

Not fun.

Shoeboxed offers a service where you can send in your papers/receipts that you want a digital copy of, they’ll extract the data for you, and it’s all available in your own account.

They also allow you to scan in receipts yourself so you have one place to keep everything.

Read on in our review and you’ll see what Shoeboxed is all about and how it can help keep you organized for tax time and more!

And make sure you look for the special offer I worked out with Shoeboxed for Free From Broke readers!!

How Shoeboxed Works

Continue Reading

Where Can I Get IRS Tax Forms (or Where Can I File Free)?

Where to get tax forms.

Remember when you used to get a package of small booklets in the mail at the beginning of the year?  

They had those real thin pages, like newspaper and there would be official computer forms included.

Well those packets, your IRS 1040 tax forms for the previous year, haven’t been mailed out since 2011.

According to the IRS, fewer and fewer taxpayers have been receiving tax packages in the mail in recent years. In fact, in 2010 only 8 percent of individuals who files taxes received tax forms in the mail.

Wow, have times changed!
Continue Reading

What is VITA – Volunteer Income Tax Assistance Program (You Might Get Free Tax Preparation)

VITA can help you prepare your taxes for free.

Many people would like help with their tax returns, but don’t know how they can afford to employ the services of a tax professional.

It’s true that some of the major income tax preparation services advertise that they will file your taxes for free, but this isn’t always the same as preparing them; in many cases you can only have the 1040-EZ prepared for free.

If your taxes are a little more complicated than a 1040-EZ, yet you don’t feel like you can afford to have an accountant or other tax professional help you prepare your Form 1040, you do have a place to turn.

The IRS sponsors a program designed to help those who make less than $53,000 a year prepare and file their taxes — the VITA, Volunteer Income Tax Assistance program. Read on and see if VITA can help you prepare your taxes and get free tax filing.

What is the Volunteer Income Tax Assistance (VITA) Program

Continue Reading

5 Reasons Getting a Large Tax Refund is Bad

Why getting a large tax refund is bad.

The stress of doing your taxes is over.

You filed all of your forms and to your joy you’re getting back a tax refund.  And it’s a nice sized one too!

It’s awesome, right?

Not so fast.

Getting a lump sum payout after filing your taxes feels great.  But I’m going to show you that it may not be as great as you think.  There are better ways you can use your money (and it is your money).

Read On as I Tell You 5 Reasons a Large Tax Refund is Bad.

Continue Reading

What Do Your Property Taxes Pay For?

What do property taxes pay for?

How many times have you looked at your tax bill, threw your arms in the air, and yelled our “where is all this property tax money going, this is way too high?!?”

Maybe I’m the wacky one, but I’ve done that.  (Actually, I would probably have an expletive or two in there.)

The problem with that view though is that property taxes are never a single number, but a combination of several.

Most of us tend to think our property taxes are too high, but then we get a bit hung up on the components.  We may want a lower tax bill, but at the same time we might support high spending levels in certain areas, or even just one in particular.

There are constituencies behind each category of our property taxes, which is why it’s so hard to get lower taxes overall.

So What Do Your Property Taxes Pay For?

Continue Reading

To Itemize or Take the Standard Deduction, That is the Question

Itemize vs standard deduction

When life becomes more complicated, so do your taxes.

As you claim dependents, purchase a home, or are involved in a major loss or theft you can claim specific items on your taxes that will reduce your tax burden.

Other reasons such as owning your own small business, earning money in more than one state, or if you have investments or property that can be claimed as a loss then your taxes become slightly more difficult to file.

Most single people will file a Form 1040-EZ, but if you have any type of deduction that is greater than the standard deduction it may be best to file using a Form 1040.

So when should you itemize on your taxes?  The following will provide some major reasons for itemizing.

Continue Reading

Don’t Forget Your 401(k) When You Leave Your Job! Here’s What You Can Do With It

What to do with your 401(k) when you leave your job.

A 401(k) plan is an awesome vehicle to save for retirement!  

You get to lower your tax basis (the income you get taxed on).  You might get a great company match… What’s not to like?

But what do you do with your 401(k) if you leave your job? 

Do you take the 401(k) with you?  Where do you put it?  Should you leave it?

You have some choices for your 401(k) which I’ll outline for you below:

Choices For Your 401(k) When You Leave Your Job

Continue Reading