Free From Broke

A Personal Finance Blog for Regular Folks

What You Need to Know About Taxes

Most people don't enjoy paying taxes. But the more we know about them the better we can plan for them. Articles here contain information on new tax rules as well as how to save and plan for your taxes.

Monster TurboTax Online Tax Software 2009 Review

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[Here is a review of TurboTax 2010 online tax preparation software]  Below is the 2009 version.

Back when I started working and had to file taxes I would go to the library to pick up the necessary forms.  I’d set aside an afternoon to go through the 1040’s and see what I needed.  Then I’d spend the rest of the time getting my head around the forms and carefully filling out what was needed.  My taxes weren’t complex and there was no online filing back then (did I just date myself a bit?).  It still made my head spin a bit but that’s what I had to do.  A few years later I discovered TurboTax.  It was an expense to use at the time, but it was well worth not having to go through all of the forms figuring out what to fill out where.

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First Time Home Buyers Tax Credit – Who It’s For And What Is Needed To Claim It

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On November 6, 2009 The Worker, Homeownership and Business Assistance Act was signed into law.  This move has resulted in the extension or expansion of the first time home buyer credit which was enacted previously.  In order to receive the first time home buyers tax credit you must first understand who qualifies and how you should proceed in order to get the most benefit from the tax credit.  Here we look at two frequently asked questions regarding the first time home buyer credit.
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The Government Thanks You For Your Taxes

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On behalf of the government I’d like to thank you for your generous taxes.

Thank you for paying too much in taxes every paycheck.  We love the interest free loan!  We’re trillions in debt and every bit helps.  When we borrow from other countries by selling Treasuries we have to offer them interest for the loan.  Can you imagine what the interest on trillions in loans comes out to?!? But by not adjusting your W-4’s you help to keep the United States afloat, if only a little bit.
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6 Tips to Avoid IRS Penalties, Interest and Filing Fees This Tax Season

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With Federal and various State tax revenues in decline, the IRS and State tax collectors are not letting any taxpayer fall through the cracks.

In fact, if anything the IRS’s computerized Automated Collection System (ACS) is probably better than ever with all the funding the IRS has received from the Federal stimulus.
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Use The First Time Home Buyer Tax Credit Now!

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Were you considering buying a home this year and claiming the first time home buyer’s tax credit? If you were, a recent change to the credit may allow you to use it now rather than waiting until next year’s tax return.

The American Recovery and Reinvestment Act of 2009 allowed for a first time home buyer’s tax credit of up to $8000.  This would be money that could be claimed on your tax return.  Recent changes now allow a first time home buyer to apply the tax credit toward their down payment or closing costs.

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