A Personal Finance Blog for Regular Folks
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.
You got all your forms and receipts together to tackle your taxes.
Did you file everything yet in or are you still procrastinating?
If you are really one of those last minute folks then you better make sure your return is in either electronically by day’s end or post-marked by the end of the day on April 15th (expect the post office to be crowded).
This year, you have until April 15 to file your tax return (some years the date is off).
But that doesn’t mean that you’re ready to file.
You might want a little more time to get things together, or you might need to make changes to an already-filed return.
It is important to understand the difference between a tax extension and an amended return.
There are few things in the world of taxes more terrifying than the Alternative Minimum Tax (AMT).
After taking all of that time with your W-2s, donations, and various deductions the AMT steps in and tells you that none of that matters; you suddenly owe thousands more in tax.
That’s scary enough for me. Here’s an overview of the Alternative Minimum Tax and what can trigger it to impact your taxes.
[Read more…] about What is the Alternative Minimum Tax (AMT) and How Does It Impact Your Taxes?
As Tax Day draws closer, many are looking for documentation and trying to figure out whether they are taking a deduction or credit for each item that they hope will bring a tax advantage.
Understanding the difference between a tax deduction and a tax credit is important — especially when you stop to consider that one is more valuable than the other.
The difference between a tax deduction and a tax credit can be expressed by the way it affects your taxes.
[Read more…] about Which is More Valuable: Tax Deduction or Tax Credit?
At first glance, it may not seem that you are spending a great deal on your blogging endeavors.
However, the fact is that blogging does cost money. And, if you are making income from your blogging, you might want to offset some of that with the help of tax breaks for your costs.
Before you go claiming tax breaks, though, it is a good idea to double check to make sure that the items you claim truly are related to your blogging efforts.
[Read more…] about Blogger Tax Deductions You Can’t Afford to Miss!
