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Tax Saving Tips

Tips for income taxes, property tax, sales tax...

How to save on your federal income tax, property taxes, sales tax, and more. Make filing and paying your taxes less costly with our tips, including deductions you may not know you are eligible for.

Flexible Spending Account Use it or Lose it Rules Easing Up

Posted In:  taxes  hospital and medical

fsa flexible spending rules

Welcome changes to flexible spending accounts

Thanks to new rules, Flexible Spending Accounts are increasing their flexibility. The government isn't exactly known for going in and making things more user friendly and less restrictive. If you hear that they're changing the way they tax your money you instinctively grip your wallet more tightly. If you hear that it will affect your health care your knuckles turn white as you break into a light sweat. But, for once, you need not worry about this change. It’s in your favor most of the time and even when it’s not, it does no harm.Read the rest...

IRS on the Phone? Don't Panic

Posted In:  taxes

Fake IRS Calls Are Tricking Some into Paying Money to Crooks

You are a hard-working small-business owner burning the midnight oil, poring over your accounts, coping with the stresses of a sluggish economy and finding resources to navigate your way through the labyrinth of tax laws and regulations. 24-hour days seem too short and tension runs high. The last thing you need is a threatening phone call from the Internal Revenue Service (IRS) asking you to pay up money you apparently owe Uncle Sam and had no idea about.Read the rest...

Be Sure to Write Off These Job Hunting Expenses on Your Taxes

Posted In:  taxes

You can’t deduct everything, but you should definitely deduct what you can.

Job hunting is not fun, especially if you’re unemployed. It’s only moderately better if you are looking to upgrade your current position. One possible silver lining is the fact that some, but not all, job hunting expenses are tax deductible. According to Internal Revenue Service publication 529, there are seven dos and don’ts for deducting job hunting expenses.Read the rest...

Rolling over Your 401(k) - What to do and Mistakes to Avoid

Posted In:  retirement  taxes

Avoid tax problems and lost opportunities by doing it right.

Retirement accounts, especially 401(k) investment accounts, can be tricky to understand. Many people in the United States enroll themselves in a 401(k) retirement account to save for the golden years after a lifetime of work. If you're leaving your current job and starting work with a new employer that offers 401(k) retirement options, you need to know how to roll over your current account into a new account, and what mistakes could potentially cost you a lot of money.Read the rest...

5 Tax Deductions for Job Seekers

Posted In:  taxes

Some Job Hunting Costs Are Tax Deductible

Trying to find a job is a full-time job in itself. Not only is it a stressful and frustrating experience, often it requires a lot of money. But if you pay attention to how you are seeking employment, and remembering to keep track of what you are spending, much of the costs related to job-hunting can be recouped as tax deductions for job search related expenses. Educating yourself about the things that qualify as a tax deduction can actually save you a lot of money. Here are six things to consider:Read the rest...

Tax Savings: When Should a Married Couple File Separate Tax Returns?

Posted In:  taxes

tax savingsSome Life Circumstances Trump the Tax Savings of Filing Jointly

Filing jointly is a popular option for most couples because it saves money. Filing a joint tax return also simplifies the process of settling accounts with the government. It’s just easier for a married couple to combine their income and share the allowable deductions. Married couples filing jointly also qualify for more deductions than single filers do. But the Internal Revenue Service (IRS) tax code is insanely complex. There are times when it makes more sense to file separately even when you are married.Read the rest...

6 Everyday Expenses that Serve as Income Tax Deductions

Posted In:  taxes

income tax deductions, expensesPeople often overlook these every day expenses that qualify as Income Tax Deductions

So the tax year has come and gone, and you’ve finally received your tax return, only to find that it wasn’t as big as you thought it would be. In fact, Uncle Sam seemed to have taken a rather big bite. Well then, now is the time to explore ways to increase your deductions in the coming tax season. Here are six simple ways you can lower your taxable income, which will enable you to glean a much healthier tax return next year.Read the rest...

The Complicated Finances of Same Sex Marriage

Posted In:  taxes

gay same sex financesFew issues have stirred as much controversy in America as same sex marriage. Every state in the union seems to have slightly different policies defining marriage and they are in various stages of accepting or excluding gay marriage. Federal laws add more confusion. Taxes are especially frustrating to gay couples. In addition traveling to states that do not recognize their union can present legal and financial challenges.Read the rest...

Don't Let Identity Theft Hijack Your E-File Taxes

Posted In:  taxes

tax fraudWith tax season in full swing, identity thieves are trolling the internet looking for Social Security Numbers (SSNs) and other personal information to get rich quick. According to the Wall Street Journal, this type of tax fraud is the “third-largest theft of federal funds after Medicare/Medicaid and unemployment-insurance fraud.” The Journal further reports that more than 1.1 million cases of tax-identity theft were filed in 2011, up from 51,700 in 2008, accounting for nearly $5.2 billion in fraudulent refunds.Read the rest...

Navigating the Waters of Donated Boats

Posted In:  taxes

If your boat never made it into the water this season, it might be time to consider selling. Unfortunately, the boat market is miserable right now, with few people able to buy and a lot of people looking to sell. The solution might be to donate your boat to charity. Donating your boat to a reliable charity is an excellent way to give back to the less fortunate, while saving a little money on the side. Because it is a donation, you can have your boat donation written off on your taxes. This will help you save some money, while donating to those in needs. If you're one of those who always wanted a boat but couldn't afford it, buying a donated boat could be the solution.Read the rest...