With April 15th rapidly approaching, many will start looking for fast, efficient ways to file taxes. The IRS has partnered with a number of sites to provide free online filings. This helps the IRS by decreasing the number of paper forms they have to process. In most states you are still going to have to file a state return. If you plan to use software, it may be easier to do the Federal and State together at the same time. Still, for states without an income tax, this is an easy way to do your taxes and get them submitted for free. Here are a few free sites that offer free filing … [Read more...] about Free Tax Preparation Sites
taxes
Prepare for Next Year’s Taxes
With tax season behind us, it is worth taking a few minutes to prepare for next year. As the deficit rises, it seems pretty difficult to imagine that our taxes won't be going up in one form or another. A little preparation can help make sure that you pay no more than your fair share. Tax folder Start a folder today for 2010 tax papers. Even if you don't put anything in it, having it ready helps make sure that you don't accidentally misplace something when it does come in. Many people spend more time looking for tax papers than they do actually preparing their taxes. This folder is also a great place to keep anything that will help you with your taxes. If you read about a tax credit … [Read more...] about Prepare for Next Year’s Taxes
Money Thoughts
Here is a short collection of money tips and thoughts as we reach the April 15th tax deadline. Homebuyers credit The home buyers credit expires after April 30. First time home buyers can get a $8,000 refundable credit and there is a $6,500 credit available for current home owners to buy a different home. April 30th is the deadline to sign a binding contract, but you have until June 30th to completely close the deal. Claiming the home buyers credit will force you to file on paper and your return will be subject to much closer inspection. The IRS plans to audit some 200,000 returns of people who took the home buyers credit so be sure to do your best to provide all the necessary … [Read more...] about Money Thoughts
Early Withdrawal from an IRA
If you have a lot of money in an IRA you might be interested in 72(t) distributions. They allow you to start taking a certain amount of money out now (and paying normal income tax on it) instead of waiting until you are 59.5. For most people this isn't a good idea, but it is a good option to know about. … [Read more...] about Early Withdrawal from an IRA