Skip to Content

Massively looks at the best free to play games

Two tips to take the sting out of paying Uncle Sam next year

More
Text SizeAAA

Filed under: Tax, Technology

For many Americans, even with all the economic stress these days, tax time is a season of joy because it means tax returns will soon start showing up in their checking accounts. Whether the money is going to a vacation, sauna, new car or mortgage payments, these lucky souls are feeling pretty good right now.

I used to be one of those people, eagerly plotting out my tax time purchases like a 10-year-old with a Christmas list. But no longer. This year it is I who owe Uncle Sam a good chunk of money. While I can't do anything to negate this problem for 2008, there are a few simple things to do while taxes are fresh on your mind to take the pain out of taxes in come April 2010

The majority of the money I owe is to the federal government due to my work at WalletPop and the fact that my wife switched jobs last year. These changes in our income meant that our federal withholding was incredibly low. Rather than get hammered by a big bill next April I called up my payroll department and increased my withholding to match what I am owe this year. The best part of doing that right now is that with the recent payroll Make Work Pay tax credit, the difference will be less noticeable.

Another easy way to cut down on the pain of paying a big tax bill is to make sure you are getting credit for everything you should. I found several areas that I could have deducted; expenses and charitable gifts, had I kept better records throughout the year. If you need a better way to track your receipts and tag them to specific expense categories, NeatDesk, will help you maximize your bookkeeping without taking all your time. Another cool tool for tracking expenses is online finance tool Wesabe, which you can use to quickly pull up past expenses based on specific tags. Whichever tool you use, it will be harder to leave money on the table next year.

If you're one of the "smart" people like me who have taken an interest free loan from the government rather than giving it; how do you deal with the inevitable tax time payout?We'd love to hear your stories.

If you need a break from number crunching, be sure to take WalletPop's Tax Pulse quiz.

Subscribe to Walletpop

Featured Sponsor

What are the Next Hot-Spots in the Luxury Resort Scene?
Luxist Awards asked three of our Expert Panelists, all veterans of the travel industry, about the ...
The Luxist Awards for Best Accessories
Do you know of a magnificent jewelry line with pieces that are to die for? Which is the finest ...

Featured Sponsor

Tax Calculators

Get a quick and easy estimate of your tax savings.

Julie Tilsner
Julie Tilsner Filed under: Recalls

More than 2 million Stork Craft drop-side cribs recalled

More than 2.1 million drop-side cribs are being voluntarily recalled by their manufacturer, Stork Craft Manufacturing, Inc., after four incidents in which infants were trapped and suffocated, ...
Josh Smith
Josh Smith Filed under: Bargains

Deal of a lifetime: Bargain shopper proposes on deal Web site

On Saturday morning an amazing deal popped up on the Dealnews.com Web site -- a free engagement ring. But, like all great deals this one came with a catch, it was only good for Stefanie Setlock of ...
Martha C. White
Martha C. White Filed under: Banks, Banking-savings-account

Low interest rates good for borrowers, bad for savers

Americans are saving more of their earnings than they have in years, and that's a good thing. But unfortunately, we're not being rewarded for it the way we were in flusher years. By now, everyone ...
Kelly Phillips Erb
Kelly Phillips Erb Filed under: Tax, Celebs & Money

"Blade" files appeal in Atlanta

The Wesley Snipes show was back in federal court in Atlanta, Georgia. The actor, however, was noticeably absent as his attorneys did the talking. Snipes, who was sentenced to a maximum three years in ...

Headlines from WalletPop Partners