Taxes-advice
E-filing tips that should save time, if not money
Filed under: Tax, Technology, Taxes-income-tax-basics, Taxes-advice
If the trend in e-filing continues, the IRS expects more than 100 million individual taxpayers to file their tax returns electronically for the 2009 tax year. More than one-third of those taxpayers will file by personal computer; the remainder will use a professional tax preparer or free file at an IRS site. No matter how you choose to e-file this year, following are some tips to make it as easy as possible.
IRS' e-file program gaining users
Filed under: Tax, Taxes-income-tax-basics, Taxes-advice
Chances are, you filed your federal taxes electronically this year. According to the IRS, about two out of every three individual taxpayers elected to e-file in 2009, up almost 6% from returns filed electronically in 2008. That works out to just a few million returns shy of 100 million individual returns, or 67% of tax returns.
It's a pretty incredible increase for the IRS e-file program which began just more than 20 years ago. In 1986, the first year of the program, just 25,000 refund-only returns were accepted in three locations, less than 1% of the returns filed in 2009.
Home buyer tax credit extended & improved!
Filed under: Borrowing, Real Estate, Tax, Video, The2MortgageGuys, Mortgages, Taxes-advice, Taxes-tax credits
Ryan Minick and Steve DeLon are The 2 Mortgage Guys. Subscribe to their newsletter or visit them at www.The2MortgageGuys.com.
Got a personal finance question? Ask our experts
Filed under: Kids and Money, Insurance-life, Taxes-AMT, Taxes-advice
The recession may be over, but many families are still feeling the effects. Unemployment is at a record 10.2% and wages are flat. The cost of gas is taking a bigger bite out of paychecks, and home foreclosures were one fifth of home sales in September. To help, WalletPop is launching an occasional series in which your personal financial questions will get answered by our experts. Leave your questions in the comments section below.
Question: As a single, self-employed mother of two, I need to buy life insurance. How much should I buy?
--Laurie W., 51, psychologist
Wage earner's bankruptcy doesn't kill all tax deductions
Filed under: Bankruptcy, Taxes-advice
Recently, a reader asked about how to properly file income taxes while in a Chapter 13 bankruptcy. It's an important question because a key requirement to remain under the protections of Chapter 13 is continued compliance with required tax filings (see 11 U.S.C. § 521). Chapter 13 bankruptcy is often referred to as the "wage earner's bankruptcy" because it's targeted to individuals who are still earning income. Under Chapter 13, an individual may repay all or part of existing debts over time (generally, three years) as part of a payment plan in exchange for a stoppage in collection activities.
Why the Home Buyer Tax Credit should be allowed to expire
Filed under: Home, Real Estate, Mortgages, Taxes-advice
It appears Uncle Sam will keep propping up the still shaky real estate market for months to come. The Senate last night voted to extend the $8,000 first-time home buyers tax credit, and the House followed suit today. The president is expected to soon sign it into law. But is the bill good for real estate? Not at all. What better way to fix a bubble caused by way too much home ownership than to encourage more home ownership?
Extending the home buyer tax credit is a bad idea because the real estate market doesn't need it. The panic phase of the housing crisis is essentially over. Americans know full well that house prices are no longer in free fall, but still have a ways to go before resembling anything close to a recovery.


