Tax Advice
States and Feds go paperless to save at tax season
Kelly Phillips Erb
Dec 15th 2009 @ 11:00AM EST
Filed Under: Tax, Taxes-advice, Taxes-tax deduction, Taxes-online
Money may not grow on trees -- but cutting back on paper sure saves money. At least that's what a number of states are saying this year.This year, states are encouraging the use of electronic filing for individual income tax returns by cutting back on the distribution of printed income tax forms in an effort to save money. While some taxpayers may complain, it's a decision that makes sense.
Consider these national statistics: last year, the IRS processed more than 140 million individual income tax returns. Two out of three of those returns were filed electronically.
Property taxes too high and outdated? Don't wait, appeal
Why wait?That's the question more and more homeowners are reportedly asking themselves nowadays as they try to deal with property taxes on their homes that no longer represent anything remotely resembling reality.
The Baltimore Sun newspaper tells the story of one man who bought a house for $165,000 last spring, but the state's tax assessment on the property, made two years before his purchase, values the home at $268,000.
But rather than wait it out till the next official reassessment, the man in question opted to do something that many people probably don't even know they can do: He appealed the assessment.
In Maryland alone, says the Sun, so-called petitions for review have skyrocketed from a little more than 5,000 last year to more than 15,000 this year.
There is even limited but growing on-line help for those wanting to appeal their property taxes. ValueAppeal, which is based in Washington state, offers appeal help for a nominal fee. Currently, the site offers help for three states but plans to expand.
7 top tips for charitable giving
Janean Chun
Nov 22nd 2009 @ 5:00PM EST
Filed Under: Charity, Taxes-advice, Taxes-tax deduction, 101 taxes
If you're over the commercialism of Christmas and want to get into the spirit of charitable giving, charities are eager for the help. With the recession, many nonprofits have seen charitable giving drop, so your donation this year will mean more than ever. But just because you're feeling generous doesn't mean you shouldn't be wise. Here are the top seven tips for charitable giving and avoiding frauds:Charitable Giving Tip #1: Be specific and proactive with your personal mission. Though you have more than 1 million charities to choose from, you're wise to focus your charitable giving on a few causes rather than spreading your donations thin. That way, you have a better chance of making a significant difference. This means doing some homework instead of just giving to any organization that solicits donations. Spend some time deciding what your specific mission is and whether you want your charitable giving to make a difference with that cause on a local, national or global basis. Don't just settle for a charity that is close to doing something in an area you're sort of interested in -- your goal with charitable giving is to hit the bulls-eye. (Also, check on the donor rights of your charity -- make sure it has a donor privacy policy, where it agrees not to sell or trade your contact information.)
E-filing tips that should save time, if not money
Kelly Phillips Erb
Nov 14th 2009 @ 10:01AM EST
Filed Under: Tax, Technology, Taxes-income-tax-basics, Taxes-advice, Taxes-tax deduction, Taxes-online
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
Kelly Phillips Erb
Nov 14th 2009 @ 10:00AM EST
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!
Ryan Minick
Nov 12th 2009 @ 11:00AM EST
Filed Under: Borrowing, Real Estate, Tax, Video, The2MortgageGuys, Mortgages, Taxes-advice, Taxes-tax credits
The first time home buyer tax credit has officially been extended. If you're an existing home owner you may also qualify for the tax credit if you're planning on buying a new house! Check out this week's episode of Show & Tell with The 2 Mortgage Guys and we'll fill you in with the "nuts & bolts" of this new program. You can also get the complete details by visiting federalhousingtaxcredit.com.
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
Lan N. Nguyen
Nov 10th 2009 @ 11:00AM EST
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
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
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.
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Kelly Phillips ErbDec 15th 2009 @ 11:00AM Filed Under: Tax, Taxes-advice, Taxes-tax deduction, Taxes-online
States and Feds go paperless to save at tax season
Money may not grow on trees -- but cutting back on paper sure saves money. At least that's what a number of states are saying...
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