If you are looking for a job in this economy, you know it can be a nightmare. One bright spot is that your job search expenses may be tax deductible. Read my latest Turbotax Blog article, In Search of a Job? You’re Job Search Expenses May Be Deductible to find out if you are eligible [...]
Finding a new job in this economy is certainly something to celebrate – but make sure your new salary keeps working for you. My latest Turbotax blog article is titled Switch Jobs? How to Keep the Tax Man Away from (Some of) Your New Salary.
Another Turbotax blog article is up and it answers all the questions you may have about your IRA and how it affects your taxes. It’s called The Basics of Individual Retirement Accounts and Your Taxes. If you haven’t started contributing to an IRA, this article also tells you why contributing to an IRA is so [...]
My second article is up on the Turbotax blog. It’s called It’s Never Too Early: Five 2011 Tax Tips and includes helpful advice like how you can lower your tax bill and save for retirement at the same time! Read it here and prepare yourself for 2011.
Although your 2010 taxes aren’t due until April 15, 2011, you pay taxes all year long. So it’s never too early to brush up on your tax knowledge. I’ll be writing periodically for the Turbotax blog. Check out my first article there titled What is the Capital Gains Tax?
A few weeks ago, I put a poll up on this site (you can still see it to the right) asking the question How do you feel about how much tax you pay?
While it’s admittedly a non-scientific poll, the same could be said about the voting for the final roster spot on Major League Baseball’s [...]
You: You mean there’s a choice?
Not really. While it’s possible to structure some of your financial affairs to lessen your tax burden, most high-income earners will still pay a lot in taxes while those at the lower end will pay far less.
You: So then why ask what the right amount of taxes to pay is?
I just saw the article “Earn Tax-Free Income” over at Forbes. It’s a clever topic and the piece actually delivers. While some of the suggestions are not for those without resources (e.g., buy an apartment building), you may find that you already doing others (e.g., using a cash-back credit card). Yet it’s a comprehensive list [...]
Although Friday comes every week, Friday Q &A comes around only when someone submits a good question AND I have time to answer it. Both happened this week, so here we go. Want to ask a question? Click here for more information or simply email a question.
I plan on buying a home [...]
Line 10 of Form 1040 says “Taxable refunds, credits, or offsets of state and local income taxes.”
So this is where most people put their income tax refund they received.
You: Isn’t that where it goes?
Yes, if it’s taxable.
You: Why wouldn’t it be taxable?
A few reasons actually. First let me explain the concept for why a [...]