There's a line out the door across the street from Sugar HQ — no, it's not a pack of people waiting to see the Sugar girls, it's procrastinators at the post office who are waiting to send their tax returns by certified mail! Are you one of those people? Don't freak out, but do make sure your return is postmarked with today's date.
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April means different things to different people — Spring, the end of March Madness, Aries and Taurus birthdays, and most importantly, taxes! During the past couple months, I've been giving you little reminders here and there about completing your taxes and getting the most out of your refund. If you're one of many Americans who considers April's arrival the biggest reminder to do your taxes and are just now dusting off your W-2, I've rounded up all of my tax tips in one place for easy reference.
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I'm sure there are people out there that don't mind mulling over tax returns, after all, it's how some people earn a living. But if you're not one of those that can even look at a W-2 without a slight feeling of dread, you need to be sure that you're in the proper mind-set when you're finally posted up with your lap-top, W-2 in hand. If you're someone who's short on patience and lacking like for your tax return, you especially need to set yourself up for success when choosing a time to file your taxes.
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While you already know when you're going to get your rebate check, some scammers are doing their best to get in their way of you and your check finally coming together. The IRS just issued the top 12 tax scams — usual suspects like phishing and hiding income offshore made the list, but this year scammers have been trying to squeeze money from the economic stimulus rebate checks.
The bad guys gather other people's financial information by convincing them it's the only way to receive their rebates.
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I've been on your case about getting your taxes off your to-do list so you can get your rebate check, and so you don't have to think about taxes until next year. Twelve months of bliss! If you've finished your tax return then you may have an edge taking this quiz since you've already dealt with deductions.
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The IRS has put together a schedule for when you'll be receiving your economic stimulus rebate check. The schedule is based on the last two digits of your Social Security number, so if you're filing jointly use the primary filer’s Social Security number to figure out where you fit on the schedule. It's possible that the IRS won't exactly meet the projected dates since 130 million households are eligible to receive the rebate check, but at least you can start planning ahead for that hefty credit card payment, savings deposit, vacation fund deposit, or shopping trip.
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If the IRS is sending you a big tax return this year it means that you had too much withheld from your paycheck during 2007. I know that many of you consider your tax return to be a forced savings account, so let's take that idea one step further. Considering you can afford to live without the money the IRS has been holding for you all year, why not direct that exact amount toward your retirement account?
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Did you know that some job hunting expenses are tax deductible? Remember, claiming all of the deductions for which you're eligible could very well reduce your tax bill. If you're someone who was job hunting last year then keep these points in mind when tackling your tax return.
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Just because you've promised to be there for your guy through good times and bad, it doesn't mean that filing jointly is the best option for you. You want to pay the least amount of taxes overall, so make sure you run the numbers for filing jointly and separately before opting for one or the other. When would you consider filing separately?
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A whopping 59 percent of you said that you'd be happy if you got a fat tax refund, because it tricks you into saving more money than you would if the funds were left in your hands. And while I think your money would be better off earning interest in a high-yield savings account all year instead of the government earning interest on your money, there's no turning back the clock for your 2007 return. I'm sure you've been thinking of what do you with your tax refund, but to see my suggestions just
If you're carrying a balance on your credit card bill but you don't have an emergency fund that equals at least three months living expenses, save about a third of the refund and put the rest toward your debt.
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