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Tax Return
How and When to File a Tax Return Amendment
Taxes are no cup of tea in their simplest form, and the mistakes that complicate your return make taxes even less appealing. As luck would have it, I received an email from payroll the day after filing my tax return letting me know there was a mistake on my original W-2. The type of error means I have to file an amendment to my 2008 tax return.
How to Check the Status of Your Tax Refund
Most taxpayers e-file tax returns with a big benefit of receiving refunds more quickly than if they filed through the mail. Those who electronically file their returns typically receive refunds within three weeks of the IRS's email acknowledging your return was filed. It generally takes twice as long for the IRS to remit refunds for paper returns.
How to Request a Tax Extension
It's one thing to be fashionably late to cocktails when nobody's looking at their watch, but tardiness comes with heavy penalties when you're answering to the IRS. The deadline for filing your 2008 tax return is April 15 — that's Wednesday — and telling the IRS that your dog ate your calendar won't fly. Don't flip out if you can't file your return on time; just file an extension to avoid big trouble.
6 Smart Ways to Use Your Tax Refund
The mini-windfall known as a tax refund seems like free money, but really it's part of the salary you earned and the government has been holding for you. Instead of treating the chunk of change like it's a gift from Uncle Sam and spending it without a plan, start the slideshow to see six smart ways for using your tax refund.
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I'm Asking: How Much Is Your Tax Refund?
According to the tax stats calculated by the IRS, the average tax return last year for individuals was $2,345. That's a pretty big chunk of change to be lending to the government interest free. That being said, owing money is hardly something to look forward to come tax time.
Top 10 Tax Procrastinating Cities
Don't fret if you still haven't tackled your 2008 tax return — you still have more than a week to file! April 15 is your deadline, so pencil in a date between now and then to complete what's been hanging over your head since the new year. If you're in danger of missing the big day, do yourself a favor and file for an extension (you're still not excused from paying Uncle Sam on the 15th if you owe money this year).
I'm Asking: What Plans Do You Have For Your Tax Return?
Any time extra money appears in your bank account, it's generally a good day. While I'm an advocate of trying to receive as little of a tax refund possible by properly adjusting your W-4, many of you have said you consider your tax return as automatic savings. My return this year won't be anything to write home about, so I'm wondering, what do you have in store for your tax return?
Definition: Standard Deduction
If you're not someone who itemizes deductions on her tax return, then your other option is the standard deduction. Itemized deductions require that you've kept track of deductible expenses throughout the year, and many of us don't have expenses that would add up to more than the standard deduction, anyway.
Standard deductions (as with the itemized kind) reduce your adjusted gross income, and the amount of your allotted deduction is based on your filing status.
7 Tax Deductions You Might Be Overlooking
Everyone wants to avoid paying more taxes than necessary, so begin by making sure you're taking all the deductions applicable to your situation. Start the slideshow to see seven commonly overlooked tax deductions to ensure you're not overpaying the government.
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Tax Tip For Married Couples
Filing jointly isn't necessarily the best option for you and your spouse, even if you have promised to be there in sickness and in health. The goal is to collectively pay the least amount of taxes possible, so run the numbers for both filing scenarios before settling.
Couples may benefit from separate filing if one of you had large medical expenses, high business expenses, or if one of you had significant theft losses.
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