SavvySugar

10 Gadgets and Accessories to Buy With Your Tax Return

Kristy Korcz — Tue, 08 May 2012 09:25:35 PDT

Still waiting on that nice tax return from Uncle Sam this year? While many people will choose to invest in savings or stocks or pay off credit card bills (which we're fully behind, by the way), if you're looking to blow it on something fun, we have a few suggestions for you. Click through to see 10 different geeky ways you can spend this year's return. What will you be buying with your tax return?

Which Tax Records to Keep and Which to Toss

Kiplinger — Mon, 23 Apr 2012 15:02:39 PDT

Now that you're done with taxes, it's time to do a little Spring cleaning with your financial documents. Kiplinger advises what to keep and what to toss.

It's smart to keep your tax returns indefinitely. Old returns can provide important background information in a variety of situations - for example, if you're applying for a mortgage, applying for disability insurance or trying to figure out the cost basis of investments. The pages from your return don't take up much space, and the records are easy to digitize, so you don't need to keep the paper versions of your old returns.

Also keep records of your home's purchase price and major home improvements for three years after you sell the home. Most people no longer need to pay taxes on their profits on a home sale: Single filers can exclude $250,000 in profits from income, and married couples filing jointly can exclude $500,000, as long as they've lived in their home for at least two of the past five years. But if you live in the house for less than two of the five years leading up to the sale, your gains may be taxable. In that case, your home-improvement records can substantiate an increase in your tax basis and a lower gain (the cost of basic repairs doesn't count). For more information, see IRS Publication 523 Selling Your Home.

It's a good idea to keep records of stock and mutual fund purchases made in taxable accounts for as long as you hold those investments. The records will come in handy when you sell the shares and must report the purchase price, date of purchase and number of shares involved. Also keep records of any stock or mutual fund dividends you've reinvested so you can avoid paying taxes on them again when you withdraw the money.

Read on for more.

10 Ways to Make Next Year's Taxes Easier

SavvySugar — Thu, 19 Apr 2012 10:59:28 PDT

As soon as tax day passes, many of us like to put taxes out of our minds, at least until the calendar year has changed. Don't let it creep up on you again. Keep next tax season's stress levels down by getting organized now. Learn how to create a less stressful tax day next time around.

6 Clever Things to Do With Your Tax Refund

Emily Co — Wed, 18 Apr 2012 13:59:35 PDT

Now that tax day is over, it's time to think about your next move - what to do with your refund. Many of you may become a few thousand dollars richer, because the average tax refund this year is about $3,000, according to IRS agency chief Douglas H. Shulman. Although I've been seeing a few Facebook statuses about using the money to buy a new pair of shoes or bags, there are more financially savvy ways to spend your tax windfall. Here are some financially responsible things to do with the extra cash:

Pay off high-interest debt. Make a dent in your debt by using your refund check to pay it off. Lowering the amount you owe, whether it be credit card debt or car loans, means reducing the interest you'll be paying. Paying less interest will equate to more savings down the road. Be smart when choosing to pay off debt and keep in mind that paying down debt might result in a lower credit limit.
Emergency fund. If you're living paycheck to paycheck, this might be a good time to save some money for a rainy day. Anything can happen these days - you may have to pay for unexpected fixes on your car or you might even lose your job (knock on wood) - so you really need to have some extra financial padding to get you through the tough times. If you have a lot of high-interest debt to pay off, you may want to use most of your refund to pay off the debt, then squirrel away a portion of it toward your emergency fund. It's good to have at least six months to a year of emergency savings.
Green your home. Make your home more eco-friendly by purchasing Energy Star appliances that will save you money on utilities. Figure out if your home can improve on insulation by using your refund to pay for a paid inspection by a professional energy auditor. Save energy and money by figuring out what works best for your house, from installing windows and doors that fit better to plugging and caulking cracks and holes.

Read on for more.

How to Spend Your Tax Refund Beautifully

Miriam Lacey — Wed, 18 Apr 2012 05:00:00 PDT

Happy tax month! If you're one of the lucky individuals expecting a sizable return, you may be wondering how you should spend it right about now. Sure, a new pair of shoes would be nice, and you could always sign up for that Spanish class you've been meaning to take, but why not use at least some of it on something a little more . . . indulgent? You won't regret one of these totally-worth-it beauty splurges.

Link Time: Architecture That Lowers Taxes, Sexy Urban Gardens, and Justin Timberlake's New Home Line

CasaSugar — Tue, 17 Apr 2012 12:53:10 PDT

Celebrate Spring by dressing up an unused fireplace. - Real Simple
10 sexy garden ideas for city dwellers. - EcoSalon
Margherita Maccapani Missoni dishes on her favorite design products. - Stylelist Home
Architecture that lowers taxes? Read all about it! - Houzz
Get inspired to decorate with sunny yellow for Spring. - House Beautiful
12 chic ways to explore chevron. - California Home + Design
Can Justin Timberlake design a chic home line? You be the judge. - Elle Decor

How to File Your Taxes on Your iPhone

Kristy Korcz — Tue, 17 Apr 2012 07:46:25 PDT

Tax Day is here! Today is the deadline to file your taxes, but there's no need to panic if you've got simple forms to file as the task can be easily completed using your iPhone. Both H&R Block and TurboTax offer iPhone apps to help you prepare and file your 1040EZ forms before the deadline. What are you waiting for? Get more info on each below.

H&R Block at Home - This app makes it easy to file your federal and state taxes on the go. Snap a pic of your W2 and import it into your return, even get alerts when your return is accepted and on its way to your bank account. Plus, your information can be transferred over from your federal to your state return for easy completion. The upside to this app is that it's free to prepare and free to e-file.
TurboTax SnapTax - File both your federal and state taxes by snapping a photo of your W2s and answering a few questions. You can e-file both federal and state returns, but it'll cost you $25.

You Deserve It: 14 Tax Day Freebies and Discounts to Take Advantage Of

Emily Co — Tue, 17 Apr 2012 00:15:39 PDT

It's that time of the year again - tax day. Many may describe it as a painful necessity, but on the bright side, there are plenty of retailers that are ready and willing to help soothe your tax frustrations.

Arby’s: Get free curly fries at participating Arby's restaurants on April 17. "Like" its Facebook page to get the coupon.
Boston Market: Buy a meal and get one free on April 17 with this coupon.
Bruegger's: "Like" Bruegger's Facebook page, and you'll have access to a coupon that'll get you a dozen bagels and two tubs of cream cheese for $10.40.
Cinnabon: Get two free Cinnabon Bites from 6 p.m. to 8 p.m. on April 17, while stocks last at participating outlets.
Chili's: Get a free appetizer or dessert when you buy an entrée by using this coupon. Offer lasts until April 18.
Hooters: Get 20 boneless wings for $9.99
HydroMassage: Make an appointment for your free HydroMassage outlet using this coupon. Offer ends April 20.
Maggie Moo's and Marble Slab Creamery: From 4 p.m. to 7 p.m. on April 17, get a free scoop of frozen yogurt while stocks last at participating branches. You have to "like" Maggie Moo's on Facebook to access their coupon. Similarly, you have to "like" Marble Slab Creamery on Facebook to get the coupons for their store.
McCormick & Schmick's On April 17, happy hour will be from 3.30 p.m. to 11 p.m. Look out for special tax day drinks!
P.F. Chang's: Get 15 percent off food orders.
Panda Express: Claim a coupon on its Facebook page to enjoy a free serving of Shanghai Steak on April 17.
Seattle's Best: Free coffee on April 17 at participating shops. You can also get a free sample of Seattle’s Best coffee if you "like" it on Facebook.
Sonic: Drinks and slushes for 50 percent off at participating restaurants on April 17.
White Castle: Buy a sandwich and get one free chicken breast sandwich using this coupon. Offer ends April 28.

6 Tax Breaks For Science and Technology Enthusiasts

Kelly Schwarze — Mon, 16 Apr 2012 15:26:42 PDT

The tax man is sneaking up; with this year's deadline to file income taxes on Tuesday, April 17, don't spare one second to get your finances in order. If you're in fear of owing money, there may be some deductions you never realized were available just by being your science- and tech-savvy self! Check to see if you qualify for any of the six possible tax breaks below, and include them when you file your taxes.

Science museum memberships - As a member of a museum, a portion of your membership contribution dollars should be tax deductible. Check with the museum staff to see how much the membership donations can be claimed with Uncle Sam.
Science education - If you're currently in school there are major tax breaks to be had to offset college costs. There is some upside to cramming all night for the biochem final after all.
Buy a raffle ticket to space in support of charity - As io9 explains, you can buy a raffle ticket for a suborbital ride with Trans Lunar Research, which is a tax-exempt nonprofit. If you don't win, that gamble can be written off as a charitable contribution; if you do win, the value of the journey would need to be reported to the IRS as income.
Computer costs - Had to buy a computer for use in your everyday work life? If that computer is a requirement of your company, then its value can be added to your list of tax deductions.
Science or technology magazines - In any career you'll want to stay up to date with the happenings of your field, and IRS-approved tax deductions on relevant magazines in your industry make it that much easier to do so. Lucky you for getting to keep up with the world of science in and out of the office!
Volunteering at your child's science fair - Just kidding, as far as we know taking an interest in your kid's school science programs won't affect Tax Day, but just having a child will earn you a tax credit.

Source: Flickr User 401K

Savvy Reminder: Tax Day is Tomorrow!

SavvySugar — Mon, 16 Apr 2012 11:02:37 PDT

As we informed you not so long ago, this year's tax day will now be on April 17 instead of the traditional date of April 15. Two days later doesn't mean more time to procrastinate, but for those of you who dragged your feet, read these savvy tax tips and posts to get you going!

How to Request a Tax Extension	Don't Make These 10 Tax Mistakes When Rushing to File	7 Meaningful Ways to Spend Your Tax Refund
Tax Tips For Freelancers	4 Last-Minute Tax Tips	Don’t Forget These 5 Tax Breaks

For more savvy tax tips, read on.