SavvySugar -- It Makes Sense.

Get It For Less: Sales Tax-Free Shopping in Your State

SavvySugar — Thu, 14 Aug 2008 12:30:21 -0700

Some of you are lucky enough to enjoy sales tax-free lives on a daily basis, but for many of us sales tax can add a significant amount to purchases. Several states have smartly introduced designated days for shopping sales tax-free (sales tax holidays) before the end of 2008, encouraging their residents to get out and shop already.

Some states' holidays coincide with the back-to-school buying bonanza, others are holding out for holiday shopping season, in the spirit of giving, of course, and some are trying to get residents excited about energy efficient products.

Some of the sales tax holidays have already come and gone but there are still a few in the pipeline. See which seven states can look forward to some tax-free shopping (a few dates are just around the corner) and which items are included when you

The Marriage Penalty, Explained

SavvySugar — Thu, 03 Jul 2008 15:31:41 -0700

We can't expect everything to be roses when two become one, and taxes after marriage can be surprisingly complicated (not that taxes are ever a simple cup of tea). Combining two salaries means you have a bigger pot to brew, but it could also mean that you end up paying more taxes as a married couple than when you both were single. Or it could mean less taxes. See what I mean — complicated. Find out more about the marriage penalty when you

Tax Breaks For 20-Somethings

SavvySugar — Wed, 21 May 2008 08:18:35 -0700

Graduating from college comes with a slew of mixed emotions and a world of opportunities, including some that may not have crossed your mind. Kiplinger's June 2008 issue recognizes that tax breaks aren't part of most students' college curriculum and rounded up all the tax breaks it could think of for newly graduated 20-somethings.

Moving expenses: New grads can deduct the cost of moving themselves and their belongings to their first job out of school, as long as the job is at least 50 miles from their old residence.
Saver's credit: Depending on their income, some young adults can trim their tax bill by up to $1,000 as a reward for contributing to an IRA, 401(k) or other retirement plan. The credit is available to singles with an adjusted gross income of less than $26,000 and married couples whose AGI is less than $52,000.
Student-loan interest: Young people can write off up to $2,500 of interest on student loans each year even if they don't itemize deductions. And now they can also write off student-loan interest paid by their parents. The IRS considers payments by parents on a child's loan to be a gift to the child.
Roth IRAs: Roths are primarily for retirement savings, but they're flexible enough to be used for a down payment on a house. You can withdraw contributions to a Roth at any time without paying taxes or a penalty. And after the account has been open for five years, you can also withdraw up to $10,000 of earnings tax- and penalty-free to buy a first home.
Tax forms: In order to get all of these benefits, it's important that young adults not file the Form 1040EZ. Filers can't claim the saver's credit, write off moving expenses or deduct student-loan interest on this simplified form. Instead, they should use the standard Form 1040.

How the CA Gay Marriage Ruling Affects Benefits and Taxes

SavvySugar — Mon, 19 May 2008 06:43:40 -0700

Some of the biggest domestic news last week was the announcement that California's Supreme Court overturned the ban on gay marriage. The ruling means that same sex couples will be able to obtain California marriage licenses and will be treated with the same state rights as heterosexual couples. In terms of benefits and taxes, CA has already been more inclusive of same sex couples than other states, and to find out exactly how the new ruling will affect these areas just

Rebate Check Less Than You Expected? Here's Why

SavvySugar — Mon, 12 May 2008 09:59:00 -0700

The IRS continues to update their FAQs about the stimulus checks and has now stated that If you owe federal taxes from previous tax years or have other debts you owe such as a student loan or child support, those uncollected amounts can be taken from your rebate check.

According to the IRS, everyone eligible for a check will receive a notice shortly after your payment has been issued that explains how your payment was calculated. If you're someone whose payment was reduced to offset back taxes or other debts, you'll receive a separate notice from the IRS a couple of weeks after you've gotten your rebate check and first notice. Make sure you hold on to any notice you receive for your records.

Tax rate	Single filers	Married filing jointly
10 percent	up to $8,025	up to $16,050
15 percent	$8,026-$32,550	$16,051-$65,100
25 percent	$32,551-$78,850	$65,101-$131,450
28 percent	$78,851-$164-550	$131,451-$200,300
33 percent	$164,551-$357,700	$200,301-357,700
35 percent	$357,701 or more	$357,701 or more

Tax rate	Head of household	Married filing separately
10 percent	up to $11,450	up to $8,025
15 percent	$11,451-$43,650	$8,026-$32,550
25 percent	$43,651-$112,650	$32,551-$65,725
28 percent	$112,651-$182,400	$65,726-$100,150
33 percent	$182,401-$357,700	$100,151-$178,850
35 percent	$357,701 or more	$178,851 or more

SavvySugar -- It Makes Sense.

Get It For Less: Sales Tax-Free Shopping in Your State

The Marriage Penalty, Explained

Tax Breaks For 20-Somethings

How the CA Gay Marriage Ruling Affects Benefits and Taxes

Rebate Check Less Than You Expected? Here's Why

More Rebate Check Details

Would Tax Hikes Cause You to Change Your Spending Habits?

What to Do If Your Rebate Check Didn't Arrive on Time

Should These 80-Year-Old Sisters Be Treated Like They're Married?

Official IRS Timeline For Issuing Rebate Checks

Would a Fast Food Sin Tax Be Discriminatory?

Money Tip: Choose a Tax-Deductible Wedding Venue

Three Tips to Ease Next Year's Tax Burden

Your Two Cents: When Did You File Your Taxes?

In Case You Hadn't Noticed, It's April 15th

Ask Savvy: I Can't Pay the IRS in Full, What Should I Do?

Do You Know How Your 2007 Taxes Were Put to Use?

Tax Tip Round-Up

Tax Tip: Set a Date With Your Taxes

IRS Says Scammers Are Reaching For Rebate Checks

Do You Know Which Tax Deductions Are Real?

When to Expect Your Rebate Check

Money Tip: Revise Your W-4 to Save More

Tax Tip: Deduct Your Job Hunting Expenses

Definition: Phishing

Tax Tip For Married Couples

What to Do With Your Tax Refund

Your State May Tax Your Rebate Check

Do You Know Your Tax Tid-bits?

Don't Be Afraid of That Letter From the IRS

Would You Rather Get a Tax Refund or a Tax Bill?

Which Tax Preparation Software Do You Use?

I'm Asking: If You Could Tax Anything, What Would It Be?

News Flash: Bush Signed Economic Stimulus Package

Are You Paying More Taxes Than You Should?

Tax Rebate Mind Games

Where Do the Candidates Stand on Savvy Issues?

Rebate Check Rundown Part II

Money Tip: Free Tax Advice For One More Week

News Flash: A Rebate Check May Be on Its Way

Do You Know Your Tax Bracket?

Savvy ATM: The Basics of the W-4

Return Address: IRS

Tax Returns Delayed For Some