SavvySugar

Your Tax-Evading Ex Could Make You a Buck

SavvySugar — Wed, 03 Mar 2010 12:00:43 -0800

No one likes paying taxes, and as April 15 approaches, we’re all reminded of just how much we dislike it. But being responsible citizens, we all do it - which is why it’s so infuriating to hear of someone bucking the system and not paying taxes. If you know of an employer, acquaintance, or ex who’s skipping out on taxes, the IRS wants to know about it. And give you a little something for your trouble. To find out more, keep reading.

Keep or Throw Away? Your Important Documents

SavvySugar — Wed, 03 Mar 2010 08:00:00 -0800

Tax time always makes me motivated to reorganize my important documents, especially when I'm knee-deep in a pile of random papers that make it harder to find what I need. I'm vowing to stop getting lost in my financial records by following a time line for holding on to them. Do you know how long you should keep certain files? Take the quiz!

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4 New Tax Deductions and Credits For a Bigger Refund

SavvySugar — Tue, 02 Mar 2010 06:00:43 -0800

As a lovely, law-abiding citizen, you pay your taxes. But as someone who's savvy, you certainly don't want to part with more money than is necessary. There are a handful of new tax deductions and credits that have been introduced to give you a bigger refund (which the government hopes you'll use to stimulate the economy). Find out four ways to pocket more of your money this tax season.

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Ask Savvy: Who Should I File My Taxes Through?

Savvy Community — Fri, 26 Feb 2010 08:00:51 -0800

This question was shared by member elisabeth in our Ask Savvy group.

I recently graduated and found my first job! Yes! But now that taxes are due soon and I was wondering which online site should I file them with? My taxes are pretty basic, so I am confident that I can do it myself and I don't need a real tax man. But there are so many options out there, my friends have suggested Turbotax. Any other recommendations, I want to make sure my rebate check is everything it should be!

Share your tips in comments, then submit your own career or finance question for me to answer while giving other readers the opportunity to weigh in. Ask away by posting your questions in the Ask Savvy group.

5 Savvy Ways to Spend Your Tax Refund

SavvySugar — Mon, 22 Feb 2010 12:00:24 -0800

It's tax time, and as much as we begrudge the tax man, getting our refunds is always nice - especially since that can mean about $2,400 on average. So, as excited as we are to get a financial boost, just make sure you're making the most of your check and putting the funds to good use.

Put It Towards Vacation Time - If you've been waiting to take that vacation, now could be a good time. Put your refund to use funding some well-deserved time off to visit family, friends, or maybe a new destination you're dying to escape to.
Use It For Wardrobe Essentials - If your wardrobe needs a little sprucing up, use your refund to help amp up your work wardrobe. Money spent on a classic suit or a new work tote is an investment in your professional future. You know what they say - dress for the job you want. When you do, you're more likely to get noticed - and that's money well spent.
Invest - Take the refund and invest it now for even bigger returns later on. You might invest in your professional future by putting the money toward a business course or classes you've been dying to take. Even if it's a cooking class, maybe a yoga retreat, investing in your passion with the extra cash is a great way to finance your interests in, or outside, of your career field.

To get the rest of my tips just keep reading

Savvy Reminder: April 15 Is Just Two Months Away

SavvySugar — Mon, 15 Feb 2010 14:45:43 -0800

You can pretend it's not happening, prolong planning, and procrastinate all you want, but one of the most dreaded days of the year, April 15, is just two months away! Forty-two percent of SavvySugar readers plan on doing their taxes themselves, and 34 percent intend to use an online service, which leads me to believe you need all the tips you can get. Make it a goal to get your paperwork and plan squared away in the next few weeks so you're not sweating and stressing on April 14.

Set a Date With Your Taxes	Tax Tip For Married Couples	Deduct Your Donation to Haiti on Your 2009 Taxes
What to Do If You Can't Afford to Pay Your Tax Bill on Time	Take Pictures of Your Donations	Keep These Tax Season Don'ts in Mind

Unemployed in 2009/2010? These Tax Tips Are For You

SavvySugar — Mon, 15 Feb 2010 08:00:27 -0800

Your tax situation should be simplified when you're not earning an income, right? Not so fast. Filing for unemployment doesn't necessarily pardon you from the time-consuming tasks that accompany tax season. Find out what you need to know about filing this year's tax return if you were unemployed in 2009 (and how to be better prepared next time around) with these tips.

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Tax Season Don'ts

SavvySugar — Mon, 08 Feb 2010 08:00:00 -0800

A fifth season exists, and it's one that isn't defined by the weather. Tax season has arrived and will hang around until April 15, the deadline for filing your 2009 income tax return. It doesn't have to be complicated. Keep these six don'ts in mind as you prepare and file your taxes to make this season as seamless as possible.

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Savvy Tip: Deduct Your Donation to Haiti on Your 2009 Taxes

SavvySugar — Wed, 27 Jan 2010 06:00:26 -0800

If the news of the devastating earthquake in Haiti, and relief efforts like the star-studded telethon that raised $57 million last week have inspired you to contribute a donation you're in for a handy tax treat. You can claim your donation as a tax deduction on your 2009 return. Consumer Reports advises:

To qualify, the donations must be monetary-not sold securities or used clothing, for instance - and must be to a qualifying domestic charity that is assisting Haiti. In a nod to the wave of text donations that has led to record giving, the bill allows taxpayers to use their mobile - phone bills to substantiate donations. The bill must show the name of the organization, the date of the contribution, and the amount.

Donations must be made after January 11 and before March 1, 2010 on your 2009 tax returns. You will also be able to deduct the donations from your 2010 return.

Are You Doing Your Own Taxes or Hiring Someone Else?

SavvySugar — Mon, 25 Jan 2010 14:45:16 -0800

I haven't sat down with my tax man yet, but our official date is approaching. I consider myself a tax smart gal - I'm SavvySugar, after all - but when it comes to getting my financial business finished I turn to a professional. He's the keeper of great advice (for example, last year he suggested taking pictures of donations) and he knows the nitty-gritty details that I don't. Of course, I know millions of Americans prepare their taxes alone, or with the help of online services and do just fine. What's your plan for this year?