SavvySugar

Reader Tip: Make Your Deductible Donations Before January

SavvySugar — Fri, 02 Oct 2009 09:00:07 -0700

Over time we each develop a unique saving style, which is why we started the How Do You Save? group for you to divulge your winning tactics. The group offers a place for you to dole out your advice to other SavvySugar readers trying to save a little moolah and learn from their experiences.

Cocoangel reminds us to clean out our closets, donate items to charity and reap the reward of a tax deduction, more closet space and giving. With 2009 coming to a close, now is the ideal time to make a big donation and pass on items you haven't used in a while. She says:

We stopped having garage sales years ago when our accountant pointed out that if we didn't have the money to give charities we could still claim deductions for the clothes, toys and household goods we donate. Even though we write checks now I still go through the closets and house looking for items that are still useful to someone else. I take a picture of the bags/boxes, attach it to the receipt left by the charity and file in our tax folder.

Do you have a tip for readers? Join our How Do You Save? group and share your helpful suggestions! Here's a detailed guide to posting questions or posts to groups if you are new to the PopSugar Community.

IRS Gets in On the Twitter Action

SavvySugar — Mon, 14 Sep 2009 04:30:01 -0700

It's official. Everyone is now on Twitter, even the IRS. By following @InternalRevenue you can keep up with tax updates and IRS announcements. Unfortunately, the IRS won't be tweeting to network with taxpayers, and you'll still have to wait on hold during tax time. They'd have to hire a slew of employees just to answer all of the inquiries received via Twitter - we need more jobs in this country anyway, right?

I don't see the IRS expanding its use of Twitter beyond posting announcements anytime soon, but at least you can stay on top of taxing changes. Speaking of Twitter, are you following yours truly yet?

Nicolas Cage's Unpaid 2007 Tax Bill: Guess How Much?

SavvySugar — Wed, 05 Aug 2009 04:30:49 -0700

He's certainly not the first celebrity to get in trouble with the IRS for not paying his taxes, and Nicolas Cage is currently under scrutiny for unpaid taxes from 2007. Can you guess how much the IRS is after him for?

Take the quiz

Sales Tax-Free Shopping Days Coming Up in Your State

SavvySugar — Tue, 28 Jul 2009 12:00:30 -0700

For those of us who deal with sales taxes on a daily basis, any reprieve from paying extra can be an exciting difference. Several states designate certain days to give shoppers a break from paying the extra tax and they often coincide with back-to-school shopping as an incentive to hit the stores. Plan your shopping trips around the tax holidays in your state.

Alabama: Aug. 7-9; no sales tax on clothing purchases up to $100, computers up to $750, school supplies up to $50, and books up to $30.
Connecticut:Aug 16-22; no sales tax on clothing and footwear purchases up to $300.
Georgia: July 30-Aug. 2; school supplies up to $20, clothing up to $100, and computer purchases up to $1,500.
Iowa: Aug. 7-8; clothing purchases up to $100.
Mississippi: July 31-Aug.1; clothing and footwear purchases up to $100.
Missouri: Aug. 7-9; clothing up to $100, computers up to $3,500, school supplies up to $50.

See which other states have sales tax holidays coming up when you read more.

New Mexico: Aug. 7-9; clothing up to $100; computers up to $1,000, school supplies up to $15.
North Carlina: Aug. 7-9; clothing up to $100, school supplies up to $100, instructional material up to $300, computers up to $3,500, other comp. up to $250, sports equip up to $50.
Oklahoma: Aug. 7-9; clothing up to $100.
South Carolina: Aug. 7-; clothing, school supplies, computers, other.
Tennessee: Aug. 7-9; clothing up to $100, school supplies up to $100, computers up to $1,500.
Texas: Aug. 21-23; clothing, backpacks, and school supplies up to $100.
Virginia: Aug. 7-9; clothing up to $100, school supplies up to $20.

Not So Smooth Criminal Steals $11 Million For Love

SavvySugar — Fri, 17 Jul 2009 04:30:12 -0700

Crazy in love might be one way to describe Michelle Cawthra, a former Colorado Department of Revenue employee who stole $11 million in unclaimed tax refunds from her employer. With her morals blinded by love, Michelle deposited unclaimed tax refunds and other state money into her ex-boyfriend's bank accounts over the course of two years.

She received a 24-year sentence after pleading guilty to racketeering and testified, "I did things I don't think I otherwise would have done had I not been in love with him." Those things included using co-workers' passwords, forging documents, and creating fake businesses to deflect detection. Talk about a nightmare employee. The crime beneficiary, ex-beau Hysear Randell, is currently on trial for theft, forgery, computer crime, and racketeering.

Prepare to Pay Higher Taxes If You Live in One of These States

SavvySugar — Thu, 18 Jun 2009 04:30:32 -0700

News flash: California is not the only state experiencing budget problems. Its expansive economy and furloughed government workers may get it a spot in business headlines, but other states are also struggling with shortfalls. According to The Wall Street Journal and the Center on Budget and Policy Priorities, "at least 47 states are facing significant shortfalls in their 2009 and/or 2010 budgets." Yep, that's pretty much the entire country.

We all know what it means when states struggle to pay their bills - higher taxes. Those states hurting the most are turning to taxpayers to make up the difference, and SmartMoney ran the numbers to determine which residents should prepare to pay more taxes. Here are the states included in the group's projections. Do you live in one of them?

California
New York
Florida
Massachusetts
Arizona
Nevada

Woman Auctions Virginity, Germany to Tax Her 69 Percent

TresSugar — Sat, 23 May 2009 02:00:00 -0700

Wow. And we complain about high taxes in the US!

Romanian-born Alina Percea, 18, auctioned off her virginity to an Italian businessman (for only $18,000!) and now she's facing some pretty stiff taxes in Germany where she goes to school - 50 percent straight away because they're deeming her act prostitution (legal there) and then a 19 percent VAT (value added tax) because she earned her money so quickly! (Some Germans are taxed up to 45 percent of their incomes.)

She was hoping to get $100,000, but claims that all in all she's happy with the outcome, and may date the Italian guy for free after this. Hardly seems worth it, if you asked me! Natalie Dylan had a better idea. . .

How and When to File a Tax Return Amendment

SavvySugar — Tue, 28 Apr 2009 08:30:52 -0700

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. You too? Check out the details for filing an amendment below.

You're required to submit an amendment if you have to correct your filing status, tax credits or deductions, dependents, or total income.
If you claimed the original homebuyer credit that included a $7,500 allowance that had to eventually be repaid, you can amend your return to instead claim the $8,000 credit that doesn't have to be repaid.
Use Form 1040X to file your amended return. It must be printed out and mailed to the IRS; you can't file the amendment electronically.
Be aware that the corrections you submit may cause you to owe taxes.

Source

How to Check the Status of Your Tax Refund

SavvySugar — Thu, 23 Apr 2009 13:30:54 -0700

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. It's tough to keep that antsy feeling at bay when you know the cash should be coming any day.

If you're wondering where your tax refund is, simply head to the IRS website and use the Where's My Refund? tool. The system should have an update on the status of your refund as long as it's 72 hours after e-filing your return, or three to four weeks after mailing your paper return.

Have you received your refund yet?

Source

5 Ways to Make Next Year's Taxes Easier

SavvySugar — Mon, 20 Apr 2009 06:30:46 -0700

Many of us like to put taxes out of our minds at least until the calendar year has changed, but you'll keep next tax season's stress levels down by getting organized now. Start the slideshow to see 5 ways that will create a less stressful tax season in 2010. Source

View Slideshow ›