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7 Tips for Getting More from DIY Tax Programs
Tweet Share on Facebook February 28, 2011 Comment (3)Do-it-yourself tax-preparation programs cover a broad field of services and functions. With prices ranging from zero to $130 and higher, tax packages include programs for simple returns and for tax filers who own small businesses and investment portfolios.
“Just make sure you select the right product and the right version of the product,” said Bob Meighan, vice president-TurboTax. Here are seven tips for getting the most from tax preparation programs:
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Reduce Your Tax Liability with IRA Contributions
Tweet Share on Facebook February 28, 2011 Comment (2)Most taxpayers crack a smile during tax season because they know that they're getting a refund. The average tax refund last year was a whopping three thousand dollars, which is enough to make anyone smile. If you're one of the few people who will owe this year and want to soften the blow a little bit, here's one of the few things you can do to reduce your tax liability—make a contribution to a Traditional IRA.
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Are Prepaid Debit Cards Bad for Teens?
Tweet Share on Facebook February 25, 2011 Comment (3)With two teenagers in the house, my wife and I spend a considerable amount of time discussing family finances. And for this reason, a recent article by Sheryl Nance-Nash caught my attention. In the article she argues that prepaid debit cards are a bad idea for teenagers. Our children do not carry a prepaid card, but it’s something I’ve given a lot of thought.
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How to Take Advantage of Store Credit Cards
Tweet Share on Facebook February 25, 2011 Comment (2)Store credit cards often sound like amazing deals, thanks primarily to aggressive sales clerks and overzealous PA announcements. They often sound too good to be true. And the reality is that store credit cards tend to have higher interest rates and not-so-great rewards programs after you’ve taken advantage of the introductory offer they hook you with. They also tend not to carry any of the usual benefits and protections of standard credit cards.
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How to Save on Heating Costs
Tweet Share on Facebook February 25, 2011 CommentWith the bitter cold much of the nation saw in the last month, many people are seeing a dramatic increase in their heating bills. You can’t control the weather, but the following tips will help keep your heating bills under control.
[In Pictures: 10 Smart Ways to Improve Your Budget.]
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How to Green Your Laundry Room
Tweet Share on Facebook February 23, 2011 CommentWhen many people start focusing their efforts on living a greener life, the laundry room (much like the attic or basement) often plays second fiddle to other, more visible rooms in the house. But according to Energy Star, the average American family does around 400 loads of laundry per year. So, it's easy to see how your laundry room can have a significant impact on how energy efficient your home is, especially if you have a larger family. What can you do to green your laundry routine? Below are five tips you can start using right away.
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How to Teach Your Kids About Money
Tweet Share on Facebook February 23, 2011 CommentWould you send your child off to college if he or she hadn’t gone through high school and been prepared academically? Probably not. It’s therefore surprising that so many parents drop their kids off on campus thoroughly unprepared for the financial realities of adulthood.
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Reasons to Get a Tax Refund Debit Card
Tweet Share on Facebook February 22, 2011 CommentThis year, the government is piloting a tax refund debit card program where 600,000 low to moderate income families will be able to get their tax refund on a debit card, rather than a paper check. For the unbanked, this is an appealing alternative to a paper check because they can avoid check cashing fees, which can get very expensive on a high dollar check like their refund (the average refund check last year was over three thousand dollars).
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5 Secrets From Tax Professionals
Tweet Share on Facebook February 22, 2011 Comment (2)Traffic is brisk on the Internal Revenue Service website, with nearly 300 million visits in 2010, up 2.4 percent from the year-ago period. The online traffic at IRS.gov includes visits from professional tax accountants, who prepared about 64 million of the 99 million tax returns that were filed electronically last year.
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10 Hidden Tax Deductions Exposed
Tweet Share on Facebook February 17, 2011 Comment (3)The thousands of pages in the U.S. tax code get more confusing each year, but the big question on most Americans' minds remains very simple: How can I reduce my taxable income? With tax season is in full swing, make tax deductions and tax credits your best friends for the next few months. Many people probably don't realize how many expenses are tax deductible, and don't want to spend hundreds of dollars hiring a CPA to figure it out.
If you're a seasoned tax filer, you don't ever overlook tax deductions like mortgage interest, student loan interest, real estate property taxes, and state taxes. Still, plenty of little-known tax deductions hide deep in the tax code, tricking you into leaving tax refund money on the table.
[See Your Guide to the New Tax Credits.]
This list of commonly overlooked personal tax deductions will help beginners and experts alike discover major savings this tax year.
