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Tax

TAXES

"Today, it takes more brains and effort to make out the income-tax form than it does to make the income." ~Alfred E. Neuman




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A tax preparer can cost between $150-$400 depending on the complexity of your return. Do it yourself software such as TurboTax, TaxCut or TaxACT cost between $10 to $75. For even greater savings you can file your taxes online. Taxpayers with adjusted gross incomes of $52,000 or less can use Free File at www.irs.gov where they will pay nothing if they chose among several software providers. Those with higher incomes can go straight to www.act.com  where a basic package of online forms is free for everyone.





The Salvation Army has a guide that lists price ranges for commonly donated items in order to get the tax deduction.   The values apply no matter which charity is getting your donated items: http://salvationarmysouth.org/valueguide-htm/

www.360taxes.org  360 Degrees of Taxes  is a national volunteer effort of the nation’s Certified Public Accountants to help consumers understand their taxes. 360 Degrees of Taxes has everything for tax season and beyond, all for FREE! This site, designed by CPAs, is here to help you find tax resources, tips, FAQs, checklists and much more. Check out the Ask-A-CPA section, where a real CPA will answer your individual questions. 360 Degrees of Taxes has everything you need to make small work out of filing. And with content being updated regularly, check back often.

Donate used cars, computers, household items in good condition such as clothing, furniture and toys and get a tax deduction. For more information see IRS Publication 526 and 1771, Charitable Contributions at www.irs.gov. To find charities in your area that accept donations, visit www.charitynavigator.org . If you don’t know what your used items are worth go to www.kbb.com (Kelley Blue Book) that provides free online prices for used cars based on vehicle’s mileage, condition and other factors. For used clothing and other household items go to the free online program TurboTax It’s Deductible at www.itsdeductible.com . For used computers go to www.usedcomputer.com which provides values for old PC’s.

 

TAX HOLIDAYS

Some states have a variety of tax holidays, days when you can buy certain products without paying tax on them.  Most of us are familiar with the school clothing/supplies holidays, but a few states are now doing hurricane and energy saving item tax holidays as well.  To see if your state has tax holidays that can save you money, when they are, along with links to approved item lists and other information, go to...




makes it easier for taxpayers to pay back taxes and avoid tax liens

TIP: If you owe IRS taxes, find an enrolled agent (license to appear before the IRS as a tax expert) to pay and settle with the IRS. Beware of ripoffs that say they will settle for pennies on the dollar. The enrolled agent will know what range to offer depending of the "IRS offer and compromise program". How many cents on the dollar the IRS is willing to accept is based on personal financial situation.
 

Tax Season