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Are You Overpaying Taxes If You Use Tax Preparation Software?
For many business owners the answer to this quandary is tax preparation software. Fill out a fairly simple interview, click “print” and out comes a completed return that will pass muster with the IRS. The answer to all your problems…or is it?
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Failure To Pay Employment Taxes – Penalties
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Seven Ways To Save On Taxes Next Year
Nobody likes paying taxes, so the procrastination factor when
preparing them tends to be high. But the good news is that there
are some things you can do now that will help you prepare for
next years taxes. Here are seven great tax saving tips so that
you can keep more of your hard earned dough!
1. Pay your January 1st mortgage payment a day early. If you
mail out your mortgage check on December 31st, the interest
deduction for that month will be good for the current year. This
is true even if the check doesn't get cashed until after the new
year.
2. Make a last minute donation. Under that same philosophy,
consider putting any last-minute charitable donations on your
credit card (for those that will allow it) on or before December
31st.
3. Defer that income one more day. This works with investments
as well as earned income. If you get a year end bonus, request
that it come in January rather than in December. If you are self
employed, you can do all your billing at the end of the month so
that the payments will come in after the first of the year. In
regards to investments, some will allow you to postpone paying
taxes until a later year even if the income is earned this year.
4. Look for every available credit and deduction. This tax
saving tip seems obvious, but people miss deductions and credits
that apply to them all the time. A credit is a dollar-for-dollar
reduction in any amount you might owe, so the effects of having
one or two of them on your return can be dramatic.
5. Donate your old clothes and furniture to your favorite
charity. Cleaning out the attic, the closets, that spare room,
and
the garage is not only purifying but will help to decrease
your taxes. Put everything together and then take the load to
your favorite charity or charities. Make sure to get a receipt
for your records. The wholesale fair market value of the items
you donated is allowed as a charitable deduction.
6. Give your kids a job, in other words, put them on the
payroll. If you have kids, and they are over fourteen, you can
have them do some work for you around the house and pay them on
a part time basis. That will allow you to shift some of your
income that would be taxed at a higher tax bracket to their
lower tax bracket. However there is one warning; watch their
earnings because they will be considered when they get ready to
go to college and their financial aide could be affected.
7. Invest in your children's names. Your kids can each earn up
to $700 in investment income without paying any taxes if they
are over fourteen.
As painful as taxes and any related thoughts of them can be, by
following these great tax saving tips, you will save money this
year--and the next. One final tip; don't procrastinate until the
last minute! Preparing for your taxes year round will force you
to keep your eyes open for saving possibilities, and will likely
reduce your tax bill even more!
About the author:
If you would like to get more credit information you can visit
our website which contains many credit resources.
http://www.my-credit-report.info This article is copyright
2005, but can be freely reprinted, as long as no changes are
made, including hyperlinks.
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| Internal Revenue Service |
| The US government agency responsible for tax collection and tax law enforcement. Includes income tax forms, instructions, and agency publications. |
| www.irs.gov |
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| Tax Information for Individuals |
| Access to useful information, booklets and other tools from the Internal Revenue Service. |
| www.irs.gov |
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| Tax Center - Yahoo! Finance - Tax forms, tips and calculators. |
| Yahoo! Finance: Tax - Find all the resources you need for tax season. Review recent tax law changes, estimate your taxes, find tax tips and expert answers ... |
| tax.yahoo.com |
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| Taxes: Tax Planning, Tools and Advice - MSN Money |
| Microsoft's Tax Preparation site, in association with Tax Server. |
| moneycentral.msn.com |
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| Tax - Wikipedia, the free encyclopedia |
| Governments use different kinds of taxes and vary the tax rates: ... Taxes are most often levied as a percentage, called the tax rate, of a certain value, ... |
| en.wikipedia.org |
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| H&R Block | Taxes, Online Tax Preparation, Tax Software, Filing ... |
| Offers online and in-person tax preparation and tax software, mortgages, brokerage and financial services, consumer tips and tax planning information. |
| www.hrblock.com |
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| TaxCut Online | H&R Block | Online Taxes, File Taxes Online ... |
| File your Taxes online with TaxCut Online. Learn how to file taxes online here. |
| www.hrblock.com |
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| Income Taxes, Tax Returns, Refunds, Deductions and E-File Software ... |
| Popular tax preparation software by Intuit. Integrates with Quicken, spreadsheets and offers state by state electronic filing. |
| turbotax.intuit.com |
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| Taxes & Estates, Tax and Estate Planning Advice - Forbes.com |
| Personal Finance - Get tax and estate planning advice and information from Forbes.com. |
| www.forbes.com |
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| Essential Links to Taxes |
| TurboTax Premier For Federal Returns 2005 Win/Mac, TurboTax Total Tax Solution Deluxe 2005 with State Win/Mac, TurboTax Basic 2005 Win/Mac... ... |
| www.el.com |
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| Government > Taxes in the Yahoo! Directory |
| Yahoo! reviewed these sites and found them related to Government > Taxes. |
| dir.yahoo.com |
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| Taxes - Tax News for Home and Business from CNNMoney |
| The latest in tax law updates, news, forms & advice from CNNMoney.com. Includes a refund savings calculator, and interactive tax lessons. |
| money.cnn.com |
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| The Tax Foundation - Educating Taxpayers Since 1937 |
| Devoted to educating taxpayers about tax policy and the total tax burden borne by Americans at all levels of government. |
| www.taxfoundation.org |
|
| Welcome to the Vermont Department of Taxes |
| Welcome to the Vermont Department of Taxes... ... Changes to Property Tax Adjustments in 2007 - updated 10/18. - Tax Expenditures Transition Report on ... |
| www.state.vt.us |
|
| Franchise Tax Board Homepage |
| The department that collects state personal income taxes and bank and corporation taxes for the State of California. Access to forms and tax information. |
| www.ftb.ca.gov |
|
| HM Revenue & Customs: Home Page |
| News and information on tax and national insurance, including downloadable leaflets and forms and the latest news on filing tax returns on-line. |
| www.hmrc.gov.uk |
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| State and Local Tax |
| Piper Resources; State Tax Rates and Structure ...Federation of Tax Administrators; State Payroll Taxes Information ...Symmetry Software ... |
| www.taxsites.com |
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| Quicken.com |
| www.quicken.com/taxes/ - 3k - Cached - Similar pages |
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| Tax news and advice from Bankrate.com |
| Information on all phases of tax planning and preparation. |
| www.bankrate.com |
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| Online Tax Advice - Tax Preparation Help - Income Tax Tips |
| Income Tax Tips - MarketWatch offers online tax advice and tips. ... IRS inflation adjustments mean tax break on next year's taxes. ... |
| www.marketwatch.com |
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