Dealing With Extra Income: IRS Form 1099

Dealing With Extra Income: IRS Form 1099

10991

This year, I received lots of forms for my tax filing. While most of us receive a W-2 from our main employer, any other income is usually reported with a variation of form 1099. Just like the W-2, a 1099 form is an integral part of your tax filing and ignoring them can lead to fines and trouble with the IRS. Here's what you need to know about the standard form for extra income … [Read more...]

4 Potential Uses for Your Income Tax Refund

4 Potential Uses for Your Income Tax Refund

Income Tax Refund

Like it or not, tax time is upon us as taxes are due a little more than a month from now. Many dream of getting that large income tax refund and going out to blow it on something nice they’d not normally be able to afford, but there generally isn’t much wisdom behind that. I’m assuming that since you’re reading this article, you’re looking for wise ways to use your income tax … [Read more...]

How Long to Keep Your Taxes and Bank Statements

How Long to Keep Your Taxes and Bank Statements

Files to File

I have a file cabinet at home with bank statements dating back to when I opened my first checking account when I was sixteen years old.  Nine years later, I wondered if I still need those bank statements.  I also have every tax return I have filed, ever.  Do I need those?  I did some digging and found the answers. … [Read more...]

How Tax Deductions Work and The Right Number to Take

How Tax Deductions Work and The Right Number to Take

IRS Form W-4

Each time you start a new job, you are required to submit a W-4 and I-9 form. Those forms tell your employer how much tax to deduct from each paycheck and verify that you are a legal US resident who can take a job. Most of us only spend a few minutes on those forms but don't understand the long term ramifications. … [Read more...]

Should You Pay Someone to do Your Taxes?

Should You Pay Someone to do Your Taxes?

2013 Taxes

It’s that dreaded time of the year, tax time. Only a select few individuals actually like doing their taxes because of the potential headache it can be. The tax code is thousands of pages long, so how can it be easy to fully understand what to do? Thankfully, there are a options that make it less of a nightmare for most of us to file our taxes. … [Read more...]

Year End Tax Deductions

Year End Tax Deductions

Year End Tax Deductions

There is a reason non-profits press hard for donations during the holiday season, and it is not just counting on your generosity. The end of the year is your last opportunity to plan for tax deductions and expenses for your next tax filing. … [Read more...]

Paying Your Taxes in the Park?

This is a special post from Ben Edwards from Money Smart Life.If you’ve ever played sports or had kids who were on a team then you know how many hours parents have to spend waiting on their kids over the course of a season.  Just last week, half the parents at my son’s soccer practice spent part of the time on a Kindle or iPad.Chances are that they were playing games or … [Read more...]

Wealth and Taxes in America

“Anybody who tells you money is the root of all evil doesn’t f***ing have any.” -Jim Young (Boiler Room)There has been a lot of talk lately about rich people vs. poor people. In the height of the political season, fingers are being pointed, people are being accused, and even Fortune magazine took time to ask if it is still okay to be rich today in America. … [Read more...]