As you get ready for St Patrick’s Day you might be looking at your tax liability and wondering how next year your tax situation could be better. Tax Loss Harvesting within your investments could be beneficial for you if you hold mutual funds of stocks outside of a retirement plan. Tax Loss Harvesting involves selling your losers before the end of a tax year and replacing them. That way, you can harvest, or realize the losses on your taxes for the year.
Many brokerages offer year end reports for those that want to harvest their losses for tax reporting . … Read more at 2010 Tax.
Welcome to the December 17, 2013 edition of Tax Carnival Ecstasy. We start with some information on filing your taxes at the end of the year for the 2013 tax season. We have a TradeKing review from John Schmoll. And finally Mark Wang looks at assets that you can own that create passive income. Make sure to bookmark the carnival on social sites, like on Facebook, Tweet, and share with all your friends.
Bill Smith presents Important Dates For Filing Your 2013 Tax Return Forms posted at 2011 Taxes, saying, “As the year comes to an end, it … Read more at 2010 Tax.
The TurboTax ItsDeductible App
Intuit Inc. announced on December 3, 2013 its new TurboTax ItsDeductible app, had become available for use on the iPhone. The app is geared towards assisting the estimated seventy-five percent of US citizens, who make donations to charity, to be able to convert their goodwill into considerable tax deductions. Free of charge, the app is offered on the iPhone with iOS7 app store.
The Turbo Tax Online program is very popular. Persons are able to monitor their charitable donations easily with TurboTax ItsDeductible, through the combination of the convenience and portability of a mobile device. Valuations … Read more at 2010 Tax.
New Tax Relief For Education
The Lifetime Learning Credit 2010 gives a tax credit of up to $2,000 dollars for types of higher learning. It differs from the American Opportunity Tax Credit because it can be claimed for part-time students and even for courses that don’t count towards a degree. This credit has been made available through 2011, 2012, and again this year. Eligible Expenses include Tuition but not room and board, Books, Equipment, and fees that may be required by the University. The Lifetime Earning Credit isn’t eligible with tuition paid fro by a scholarship, employer funds or a … Read more at 2010 Tax.
Money Saving Tax Filing Tips
The IRS indicates that the average tax refund was around $3,000 last year, meaning that many of us are actually looking forward to filing our taxes.
The following tips can help you to save money during the upcoming tax season:
* Both TurboTax.com and the IRS website offer free tax filing to those who have an adjusted gross income of less than $57,000 per year.
* You can take advantage of all the deductions that you are allowed, by using tax filing software for your tax filing, and there is no need to pay one … Read more at 2010 Tax.
2010 Tax Return
Someone who has not filed his 2010 tax return may be a little nervous. The IRS, the most ruthlessly efficient collection agency in the country, tends to take a dim view of people who do not file their tax returns in any year. The organization wants to make sure the government gets the money it feels that it’s owed. Whether or not the taxes are fair or not is an irrelevant issue. The government needs to make sure it has the funds it needs to continue running. This is especially true with the current national debt. It … Read more at 2010 Tax.keep looking »