Articles by Jill


IRS Form W9

Posted by Jill

IRS Form W9 is similar to the Form W-4 that is used for employees, but does not lead to withholding. What is a W9 Form? Form W-9 is used to request a tax identification number and other information that can later be used to populate tax forms such as 1099s. When do you Use a [...]

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Itemized Deductions

Posted by Jill

When you file your taxes, you have the option to either claim the standard deduction or itemize your deductions. While the standard deduction is a set amount, itemized deductions will vary from person to person. As such, if you have a large number of itemized deductions you will likely be able to reduce your tax [...]

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Standard Deduction

Posted by Jill

What is a standard deduction? How much is your standard deduction? When you fill out your tax return, you report your gross income. But before you calculate your taxes owed, you reduce your income by claiming deductions. Each year, the government publishes a standard deduction amount that is indexed to inflation. Tax payers can choose [...]

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If you choose to itemize your deductions, you must fill out the Schedule A and submit it with your Form 1040. How to Fill Out Schedule A Before you complete the Schedule A you should gather all documentation of your deductions – receipts, forms provided to you by financial or governmental institutions, etc. You must [...]

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IRS Tax Filing Status

Posted by Jill

Determine your tax filing status. Tax brackets and available credits and deductions (either the standard deduction or itemized deductions) depend on a taxpayer’s filing status. Each taxpayer must select his/her filing status at the top of each tax return. In most cases only one tax filing status will apply to you. If you qualify under [...]

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Remember when the Bush Tax Cuts passed? They were set to expire at the end of 2010. Then they were extended at the last minute, so that the rates in place would last for two more years. Now the original cuts are once again set to expire at the end of the year, wreaking potential havoc on the [...]

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It’s been awhile since we’ve done a Lending Club update. If you’re not familiar, Lending Club is a peer-to-peer lending service. Regular people like you and me can use the site to borrow and lend money without using a bank. To run the service, Lending Club charges each party a small fee. But in general, [...]

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I’ve mentioned before that I’m smack in the middle of the wedding years. I went to my first friend wedding in 2008 and have been to 3 or 4 weddings a year since 2010, with more on the way. Most of the time, my financial focus when it comes to these unions is about just how much it can [...]

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Tax day will come a little later this year, but is still just around the corner. If you’re expecting a refund from the IRS, you may be tempted by a Refund Anticipation Loan (RAL), or Tax Refund Loan. These loans put your refund in your pocket sooner – but come at a hefty price. Some [...]

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As we and others have discussed many times before, Roth IRAs basically rock. They’re the gold standard of retirement accounts. You pay taxes on your money before contributing, put the money away for years, and NEVER pay taxes on withdrawals taken in retirement – so your gains are tax-free. In addition, the money you put [...]

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