If you were impacted by Hurricane Irene, you may be eligible for disaster area tax relief. The IRS is providing disaster relief to individuals and businesses in certain states and counties in the form of a tax extension to give people a little more time to put their finances in order after the devastation caused […]
Will the Payroll Tax Cut Be Extended?
Posted byThe 2011 Payroll Tax Cut is set to expire at the end of this year. Based on the current state of our economy, will the payroll tax cut will be extended for another year? Will we see a payroll tax cut 2012? The Payroll Tax Cut The payroll tax cut, also called the payroll tax […]
46.4% of Households Will Pay No Federal Income Tax for 2011 In 2011, almost half of the households won’t pay any federal income tax. This chart strictly reflects federal income tax; it excludes states taxes and payroll taxes, including social security taxes. In addition, it’s people legally paying zero income tax, not those who aren’t […]
Last Minute Tax Tips
Posted byThe tax deadline is here! Does this sound familiar? You start working on your taxes early with plans to get it out of the way. Then you run into delays, often because you don’t have all of your paperwork together (one of the most common reasons people hate taxes). Once you have everything, you get […]
With the recession ending recently, it turns out that bartering has made a huge comeback from ancient times. According to the International Reciprocal Trade Association, over 400,000 companies bartered in 2010. Typical examples are writers, graphic designers, and the like who design brochures, do website work, provide advertising space etc. in exchange for help with […]
Last year was the first time that I made a significant amount of money from writing, freelancing, and my blog Frugal Confessions. What an exciting milestone in my life! Even though I wholeheartedly have planned out the next 40 years of my life financially speaking, for some reason I never opened up a side account […]
I Hate Taxes
Posted byI recently asked readers to tell me why you hate taxes. Now that the tax deadline is almost here, if your taxes aren’t done and you are pulling your hair out, you can probably relate to some of the “I hate tax” reasons! For the rest of you, who have already filed, I’m sure you’re […]
All year long, we discuss various retirement planning topics that will have an impact on your taxes. Of course, once tax time rolls around, it’s easy to forget why we did something the way we did, or what we were trying to achieve. Let’s walk through the various retirement tax tips from last year and […]
What happens if there is a government shutdown at the same time you file your tax return? It’s something we might find out this weekend, since there is a possibility of a government shutdown Friday night. Update: The government has officially shut down as of October 1, 2013. We will continue to monitor the impacts […]
Are you aware that if you owe money to the IRS they can garnish your wages? What a scary prospect. Of course the IRS can do a lot more than garnish your wages; under Internal Revenue Code section 6331, the IRS can levy upon wages, bank accounts, social security payments, accounts receivables, insurance proceeds, real […]