Estate Tax Changes in 2011

Posted by Jill on February 22, 2011

The 2001 Bush Tax Cuts lowered estate taxes, phasing in rates that brought the existing estate tax rate from a maximum of 55% to 35% over 10 years. Under that deal, the 35% estate tax rate was to stay in effect through the end of 2009. Estate taxes were set to disappear altogether in 2010, […]

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How Do You Handle College Advantage 529 Plan Taxes?

Posted by Madison on February 21, 2011

Obviously, the aftermath of taking advantage of fantastic deals all year long, is dealing with all the tax paperwork. We’re working on sifting through the tax impacts from each of our free money deals. Today we’re tackling 529 plans, and specifically my favorite, the Ohio College Advantage 529 plan. We previously covered taxes on credit […]

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Are Credit Card Rewards Taxable?

Posted by Jill on February 16, 2011

Lots of our Free Money deals focus on sign-up bonuses or cash back rewards for credit cards. With tax season in full force, I asked Madison recently if sign up bonuses and credit card rewards are taxable. It’s sometimes surprising to see what counts as taxable income. Thankfully, the tax rules for credit card rewards […]

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Will Obama’s Budget Bring Back the Tax Increases?

Posted by Madison on February 15, 2011

Obama’s federal budget proposal is in, and it brings back some some of the same tax increases that were rejected less than 2 months ago. It’s almost as if the ink on the 2011 Tax Deal isn’t even dry yet, and Obama is ready to change it back again in his new budget. Let’s take […]

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The 2010 Tax Deductions You Can’t Claim

Posted by Madison on February 12, 2011

When the Obama Tax Cuts were passed late last year, we assumed that all the expiring tax cuts were extended. Well, that’s not exactly true. Here are a few popular tax deductions from 2009 that you cannot claim on your 2010 tax return: Expired Tax Deductions $2400 Exclusion on Unemployment: For 2010 all unemployment compensation […]

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How Do You Handle Lending Club Taxes?

Posted by Madison on February 9, 2011

Jill and I were discussing Lending Club tax reporting last weekend, and we thought it would be a helpful discussion for everyone, since many of you have taken advantage of Lending Club sign up bonuses. Is Lending Club taxable? How do you report interest earned on Lending Club loans on your taxes? What do you […]

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New 2011 Tax Rules for eBay Sellers: The 1099K

Posted by Amanda on February 7, 2011

The IRS estimates there is a $300 billion a year tax gap, or the amount owed by individuals and businesses versus the amount that is being paid in taxes. In looking to close this tax gap, the government wants to better track business transactions for tax purposes. Buried deep in the health care reform bill […]

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2012 Tax Calculator

Posted by Madison on January 27, 2011

I like to estimate my taxes long before we’re ready to file. We usually don’t get all of our K-1s to file for a few more months, but I still like to use a tax estimator to see where we’re going to end up before the tax deadline. Update: The 2014 Tax Estimator is available […]

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The 2015 tax calculator is here! Do you want to get an estimate of how much your tax refund will be before you file? We just updated the 2015 tax calculator with the current tax brackets, credits, deductions, and everything else you’ll need to estimate your tax refund before the tax deadline. How to Use […]

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5 Helpful Android and iPhone Tax Apps

Posted by Madison on January 26, 2011

Tax apps. Technology never ceases to amaze me. My husband’s younger siblings run their entire lives on their iPhones, so it’s only natural that the younger generation will also prepare their taxes on their smartphones. And that year has arrived; the first tax filing app is now available! In my quest to appear young and […]

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