Taxes...
Tax time!
2006 is gone and now it is time to start getting ready for taxes. Starting in January, you should have started receiving tax documents from your banking institutions.
The type of documents that you should be receiving are listed here.
The most important documents you should receive are:
W-2s (from your employer)
1099s (for your retirement accounts, brokerage accounts, and savings accounts)
Mortgage interest paid (1098) (from your mortgage lender...tax deductible)
Student loan interest paid (1098-E) (this can lead to a huge deduction)
Job-related expenses (union dues, job education, uniforms) (tax deductible)
Summary of educational expenses (college tuition),
Social Security statement (1099-SSA) (if you are collecting social security yet)
There are may other documents that you may receive. Check the above link for a more complete list.
The easiest way to prepare your taxes is to make sure that you save all your documents.
Once you have received all of your documents, you have several options.
1) H&R block:
You can file electronically or visit one of their offices for help. They have experienced individuals that will help you file your taxes step-by-step and maximize your tax deductions.
H&R Block Tax Cut program: Cost is $10-$50
2) Turbo Tax
It only costs about $30 and will walk you through all of the steps
You can even get a demo of the program from the website to see how easy it is.
I've used turbo tax for the past several years and usually do my taxes with my family. If you have someone to help you get through the program, it shouldn't take you more than a couple of hours to file your taxes. Turbo tax is the program that I would recommend to most easily file your taxes.
Filing your taxes is pretty frustrating but once it is all done, it's only a couple of weeks before you get that tax refund. You might want to use your tax deduction to open a ROTH IRA or pay down credit card debt or even start building your emergency fund.
Other Links:
Bankrate Tax Record-Keeping Tips
Yahoo Tax Tips
2006 is gone and now it is time to start getting ready for taxes. Starting in January, you should have started receiving tax documents from your banking institutions.
The type of documents that you should be receiving are listed here.
The most important documents you should receive are:
W-2s (from your employer)
1099s (for your retirement accounts, brokerage accounts, and savings accounts)
Mortgage interest paid (1098) (from your mortgage lender...tax deductible)
Student loan interest paid (1098-E) (this can lead to a huge deduction)
Job-related expenses (union dues, job education, uniforms) (tax deductible)
Summary of educational expenses (college tuition),
Social Security statement (1099-SSA) (if you are collecting social security yet)
There are may other documents that you may receive. Check the above link for a more complete list.
The easiest way to prepare your taxes is to make sure that you save all your documents.
Once you have received all of your documents, you have several options.
1) H&R block:
You can file electronically or visit one of their offices for help. They have experienced individuals that will help you file your taxes step-by-step and maximize your tax deductions.
H&R Block Tax Cut program: Cost is $10-$50
2) Turbo Tax
It only costs about $30 and will walk you through all of the steps
You can even get a demo of the program from the website to see how easy it is.
I've used turbo tax for the past several years and usually do my taxes with my family. If you have someone to help you get through the program, it shouldn't take you more than a couple of hours to file your taxes. Turbo tax is the program that I would recommend to most easily file your taxes.
Filing your taxes is pretty frustrating but once it is all done, it's only a couple of weeks before you get that tax refund. You might want to use your tax deduction to open a ROTH IRA or pay down credit card debt or even start building your emergency fund.
Other Links:
Bankrate Tax Record-Keeping Tips
Yahoo Tax Tips
posted by Thor @ 7:37 AM
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