Did you make a few New Year's resolutions or did you make none? One of my resolutions is to help as many people as possible achieve one of the most common resolutions American's make: financial fitness. Was it on your list or should it have been? I've seen it many different ways: Start Saving. Budget Better. Begin Budgeting. Plan for Retirement. Nest Egg. Open Rainy Day Account. All of these are part of the same category: money -- specifically, your money. With keeping more of your money in your pocket as a shared goal, my blogs during tax season are all going to provide tips, techniques, and resources to help you save money with regard to your tax situation. You may even save some time and possibly some hair. So unless, some exciting tax (there are two words that do not typically go together) news happens, here are some of the topics you can look forward to:
What this tax season might look like. I don't want to be the bearer of bad news, but this tax season is predicted to be as bad as this flu season. According to the IRS Commissioner and the National Taxpayer Advocate, because of the delay in signing the Extenders into law, budget cuts, new responsibilities, new forms, and the ACA impact, this year could be tough. With the IRS announcing that tax season will open on Tuesday, January 20, this blog will focus on what can you do to avoid the potential issues.
Tips on determining your ideal tax filing solution. Should you file yourself, have your "good with numbers" friend help, or pay a pro? I will outline some important factors to consider.
EITC - Friday, January 30 is EITC Awareness Day. IRS estimates four of five eligible taxpayers claim and get this important credit. Yet, almost 25 percent of those eligible don't claim the credit. Are you missing out?
Affordable Care Act (ACA/Obamacare) and how to figure out how it impacts your tax situation. Taxes are complicated and with this being the first year of the healthcare taxes "marriage," there are bound to be some confusing situations. I will provide some frequently encountered situations and point you to some excellent resources for all things ACA.
Commonly Overlooked Deductions. This topic is worth revisiting every year because when you overlook deductions you are leaving your money in the IRS' pocket.
What forms do you need to file your tax return and what if you are missing some? Whether you didn't receive them or lost them, I will help you determine if you can file your return without certain forms and if so, how to do it the right way.
I know you are busy, so another resolution of mine is to keep these posts short. With that said, Happy New Year.