Start Online Tax Filing Free with TurboTax

If memory serves me correctly, I’ve used TurboTax to file my taxes for nine of the last ten years. First, let me tell you about the one year I DIDN’T use TurboTax. A guy walks into a CPA office and drops off his tax paperwork.  He picks it up several weeks later and drops that envelope in the mail.  A few weeks later, the same guy gets a letter from the IRS saying that a miscalculation … [Read more...]

8 Ways to Save Money on Federal Tax Preparation

8 Ways to Save Money on Federal Tax Preparation Know Your Tax Situation - This is the most important tip that I can give. Understand the basics of your tax situation (do you itemize, # of deductions, # of exemptions, filing status, etc). This will make it easy for you to compare prices of either a professional or software. Do it Yourself - If your tax situation is simple enough, then you can … [Read more...]

Ministers and Pastors Social Security Tax | Should You Opt Out?

Those outside paid ministry think that ministry is just about hearing and answering a call.  But there is much to deal with on the side of the minister's salary and relationship with the government. Ministers have very special tax and income situations.  This includes things like a housing allowance, employment status (self employed or employee), and social security.  Ministers also have … [Read more...]

What To Do When You Have A Late Estimated Tax Payment

I’m a personal finance blogger, but I’m far from flawless. In fact, since I’ve started to write about money, I’ve found it harder to keep up with my own finances. We are often reminded  Don’t Forget To Pay Your Estimated Taxes if You Are Self-Employed.  But, this month I forgot to make my estimated tax payment. The Saga Behind My Late Estimated Quarterly Tax Payment Due to frequent crashes … [Read more...]

Roth IRA and Traditional IRA Tax Implications in Plain English

When deciding between a Roth IRA and a Traditional IRA and the tax implications, you just need to remember one little fact.  You will pay taxes on that money.  The only questions are: when and how. There are other differences, like the IRA withdrawal rules, contribution limits, and income limits, but that is another post for another time.  In this article, we are going to focus on clearly … [Read more...]

Important Mutual Fund Tax and Capital Gains Facts Every Investor Must Know

“If I exchange mutual funds do i still have to pay taxes?” Understanding the tax implications of your investments will help you appropriately structure your personal investing strategy in order to maximize your returns. This post focuses on non-tax sheltered investments so it includes any regular (non categorized) investments. What Are Capital Gains? A capital gain is money you make from the … [Read more...]

How To File Federal Taxes Online For Free

If you have a simple or basic tax return there is no reason to pay to file your federal taxes - file free federal taxes online.  In addition, it is much more convenient and faster to process a tax return online. Filing Free Federal Taxes Online: Important Facts Most free Federal E-filing is limited to a “simple return” – 1040-EZ. Free File is available only to taxpayers with a maximum … [Read more...]

Turbo Tax or CPA | What is the Best Way to File Taxes?

One of the two certainties in life, so they say, are death and taxes. In my short life, I have had way too many interactions with governments.  I’ve been detained by the US customs, waited for hours in lines at US immigration offices, read hundreds of documents of boring legal mumbo jumbo about applying for a work permit, applying for temporary residence, applying for conditional permanent … [Read more...]