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Entry bubble Summer tax tips from the IRS

By: Jess | August 13, 2009 | Category: Money

TaxesIf you're anything like me you probably think about taxes once a year, when it comes time to file in the spring.

But this summer the IRS is trying to get us to think about taxes a little more often. In fact, a few times each week they are sharing all kinds of tax tips, like seven tax tips for gambling wins and losses and the five tax scams to avoid this summer.

If you and your sweetheart tied the knot recently, you might want to check out the tips for the newly married. You'll learn where to file name changes so everything matches up when you sit down to do your taxes.

Another cool topic they address is income taxes for students with summer jobs. Did you know that the extra cash you earn mowing your neighbors' lawns is considered taxable income or that there are special tax rules for people who deliver newspapers? There are a few more great tips for students with summer jobs that are worth checking out.

Since no one wants to spend the time reading the entire tax code, these tips are a quick and easy way to brush up on things you may need to know when you're filing your taxes.

Feel free to share in the comments an interesting tip you learned.

| View Comments [5] | envelope E-mail This Entry | Tags: irs   jess   money   tax_tips   taxes  

 

Entry bubble Sales Tax Holidays

By: Jess | August 06, 2009 | Category: Money

Two people at a cash registerI hate sales tax because I always forget to factor it into the final price of whatever I'm buying. Then when I get up to the register to pay, I end up with minor sticker shock because whatever I'm buying always ends up being more than I expected.

During the month of August, some states are offering "sales tax holidays." Basically that means for a set period of time certain products won't be taxed. Unfortunately for me, Maryland is not one of the states with a tax holiday this month. But maybe I'll drive over to Virginia to take advantage of their lack of sales tax on back-to-school items, including clothes and shoes. Virginia's tax holiday on school supplies runs from August 7-9.

Curious to see if your state is offering a sales tax holiday this month? Check out this list of states to find out the dates of the holidays and what items are exempt from sales tax.

Feel free to share in the comments if you plan to take advantage of any tax holidays.

| View Comments [3] | envelope E-mail This Entry | Tags: jess   money   sales_tax   sales_tax_holiday   taxes  

 

Entry bubble Tax Day Restaurant Deals

By: Colleen | April 15, 2009 | Category: Money

income taxNow that you've filed your taxes and maybe cut a check to your dear Uncle Sam, why don't you try to make the best of it and enjoy some free food?

In the current economic climate, the restaurant industry is suffering as more people are choosing to eat at home. To try and get people out of the house and back into the restaurant, many places are offering discounts and free offers on tax day.

  • McCormick & Schmick's: Offers today's diners $10.40 certificate for future use. Many entrees are also discounted.
  • P.F. Chang's: 15% discount for those who eat there today.
  • MaggieMoo's Ice Cream: free single-scoop servings in their "e-cone-omic ice cream stimulus package" at participating treateries.
  • Cinnabon: free bite-size cinnamon rolls from 5-8 p.m.
  • Taco Del Mar: has a promotion titled, "Taxes Suck. Tacos Don't." Register on their website for a free taco coupon.
  • T.G.I. Friday's: $10 gift card for those who spend more than $25.

Do you know of any other tax day deals or promotions you can share?

*Also of note on income tax day—it's my sister's birthday! Happy Birthday, Karilynn!*

| View Comments [2] | envelope E-mail This Entry | Tags: colleen   free   income_tax   stimulus   tax   taxes  

 

Entry bubble Answering Income Tax "What Ifs"

By: Jake | February 09, 2009 | Category: Money

Tax prep photoAs Jess's post last week demonstrated, people are busy preparing for the 2009 tax filing season. Unfortunately with the economic downturn, a lot of people have fallen into "what if?" situations as they tackle their Internal Revenue Service forms. A "what if?" would include situations where you dipped into your IRA or lost your job.

Last week a colleague forwarded me an email from the IRS explaining people can answer many of these "what ifs" by searching the IRS homepage. I went ahead and did the searching for you and created the list of links below to help answer your "what ifs?" If by chance you have more "what ifs," contact the IRS or leave me a comment and I'll see if I can answer it for you.

Job Related

What if I lose my job?
What if my income declines?
What if I withdraw money from my IRA?
What if my 401(k) drops in value?

Debt Related

What if I lose my home through foreclosure?
What if I sell my home for a loss?
What if my debt is forgiven?

Tax Related

What if I can’t pay my taxes?
What if I can’t pay my installment agreement?
What if I can’t resolve my tax problem with the IRS?
What if I need legal representation to help with my tax problem but can’t afford it? 

| View Comments [7] | envelope E-mail This Entry | Tags: economic_downturn   income_tax   jake   job_loss   taxes   unemployment  

 

Entry bubble Filing taxes in two states

By: Jess | February 05, 2009 | Category: Money

taxesMoving from Pennsylvania to Maryland a few months ago was a little bit stressful because of the distance and the date my previous lease ended and my new one started. I had thought that after I finished sleeping on a friend’s sofa and was in my own place, my moving stresses were over.

But I hadn’t thought about taxes and how the move would affect that.

Like many other people who moved this year, I have to file tax returns in two different states. I’ve never filed a single tax return before, so I’m a little bit nervous and had lots of questions.

Though my parents offered to help me with the Pennsylvania taxes, I was responsible for finding all the necessary forms.

It was a lot easier than I thought to find what I needed. The Federal Tax Administrators have a map linking to each state's tax information. The only form that was a little tricky was the municipality tax form for Manchester Township in York, Pa., but a lady at the tax office gave me the exact number of the form that I could print right from the Web site.

Maryland’s tax forms were even simpler because the county tax is included right on the state tax form, which meant I only needed to track down one.

Now it’s just a matter of filling the forms out, sending them in and figuring out what to do with my return check.

I’m thinking a mini-vacation may be in order.

| Post a Comment | View Comments [3] | envelope E-mail This Entry | Tags: jess   maryland   pennsylvania   pueblo   taxes   usa.gov  

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