tax

April is Financial Literacy Month

Abby H.

Financial literacy is near and dear to my heart. I’ve spent much of my adult life working hard to save money, pay bills on time, and live within my means. It is a lot of effort and work, but, it’s made my life less stressful.

In 2020, I wrote a three-part series about making a practical budget that a family can adhere to and how to get some extra help if you need it. This was written during the pandemic, so there is a lot of information and resources, especially for those feeling the financial panic that many felt during the height of the pandemic.

If you already have a budget or feel that your spending is out of control and you aren’t to the point yet where you feel that you need a budget, I did a series of posts in late 2019 about how to reign in the out-of-control spending.

 A big part of financial literacy is tracking where you stand financially. With identity theft happening to 22% of Americans (per a 2022 Bureau of Justice Statistics study), knowing what’s on your credit is important.  Obtaining your free annual credit report is easy.  Free Annual Credit Report is the site that I use.

Once you receive it, go over and verify all of the open accounts are yours. Contact the credit bureaus immediately if there are any incorrect names, addresses, or accounts.

If you are saving for your future, or your kid’s future, here are two great savings opportunities:

Savings bonds- Savings Bonds: The gift that keeps on giving!

529’s/ Educational Savings Accounts- September Is College Savings Month!

Tax Time is Here- Save up To 20% on Turbo Tax!

Abby H.

You may find it hard to believe, but tax season is in full swing! I’ve got a couple ways for you to save money on filing your taxes, and some tips to make it a little easier.

I already prepared and filed our taxes using Turbo Tax online. It’s quick and they walk you through everything. Because of our tax situation, we are unable to do our taxes for free, so for my family, TurboTax is the best/easiest solution. If you want to try Turbo Tax out, here is a link where you can receive up to 20% off any paid online federal product!https://turbo.tax/tyscae8e

If you make $72,000 or less, check out the IRS Free File.

If you aren’t sure what you need to file your taxes, here are just a few pieces of paperwork you may need (depending on your tax situation):

  • W-2’s- one from each of your jobs
  • 1099’s: if you are an independent contractor
  • DMV paperwork (if you don’t have this, then the VIN and license plate # from your car, and go here– CA only, I’m sure other states may have something similar).
  • Receipts for any tax-deductible donations
  • Receipts for any medical expenses (co-pays, prescriptions)
  • Paperwork from your Mortgage Company regarding your interest paid
  • Paperwork regarding your property taxes paid
  • Dependents’ Social Security Numbers
  • IRA Year-End Statements
  • Interest Statements from banks

I start a folder (like this one) each year and I put all of the paperwork in it as it comes into the house. Then, after we do our taxes, I print a copy out, pull out all of our supporting documents, put them into a manilla envelope, write the year on the front, seal it, and stash it with our other past years’ taxes. We keep 10 years’ worth of tax records, just in case.

Talk Back: Have you done your taxes yet?

Californians: Middle Class Tax Refund Payments are Coming!

Abby H.

I don’t talk about politics or news a lot of my blog, because it’s not what this blog is about. HOWEVER, this piece of news is huge for millions of Californians. I had totally forgotten about the  Middle Class Tax Refund payments that were in the works for California residents until someone texted me about them the other day.

Payments will range from $400 to $1,050 for couples filing jointly and $200 to $700 for all other individuals depending on their income and whether they claimed a dependent. Refunds are available for ITIN filers, in addition to those who file tax returns with a SSN.

You can learn more here, and there is a calculator here to determine how much you may receive.

Payments started going out on 10/7/2022 and will continue throughout the end of the year.

Talk Back: Have you received your  Middle Class Tax Refund payment yet? How will you spend it?

 

Tax Time is Here- Save up To 20% on Turbo Tax!

Abby H.

You may find it hard to believe, but tax season is in full swing! I’ve got a couple ways for you to save money on filing your taxes, and some tips to make it a little easier.

I already prepared and filed our taxes using Turbo Tax online. It’s quick and they walk you through everything. Because of our tax situation, we are unable to do our taxes for free, so for my family, TurboTax is the best/easiest solution. If you want to try Turbo Tax out, here is a link where you can receive up to 20% off any paid online federal product!

If you make $72,000 or less, check out the IRS Free File.

If you aren’t sure what you need to file your taxes, here are just a few pieces of paperwork you may need (depending on your tax situation):

  • W-2’s- one from each of your jobs
  • 1099’s: if you are an independent contractor
  • DMV paperwork (if you don’t have this, then the VIN and license plate # from your car, and go here– CA only, I’m sure other states may have something similar).
  • Receipts for any tax-deductible donations
  • Receipts for any medical expenses (co-pays, prescriptions)
  • Paperwork from your Mortgage Company regarding your interest paid
  • Paperwork regarding your property taxes paid
  • Dependents Social Security Numbers
  • IRA Year-End Statements
  • Interest Statements from banks

I start a folder (like this one) each year and I put all of the paperwork in it as it comes into the house. Then, after we do our taxes, I print a copy out, pull out all of our supporting documents, put them into a manilla envelope, write the year on the front, seal it, and stash it with our other past years’ taxes. We keep 10 years’ worth of tax records, just in case.

 

Talk Back: Have you done your taxes yet?

AO Opinions Upcoming Online Research Study: Taxes Project

Abby H.

AO Opinions is another Market Research company that I get information from. Right now they are recruiting for an Upcoming Taxes Project.

Open to: 25-60 year old (gender is not important, as far as I can tell)

Compensation: $250 (if chosen)

Tues/April 6th thru Fri/April 9th 2021 – 8:45am-3:45pm ET (1-hr 15-mins)

To be considered, fill out the screener here.

Tax Time is Here!

Abby H.

Hard to believe, but tax season is in full swing! I’ve got a couple ways for you to save money on filing your taxes, and some tips to make it a little easier.

I already prepared and filed our taxes using Turbo Tax online. It’s quick and they walk you through everything. Because of our tax situation, we are unable to do our taxes for free, so for my family, TurboTax is the best/easiest solution. If you want to try Turbo Tax out, here is a link where you can receive up to 20% off any paid online federal product!

If you make $72,000 or less, check out the IRS Free File.

There is also E-File, which offers free federal tax returns for those who qualify for a 1040ez.

    • Free Error Correction – Our software will automatically check your tax return for common errors. If our software finds any errors, it will prompt you to correct them.
    • Get Your Refund Quick – Who doesn’t want their refund quickly? Filing online allows you to receive your refund quicker than off-line.
    • Helpful Software – Our software will walk you through common deductions and credits that you may be eligible for with its easy and quick question & answer format.

If you aren’t sure what you need to file your taxes, here are just a few pieces of paperwork you may need (depending on your tax situation):

  • W-2’s- one from each of your jobs
  • 1099’s: if you are an independent contractor
  • DMV paperwork (if you don’t have this, then the VIN and license plate # from your car, and go here– CA only, I’m sure other states may have something similar).
  • Receipts for any tax-deductible donations
  • Receipts for any medical expenses (co-pays, prescriptions)
  • Paperwork from your Mortgage Company regarding your interest paid
  • Paperwork regarding your property taxes paid
  • Dependents Social Security Numbers
  • IRA Year-End Statements
  • Interest Statements from banks

I start a folder (like this one) each year and I put all of the paperwork in it as it comes into the house. Then, after we do our taxes, I print a copy out, pull out all of our supporting documents, put them into a manilla envelope, write the year on the front, seal it, and stash it with our other past years’ taxes. We keep 10 years’ worth of tax records, just in case.

 

Talk Back: Have you done your taxes yet?

 

File your Taxes for Free with E-File!

Abby H.

Woo Hoo! It’s Tax Season. I’m not kidding- We have already filed our taxes and received our state refund today.

New shoes, here we come (again not kidding, we all need new running shoes).

If you haven’t started your taxes yet, consider E-File.

 

  • E-file.com offers free federal tax returns for those who qualify for a 1040ez.
  • Free Error Correction – Their software will automatically check your tax return for common errors. If our software finds any errors, it will prompt you to correct them.
  • Get Your Refund Quick – Who doesn’t want their refund quickly? Filing online allows you to receive your refund quicker than off-line.
  • Helpful Software – Their software will walk you through common deductions and credits that you may be eligible for with its easy and quick question & answer format.

If you aren’t sure what you need to file your taxes, here are just a few of pieces of paperwork you may need (depending on your tax situation):

  • W-2’s- one from each of your jobs
  • 1099’s: if you are an independent contractor
  • DMV paperwork (if you don’t have this, then the VIN and license plate # from your car, and go here– CA only, I’m sure other states may have something similar).
  • Receipts for any tax-deductible donations
  • Receipts for any medical expenses (co-pays, prescriptions)
  • Paperwork from your Mortgage Company regarding your interest paid
  • Paperwork regarding your property taxes paid
  • Dependents Social Security Numbers
  • IRA Year End Statements
  • Interest Statements from banks

I start a folder (like this one) each year and I put all of the paperwork in it as it comes into the house. Then, after we do our taxes, I print a copy out, pull out all of our supporting documents, put them into a manilla envelope, write the year on the front, seal it, and stash it with our other past years’ taxes. We keep 10 years worth of tax records, just in case.

Talk Back: Have you done your taxes yet?

Tax Time Approaches! Time for Turbo Tax!

Abby H.

Our family has used TurboTax since my parents first bought a computer, so… it’s been more than a few years. I’ve been using it since I started my first job in 1997.

It’s super easy, guides you through each step of the way. With TurboTax you’ll get your biggest tax refund guaranteed, with 100% accurate calculations, free help, and step by step guidance so you are confident your taxes are done right. TurboTax is the #1 Rated, Best-Selling tax software brand year after year.

Now if you’ve never done your own taxes before, it can seem super daunting.  But the folks at TurboTax make it easy enough that my three year-old niece could probably figure it out!

Yahoo put together a list of some of the forms and misc. “stuff” you need to file your taxes. Here are just a few:

  1. W-2 statements (these show wages received from your employer(s))
  2. K-1 Schedules (these should have been received from any partnerships, S Corporations, estates, trusts, and so on, in which you have an ownership interest)
  3. 1099 Forms (1099-R (Retirement); 1099-INT (Interest); 1099-DIV (Dividends); 1099-B (Brokerage Sales); 1099-MISC (Rents, etc))
  4. 1098 Forms (1098-T (Education); 1098 – Mortgage Interest)
  5. Year End Annual Brokerage Statements
  6. A copy of your previous year’s tax return

You may not have all of these, as not everyone has the same financial/tax situation.

Regardless of how you decide to file: e-file, by hand (on paper), or having a paid professional do it, I implore you- FILE FILE FILE!!  You don’t want Uncle Sam knocking on your door, years from now with his hand out!

To get started with TurboTax for free, click on the image above! In a few weeks I’ll share one of my favorite stories about how Turbo Tax saved a friends bacon a few years ago!