It’s the start of a new year, and that means it’s time to do last year’s taxes. Are you going to do them yourself, or will you hire a tax professional to do them for you? If you’d prefer to prepare your own tax return, you might want to use an online program to help you. There are lots of different programs available, such as TurboTax and H&R Block. All will help you complete your federal and state tax returns from the comfort of your own home. There are many benefits to using online tax software, and here’s a … Read more at 2009 Taxes

Individuals that pay alimony (also known as “spousal support” or “spousal maintenance”) to a former spouse can deduct these payments on their personal federal income tax returns. In turn, the alimony recipient is required to claim the payments as income.

Before a payor takes an alimony deduction they should make sure that their payments meet the IRS qualifications for alimony. Ideally, this was addressed and discussed in detail with their divorce attorney to ensure that the alimony was structured in a way that would allow a deduction. If you are not sure whether your payments are deductible you should consult … Read more at 2009 Taxes

There are many tax breaks that get overlooked, but homeowners often overlook the most obvious deductions. The truth is, as a homeowner, you stand to save hundreds if not thousands off your taxes. However, it all boils down to knowing what you qualify for. The following are just some of the tax breaks homeowners may be missing out on.

Mortgage Interest

The interest you pay on your mortgage should be one the first tax breaks you take advantage of. Those filing single can deduct mortgage interest on homes up to $500,000 ($1 million for married couples). This will require a … Read more at 2009 Taxes

Many people get nervous when it comes to thinking about retirement investing. It can be a very confusing process with complicated terms and options available. However, it is vitally important to save for your future. The earlier you start the better when it comes to saving for retirement. The successful investors are the ones who consistently put money away no matter what the markets are doing. To reach your financial retirement goals there are a couple of options available to most people.

401(k)

If you work for an employer who offers a 401(k), or similar plan, it is quite easy … Read more at 2009 Taxes

According to emerging news reports, Romney has a vast amount of wealth invested in funds through Bain Capital LLC.  This powerhouse is one of the offshore tax havens often used to help lower the 2012 taxes.  Several of the Bain funds have connections offshore that are allowing the financial elite to take advantage of tax breaks.

These news sources are interested in dissecting Romney’s tax returns to see how his use of offshore strategies has allowed him to avoid taxes.  Investments by Romney and others in Bain funds, have money scattered from Delaware, to Bermuda, the Cayman Islands, Ireland … Read more at 2009 Taxes

Filing taxes can be a frustrating experience. Hiring a professional for tax filing is not an option for some people. It is easy to file your own taxes with Turbo Tax. In fact, it is possible to file right from an iPhone.

Since many people use their smart phones to do virtually everything, tax filing should not be left out. That is why Turbo Tax has a app for easy filing. It is as easy as snapping pictures of required documents and the app turns them into proper forms.

There is a small charge for electronic tax filing. … Read more at 2009 Taxes

The career of a freelance writer can be very rewarding. However, the career can quickly lose its appeal when tax time arrives and you owe several thousand dollars. Thankfully, there are things you can do to reduce your tax bill and prevent owing such a large sum at once. The following are just five essential tax tips for freelance writers.

Pay Your Estimated Taxes

This cannot be stressed enough. Freelance writers need to pay estimated taxes in April, June, September and January of the following year. These payments will ensure that you don’t get penalized for paying your taxes late … Read more at 2009 Taxes

In your early twenties it is hard to imagine that day when you can stop working for good. However, pensions have been big news recently and regardless of your age you should think about what kind of financial situation you want to be in come retirement.

How to go about setting up a pension

Setting up a pension will require some research as there are many different types of pension options. You should look at whether your company has a pension and also investigate pension schemes offered by outside agencies. In addition, don’t be afraid to go to a … Read more at 2009 Taxes

Innocent Spouse Relief has always been available as a way for taxpayers who file joint tax returns and who were not aware, nor had any kind of reason to be aware, that her or his spouse had underpaid or understated their liability for income taxes. It was designed to offer the innocent taxpayer some protection from the faults of their partners and spouses and details of how it works were to be found in Publication 971 which was entitled Innocent Spouse Relief.

The regulations detailed in Publication 971 state that innocent spouse requests that are seeking relief from liability need … Read more at 2009 Taxes

More and more consumers are choosing to make purchases online today. Retailers lure them on line with web sites or even mobile apps for smart phones that compare prices and features on items from diverse sources. One selling point is that such transactions are usually free of state sales tax. In Massachusetts, though, that may not be the case for long.

Even as members of most committees of the legislature leave town for the summer break, the Committee on Revenue quietly sent legislation that would let Massachusetts start collecting sales tax on transactions that take place on the Internet. Supporters … Read more at 2009 Taxes