Category Archives: tax tips

IRS tax tips

Bitcoins Ruled As Taxable Property by the IRS

The US Government has recognized Bitcoins which is good in a way but at the same time they have decided to view them as property, making them taxable. If they had decided that the virtual currency actually was a currency then a tax could not be placed on them when they gain in value. Some view this as making the currency legitimate, and a good thing.

Bitcoin Magazine

Bitcoin Magazine (Photo credit: zcopley)

The fact that they can now be taxed reduces the interest for some who see the risk in the fluctuations in value and don’t want to take on the … Read the rest

Guidance on Preparing Your Taxes

Usually, tax planning is not included on most people’s lists of new year’s resolutions. However, maybe 2014 ought to be the year when you make the effort to understand more about your taxes. This will allow you to correctly plan and organize your responsibilities.

This resolution will help you once tax season arrives, and it might result in you saving more cash over the long run.

Here’s some advice to help you get started on achieving this goal:

Organize your tax file for 2014. This might be an online file, where you can scan transactions and documents over the course … Read the rest

Tax Carnival Ecstasy – July 2, 2013

This image depicts the total tax revenue (not ...

This image depicts the total tax revenue (not adjusted for inflation) for the U.S. federal government from 1980 to 2009 compared to the amount of revenue coming from individual income taxes. The data comes from the Office of Management and Budget’s record of the ‘Budget of the US Government FY 2011’, specifically the ‘Historical Tables, Table 2.1.’ The information is also here. (Photo credit: Wikipedia)

Welcome to the July 2, 2013 edition of Tax Carnival Ecstasy. In this edition we start with an article from Bill Smith on completing your 2012 tax return for free if you have not already. … Read the rest

Completing Your Taxes

Completing Your 2010 Taxes

Completing an annual tax return is a responsibility that is shared by all American wage earners.  If you fail to file a tax return in any given year, you could face both legal and monetary penalties.  If you have not yet filed past due tax returns for your 2010 taxes or previous years, it would be a good idea to file a complete tax return for those years as soon as possible to avoid being penalized.

When looking to complete a return for 2010 or a previous year, the first thing that you need to do … Read the rest

Tax Carnival Ecstasy – May 24, 2013

Welcome to the May 24, 2013 edition of Tax Carnival Ecstasy. In this edition we start with an article from Bill Smith on TurboTax having an issue with their service at the very end of the tax season this year. John Schmoll from Frugal Rules discusses the financial concepts that he understood before he left college in a nice post. And finally Edward Webber looks at the amount of income you can earn before you need to file a tax return. Hope you like all articles, bookmark, share on Facebook, Tweet, and come back really soon.

English: The headquarters of Intuit Consumer T...

English: The headquarters of

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A Basic Overview Of The Turbo Tax Advertisement Controversy

The Turbo Tax 2013 Advertisement Controversy

The Turbo Tax 2013 advertisements were undoubtedly memorable and those who have seen them will not soon forget them. It is also impossible to deny that these advertisements were more aggressive in than previous advertisements aired by the company. Despite the fact that TurboTax is one of the most popular tax programs on the market, the company is definitely trying as hard as it can to put down the competition.

Why Were the Ads Controversial in the First Place?

The Turbo Tax 2013 ads emphasized the fact that many tax preparation companies hire trained … Read the rest