Crap, we’re getting a tax return

Not that we won’t use the money wisely, but we sure didn’t expect to get any money back this time. We made adjustments in our W2′s to compensate for the tax return the previous year, and thought we were more than likely going to have to pay in. Well, our accountant called us to let us know that 1) we forgot to include our student loan information, and 2) even without the student loan information, we were getting around $800 back. I guess I shouldn’t complain. And, this doesn’t even include that wonderful rebate either.

Econ 101 – Beer

Economics 101 as explained by a University of Georgia professor. Let’s put tax cuts in terms everyone can understand.

Why do we wait for the holidays or the end of the tax year to give?

You’ve seen them around as you shop for gifts this holiday season, the jolly bell ringers with their little red kettle. Most of the people I see either look away in shame or dig into their pockets for some change. As they drop the coins into the kettles they look up with a smile feeling like they’ve done something great. Of course, they have done something great. But, there’s another side to this story.

The 13 most overlooked tax deductions

According to the IRS, millions of taxpayers overpay in taxes every year. With the year coming to an end and the tax season in sight, find out which deductions can keep you from paying Uncle Sam more than he’s due.

Alternative Minimum Tax (AMT)

You could be subject to AMT for the first time and pay a higher tax bill than before. According to CNNmoney, about 20 million taxpayers have no idea whether they need to pay quarterly taxes and avoid underpayment penalties. What the IRS is saying in essence, we aren’t paying enough in taxes.

10 Components of A Healthy Financial Plan

Here at MoneyTalk, we’ve talked a lot about the importance of financial planning and management. Without planning and good money management, the odds are pretty low in reaching financial success. This post is a break down of the ten major components of a healthy financial plan and how they can help you get back on track with your finances and life.

You might be paying through the nose in taxes…

…if you live in the Northeast. That’s right. Maine, New York, and the District of Columbia lead the charge in states with the highest tax burden at 13.5%, 12.9% and 12.8% respectively. Is your state tax-friendly, or a tax nightmare?

5 things that may trigger an audit

According to CNNMoney.com, there are five things the IRS looks for in tax returns. Here’s the break down.

Federal excise tax refund

The federal excise tax has been talked about on a number of personal finance blogs for the past few months. The refund can get you up to $60 from the IRS, who expects to pay about $13 billion.

’tis the season for tax breaks

The U.S. Congress just approved the Omnibus Tax Bill that is full of tax breaks. According to USA Today, anyone purchasing a home after Dec. 31st can deduct mortgage insurance premiums in 2007. What is mortgage insurance? When home buyers have less than a 20% down payment, have to pay insurance to protect lenders in case of default. It typically costs about a half of a percent (one-half of 1%) of the mortgage or approximately $75 a month for a $180,000 loan.