Section 105 HRA Plans

This article on Medical Reimbursement and Health Rearrangement Plans comes from Timothy Wolfe, a Chicago based tax and business specialist who shares his expertise online at Chicago Business Advice.  A while back I looked at flexible spending accounts vs health savings accounts and Timothy left a comment about Section 105 HRA plans.  Since I wasn’t […]

Health Savings Account vs Flexible Spending Account

We recently covered the health savings account and have written about flexible spending accounts and in the past and thought it was time to take a look at health savings accounts vs flexible spending accounts. Both can be useful tools for medical expense income tax deductions but one thing many people are unhappy with are flexible spending account […]

Smart Ways to Invest Your Tax Refund

Investing Your Tax Refund What are you going to do with your tax refund?  One option would be to spend it but if you’d like to hang onto that money for a while, Investopedia came up with a list of smart ways to invest your refund.  They start off with some of the most secure […]

How to File a Tax Extension

Filing for a tax extension can be a good idea if the tax deadline is here and you haven’t had time to gather together all your tax forms and fill out your 1040. I’ve filed a tax extension before; it’s easy to do and makes sense if you don’t have all the information you need […]

Stimulus Tax Credit Help from the IRS

The Stimulus tax credit reduced the amount of taxes owed for millions of people but as the tax deadline nears, the IRS is finding out that many of us aren’t taking advantage of it when filing our taxes. Remember the Schedule M Tax Form In order to get the stimulus tax credit you have to fill […]

Income Tax Filing Tips

Your federal income tax filings are due in just over a week!  If you’ve been putting off your preparing your tax return here are some tips to help get you through the next week during your last minute scramble to Tax Software If you’re filing your taxes yourself you still have time to use tax prep […]

Tax Deadline Looms!

Tax day is almost here, have you filed your taxes yet? If not, you can still get free H&R Block at Home software if you enter by the end of the day. Below are some tax tips from around the web on topics such as tax audits, tax deductions, hiring an accountant, amended tax returns, […]

Free H&R Block at Home Software!

Free H&R Block at Home Giveaway Thanks to the team at H&R Block, I’m giving away free access to H&R Block at Home to three of you! If you haven’t heard of this tax prep software before, that’s because it used to be called TaxCut and just this year they changed the name to H&R Block […]

Tax Savings You Don’t Want to Miss

Here are a few tax deductions that you’ll definitely want to take advantage of if they apply to you for the 2009 tax year: Homebuyer Credits Granted, it would be kind of tough to miss these if you were in the home market at all last year, but there are substantial tax credits available to both […]

Standard Deduction or Itemized Deduction?

First of all what are tax deductions? They are dollar amounts that tax payers subtract from their adjusted gross income in order to arrive at the amount of their taxable income. Needless to say the lower your taxable income is, the lesser the amount of taxes you will have due. When its time to file your tax returns you will have to decide between taking the standard deduction or to file itemized deductions. Which way you decide depends on a number of factors but you have to chose just one:

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