Free H&R Block Tax Software

Office Depot is giving away free H&R Block tax software – 2 copies of H&R Block At Home Deluxe!

All members of the Money Smart Life newsletter are eligible to win the software so enter your email below

Is H&R Block At Home Deluxe the right version for your taxes? Here are some of the common IRS tax forms and schedules that are supported by the software:

    * Form 1040A Individual Income Tax Return
    * Form 1040EZ Income Tax Return for Single and Joint Filers
    * Form W-2 Wage and Tax Statement
    * Form 1098-E Student Loan Interest
    * Form 1098-T Tuition Payment
    * Form 1099-DIV Dividends and Distributions Income
    * Form 1099-INT Interest Income
    * Form 1099-MISC Miscellaneous Income
    * Form 2441 Child and Dependent Care Credit
    * Form 8863 Education Credits
    * Form 8917 Tuition and Fees Deduction

Office Depot contacted me about the giveaway after I interviewed Farnoosh Torabi as part of their getting organized initiative.  Farnoosh offered up some tax tips as part of the giveaway.

The version of H&R Block At Home Deluxe that Office Depot is giving away is desktop software so winners will need to provide a shipping address – I’ll contact the winners via email. As I mentioned, all members of the Money Smart Life newsletter are eligible to win, it will be a random draw, so enter your email below.


Tax Roundup

The tax deadline is getting closer!  If you haven’t thought about your taxes yet, it’s time to start.  You do have a few extra days this year because of the tax deadline delay, and you can always file a tax extension, but that just delays the inevitable.  Time to call your accountant or break out the tax software and get cracking!

Here’s a quick list of tax tips to help you along:

 


Comparing Auto Insurance Quotes Online

Getting auto insurance quotes online can help you save money by giving you an idea of the best insurance rates that you qualify for.

Checking them out online means you have access to a fast quote that can help you compare a potential new rate to what you’re currently paying for your auto insurance premiums. 

If you hadn’t noticed there are lots of ads for auto insurance showing on TV and online these days.  Everytime we saw an ad on the Web we checked it out to see what information you’d need to get auto insurance quote online.  Here’s the information about you and your car that you’ll need to get a quote:

What You Need for an Online Auto Insurance Quote

You will have to provide personal information about you, your car, and your driving habits. Insurance companies offer quotes based on the type of driving risk they perceive you to be.

The information you provide will be enough for a quote, but it is important to realize that before you are actually issued an insurance policy, and a final price is locked in, your information will be verified. The more accurate you are when filling out information for a price quote, the more likely you are to get a premium quote that will match what you actually end up paying.

Some of the information you will need as you fill out your auto insurance quote form online includes:

Personal information including name, address, gender, marital status, and birth date: All of these factors help the company build a risk profile.

Social Security Number: This provides access to public records — and your credit report. Many auto insurance companies will use your credit history as a factor in setting your insurance premium.

Car details including make and model, year, miles driven each year, and the primary purpose of the car (commuting, business, pleasure): Auto insurance companies use this information to set rates. If your car has an anti-theft system, and safety features, you might end up with a lower rate.

Driving history: Basic information about when you first got your drivers license, how many claims you have had in the last three years, and how many violations (tickets, DUIs) you have had in the last three years is used to determine whether you are likely to cost the insurance company money.

All of this information is fed into a formula that can spit out a rate quote based on your risk profile. Some companies will provide you a quote immediately, while others will ask for your email address so your quote can be sent to you later. Others will ask for your phone number so that an agent can call you and talk to you about your quote.

Where to Find Auto Insurance Quotes Online

Pretty much every insurance company web sites will provide you with free quotes online. Additionally, there are aggregators that can provide you with comparisons – you enter your information only once, and then you receive a list of quotes.

Here’s a look at some of the sites we checked out that give you pretty quick insurance quotes:

Allstate

Allstate Quotes

21st Century

21st Century Quotes

GEICO 

GEICO Quotes

State Farm

State Farm Quotes

Travelers

Travelers Quotes

 

After getting your online quote, you can decide what to do next with your auto insurance.  Best case, you might find that you already have the best deal, which makes it easier for you.  If you’re current rates are pretty close to the quotes you get then you have to decide if the savings are worth making the switch. Of course if you find out that you’re paying more than what seems to be the market rate then it’s probably worth your time to investigate further and see how much you can save.

 


American Express Daily Wish Deals

American Express Daily Wish

American Express card holders can take advantage of a deal site sponsored by American Express called Daily Wish. We pointed it out as part of the credit card promotions list but this will give you a little more detail.

You can register for the site for free with any American Express credit card. Once you sign up for the Daily Wish program, you have the chance to buy gift cards and products at big discounts.

How Daily Wish Works
First, you register your American Express credit card at the Daily Wish web site. One thing to note, if you want to try for the deals on two different computer (ex: work computer and home computer) you’ll need to register your card on both computers.

There are two ways to keep up on what deals American Express is offering.  If you signup for weekly alerts you’ll get an email on Monday listing the deals for the week.  The deals are usually posted on Tuesdays, Wednesdays, and Thursdays.  If you don’t want the alert email, you can just check out the website on those days to see what’s available.

Here’s an example of one of the gift card deals that’s been featured on the Daily Wish site:

American Express Daily Wish

If it’s something that you’re interested in, click the “I Want It” button.  Each deal goes live at a certain time specifcied on the site. If you click “I Want It” before then you’ll see a message somethign like “Oops, you’re too early! We know you’re excited, but it’s not time yet! Sign up for the Weekly Alert and get sale times before they’re revealed on the site.”

Winning Daily Wish Deals
There are some pretty good deals on the site and the quantity is limited so not everyone will get the promotional deal.  Sales also start at certain times, so you will need to check with the time noted at the upper left of the deal’s picture. Sales start at different times, so you need to be prepared. There is a slideshow to the right of the main deal that shows you related deals happening at the same time.

As mentioned earlier, Daily Wish allows you to look ahead to deals that are coming the next day — and the next week. You can then ask for reminders so that you are notified at the beginning of the sale. Weekly alerts about upcoming promotions are also available. This can improve the chances of your getting getting the deal you want.

If you are able to get the deal, make sure you use the American Express card you registered with the site to pay for it so you’re eligible for the deal.

Example Deals

Here are some of the deals that have been offered in the past:

  • $100 gift cards when you spend $50.
  • Get $75 back when you spend $150 or more.
  • $100 gift card when you spend $200.
  • Products for 50% off retail.

Some of the best deals go quickly, so you have to really be fast if you want them. This is especially true of desirable and generous promotions that may only have 25 available. Some promotions are only available to the first three or four people! This ratchets up the competition.

Bottom Line
If you have an American Express card, the Daily Wish program is probably worth signing up for. After all, it doesn’t cost you anything, and you can get access to great deals.

The main commitment with the Daily Wish is the time you spend waiting for the sale to start so you can pounce on the deal as quickly as possible. This can be reduced if you sign up for alerts, and if you check for the start time of the sale on the days that your preferred products and services are likely to go on sale. With fast fingers and a little planning, you should be able to save some bucks on things you would have bought anyway.


Groupon Coupons Review

Groupon Coupons

New Deal – $20 of books for $10 at Barnes and NobleClick Here

You’ve probably heard your friends or family members talking about Groupon deals or coupons recently – you may have even gotten a Groupon gift card for Christmas.

The local deals site is growing in popularity; Google actually offered to buy the company and similar sites like Living Social and Social Buy are popping up with daily deals.

I had been interested in Groupon and was keeping my eye out for any amazing deals. Recently, a local bowling alley offered a Groupon discount of what was equivalent to 50% off retail prices, and I bought. My wife and I will soon be enjoying 2 games of bowling a piece with shoe rental for only $10.

How can you get deals like these in your city? Read on.

How Groupon Works
For those not in the know, Groupon is an extremely popular group buying website. The company works with local businesses to offer big-time deals to the subscriber’s to Groupon’s e-mail list. (Getting on the list is free; you can also use their phone app.)

Local businesses use Groupon to offer amazing deals — only one deal per day for your area — in hopes that the massive number of users that get their e-mails will become customers.

To entice you to take the deal these businesses offer discounts in the 50% off range. You’ll see a lot of “buy a $50 gift certificate for $25” type offers to get you to physically come in to their local location and buy something. You save money by participating in the deals that are interesting to you. The only cost to Groupon is whatever you spend on their targeted offers. There is no subscription fee.

Best Groupon Deals Nationally

Groupon specializes in offering local coupons for businesses in cities across the U.S. but it has also partnered with national brands to offer amazing deals across the country.

The biggest of these deals by far occurred last year when Groupon offered $50 gift certificates to clothing retailer Gap for $25. How big of a deal was it? Almost half a million users snapped up the gift certificates for a potential savings of over $11 million, now that’s a lot of coupons.

They don’t offer these coupons regularly but when they do you might want to try and get in on it because they’re often a good deal.

Best Groupon Deals Locally

The beauty of Groupon is it connects local consumers with local small businesses. The business is taking a chance on potentially bringing in hundreds or thousands of new customers. Even if the discounts are sold at an expected loss the business can turn a profit by giving those customers an amazing experience and earning repeat business.

One of the best local deals offered was in the Chicago area: a local spa offered massages that retail for $84 for only $20. That’s a 76% discount, and 3,200 customers purchased the coupon. The shop had to add additional staff to cope with the new demand, but the owner is considering his first Groupon experience a success.

In my local market of Knoxville I’ve seen a similar deal from a spa: a $75 service was offered for $25. That’s a 66% discount and a heck of a deal if it is a service you would use even without a deal.

How to Sign Up for Groupon

Signing up for Groupon is simple.

Step 1: Visit the website and it should automatically detect your current city. (Note: your city is probably detected based on your IP address. If you are logged in from work it may show where your corporate IT connection is located.) If it detects the wrong city you can choose from the drop down box.

Step 2: Give Groupon an e-mail address you want the daily deals e-mailed to.

You’ll start receiving Groupon deals on a daily basis. You’ll need to create an account with a password and add a credit card if you decide to buy one of the deals. You can access the same account if you have a smartphone that has the Groupon app available to it.

Of course Groupon coupons are only a good deal if you buy deals you would have bought without a discount. Just because a local business is offering a 50% discount it doesn’t mean you need to purchase something every day. But if you can maintain control of your spending it’s a interesting concept that’s kind of fun and can save you money.


Turbo Tax Review 2010

Turbo Tax Review

I’ve used Intuit’s TurboTax to file my income taxes for the last five years. During that time, I’ve used a few different versions including the desktop and online versions of the software. I like the online version the best, and currently use the TurboTax Home and Business to handle my business filing needs. This year, I’m also going to give the TurboTax Business version a try to file taxes for my multi-member LLC.

Thanks to contributing writer, Debbie, for sharing her experiences with TurboTax.

TurboTax 2010

Of course, one of the benefits of using TurboTax software is that it’s updated with the latest tax laws. Here are some of the changes that were incorporated for 2010:

  • Standard deduction for real estate taxes has been eliminated.
  • Phase-outs for itemized deductions and dependent examptions have been removed for the next several years. 
  • Standard deduction for new car purchases was not renewed.
  • Unemployment benefits are now 100% taxable.
  • Health insurance premiums reduce income for self-employment tax purposes on Schedule SE in 2010.
  • Form 5405 may be required for partial repayment of the Homebuyer Tax Credit.

TurboTax Free Trial

One of my favorite features is the ability to start using the online version for free. You can create an account on the website, and start entering your information as if you were going to use the software to file.

Just entering information doesn’t mean that you will have to use TurboTax to file your taxes. This let me try it out to see if I would like it before I had to make a decision to pay and use the software to actually file.

TurboTax e-File

I always use the e-file option, because if I’m owed a refund it helps me get it much faster than if I was to print and mail it. The IRS confirms receipt of the tax return within 48 hours, and the refund is processed in about 8 days. Federal e-filing is included in the price of your choice of TurboTax software – but if you want to e-file your State return, you may have to pay additional depending on where you live.

TurboTax Interview

When I first started filing my own taxes I didn’t know much about it. TurboTax literally takes you through your information one step at a time, telling you what information you need to gather and how to enter it into the software. The software handles all of the actual math and inserting your answers into the appropriate IRS tax forms.

I always go through every section possible, even if I don’t think it applies to me, because I’ve been surprised a few times at deductions I can claim that I would have skipped otherwise.  You don’t have to complete your information all in one sitting, either. You can save your progress and come back to it at a later time if you run out of time or just need to take a break!

Tax Software Challenges

One thing I had trouble with in previous years was finding a specific section to enter information. For example, I wanted to make adjustments to my home office expenses after I had already finished that section, and I had a really hard time finding it. I think for new users of TurboTax, it can be a challenge to navigate around through the sections to find a specific area.

I don’t think Intuit has made any changes to this, but I noticed this year when I went back to enter information I skipped over my first time through the process, it was a lot easier for me to find it. I’m guessing this is due to my experience level with the software now, rather than a change to the software itself because everything seems to be working the same as it has in previous years.

Tax Questions

If while you’re entering information in TurboTax there is something you don’t understand or a question that isn’t answered, you can use the Live Community feature to get help. There are a few options for getting assistance – an interactive agent, a community forum where other users of TurboTax answer each others questions, and a live phone call with a tax expert.

If you choose to make a phone call to a tax expert, it will cost $29 for 20 minutes – but chances are your questions can be answered through the interactive agent or community for free.

Tax Audit Check

I love that when you’ve finished entering all of your information, TurboTax runs a “check”. It will look at everything you’ve entered to see if there are any discrepancies or obvious errors and then takes you to that section within the software to make corrections.

It will also let you know what your audit risk level is based on the information you’ve entered and give you opportunity to purchase optional audit risk insurance. If you purchase the audit risk protection and your return is audited, TurboTax will help you understand why, and help you gather the information you need to provide to the IRS.

Hopefully this TurboTax review was helpful if you still haven’t filed your tax return yet this year and are considering tax prep software. Good luck doing your taxes!


Organizing Your Finances – Farnoosh Torabi Interview

Keeping your records organized is an important part of keeping your personal finances straight.  We use online bill pay for all our recurring bills and charge most everything else on a cash back credit card.  We use the Blue Cash card not only for the cash back but also because it gives us a nice downloadable history of everything we spent our money on.

Yet, even with most of our billing and payments made electronically we still have receipts, tax forms, health savings account documents, etc to organize and track.  So last week I spent a few minutes with Farnoosh Torabi, personal finance journalist and author of “You’re So Money” and “Psych Yourself Rich“, chatting about ways to organize our personal finance related documents, offline and online. 

Farnoosh is working as part of a get organized initiative which she introduced on her site:

“I’ve recently teamed up with Office Depot to conduct a survey of 1,000 workers to find out how well they manage to stay organized throughout the year. While 93% said they feel being organized improves performance (like locating important documents, filing taxes and paying bills on time), 81% admitted to keeping a disorganized workspace”

As I mentioned, I spoke with Farnoosh last week about organizing our personal finances and had three questions on the topics of:

1) Organizing your documents digitally
2) Software you can use to help organize & backup
3) Health savings account documentation

I haven’t done many real-time recorded interviews so I wasn’t perfect in my question asking but Farnoosh handled it well, many thanks to her for answering my questions!  Check out the video below:

 


Frozen Pipes Roundup

Frozen pipes can be one of the hazards of living in the Midwest in the winter.  There’s a huge snow storm making it’s way into the heartland, to be followed by an “arctic blast” of freezing cold temperatures – as the weather people love to call it.

Here are some tips our water company gave us to help deal with and prevent frozen pipes:

  1. Locate your main water shutoff value in case of an emergency
  2. During extremely cold temperatures, leave doors on cabinets with water pipes open and leave a trickle of hot and cold water running in several faucets
  3. If leaving for a few days, keep thermostat above 55 degrees and consider closing the main shut off valve and draining water pipes
  4. If pipes do freeze or burst, leave faucets on, shut off the main, and call a licensed plumber

I always do #3 when we go out of town during the winter, don’t want to come back to a huge water mess in the house.  Anyhow, for those of you trapped inside during the upcoming blizzard, here are some personal finance articles for you to read:

Retirement

Personal Finance

Taxes

Thanks to Bett and Greg for including my contribution Best Gym Membership Deals to this week’s Carnival of Personal Finance over at Control Your Cash.


TradeKing Promotion + Taxes & Mobile Apps

The TradeKing promotion they’re running this month is ending soon.  It’s pretty similar to bonuses the discount broker has offered in the past – open a brokerage account and make a trade – and they deposit a $50 bonus into your account.

Stocks and Taxes

When I was on the TradeKing site looking for more info about the promotion I was reminded of the tax software they offer to investors called Maxit Tax Manager.  Maxit is made by Scivantage and is the same tax software that Vanguard uses for real-time analysis of capital gains and losses for investments.  The cost basis and tax reporting tool comes in pretty handy this time of the year as tax season approaches.

Mobile Trading, Charts, & News

I don’t have an iPhone so I haven’t been able to test it out but I also saw that TradeKing has an iPhone and Blackberry app you can use to access your account on the go.  I’m not a super-frequent trader so I don’t know how much I’d use the trading option but it would be cool to see news and quotes on your investments just to see what’s going on with them.

Looks like there will also be a TradeKing Android and iPad mobile app coming soon as well.  Like I said, smart phones aren’t in my budget right now, so I haven’t accessed TradeKing mobile but here’s what you can do:

  • Trade stocks and options
  • Check account activity
  • Get quotes and charts
  • Track the news

I guess things like mobile access and easier tax tracking are some of the things that earned them top marks in customer service in SmartMoney’s last online broker review.  If you want to check it out, the promotion for new members is over at the end of the month.  There is no TradeKing promotion code this time, instead you have to sign up through the promotion link to earn the bonus – Click Here for Bonus.


Best Tax Breaks 2011

A new year is underway and that means that the tax return deadlines are getting closer. Many of us are figuring up what we owe on our 2010 taxes, and trying to decide how to do things for 2011. Some of the common evergreen tax breaks include a mortgage interest deduction, deductions for charitable contributions, certain retirement plan contributions, and tax credits for earned income and for child care.

During tax year 2010, there were some tax breaks that included green home improvements, homebuyer tax credits and the making work pay tax credit. These are tax breaks that, if you are eligible, you should make sure you are taking now.

But it is also a good idea to plan for what tax breaks you can consider in 2011. Even if you take the standard deduction this year think ahead to the other deductions you might qualify for in the future – and whether they might make itemizing worthwhile. 

Your evergreen tax breaks, like mortgage interest, certain retirement contributions and charitable donations, should be considered. But you should also plan for some other tax breaks that will be offered just this year:

Energy efficiency tax credits: While not as generous as the tax credit in 2009-2010, the new tax credits for 2011 can still provide you with a tax credit when you buy new windows, insulation, water heaters and biomass stoves.  While requiring a bigger expenditure, the tax breaks from the residential energy efficient property credit for installing solar, wind, or geothermal systems are worth 30% of the amount spent.

Social Security tax break: The payroll tax cut means you are seeing a reduction in what you pay in Social Security taxes. For the self-employed, this means that you will need to remember to figure in the reduction for the “employee” portion of your Social Security taxes (not the “employer” portion).

Child tax credit: This goes down to $500 for tax year 2011. But for tax year 2010, you still get $1,000. Tax year 2011 will also see reductions in child care tax credit and changes to the way the Earned Income Credit is figured.

Student loan interest: The rules for student loan interest will change in 2011. Don’t forget to take your deduction for student loan interest paid in 2010. Starting in 2011, the interest is only deductible for the first 60 months of repayment, and there is a phase out.

Commonly Overlooked Tax Deductions
As you consider 2010, think about what you spent money on — and whether the expense could be tax deductible. One way to make sure you don’t miss anything is to use tax prep software like Turbo Tax or some of the other top tax software packages.  As you begin tax planning for 2011, remember these deductions so that you can save the proper documentation you need for your federal tax forms – here are some commonly overlooked tax deductions:

Medical expenses: You know you get a tax deduction for contributions to your FSA or HSA. However, you can also get a tax deduction for medical expenses, non-reimbursed and not covered by your health insurance plan. You can itemize these as long as they amount to at least 7.5% of your AGI. (That threshold increases to 10% in 2013.)

Moving expenses: This is an above the line deduction that can help you reduce your AGI. If you move more than 50 miles to start a new job, you can deduct your moving expenses and many of the travel expenses associated with moving your stuff.

Job hunt expenses: As long as you are looking for a new job in the same career field, you can deduct the cost of resume services, travel to interviews, and career coaching that you might get.

Taxes paid elsewhere: Don’t forget that there are tax deductions for taxes you pay to other entities. You get a deduction for property taxes paid, as well as for state/local income tax. If your state doesn’t require you to pay income taxes, you can get a deduction for the sales tax you paid.

With the right planning, you can get ready for another year, and reduce your tax liability.



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