Tax Law – 2009 Taxes - Free Tax Filing Options

Category Archives: Tax Law

What About Romney’s Offshore Tax Havens?

January 30, 2012 – 11:50 am

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

By Steve | Also posted in Retirement Savings, tax deductions, TurboTax | Tagged Bain Capital, Cayman Islands, Hong Kong, internalrevenueservice, Mitt Romney, Reuters, Romney, tax, Tax haven, TurboTax | Comments (0)

Essential Tax Tips for Freelance Writers

January 15, 2012 – 9:46 pm

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

By Steve | Also posted in Tax Preparation, Tax Relief, TurboTax | Tagged essential, freelance, Freelancer, Itemized deduction, January, Small business, tax, tips, TurboTax, Writer, writers, Writers Resources | Comments (0)

When is Borrowing from Your 401k a Good Idea?

November 21, 2011 – 12:46 pm

While many financial experts claim you should avoid borrowing from your 401k as much as possible, it may be your only financial life line in certain situations. Because so many people often don’t have enough or anything at all saved toward retirement, financial experts claim you could be setting yourself up for financial disaster when you are ready to retire. On the other hand, depending on your situation, it may make sense to borrow.

If you have considered other financial options such as borrowing from friends, family or home equity line of credit, a loan against your 401k may be … Read more at 2009 Taxes

By Steve | Also posted in tax credits, Tax Preparation | Tagged 401k, borrowing, Business, Credit card, good, Home, idea, Loanword, Personal finance, retirement, United States | Comments (2)

Fee Based Investing Versus Traditional Investing

October 25, 2011 – 10:50 pm

Today many people have become very skeptical about the current market and economy when it comes to saving for retirement. In fact the market seems to have become very volatile over the last few years and some are wondering what they could do to protect themselves today. While you can’t control what the market is going to do you can control where you invest your money and the fees that you pay and in this article we’re going to see which is better fee based investing or traditional investing.

The Traditional Way To Invest

For most people we invest our … Read more at 2009 Taxes

By Steve | Also posted in Retirement Savings, tax credits, tax deductions, Tax Preparation | Tagged based, Business, fee, Funds, Individual Retirement Account, Invest, investing, Investment, money, Mutual fund, Mutual fund fees and expenses, traditional | Comments (1)

Tax Carnival Ecstasy – October 25, 2011

October 25, 2011 – 3:42 pm

Welcome to the October 25, 2011 edition of Tax Carnival Ecstasy. In this edition of the Tax Carnival Ecstasy we have a number of great articles from different financial blogs. Roger White starts us off with 401k Contribution Limits in 2011 and 2012, for those looking to max-out their retirement savings. SteveR has a good post with What to Expect after Receiving an IRS Certified Letter, if you just discovered that you are being audited. And finally, Al Peters presents 4 Things You Should Know About Your Self Assessment Tax Return 2011. Hope you enjoy the material, bookmark, share, tweet,

… Read more at 2009 Taxes

By Steve | Also posted in Tax Preparation, tax returns | Tagged 2011, 25, Blog carnival, carnival, ecstasy, Internal Revenue Service, loan, october, roth ira, Solyndra, tax, Tax bracket, Tax Carnival Ecstasy, Tax Law, Technorati | Comments (5)

IRS Adjusts Rules on Innocent Spouse Requests

September 1, 2011 – 11:49 pm

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