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Pick Your Correct Tax Filing Status To Minimize Taxes

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Selecting your tax filing status is one of the first key steps in filing your federal tax return. Choosing the right status is extremely important because it can affect your filing requirements, standard deduction and eligibility for certain tax credits/deductions. In certain situations picking an incorrect filing status can make the difference between paying taxes [...]

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2011 Expiring Tax Breaks. Which Ones Will Be Extended into 2012?

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With 2011 drawing to a close, a number of popular and widely leveraged tax breaks are set to expire. A number of these may be extended into 2012, but with Congress in seemingly continual gridlock you can never know for sure. The best thing to do is plan as if the tax breaks will expire; [...]

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Bank of America Withdrawing $5 Debit Card Fee – Power to the People as Free Checking Accounts Return!

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You can tell that the tide of corporate sentiment is shifting when one of the nation’s largest companies changes course following customer outrage and the growing anti-Wall street movement. Especially when this company is a bank that has historically acted with impunity around bank fees. A person familiar with the bank’s plans, said that Bank [...]

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Adjust or Change Your Paycheck Tax Withholding (W4) After These Personal and Financial Life Events

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During the year many people have personal and financial life changing events that can affect how much they pay in taxes. But they often forget to adjust their income or paycheck tax withholding to cater for these events. This means they ending up owing taxes and associated penalties when filing; or missing out on extra [...]

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IRS Errors and Economic Stimulus Refunds For Home Buyer Credit and Overpayment of $250 SSI and Making Work Pay Tax Credit

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The IRS has officially admitted that they are having issues with processing some of the most popular economic stimulus payments that the Obama administration has handed out over the last few years. In particular, the many versions of the first time home buyer credit, each with different eligibility and income rules, has made tax time [...]

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Teaching Your Kids How to Care For Cash and Manage Their Personal Finances

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As adults, we’ve seen what a lack of financial knowledge does to managing our finances. That’s why we need to teach our kids early on how to care for their cash, so they are less likely to make the financial mistakes that we did. If you don’t talk about money, lessons learned and how to [...]

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No Preset Spending Limit or Reward Credit Cards: The Excellent Credit Debate

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What does No Preset Spending Limit (NPSL) mean to you?  Many consumers, normally with excellent credit, take this popular credit and charge card feature to mean “no limit.”  They think that NPSL products—such as the charge cards offered by Chase and American Express as well as Visa Signature credit cards and World MasterCard credit cards—provide [...]

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2011 & 2012 Paycheck Changes: Payroll Tax Credit Extension

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[Updated Dec 2011] There is a fierce political debate going on in Congress to extend the payroll tax credit and unemployment benefits into 2012. The payroll tax credit which cuts 2% of an employees social security taxes for a saving of up to $1000, affects about 160 million Americans and is the biggest bone of [...]

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2011 Employee 2% Payroll Tax Cut Holiday For Social Security and Medicare. Making Work Pay Credit Not Extended

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As part of bush-era tax cuts extension legislation (Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010), a number of new tax breaks were made available. One was a temporary one year cut in employee payroll taxes, which funds Social Security and Medicare, of 2% during 2011. The current rate is 6.2%, which [...]

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How Your Financial Life Will Change After Marriage – 7 Important Money Matters to Consider

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So you’re getting married? Congratulations! Decisions about churches, colors, the bridal party, and which family/friends to invite often become choices that take center stage but there are other, less glamorous considerations that have a much longer lasting impact. Those considerations involve financial matters. While the most common subject of marital conflict is money, premarital counseling [...]

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Updates: Claiming Home Buyer Credit Extension, Small Business Loans and Tax Breaks Plus $250 SSI Payment

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I wanted to provide a few updates on some of the more popular topics on this site given recent developments. You can click on the topic header to get more details. Home Buyer Tax Credit Extension (again) and Claiming It : One of the most popular topics on this site, the many articles I have [...]

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10 Ways To Get Out Of Debt Starting Now

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Debt is as American as apple pie. It is estimated that 80% of Americans live with debt and that includes $8 trillion in home mortgage debt.  Many of us go to work every day simply to pay for products or services that we’ve already received. We can’t help our children with college, fund our retirements, [...]

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