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Tagged With "filing taxes"

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Re: Is Your Life Taxing?

Lisa Eichinger ·
I also have been doing my own taxes for well over 20 years. It's a money saver if you know what you are doing. This up coming year will be a bit different due to tax changes but probably simpler for those who know how to do them.
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Re: Is Your Life Taxing?

Briana ·
What tax changes will be different this upcoming year @Lisa Eichinger ?
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Re: Is Your Life Taxing?

Lisa Eichinger ·
There are no more exemptions for each person, the standard deduction has increased, the tax rate has decreased, and W2 employees can no longer deduct unreimbursed work expenses, to name a few.
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Re: Is Your Life Taxing?

Briana ·
Thanks for sharing, I wasn't aware of some of these!
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Re: Is Your Life Taxing?

Lisa Eichinger ·
My pleasure! I prepare taxes as a second job so I have to keep up the changing laws
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Re: Is Your Life Taxing?

Wen Dee ·
In Florida and maybe other states AARP offers free tax prep/filing for anyone in the community. We have used this service for years.
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Re: How Do You Do Your Taxes? Yourself or Someone Else?

Melinda ·
My taxes are kinda complicated with investments and multiple streams of income, however I still do them myself with Turbotax...
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Re: How Do You Do Your Taxes? Yourself or Someone Else?

Moore Income ·
I have personally shyed away from TurboTax because every time I have started using them they wanted to add on fees for different things. Have you found this to be the case or is it worth the fees?
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Re: How Do You Do Your Taxes? Yourself or Someone Else?

Briana ·
@Lisa Eichinger may have some good insights for you here!
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Re: How Do You Do Your Taxes? Yourself or Someone Else?

Lisa Eichinger ·
I do them myself.
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Re: How Do You Do Your Taxes? Yourself or Someone Else?

Briana ·
Yes, I remember. I was wondering if you had any advice for @Moore Income about where he could go to get them done?
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Re: How Do You Do Your Taxes? Yourself or Someone Else?

Lisa Eichinger ·
Sorry. @Moore income: turbo tax and H&R block are still good places to do taxes on your own cause they will walk you through everything online. It will generally be up to you if you want to pay to get them done and how much you are willing to pay. Credit Karma also offers free tax filing if you have an account with them. Even with the changes in your life in the past year, it won't make things too difficult in the tax aspect if you decide to do them online by yourself.
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Re: How Do You Do Your Taxes? Yourself or Someone Else?

Briana ·
No apology necessary, thank you so much!
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Re: How Do You Do Your Taxes? Yourself or Someone Else?

Moore Income ·
@Lisa Eichinger Thanks for the clarification. I was hoping that would be the case but wasn't sure.
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Re: How Do You Do Your Taxes? Yourself or Someone Else?

Jeff ·
I have used H&R Block to do them myself for over a decade, after experiencing the additional fees with Turbo Tax that you mentioned, makes it accurate. Before those programs, I used a CPA for my businesses and he plugged in the numbers and charged a fee, was disappointed with what I got back and double-checked everything. They don't always ask questions as to why you did something and/or how you used it, which cost me a ton of time to redo my tam and get quite a bit back. (Ex: I bought...
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Re: How Do You Do Your Taxes? Yourself or Someone Else?

Lisa Eichinger ·
That unfortunately is the case for a lot of people. I am one of the few that asks questions and wants to know what other business expenses they had that they didn't know could be deducted like bills for a shop they own, etc.
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Re: Is Your Life Taxing?

FreebiePharm ·
I have only ever done my own taxes. IRS website has great resources if you need assistance and I pay a minimal fee for Turbotax for extra guidance.
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Re: Is Your Life Taxing?

Bonnie Squires ·
thank you for the info
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Re: Who taught you your most important money lesson and what was it?

Bonnie Squires ·
Once I get my tax return I putting a good amount of money in the bank. Once I get a bill from my old place paid off than that will go into the bank account it wont be much only $10 a week but that an extra $40 a month in the bank.
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Re: How Do You Do Your Taxes? Yourself or Someone Else?

Bonnie Squires ·
Last year my son did mine. This year i did my own with turbo tax. they all so have a free one threw turbo tax that my son did for his brother this year.
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Re: Payday loans - essential or evil?

Vivienne Stephen ·
These loans are absolutely predatory and evil. They are concentrated in poor minority neighborhoods to take advantage of people who historically, have little or no access to credit. They are yet another tax on the poor. I include the rent-to-own stores and the buy-here pay-here car lots in that category as well.
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Re: Tax Return and Tax Reform

Moore Income ·
I have been dreading doing my taxes this year... I started doing them on Tax Act and when I filled out the main info for my wages, it calculated a decent return for me. But I chose "married filing jointly" since I got married in July of 2018. When I added my wife's income, my return dropped to $600 owed in taxes. I didn't have health insurance last year and my wife only had it part of the year. Is this the reason it changed to taxes owed? Would you know why it would drop like that? Would it...
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Re: Payday loans - essential or evil?

AnnieB ·
Payday loans prey on the poor and minority population. They are evil. Source: I used to work for one. Quit the job because I could no longer live with myself. We were taught to battle objections for paying back the loan. We had an entire BINDER on collections practices. I have seen employees take checks to the bank to convert the check to a cashier's check when clients did not come in to pay the loan. I have seen employees who would ask the questions of bank tellers, "Is this check good? If...
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Re: What is the Best Homeowners Insurance?

Bonnie Squires ·
MINTJULEP I'm buying this home its small. the house is 700 square feet the yard is 300 square feet. The owner got the outside insured and that was with 3 dogs. Plus the tax on the place is $50 to. We pay every thing and have to fix any thing that breaks to. I'll own this house in 10 years.
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Re: Starting your own business

mintjulep ·
We've had a home business for almost 20 years, by choice. There are definitely advantages and disadvantages, just as if you work for someone else. We prefer to have our own home business and we've really never questioned it. There is a lot of homework regarding employees if you plan to hire, insurances including general liability, professional liability and workman's comp. I would also prepare by talking with a CPA because your income tax structure is different for self-employed than it is...
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Re: 401k contribution

Moore Income ·
I know for a fact there is a savers credit for contributing to a ROTH IRA. My tax preparer was saying it only was for contributing to a traditional IRA but I did my research and was able to take advantage of it to not have to pay in at all to federal taxes. (I even got a few bucks back!) It depends on your income situation for the savers credit. For a traditional IRA, there is something but I am not well versed on exactly how that works. I would just recommend doing a little research to see...
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Re: What's the best way to teach kids about money?

tg ·
When my son (now 32) was 2 he was constantly asking me to buy things at the checkout (candy and junk at kids eye level.) I solved it and helped him learn about money in one swoop. We gave him an allowance - $0.50 a week. To earn that he had to do one age appropriate chore (which he picked and agreed to do.) Other chores around the house were also done, "because he was part of the family." Each week he received his allowance and had 2 piggy banks, he had to deposit a quarter into each of...
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Re: SAVING MONEY ON A FIXED INCOME

Nicole ·
My situation is different but our goals are very similar. Our income was cut in half & our expenses increased when I became a stay-at-home parent to our son with medical issues. I called our service providers (ask for customer loyalty or retention) and was able to lower most of those bills or eliminate services that we truly didn't need. I grow fruits & veggies in the backyard. Even with an apartment patio, you can have a tomato plant, herbs, strawberries in pots, etc to enjoy (and I...
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Re: Roth IRA or Traditional IRA

Nats1488 ·
It depends on your goals and needs. One is taxed at withdraw, one isn't and both have different tax benefits. I would recommend asking your accountant. Happy saving!
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Re: Roth IRA or Traditional IRA

mintjulep ·
Agree with Nats1488, not a simple answer. I did a standard IRA because the Roth was not in existence at the time, but I think thru the years I would have made the same choice. My income was strong at that time so needed the tax break then. I'm just this year starting the RMDs of a standard IRA and I'm in a much lower tax bracket in retirement than I was while working. So, tho I'll pay taxes they will be less than if I'd had the choice of a Roth available. Both have pros and cons.
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Re: Roth IRA or Traditional IRA

Robin Hartill ·
Great question, Rosalina! The main difference boils down to taxes — specifically, when you want to pay them, because we know Uncle Sam’s gonna get his cut. :-) If you want to lower your tax bill now, consider a traditional IRA because you can deduct your contributions now, but you’ll pay taxes when you withdraw the money. With a Roth IRA, you contribute money you’ve already paid taxes on, hence, no tax break now — but the money is all yours tax-free in retirement! Another advantage of a Roth...
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Re: Roth IRA or Traditional IRA

Rosalina Montellano ·
@Nats1488 @Robin Hartill @mintjulep Thank you very much!! I understand the difference now! Because of my current income, I believe going with a traditional IRA would be best, at this time. I no longer have dependents, so the tax break would be great!! Thank you!!
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Re: Small Business Tips & Tricks

mintjulep ·
So much advice..........and I recommend speaking with a CPA to get the most updated advice because profit has to occur at some point to remain a business. Lots of tax rules and awakenings if you've never owned a buisness. If that base is already covered, just keep track of every penny coming in and going out. New business owners often cannot pay themselves for quite awhile so make sure you are prepared. You said your business was going to be a specialty business, so staying on top of trends...
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Re: Instacart

Woz ·
I've been doing Instacart for about two years. My honest review: + Schedule flexibility. + No people (just groceries) in my car. + Most people tip well, especially on rainy days. + DEFINITELY rounds out the budget - cash-flowed a trip to Disneyland two years ago and I've paid down $8000 in debt over the last year. + I commute over an hour to my primary job, so picking up a batch or two on my way home makes my commute (gas and tolls) tax deductible. + I make enough from my primary job to not...
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Re: Can I buy a home with student loan debt?

James Hargrave ·
Hi Tiffany, Cons: Purchasing a residential house is not an investment. It requires a loan, tax, insurance, & maintenance (less than 20% down, you will pay additional for PMI). It ties you down in one spot making location changes more difficult. The general rule is you need 5 years of payments to break even in most markets. Keep in mind Real Estate agents are going to take around 6% to sell your property. Pros: Higher quality of living. Over the long term builds in equity that can...
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Re: What happens to my FSA if I leave a job?

sthom ·
Your HSA goes with you when you leave your job. I have an account and use it now in semi-retirement, and am so grateful that I have it as I had surgery in May and still suffering complications. It really helps with extras that Medicare and my Medicare Supplemental Plan won't cover. For example, I was recently diagnosed with lympomedia (sp) as a result of the surgery, and I use the account to buy things the physical therapist requested such as leggings for circulation, special lotions and...
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Re: to buy or to rent?

Theodora ·
If you're in a position to buy -- it's absolutely worth it because of the equity you will be building and the tax advantages.
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Re: to buy or to rent?

Mo ·
I would consider buying. One for the tax purposes and equity. Hopefully, the house will increase in value and you will make money on the sale
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Re: My debt

Ray Taylor Tetreault ·
Hi Kealie... the potential amount of debt for any person, normal or not, can exceed his or her personal and/or business debts to the point that it affects any cosigners or investors along the way. There are so many possible debts for a "normal" person limited usually only by their credit scores... mortgage debt, student debt, IRS tax debts, vehicle debt, consumer /personal loans and / or credit card debt, lawsuit debt, child support debt and I'm sure that I'm missing a few other types of...
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Re: 3rd Kid Coming; Should I buy a bigger home?

mintjulep ·
I would start with one question. Of all the things you own, which other one has appreciated 75K in 12 years? Any thoughts of keeping that home, purchasing one nearby and allowing your Mother to live or rent your current home from you? With your annual income, Uncle Sam is likely getting a fairly healthy good bite out of that. I happen to be a proponent of real estate acquisitions for investment, but I also readily admit it is a lot of work and can be a challenge. Without knowing the current...
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Re: 3rd Kid Coming; Should I buy a bigger home?

mintjulep ·
2.1% seems a bit shy to me too, but if you become interested in either selling or renting, I would recommend setting appointments up with 2-3 real estate agents who do a lot of business in your immediate area, that being either your immediate neighborhood or community. They can do a comparative market analysis and most do it without charge in hopes they will obtain your business, selling or buying. If you decide to keep the house and lease, the analysis will also give you a good base line...
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Re: Traveling All 50 States On a Budget

AverageJoe ·
@MsKimberly I have two nieces, one is married with no children, and the other is not married and has two children and a sister in law who live in the Pittsburgh area. My wife had her sister there and the other one in Union, SC. In the 35 years we've been married, my wife and I have NEVER gone to PA. We neither one found it appealing. We're not saying the state is bad, but we just never had good luck there. My sister in law has stayed there because that is where her daughter and grandbabies...
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Re: Traveling All 50 States On a Budget

AverageJoe ·
@MsKimberly My cousin just moved to NC this year to help care for her mother who is suffering from dementia. She lived in a suburb of Philly for 15 years. She loved it there, had her own business and was very happy living there. She didn't LOVE it at first, but it became home to her. She was raised in Terre Haute, IN where my uncle was a professor at Indiana State University. I once almost moved my us to PA, but I was told there was some kind of tax people had to pay to work there. It was a...
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Re: Traveling All 50 States On a Budget

MsKimberly ·
They do take taxes out of your pay. I love Philly, but would not want to live in the city. Surely, the suburbs would have less crime. That sounds like a fantastic idea--making knitted items and giving part of the funds to St. Jude. We have lost family members to cancer, too. My mom died from lung cancer. No, Mechanicsburg is not a suburb of Pittsburgh. Harrisburg is the capital of Pennsylvania. There are what we call the East Shore and the West Shore. The East Shore are the suburbs right in...
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Re: January No Spend Challenge

AnnMarie L. ·
Yay Dboothe! That’s great! I’ll do it and will report how much $$ I’m NOT spending. We got hit with a big tax bill and medical insurance costs so I’m motivated. And having the support of this group will help too.
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Re: January No Spend Challenge

dboothe ·
ANNMARIE L, I am so impressed that you made a spreadsheet in October. That was great planning ahead. I am a senior citizen and struggle doing anything but minor computer emails, posting on groups, paying bills. My main problem, that REALLY worsened in December was eating out. I am tired of planning and cooking and the clean up. There are only two of us and occasionally my grandson to feed. I already slipped up slightly. I had a $10 credit at Pizza Johns and yesterday 1/3, I used it to get a...
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Re: Selling handmade jewelry

mintjulep ·
Your jewelry looks well made and it beautiful. I hate to be a "downer" but there are thousands of people on Etsy selling jewelry similar to your style. To add to the concern, Etsy, Ebay, Amazon.......all the online venues......are requiring the collection of sales tax throughout the US as of 2019. It's almost impossible for a seller to stay on top of the various sales tax collected by states, counties, cities, etc. Etsy and Ebay are collecting it for you, but you must keep an accounting...
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Re: Future home and retirement

KellyFromKeene ·
I purchased a condo a few weeks ago. I too, was tired of paying well upwards of $1000 (me and 2 children) for an apartment. I was looking at mobile homes but the park rents are all about $600. I knew I didn't want to buy on my own land because I didn't want that kind of maintenance. I found a condo that, even with the monthly fees, is $300 less than my rent. It's not luxurious, but it is certainly suitable for my family. I had been saving for about 7 years, every tax return, etc, for a down...
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Re: Reloadable pre-paid debit card

JaDawn ·
There are several ways that you can add money to your PayPal Prepaid MasterCard: Direct Deposit: Direct deposit is the easy and free way to add all or part of your pay check or government payment to a PayPal Prepaid Card. You must enroll in direct deposit in order for your card account to receive these electronic deposits. LEARN MORE NetSpend Reload Network: Our reload network is nationwide. There are more than 100,000 convenient locations where you can add money to your card account. It's...
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Re: Inheritance

Gretchen Mann ·
I'm so sorry that these times are so difficult for you and your husband. I have some suggestions. Your credit card debit probably has the highest interest rate. I would pay this first and pay it off entirely. Your home mortgage will qualify tax deductions, so this is the last loan to pay off. The emergency fund is also very important to do at this time. Six to twelve months of emergency funds in a liquid vehicle would be appropriate. In view of this, you might want to beef up your emergency...
 
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