Despite the late start to this year’s tax season, refund checks are already rolling in. About 75% of taxpayers are expected to receive refunds this year, according to estimates from the IRS, with the average check coming out to about $3,000. As this winter windfall arrives, Americans wrestle with competing desires to spend, save, or invest the cash. Many people say they are being responsible with their refunds: 42% plan to use the money to pay down debt and cover bills and 25% plan to save it, according to a 2012 survey by TurboTax. Others are splurging: 15% of taxpayers…
Archive for February, 2013
The 10 Most Common Tax-Filing Mistakes
Posted on February 15, 2013 by Saldutti
Thanks to tax preparation software, more of us are making fewer mistakes on our annual tax returns. But still, just one slip in entering information on your computer could end up costing you, either in the form of a larger tax bill or a smaller refund. Even if a mistake – either on your computer or paper forms – doesn’t cost you cash, it could delay the receipt of any refund you’re expecting. To get exactly what you should from the Internal Revenue Service, as quickly as possible, look out for these tax-filing pitfalls from Bankrate.com. A few are new,…
Tax Advantages of Getting Married
Posted on February 14, 2013 by Saldutti
There are many good reasons to get married – true love and compatibility being among the best. No one would suggest that you tie the knot simply to acquire the tax blessings of the Internal Revenue Service. But the tax code does provide a few wedding gifts to those who say “I do.” Kevin O’Brien, a former University of Denver professor, Libby Fay, a certified public accountant, and Valerie Antonioli, a certified financial planner and investment adviser, offers these tips to Intuit.com for making the extended honeymoon a little sweeter when you prepare your tax return. For years, taxpayers complained…