It’s true, the older you get and the more complicated your life gets, the more tax breaks you can claim on your tax return. But just because you’re young doesn’t mean you don’t qualify for tax deductions, credits, and other breaks. … [Read more...]
Retirement Saver's Tax Credit is a Great Benefit for Low Income Taxpayers
January 15, 2009 By
I just learned about the retirement saver's tax credit. If you qualify, this tax credit is definitely worthwhile. In a nutshell, if you fall under the income caps and contribute up to $2,000 to any retirement plan (401[k], traditional IRA, or even a … [Read more...]
Five Tips for Preparing to File Your Taxes
January 8, 2009 By
I have certainly been guilty of filing my taxes at midnight on April 15th, but as I get older and my taxes get more complicated, I can’t afford to wait until March to start getting my taxes in order. Here are five things I’ve found helpful to … [Read more...]
Quarterly Estimated Tax Payments: Who Needs to Pay Them, When, and Why
October 23, 2008 By
Finding out you owe federal income taxes at filing time is no fun, but did you know that the IRS can charge you interest and penalties if you don’t properly estimate (and pay) your taxes on at least a quarterly basis? If you’re self-employed or … [Read more...]
First-time Home Buyer Tax Credit Provides up to $7,500
August 20, 2008 By
Did you know that if you are an American buying your first home between April 9, 2008 and July 1, 2009, the U.S. government will give you up to $7,500 in the form of a federal tax credit? … [Read more...]
Saving Money by Avoiding Sales Tax
August 12, 2008 By
Sixteen states are offering sales tax holidays this August, providing consumers with a couple of days to shop tax-free. Should you take the bait? … [Read more...]
Donating Clothing? Beware For-Profit Drop Boxes
July 16, 2008 By
Donating your unused clothing makes a lot of sense; you can help out a charity like Goodwill or the Salvation Army while cleaning out your closet. You’ll even score a small tax deduction. But choose whom you give you clothes to carefully; … [Read more...]
Thanks for the $600, America: I'm Buying Euros
May 8, 2008 By
I just noticed that I received my $600 economic stimulus tax rebate via direct deposit today. While I am putting this money in my high yield savings account for now, I have to chuckle at how I'm really going to spend this money: on a trip to Europe … [Read more...]
Phew, 2007 Taxes Are Done
March 9, 2008 By
I just had an exciting Saturday evening with my stack of W2s and H&R Block's TaxCut Pro. I swear, I'm not actually so nerdy that doing my taxes is my idea of a good time, but it does feel great to have them done. (April 14th has often been a long … [Read more...]
Part-Time Entrepreneurs: Is Your Loss Deductible? Check the IRS Hobby Loss Rule
February 28, 2008 By
If you, like me, are a nine-to-fiver and a part-time entrepreneur, the IRS is not going to congratulate you for your hard work, but they will take their cut. Did your side-gig take a loss last year? You may be able to deduct that loss and beef up … [Read more...]
I'm David Weliver. At 26, I had NO savings and NO financial plan. I was maxed out, stressed out, and fed up. Then, I changed. I repaid $80k of debt, tripled my income, and bought a home. I'll show you how to get similar results. 