February 8, 2011
Triumph Over Taxes
It’s that time of year again to gather crumpled receipts and W-2s. But with Uncle Sam giving you a few more days (April 18 is the deadline) this year, you’ve got more time to get your finances together.
“Try to file your taxes by the end of February,” recommends Amanda Steinberg, founder of DailyWorth.com. “It's always my goal. It means I really have time to investigate my return to ensure I've uncovered every deduction and filled out the forms properly with my accountant.”
Refunds are rising – the average 2010 tax refund was around $3,000. “Figure out your 2 percent payroll tax saving this year and be sure to add it to your 401(k) deferral,” suggests Mary Claire Allvine, principal at Brownson, Rehmus and Foxworth, Inc. Keep tax credits in mind when submitting: from 401(k) contributions, energy tax, first time homebuyer to education tax and
even mileage allowance, each one of those can get a little more money in your pocket.
Unsure about deductions or what to file? Allvine suggests using IRS.gov to download forms and find answers to tax questions. Plus, MSN’s Money Central gives you a step-by-step filing guide so you can get planning, get filed and get cash.
Want a bigger check next year? Consider switching to a Roth IRA, save your receipts from charity contributions, start your dream business or adjust your withholding at work.
Bonus PINK Link: Find out how “The Tax Lady” can help you save money.
Minute Mentor: Susan Nethero, owner of Intimacy, gives advice to entreprenuers and how to scale your company.
By Muriel Vega
"Did you ever notice that when you put the words 'The' and
'IRS' together, it spells 'THEIRS?'" Author Unknown