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How much would you pay to get your refund 14 days sooner?
Storefront tax prep shops charge from $29 to over $100 for “rapid refund” loans or “instant refunds.” The benefit of the loans is that they get you your money faster. But unless you face eviction or...
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Track your carryforwards!
When somebody who has prepared their own returns hires a tax preparer, one of the most common ways the preparer will impress the new client is to obtain refunds because the client didn’t keep track of...
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Nine days, ten tips
With nine days left of tax season, including today, it’s worth looking at ten last-minute filing tips from our friends at IRS: 1. File Electronically – Consider filing electronically instead of using...
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Tax season ends a week from today – plenty of time to fund an IRA!
The traditional IRA is an often-overlooked last-minute tax saving device. Yes, there are limits to IRA deductibility, but it can be a no-brainer in some circumstances. You should be thinking IRA if: -...
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Got losses? Be sure to elect the carryback with your original 2008 return
See Update: IRS eases up on electing 5-year NOL carryback The new rules for electing a five-year carryback for small business losses has a nasty trap: you have to elect the credit not on the carryback...
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In a hole for April 15? Stop digging
So your return is done. You’ve gathered all the information, the numbers are crunched, and you’re satisfied that your 1040′s correct. There’s just one little problem. You owe the IRS money that you...
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Today’s tax tip: Happy Easter!
Today’s tax tip: stay away from taxes if you possibly can and enjoy the day. If tax tips brighten your day, then you can enjoy all of our 2009 filing season tax tips so far. More tomorrow!
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Extensions: when procrastination is wise
It’s serious now. Your return is due the day after tomorrow, and you just haven’t had the time to get all your 1099s together. Or that pesky K-1 from that oil well investment still hasn’t come in. Or...
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E-file, use certified mail, or roll the dice
As a green 25 year-old staff accountant, I was assigned to deliver a 1040 with a six-figure balance due to a local captain of industry who happened to be the biggest client in the local office of one...
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A few last-minute things
It’s too late to do much more for April 15, but a few last-minute reminders can’t hurt. - File or extend today. - If you aren’t ready to file, extend. - Extending is better than amending; if you know...
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