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Taxes

Do I Need to Report This Income? Part 2

by Luke Landes

One of the biggest questions when tax time rolls around has to do with income. Not everything comes neatly reported on W-2s and 1099s. What else needs to be reported to the IRS? As I’ve been finding out, just about everything else should be reported. Yesterday, I shared a few types of income that should […]

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Do I Need to Report This Income? Part 1

by Luke Landes

In general, if you have to ask whether you need to report certain income to the IRS, the most likely answer is, “Yes.” Here are some examples, courtesy of MSN Money. Q. I hosted a party to sell products to my friends (and use my social circle for multilevel marketing from some corporation), and my […]

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Tax Bill Passed By House And Senate

by Luke Landes

On Thursday, the Senate passed a new bill, already passed by the House, that extends reduced tax rates, changes the nature of the Alternative Minimum Tax (AMT), eliminates an extension to higher-education tuition deduction, and eliminates a special deduction for teachers who pay for supplies out of their own pockets. The rich — those with […]

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Where Is My SEP IRA?

by Luke Landes

I was hoping to write about my new SEP IRA account this weekend, but TIAA-CREF hasn’t withdrawn the money from my ING Direct savings account to fund it yet. I would have liked to mention how I’m using the SEP to put some of my 2005 non-salary income away to reduce my tax bill, but […]

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Walking Away From Your Money

by Luke Landes

If you don’t itemize your taxes, you may be overpaying the government, according to Bankrate.com. The General Accounting Office has found that filers of 1998 returns who used the standard deduction instead of itemizing paid the Internal Revenue Service almost $1 billion more than they should have. Should you itemize? It depends on your expenses […]

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Tax Bill or Tax Refund, Which is Better?

by Luke Landes

There are two typical responses when a person finishes preparing his tax return, depending on the result. If he owes money, I hear, “Do’h! I have to pay the government more. I wish they’d use my money more efficiently.” If he is due a refund, I hear, “Woohoo! I’m going to get a big fat […]

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Property Taxes

by Luke Landes

I am not a homeowner right now for many reasons. Here’s another reason to add to the list: sky-high property tax. Yes, I pay some property tax now, hidden within my rent bill. Landlords pass the cost of taxes onto tenants. Because of the high cost of buying and owning a home, finding money for […]

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