Comments on: Year End Tax Moves http://cashmoneylife.com/2008/12/22/year-end-tax-moves/ Money Management, Small Business, Career Sun, 21 Mar 2010 02:34:22 +0000 http://wordpress.org/?v=2.9.2 hourly 1 By: Ryan http://cashmoneylife.com/2008/12/22/year-end-tax-moves/comment-page-1/#comment-15856 Ryan Tue, 23 Dec 2008 17:10:02 +0000 http://cashmoneylife.com/?p=1188#comment-15856 <strong>Carol: </strong>Carol, thanks for the kind words and for reading my site. In my opinion, you should always file your taxes with the IRS so long as you have income. You may find out that you paid too much in taxes and receive a refund, or you may find out not enough income was withheld and you owe money. The first case is obviously the better scenario, but in the latter situation, the IRS can impose penalties if you don't pay enough. These can compound over time and you can find yourself owing thousands of dollars more than the original amount - just in fines and penalties. You may be able to find the book Ben referenced at your local library. Another option is to call an accountant with this question. Carol: Carol, thanks for the kind words and for reading my site. In my opinion, you should always file your taxes with the IRS so long as you have income. You may find out that you paid too much in taxes and receive a refund, or you may find out not enough income was withheld and you owe money. The first case is obviously the better scenario, but in the latter situation, the IRS can impose penalties if you don’t pay enough. These can compound over time and you can find yourself owing thousands of dollars more than the original amount – just in fines and penalties.

You may be able to find the book Ben referenced at your local library. Another option is to call an accountant with this question.

]]> By: Ben http://cashmoneylife.com/2008/12/22/year-end-tax-moves/comment-page-1/#comment-15854 Ben Tue, 23 Dec 2008 06:21:35 +0000 http://cashmoneylife.com/?p=1188#comment-15854 Carol, you should check out "Tax Strategies for Business Professionals" by Sandy Botkins, it pretty much covers everything you're asking about. Carol, you should check out “Tax Strategies for Business Professionals” by Sandy Botkins, it pretty much covers everything you’re asking about.

]]> By: Carol http://cashmoneylife.com/2008/12/22/year-end-tax-moves/comment-page-1/#comment-15851 Carol Tue, 23 Dec 2008 04:51:00 +0000 http://cashmoneylife.com/?p=1188#comment-15851 Very timely post. I read and enjoy your blog all the time. My husband and I have been having discussions about tax issues lately. Perhaps you can help settle a disagreement. I'm working as an independent contractor. I have a home office, telephone, travel, auto, and expenses related to all of these. I have school-aged children. The company I work for deducts taxes and pays me after tax income. They pay my taxes directly to the IRS. I say I still need to file a tax return, and by including all my deductions, may even get a refund. He says I don't even need to file. What are your thoughts? Very timely post. I read and enjoy your blog all the time. My husband and I have been having discussions about tax issues lately. Perhaps you can help settle a disagreement. I’m working as an independent contractor. I have a home office, telephone, travel, auto, and expenses related to all of these. I have school-aged children. The company I work for deducts taxes and pays me after tax income. They pay my taxes directly to the IRS. I say I still need to file a tax return, and by including all my deductions, may even get a refund. He says I don’t even need to file. What are your thoughts?

]]> By: Green Panda http://cashmoneylife.com/2008/12/22/year-end-tax-moves/comment-page-1/#comment-15850 Green Panda Mon, 22 Dec 2008 19:17:23 +0000 http://cashmoneylife.com/?p=1188#comment-15850 Great tips on getting ready for taxes! Thanks for mention my post. I realized I missed a few choice opportunities in college with my taxes. Great tips on getting ready for taxes! Thanks for mention my post. I realized I missed a few choice opportunities in college with my taxes.

]]> By: Ryan http://cashmoneylife.com/2008/12/22/year-end-tax-moves/comment-page-1/#comment-15848 Ryan Mon, 22 Dec 2008 17:19:26 +0000 http://cashmoneylife.com/?p=1188#comment-15848 PT, That might be just a little too soon! But you should have a nice deduction in 2009. ;-) PT, That might be just a little too soon! But you should have a nice deduction in 2009. ;-)

]]> By: FFB http://cashmoneylife.com/2008/12/22/year-end-tax-moves/comment-page-1/#comment-15847 FFB Mon, 22 Dec 2008 16:22:51 +0000 http://cashmoneylife.com/?p=1188#comment-15847 @ PT - Too bad you can't charge the hospital fees upfront this year to take the deductions! @ PT – Too bad you can’t charge the hospital fees upfront this year to take the deductions!

]]> By: PT Money http://cashmoneylife.com/2008/12/22/year-end-tax-moves/comment-page-1/#comment-15846 PT Money Mon, 22 Dec 2008 16:20:42 +0000 http://cashmoneylife.com/?p=1188#comment-15846 We're expecting (due in March 09). I'll see if I can convince my wife to move a little quicker. ;) We’re expecting (due in March 09). I’ll see if I can convince my wife to move a little quicker. ;)

]]> By: FFB http://cashmoneylife.com/2008/12/22/year-end-tax-moves/comment-page-1/#comment-15845 FFB Mon, 22 Dec 2008 16:13:06 +0000 http://cashmoneylife.com/?p=1188#comment-15845 Funny. My wedding anniversary is actually Dec 30th! Too bad I can't get married again for additional deductions (to the same wonan of course)! The baby deduction is great but you have to plan it out 9+ months prior. (We missed these with both our kids who were born in Jan). Great list of tax moves for the end of the year! Funny. My wedding anniversary is actually Dec 30th! Too bad I can’t get married again for additional deductions (to the same wonan of course)! The baby deduction is great but you have to plan it out 9+ months prior. (We missed these with both our kids who were born in Jan).

Great list of tax moves for the end of the year!

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