Capital Gains Primer

By Moneysmartz on Wed, October 22, 2008, 7:39 PM Discuss (0) | Link

Archived Under: Investing , Taxes , The Moneysherpa Pages
Tags: Capital Gains, Investing, Taxes, The Moneysherpa Pages

In an upside down stock market, panic selling occurs all too frequently. Today's market gyrations likely triggered even more selling. For some, the unintended consequence of panic selling is a larger tax bill. If you already sold stock or are contemplating selling, then The SmartMoney.com Capital-Gains Guide offers worksheets to help you calculate capital gains and a primer on rates for a variety of long-term sales, including investment securities, investment real estate, homes, and small business stock.

To learn more about the SmartMoney website, including tips for navigating the site, or to post your review and comments, visit the SmartMoney Moneysmartz Profile.

IRS

By Moneysmartz on Sat, August 16, 2008, 8:19 AM Discuss (0) | Link

Archived Under: Moneysmartz Profiles and Reviews , Taxes
Tags: IRS, Moneysmartz Profiles and Reviews, Taxes

IRS.gov is the online home of the United States Department of Treasury Internal Revenue Service. The annual ritual of preparing and filing taxes is tedious and time consuming, but the IRS.gov website offers everything you need to simplify this onerous task, including tax forms, publications, e-filing tools, and a lot more. The IRS.gov website is on the Moneysmartz must visit website short list. To learn more about the IRS.gov website, including tips for navigating the site, or to post your review and comments, visit the IRS.gov Moneysmartz Profile.

J.K. Lasser

By Moneysmartz on Fri, April 11, 2008, 9:23 AM | Link

Archived Under: New and Notable , Taxes
Tags: J.K. Lasser, New and Notable, Tax Preparation

A complex tax code and changing personal life circumstances make year-round tax planning a necessity for many, especially do-it-yourself tax preparers. Fortunately, J.K. Lasser, publisher of Your Income Tax, America's bestselling tax guide, offers tax planning and tax preparation 365 days-a-year at JKLasser.com.

The J.K. Lasser website includes everything you need to plan and prepare your taxes, including 1040 essentials, life planning, self-employment, tax news, forms and tools, ask JK, and a lot more. Some of the content is free, but full access is $29.95 per year.

The J.K. Lasser website and publication is edited by an experienced team of tax, accounting, and small business experts.

If you are serious about your personal tax planning, then an investment in J.K. Lasser will help you stay on top of your tax situation 24/7 and 365 days-a-year.

IRS Free File

By Moneysmartz on Thu, April 3, 2008, 9:53 AM | Link

Archived Under: Taxes , The Moneysherpa Pages
Tags: IRS, Tax Preparation, Taxes, The Moneysherpa Pages

Let the misery begin, it's tax season.

To ease the pain and expense of filing, the IRS offers Free File. According the the IRS: "if your adjusted gross income was $54,000 or less in 2007, you can use Free File to prepare and e-file your taxes online. If you normally do not file a tax return but need to file a tax year 2007 return solely to receive your economic stimulus payment, you may now select from the list of companies on the Free File - Economic Stimulus Payment page."

In addition to the IRS and Free File, the Moneysmartz Tax Preparation Guide and Directory offers tax preparation tips and information, including links to tax preparation software and tax forms.

Tax Preparation Update

By Moneysmartz on Sun, March 23, 2008, 8:23 AM | Link

Archived Under: Moneysmartz Guide Updates , Taxes
Tags: Guide Updates, Tax Preparation, Taxes

The face of tax preparation continues to change, with an increasing number of services offering easy to use tools for a nominal fee. However, buyer beware, as you still need to know what you're doing to truly take advantage of potential tax breaks and understand the intricacies of tax law. The Moneysmartz Tax Preparation category includes listings from tax preparation services like H&R Block, tax preparation software, including Turbo Tax, and a wealth of resources to help you more effectively and efficiently prepare your tax return. The Internal Revenue Service offers forms, information, plenty of instructions, and even a free income tax filing service for qualified seniors. For the lighter side of tax preparation, don't forget to visit H&R Block's Digits.

H&R Block Digits

By Moneysmartz on Thu, March 6, 2008, 11:59 PM | Link

Archived Under: New and Notable , Taxes
Tags: H&R Block Digits, New and Notable, Taxes

Looking for some fun to lighten the load during tax season? H&R Block Digits "highlights the connections between money, art, politics, the planet and people everywhere. You'll get access to the tax and personal financial resources you'd expect from H&R Block ." Digits is truly not what you would expect from a company that is known for preparing tax returns. Digits is about more than entertainment, so if you need some serious tools, then don't forget to visit Tools of the Trade for financial calculators and OrganizIT an exclusive tax preparation tool to help you get ready and get organized. If you are looking for an unexpected laugh, then be sure to view the short video clips from Truman Greene, H&R Block's resident man on the street.

The Self Employment Tax

By Moneysmartz on Fri, January 26, 2007, 1:08 PM | Link

Archived Under: Business Ownership , Moneysmartz Editor , Taxes , The Moneysherpa Pages
Tags: Business Ownership, Moneysmartz Editor, Taxes, The Moneysherpa Pages

Starting a business is daunting. Adding to the stress is an array of administrative tasks, not the least of which is dealing with the IRS. If you are self-employed and wondering how to calculate and pay your taxes, there are many helpful online resources that should lower your blood pressure, get your taxes out of the way, and allow you to focus on important tasks, like making money.

For an easy to digest overview of self-employment taxes, visit Wachovia's Self-Employment Tax page with ways to report the self-employment tax to the IRS and available income tax deductions.

For forms and an in-depth review of the self-employment tax, visit the Internal Revenue Service.

To estimate your self-employment taxes, visit H&R Block's self-employment tax estimator. If you are paying self-employment taxes for the first time, then prepare for a shock. The good news is that a portion of your self-employment tax is an income tax deduction.

Finally, Moneysmartz offers a complete list of self-employment tax resources.

CCH Financial Planning Toolkit

By Moneysmartz on Mon, January 8, 2007, 10:28 AM | Link

Archived Under: Financial Planning , New and Notable , Taxes
Tags: Financial Planning, Moneysmartz Editor, New and Notable, Taxes

Creating a financial plan can be expensive and difficult, particularly if you are starting from scratch. If you are inclined to save some money and invest some of your own time, then the Financial Planning Toolkit from CCH is an inexpensive and easy way to get started. The site includes an overview of the major steps in the financial planning process, including investing, insurance and risk management, retirement planning, estate planning, and tax planning. A variety of planning tools and calculators makes creating your own financial plan as easy as pointing and clicking your mouse. Recognized as a Forbes Best of the Web site, the CCH Financial Planning Toolkit is a must visit site for do-it-yourself financial planners.

Securities Donation Calculator

By Moneysmartz on Tue, November 21, 2006, 8:52 AM | Link

Archived Under: Moneysmartz Editor , Philanthropy , Taxes , The Moneysherpa Pages
Tags: Moneysmartz Editor, Philanthropy, Taxes, The Moneysherpa Pages

According to Giving USA, Americans gave total contributions of $260.28 billion for 2005. Generous by most standards and partly fueled by tax savings.

If you are considering a year-end charitable gift, Fidelity Charitable Gift Fund's Securities Donation Calculator will help you measure the tax savings from selling the securities and contributing the proceeds to charity and paying any associated capital gains tax compared to giving the securities directly to charity and avoiding capital gains tax.

The tax savings from contributing directly can be significant, so if you are inclined to give securities this year, consider giving directly to cut your tax bill.

Accounting

By Moneysmartz on Wed, March 22, 2006, 9:36 AM Discuss (0) | Link

Archived Under: Accounting , Moneysmartz Guide Updates , Taxes
Tags: Accounting, Taxes

It's one of those necessary evils in life. Either you do-it-yourself with tools like Quicken and Turbo Tax, or you hire a professional. Whatever your preference, it's hard to escape the subject of accounting when managing your personal finances. If you really want to torture yourself, particularly since it's tax season, then visit the recently updated Accounting category in the Moneysmartz Directory. In addition to links to the IRS, bookkeepers, and accounting firms, you'll find accounting dictionaries, small business accounting resources, and a lot of software. If the IRS comes your way, then the tax negotiation and representation section may help save the day. One hidden gem was the Treasury Direct Tax Advantage calculator, helpful for computing the after-tax return on tax advantaged investments.

Individual Tax Software

By Moneysmartz on Thu, March 16, 2006, 10:04 AM Discuss (0) | Link

Archived Under: Financial Software , Moneysmartz Guide Updates , Taxes
Tags: Financial Software, Financial Tools, Individual Tax Software, Taxes

With so many options for preparing and paying individual income taxes, it's not surprising that many of us will wait until the last second to file our individual income tax returns.

In addition to industry leaders like Turbo Tax and Tax Cut from H&R Block, there are plenty of fee services like Tax Brain and free services like eSmart Tax.

For a list of individual tax software products and services, visit the recently updated Moneysmartz individual tax software directory.

Tax Blogs

By Moneysmartz on Fri, March 3, 2006, 9:00 AM Discuss (0) | Link

Archived Under: Best of the Personal Finance Web , Financial Blogs , Taxes
Tags: Best of the Personal Finance Web, Tax Blogs, Taxes

Does the thought of anything related to taxes send shivers down your spine? Since we are in the midst of tax season, we don't have a choice; we have to talk about taxes.

In addition to well known tax websites, like H&R Block, Tax Cut, and IRS.com, tax bloggers now offer a small, but growing body of information, insight, and commentary.

Moneysmartz took a closer look at this trend-setting group of tax bloggers and identified tax blogs most helpful to individual financial decision-making.

Many narrowly focused and newly minted blogs remain on the cutting room floor. We included a few sites on our list with a narrow focus that have cross-over appeal to a mainstream audience, including Tax Prof Blog, a blog we recently reviewed.

When reviewing the list, you'll need to conjure up as much tax nerd as humanly possible. You'll probably find the list most helpful if you receive one of those scary letters from the IRS.

Tax Blogs: Best of the Personal Finance Web 2006

Taxes

Don't Mess With Taxes: Tax news, tips, commentary and humor from professional tax journalist Kay Bell.

Our Taxing Times: A blog about US taxes, the tax system, and the tax preparation business.

Roth and Company, P.C., Tax Updates: Tax updates and commentary.

Tax Guru-Ker$tetter Letter: Arkansas CPA helps capitalists, investors and small business owners win the tax game.

Taxes>Business

A Taxing Business: News and information on tax and business organization issues.

Taxes>Business>Ohio

Frederick Focke Mischler, Attorney: Review of accounting, tax, and legal issues that face businesses and business owners in Ohio.

Taxes>California

Taxable Talk: Focuses on taxes and how they impact what we, as citizens and taxpayers, get to keep in our pockets.

Taxes>Estate Planning

Death and Taxes - The Blog: Commentary on estate planning, estate administration, and real estate issues from a Chicago-area attorney.

Taxes>Tax Issues

Talking Taxes: Review of important issues in federal, state and local tax reform, with an emphasis on fair and adequate taxation.

Taxes>Tax Law

MauledAgain: Tax law professor's commentary on tax law, legal education, the First Amendment, religion, and law generally, with sporadic attempts to connect all of this to genealogy, theology, music, model trains, and chocolate chip cookies.

TaxProf Blog: A blend of reference tools and announcements about developing tax issues targeting tax professors but with applicability to individuals looking for current news and information about tax law changes on topics such as mortgage interest deductions and tax shelters.

Taxes>Tax Preparation Services and Software

Taxalicious: Provides information about tax preparation services and software.

TaxProf Blog

By Moneysmartz on Sat, February 18, 2006, 9:17 AM Discuss (0) | Link

Archived Under: Financial Blogs , New and Notable , Taxes
Tags: New and Notable, Tax Blogs, Taxes, TaxProf Blog

Site Name: TaxProf Blog
Description: A blend of reference tools and announcements about developing tax issues targeting tax professors but with applicability to individuals looking for current news and information about tax law changes on topics such as mortgage interest deductions and tax shelters.
Personal Finance Category: Taxes
Born on Date: April 2004
Content: Original and news review excerpts
Unique Features: Significant resource section with links to other tax blogs, tax professor blogs, and tax organizations.
Distinctions: Recognized as "A must read blog" by The Wall Street Journal and "The undisputed champion of tax blogging" by Tax Notes.
Profile of Blog Author: Paul Caron is a University of Cincinnati Professor of Law and nationally recognized tax scholar. He is editor and co-editor of numerous journals and blogs.
Bottom Line: This blog is not for the mainstream Moneysmartz reader, but shows how good a blog can be and offers tidbits for tax junkies.

More about New and Notable Personal Finance Sites