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Taxes and Your Finances

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Donell Edwards, Blogger

DONED2014 SmallAbout Donell Edwards: Donell Edwards is President of CWR Media and is also founder and publisher of The College World Reporter (CWR) magazine and CWR World News & Information Service.  He is also a professional speaker, freelance writer, and entrepreneur.

 

Know Your Money
Tuesday – April 15, 2014

Knowing Your Personal Finances
Taxes and Your Finances
By Donell Edwards

Obviously, taxes are a very important factor that affects your finances.  Your attitude toward taxes and your approach to managing your tax liability can have either a positive or negative impact on your personal finances.  If you have a nonchalant attitude about your taxes and do nothing to investigate how you may reduce your tax liability you will most likely pay more taxes than you should.  On the other hand, if you do your own research and ascertain all of the options available to you to reduce your taxes, or if you work with a tax professional to determine what you can do to reduce your tax liability, then you probably will pay less in taxes.

The purpose of this post and all of our posts about taxes is not to encourage anyone to avoid paying their fair share of taxes.  The government uses taxes to provide a variety of services that we all enjoy, and taxes are unfortunately a necessity in order for our government to be able to operate.  The major concern that some of us have is how the government uses our tax dollars, and also making sure that we do not pay more than our fair share for taxes.

 

Man Filling out Tax Form

 

Effectively managing your tax liability is a very, very important component in being successful in personal money management.  In addition to working to help readers come to grips with their own destructive habits, to change the behavior and actions that contribute to those habits, to successfully monitor spending, to overcome the tendency to give in to the temptation to spend recklessly, and to get out of debt, one of our goals is to help readers keep more of their money.  Finding ways to save on taxes is a significant part of the goal to keep more money.

Since today is tax day we want to urge our readers to make sure that you get your taxes filed today if you have not already.  One of the things that totally sets me off is creating expenses that could be avoided.  Filing taxes late is one of those unnecessary expenses that I call “money burners” which we will devote an entire post to in the future.  There are resulting late fees and penalties associated with filing taxes late.  There is no reason for this because you can and should file taxes on time, or you can request an extension to ensure that you do not incur penalties and late fees.  But by all means, make sure that you file. 

If you need assistance filing your taxes, listed below is a short list of places where you may get assistance.  There are also many other organizations that provide free assistance for low income and elderly individuals.  We have also listed some of the top online services where you can file your taxes yourself online if you prepare your own taxes, some of which have online assistance.  But the point is, make sure you get this done today if you have not already filed, and if you are mailing in your return the US Postal Service has extended hours today, just check with your local post office to find the location in your area where you can mail your return up until midnight.

 

 

TAX FILING ASSISTANCE

The Volunteer Income Tax Assistance (VITA) program offers free tax help to people who generally make $52,000 or less, persons with disabilities, the elderly and limited English speaking taxpayers who need assistance in preparing their own tax returns. IRS-certified volunteers provide free basic income tax return preparation with electronic filing to qualified individuals.  To locate the nearest VITA site near you, use the VITA or TCE Locator Tool (website below) or call 800-906-9887.

http://www.irs.gov/Individuals/Free-Tax-Return-Preparation-for-You-by-Volunteers

 

The Tax Counseling for the Elderly (TCE) program offers free tax help for all taxpayers, particularly those who are 60 years of age and older, specializing in questions about pensions and retirement-related issues unique to seniors. The IRS-certified volunteers who provide tax counseling are often retired individuals associated with non-profit organizations that receive grants from the IRS.  To locate the nearest TCE site near you, use the VITA or TCE  Locator Tool (website below) or call 800-906-9887.

http://www.irs.gov/Individuals/Free-Tax-Return-Preparation-for-You-by-Volunteers

 

Tax-Aide from AARP provides free tax preparation for people and are operated very similiarly to the VITA and Tax Counseling for the Elderly. You can find a local Tax-Aide site by calling, toll-free, 1-888-227-7669 or by visiting AARP.org/taxaide.

 

FREE Online Tax Filing Services:

TurboTax
http://tinyurl.com/kymturbotax

 

e-file.com
http://tinyurl.com/kymefile

 

TaxACT
http://tinyurl.com/kymtaxact

 

FreeTaxUSA
http://tinyurl.com/kymfreetaxusa

 

e.smarttax
http://tinyurl.com/kymesmart

 

 

 

If you have questions or need help we are just an email away.  Send your questions to Info@KnowYourMoneyGlobal.com

 

We Would Like To Hear From You.  Are There Any Brave Souls Out There Willing To Share?
If you would like to share with our readers how “bad” spending habits have affected you, anonymously or otherwise, for our upcoming special, “Confessions Of Spendaholics,” please send your experience to comments@knowyourmoneyglobal.com.

 

 

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