FILING TAXES

It is that time of year again. Now that the ball has dropped on the new year, it’s time to celebrate the beginning of tax season.

In order to help get you organized and prepared for the grueling task of filing your taxes, here are some tax deductions that are often overlooked. By taking advantage of them, you have the potential to save hundreds or thousands of dollars.

By Elle Martinez

Tax season has begun and many couples are waiting for all their paperwork to come in. Some are expecting refunds, others are worried to find out how much they owe this year and a good majority have no idea of what to expect at all.

With tax time right around the corner, Wal-Mart is looking to provide taxpayers with a way to cut costs when preparing their returns. The store announced on Monday its plans to offer free tax filing options to individuals who choose to file the 1040EZ.

Wal-Mart Looks to Expand Financial Services

As millions of Americans wrap up tax preparations for 2010, nearly half will discover (or have already found out) that they owe no Federal income taxes for last year. According to a new estimate released by the nonpartisan Tax Policy Center, roughly 45 percent of households will end up owing nothing in Federal income tax and some will even have money paid to them by the government.

69 Million Are Federal Income-Tax Free

Tax professionals are a very important group of people in the finance world, but not everyone who files taxes needs to hire one. Don’t waste your money paying an accountant to enter your name, address and Social Security number on your tax forms. You shouldn’t even pay them to type the numbers from your W-2 form–you can do that yourself. And here’s a secret: Most tax professionals don’t even want to spend tax season printing out Form 1040-EZs for people with very simple returns.

When You Should Use Tax Return Software Instead of an Accountant

If you earned income in 2007 but didn’t file a tax return, you may be surprised to learn the IRS could owe you some money. According to a new announcement from the IRS, people who didn’t file in that tax year but earned income only have a few weeks to see if they’re due the $1.1 billion that’s owed.

1.1 Million People Due Tax Refunds

You support your kids financially and get a break on your taxes. If you support your mom, shouldn’t you get a break, too?

You very well may qualify for a tax break even if your parents don’t live with you. Here’s how to decide if you can take a dependency exemption for your mom (or dad).

Those filing taxes who itemize deductions may not have to wait much longer to be able to file taxes. This is because the Internal Revenue Service just announced that those who plan to itemize will be able to submit their tax forms on Feb. 14.

IRS Needed Extra Time to Reprogram Processing Systems

After the tax reform was approved in Congress late last year, various processing systems had to be reprogrammed to accommodate changes. These changes affected those who were itemizing taxes this year and were looking for the following types of tax deductions:

By Casey Bond

Now that we’re well into January and the 15th of April looms nearer, you’re probably thinking about your taxes a lot more lately. In fact, you might be talking with your personal accountant on a regular basis about paperwork you need to mail in and forms that must be completed.

There are quite a few financial deadlines to remember over the course of 12 months and it’s probable you’ve missed one or two in the past. Are you familiar with the sense of panic that accompanies waking up on April 15th and realizing you haven’t started your taxes? Did you forget to max out your retirement account contributions last year? If you need some assistance remembering all your important 2011 budget and planning dates, here’s a quarterly calendar to keep you on track.

Q1 2011 (January-March)