It’s time for eSmart Tax to move on to other social media.  Thanks, Tumblr users, for all your wonderful support!

It’s time for eSmart Tax to move on to other social media.  Thanks, Tumblr users, for all your wonderful support!

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moneydesign:

101 Ways to Build Wealth. Money Magazine. July 2013.
Illustrations: Chris Labrooy / Matt Stevens

moneydesign:

101 Ways to Build Wealth. Money Magazine. July 2013.

Illustrations: Chris Labrooy / Matt Stevens

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eSmart Tax Blog: The Daily Deduction
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After three and a half years, it’s time to say farewell to the eSmart Tax tumblr.  Keep up with eSmart Tax news on Facebook, Twitter, Pinterest, and the blog:

After three and a half years, it’s time to say farewell to the eSmart Tax tumblr.  Keep up with eSmart Tax news on Facebook, Twitter, Pinterest, and the blog:

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eSmart Tax Blog: The Daily Deduction

Summertime savings:  Visit the eSmart Tax Blog for ways to tips on saving on summer entertainment, summer vacations, and more. <link to blog post>

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Happy Father’s Day to all the eSmart Tax Community dads.  We appreciate you!

Here’s a few of our favorite dads who know a thing or two about money:

Rich Dad: RichDad.com

CleverDude:  Cleverdude.com

FrugalDad: FrugalDad.com

FinanceDad:  FinanceDad.com

GeekDad:  wired.com/geekdad/

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eSmart Tax Blog: The Daily Deduction

Friday Feature: Visit The Daily Deduction for our Weekly Tax Inventory. Stay up-to-date on this week’s tax news

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A Brief History of Flag Day: an eSmart Tax Infographic.

A Brief History of Flag Day: an eSmart Tax Infographic.

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IRS Tax Tip: Tips to Start Planning Next Year’s Tax Return

Tips to Start Planning Next Year’s Tax Return

IRS Tax Tip 2013-62, April 24, 2013

For most taxpayers, the tax deadline has passed. But planning for next year can start now. The IRS reminds taxpayers that being organized and planning ahead can save time and money in 2014. Here are six things you can do now to make next April 15 easier.

  1. Adjust your withholding.  Each year, millions of American workers have far more taxes withheld from their pay than is required. Now is a good time to review your withholding to make the taxes withheld from your pay closer to the taxes you’ll owe for this year. This is especially true if you normally get a large refund and you would like more money in your paycheck. If you owed tax when you filed, you may need to increase the federal income tax withheld from your wages. Use the IRS Withholding Calculator at IRS.gov to complete a new Form W-4, Employee’s Withholding Allowance Certificate.

  2. Store your return in a safe place.  Put your 2012 tax return and supporting documents somewhere safe. If you need to refer to your return in the future, you’ll know where to find it. For example, you may need a copy of your return when applying for a home loan or financial aid. You can also use it as a helpful guide for next year’s return.

  3. Organize your records.  Establish one location where everyone in your household can put tax-related records during the year. This will avoid a scramble for misplaced mileage logs or charity receipts come tax time.

  4. Shop for a tax professional.  If you use a tax professional to help you with tax planning, start your search now. You’ll have more time when you’re not up against a deadline or anxious to receive your tax refund. Choose a tax professional wisely. You’re ultimately responsible for the accuracy of your own return regardless of who prepares it. Find tips for choosing a preparer at IRS.gov.

  5. Consider itemizing deductions.  If you usually claim a standard deduction, you may be able to reduce your taxes if you itemize deductions instead. If your itemized deductions typically fall just below your standard deduction, you can ‘bundle’ your deductions. For example, an early or extra mortgage payment or property tax payment, or a planned donation to charity could equal some tax savings. See the Schedule A, Itemized Deductions, instructions for the list of items you can deduct. Planning an approach now that works best for you can pay off at tax time next year.

  6. Keep up with changes.  Find out about tax law changes, helpful tips and IRS announcements all year by subscribing to IRS Tax Tips through IRS.gov or IRS2Go, the mobile app from the IRS. The IRS issues tips regularly during the summer and tax filing season.
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Weekly Tax Inventory - 6/7/2013

For the latest in tax news, check out the eSmart Tax Blog:  The Daily Deduction.

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