We are now well into the new year, and along with the new year comes tax time! While you technically don't have to file taxes up until the April 18th deadline, a lot of folks will be filing well before then in order to get their refunds as soon as possible.
Some of them may not have heard, however, that if you itemize your deductions you will have to wait to file your taxes this year. The reason? Congress and President Obama waited until the last minute to pass their tax package, and as a result the IRS is left holding the bag, trying to update their tax tables in time for people to file. They have said it will likely be mid to late February before itemizers can file.
The tax rates were extended, but some may still be left wondering why their taxes are going up in 2011. The reasons can vary, but for a lot of them it's because the “Making Work Pay” tax credit expired on 12/31/2010. There is a 2% payroll tax cut, but in some instances it isn't enough to cover the difference. In others, it ends up being a bigger cut – so some people end up paying less.
In any event, if you're using a tax software, you can complete your return now. Check out our list of free tax filing options for 2011.
Giveaways This Week
There are several giveaways being hosted this week. Two of my favorites that are super easy to enter and have great prizes:
- Win An iPad, Amazon Gift Cards, And A Starbucks Gift Card!! Easy entries!
- Win An Amazon Kindle – Easy to enter!
Check them out!
Favorite Posts Of The Week
Here are a few of my favorite posts this week.
- How Much Income Will You Need in Retirement?
- 21 Best Money Blogs of 2010.
- Congress Can’t Beat The Market, Even When It Cheats
- 9 Ways to Prepare for Food Inflation.
- Find a New or Better Job, Get an Insurance Checkup
- Job Interviewing Tips and Advice
- Mint.com Canada
- Creating a Financial Plan for Free
- 3 Steps to Becoming Successful in Online Business
- 7 Things You Must Know Roth IRA Rules for 2011
- 5,000 Word Case Study With Serial Internet Entrepreneur Pat Flynn
- Bill Paying Strategies To Help Find Your Spending Balance
- How to Recharacterize Your Roth IRA Conversion…and Why
- Big Fat Guide to Getting Out of Debt on Your Own
- Blogger Tax Deductions You Should Be Looking For Come Tax Time
- 2011 401k, 403b, and 457 Plan Contribution Limits
- 30 Financial Moves Before 30
- 5 Lessons Dave Ramsey Taught Me About Healthy Living
- Why You Should Start With Freelancing Right Now
There you go, plenty of reading to keep you busy this coming week.