Tax Season Is Upon Us, And Along With It Confusion (And Post Roundup)

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.

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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:

Check them out!

Favorite Posts Of The Week

Here are a few of my favorite posts this week.

There you go, plenty of reading to keep you busy this coming week.

Last Edited: 24th January 2011

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