Healthy Financial Habits

Use the 2009 federal income tax tables to calculate your tax returns – How much will I owe the IRS

admin — Thu, 11 Mar 2010 14:00:52 +0000

Federal income tax tables were created by the government as a way to collect taxes based on a progressive scale where the more money that you earn, the higher of a tax rate you will be expected to pay. Income tax tables make calculating your taxes easy because the government has already completed the math for you. With the tax table, you take a look at the column that corresponds to your filing status, and then you locate your adjusted income. Your tax liability will be where the two numbers meet.

The tax tables are calculated using various income levels and six different tax rates. These tax rates range from 10% all the way up to 35% and correspond to certain income ranges. The tax rates that are used in the 2009 federal income tax tables are 10%, 15%, 25%, 28%, 32%, and 35%. Tax payers who earn the least amount of money fall into the 10% tax bracket while those who earn higher incomes fall into the 35% bracket on the tax table.

All of your taxes are not necessarily calculated based on the tax bracket that your income falls into. Only the portion that exceeds the tax bracket threshold will be taxed at that level. For example, if you cross over into the 25% tax bracket by $1,000, your tax liability will only be $250 for the $1,000 and the remainder of your income will be taxed at the 10% and 15% level.

Author: Mike Smitt

File your 2009 federal income taxes online with free turbo tax online – Free file e-file software allows free IRS filing

admin — Thu, 11 Mar 2010 13:30:08 +0000

Filing your 2009 federal income taxes doesn’t have to cost a small fortune. In fact, filing online may not cost you anything when you use a program such as free Turbo Tax online. There are many free federal E-filing programs available from websites such as Turbo Tax, HR Block, Tax Slayer, Tax Act, Free Tax USA, and many more. Free file websites are authorized by the Internal Revenue service to prepare your federal income tax returns and are capable of electronically transmitting your tax information to the IRS.

Free e-file websites offer the best of both worlds. You are able to use simple and easy to understand tax software that will guide you through the process of filing your taxes and fill out the tax forms for you. In addition, you are able to send your taxes directly to the IRS without ever leaving home. You can take advantage of all of this at no charge. Filing your taxes really does not get much easier than this.

A list of free file authorized websites can be found on the official IRS website. You can also find several e-filing services by performing a Google search for free tax filing online. While looking for a free federal program, be sure to check out the cost of filing your state taxes because you will most likely use the same website to file your state returns.

Author: John Zinsky

IRS federal income tax brackets for 2009 tax returns 1040 – Tax brackets for filing jointly and single filing

admin — Thu, 11 Mar 2010 13:00:27 +0000

Each year, the federal government revises their federal income tax brackets that are used when filing your 1040 personal income taxes. These tax brackets adjust by shifting income thresholds and tax rates either up or down depending on several factors such as economic conditions. There are currently six tax brackets being used for the 2009 income tax year. These brackets are created using a progressive tax system where as an individuals taxable income increases, their income taxes also increase. Depending on where your income falls, you may pay a tax rate up to 35% on a portion of your income.

The amount of federal taxes that you pay each year is based on taxable income- the amount of income after all of your adjustments. Single filers who earn less than $8,350 or joint filers who earn less than $16,700 can enjoy the lowest tax bracket which is 10%. Individuals who earn $8,350 to $33,950 or couples who earn between $16,700 and $69,700 will pay a 15% tax rate and fall into the second tax bracket. From here, the tax brackets take a jump. Individuals with a taxable income of $33,950 to $82,250 or couples that earn between $67,900 and $137,050 fall into the 25% tax bracket.

Tax rates only get higher from here. The last three tax brackets are the 28%, 33% and the 35%. These brackets apply to individuals who earn $82,250 and up and couples earning $137,050 and up. You can get a complete look at the 2009 income tax brackets by checking out the official IRS website. Here you will find a tax chart and lots of other helpful information that will assist you when filing your 2009 taxes this year.

Author: Greg Jackson

List of tax deductions and credits for homeowners and individuals 2009 – list of 2009 IRS tax write offs

admin — Thu, 11 Mar 2010 12:30:32 +0000

This time of year, many Americans are looking for ways to lower their tax liability. Lowering your tax liability can be as simple as knowing what tax credits and deductions that may be available to you. Knowing and understanding these tax deductions, credits, and write offs can lower your taxable income tremendously and ultimately lower the amount of money that you pay in taxes this year. There are several additional credits and deductions available this year, thanks to the American Recovery and Reinvestment Act that was signed last year by president Obama.

Before going any further, I would like to clear up the difference between a tax credit and a tax deduction. Many people get the two confused and use the words interchangeably. A tax deduction is an expense or item that you write off against your income. With a deduction, your taxable income is lowered and you ultimately end up paying on less income. A tax credit is taken directly off of the amount that you pay in income taxes. With a tax credit, you directly reduce your tax liability dollar for dollar. For instance, if you complete your taxes and end up owing $500, and later realize that you are eligible for a $1500 tax credit, you may actually be eligible to receive a refund of $1,000 (+$1,500 – $500). Now that you hopefully understand the difference between the two, here is a list of some tax credits and tax deductions that you may be able to use on your 2009 taxes. This list is not conclusive and should only be used to get an idea of what is available. For more information and details, check out the official IRS website.

American opportunity tax credit
Federal housing tax credit
Private mortgage insurance deduction
Mortgage interest deduction
Points paid during closing deduction
Property tax deduction
Energy star tax credit
Student loan interest deduction
Earned income tax credit
Making work pay credit
Charitable contributions deduction
Moving expenses deduction
Job seeking related expense deduction
Casualty loss deduction

The best way to lower your tax liability is by consulting with a qualified tax accountant who understands your tax situation and can help you find different ways to save on your taxes.

Author: Allen Dukes

The earned income tax credit qualifications for 2009 – An IRS tax credit to reduce your taxes

admin — Thu, 11 Mar 2010 12:00:55 +0000

If you are looking to save money on your taxes, there is no better way other than finding important tax credits such as the earned income tax credit. The earned income tax credit (EITC) is available to individuals and couples who meet certain income eligibility requirements. The credit is based off of your income (and your spouses) and whether you have children and if so, how many. There are other qualifying factors related to receiving the earned income tax credit so check with the IRS website for complete details.

Once you have met the income requirement, the credit amount that you will receive depends on how many children that you have. In general, the more children that you have, the higher tax credit amount you will receive. There are four amounts associated with the earned income credit 2009. The amounts are $457, $3,043, $5,028, and $5,657 for zero, one, two, and three or more children respectively. As you can see, the amount increases as you increase the number of qualifying children.

Income limitations also vary by the number of children that you have. You are allowed to earn a higher income as the number of children that you have increases. The income thresholds for zero, one, two, and three or more children are $13,440, $35,463, $40,295 and $43,279 respectively. If you are filing jointly, the income limitations increase by $5,000 each. For example, the $13,440 limit for no children now becomes $18,440.

Author: Abdullah Patel

Free federal tax filing e-filing online allows free 2009 federal income tax return filing – Rapid file electronically using efile

admin — Thu, 11 Mar 2010 11:30:53 +0000

From HR block to Turbo tax, free federal tax filing is an excellent choice when it comes to filing your 2009 federal income taxes. E-filing is the process of sending your taxes to the federal government electronically after you prepare them using one of the many tax filing programs available online. There are several websites available that offer this service free of charge to tax filers who meet certain requirements. Last year, nearly 95 million Americans filed their taxes online. Nearly ¼ of these tax filers took advantage of a free e-filing program.

You may be wondering where you can find one of these free file websites. When it comes to choosing a free file package, one product is not always superior over the others. Free file programs are very competitive and each program has its own distinctive advantages. To put it another way, what works for one person may not work for someone else. Free filing programs can be found on the web by using a search engine such as Google, or, you can check out the IRS website for a search tool that can help you find a free file website that is able to take care of your tax needs.

Filing your taxes using free federal tax filing is the fastest and easiest way to prepare and submit your taxes to the IRS. Preparing and sending your taxes faster means that you will also receive your tax return much quicker. You can receive your tax return weeks before those who send their tax forms off in the mail.

Author: Carla Kessler

How to lower your 2009 taxes using the Energy Star tax credit – Energy star appliance tax rebates list

admin — Thu, 11 Mar 2010 11:00:09 +0000

If you made improvements to your home last year such as new windows or doors, you may be surprised to know that you may be able to claim a tax credit based on a percentage of your replacement cost. The Energy star tax credit was created by the American Recovery and Reinvestment act of 2009 and it allows tax payers to claim a credit for up to 30% of the cost of their energy star products. The credit only applies to your product cost and not the labor.

Depending on the type of energy star improvement, there may be a limitation on the amount that you can claim on your tax credit. Some improvements have a $1,500 limit while others have no limit. Items that carry a $1,500 limit are set to expire in 2010 while the energy star products that have no limits do not expire for another six years. Be sure to check the energy star rating on your product before claiming this credit. Your product must meet certain energy efficiency requirements in order to qualify.

Products that qualify for a 30% credit, are set to expire the in 2010, and have a limit of $1,500 are:

-Biomass stoves
-Hvac systems
-Insulation
-Roofs
-Water Heaters
-Windows and doors

Products that qualify for a 30% tax credit, expire in 2016, and do not have a tax credit limit are:

- Geothermal heat pumps
-Small wind turbines
-solar energy systems

For more information on these products and for product details, visit the official energy star website at energystar.gov. Here you will find the complete list of eligible energy star products and the energy star efficiency requirements to qualify for the credit.

Author: Mike Smitt

How to sell scrap gold for fast cash online – Get the highest cash for your unwanted gold jewelry

admin — Thu, 11 Mar 2010 10:30:21 +0000

Selling your scrap gold for fast cash online is simple to do, if you understand what your gold is worth. Getting involved with selling gold, completely unaware or what it is worth can end up costing you a lot of money. Some scrap gold buyers pray on people who have no idea what their gold is worth. Getting an idea of the value of your gold does not require an advanced degree in mathematics. All you need is basic math skills and little common sense.

The first thing that you need to know when it comes to determining the value of your unwanted scrap gold jewelry is the weight. A simple metal scale that weights in ounces should do the trick. Digital scales cost a little more, but are more accurate. Ask around, one of your friends may have a scale that you can borrow.

Once you have determined the weight of your gold, examine the piece for a purity stamping. This is usually stamped on a piece or is attached as a tag. The purity is measured in Karats and is indicated by the letter “K”. This letter usually precedes a number such as 14, 18, or 22. The closer the number is to 24, the higher the percentage of pure gold.

After you know the weight and the purity of your gold, you must now check out the current price of gold per gram. There are several websites that will give you live quotes on gold prices. Once you know the current price of gold per gram, its time for a little math. Use the following formula developed by Healthy Financial Habits to calculate your gold value:

Scrap gold value = ((Karats/24) * weight in grams) (Current price per gram) (.80)

You multiply your answer by .80 because buyers normally discount your gold prices 10% to 20% due to refining cost. With an idea of the value of your gold, you are ready to check out all of the different scrap gold buyers online. Be sure that the company you are dealing with is reputable before sending your scrap gold.

Author: John Zinsky

File free federal and state tax 2009 return online – Prepare your taxes online using free rapid e-file programs and software

admin — Thu, 11 Mar 2010 10:00:40 +0000

Using a free federal and state tax file program online for the 2009 year can allow you to prepare your tax return in a matter of minutes. You can prepare your taxes online using a free rapid e-file program without ever paying a penny for the software. Free online filing is a growing trend and millions of Americans are taking advantage of free filing each year. Over 25 million people took advantage of this free service just last year. All together, 95 million Americans filed their taxes online last year.

Filing your taxes for free can be accomplished by first selecting a free file software program. Free filing programs are available from several websites on the internet. You can perform a search using a search engine or check out the official IRS website for a list of authorized e-filing websites. Once you have selected the free e-file program that you would like to use, it is as simple as entering the information from your w2’s and answering a few simple questions. Within minutes, your tax forms will be filled out for you and you will be well on your way to receiving a refund.

There are several reasons why e-filing is better than traditional paper form filing. With e-filing, your information is safe and secure. The e-filing website of your choice should have security protection. With e-filing you are able to send your returns directly to the IRS and receive a response within a couple days, not weeks. Once you have received the okay, you will be placed into a refund cycle where you should receive your refund in about a week or so. Choosing direct deposit will enable you to receive your money sooner.

Author: Allen Dukes

Today’s current gold price per ounce and gram in dollar and India Rupee – Gold prices, March 10, 2010

admin — Wed, 10 Mar 2010 20:02:57 +0000

Today has not been a good day for gold and silver prices in both the dollar and the rupee. Gold and silver prices have dropped off today for both currencies.

Earlier this week, fears over the Greek debt crises were eased as financial support for the country became more evident. This should cause the price of gold to increase as the dollar should show signs of weakening. So far, gold and silver prices have been declining.

Here are the current gold and silver prices for the USD and INR as of 3:00 PM:

Gold: $1110.18 oz down $11.82 ($35.69 g down $.38)
Rs50209.00 oz down 860.03 (Rs1615.33 down Rs27.40)

Silver: $17.10 oz down $.22
Rs 772.59 oz down Rs17.70

Author: Abdullah Patel