With a new year comes your W2 and other tax forms from the previous year.

That means it’s time to get your taxes filed.

Fun times, right?

No need to be intimidated when you have TurboTax online tax software to guide you every step of the way.  Every edition of the 2011 TurboTax software guarantees you a maximum refund, 100% accurate calculations, and free audit support with the TurboTax Total Assurance™, assuring your confidence in filing this year.

Whether filing your taxes will be EZ, or if things get a bit more complicated with deductions, investments, and businesses, there’s a TurboTax software for you!

For those who e-filed using TurboTax Online in 2010, you probably already received several e-mails with your user ID to sign in, start, and continue your 2011 tax return.  Depending on the edition you choose, you may even be able to transfer last year’s tax info automatically!

If you have questions along the way, you have a host of support, including personalized answers live by online chat or by phone, as well as being able to ask tax experts and experienced TurboTax users questions you may have. You never have to feel alone when filing your taxes this year.

TurboTax Online Tax Software Review

TurboTax remains the GPS for your taxes, offering step-by-step guidance from beginning to end.  Filing is easier than ever, with features such as:

• Suggestions based on your personal situation for what you should deduct or credit
• Tax law changes, for you to read and included in the software as you file
• An update of how much you’re saving with each deduction or credit
• A simple summary of your taxes and what’s next
• Alerts as soon as you make a mistake
• The ability to flag an area you may be having trouble with, to come back to it later
• A variety of ways to get the help you need, including: a comprehensive FAQs section, free customer support via phone, online chat, or social network interaction (Facebook & Twitter), or ask tax experts (more on that below), and other TurboTax users

Ask a Tax Expert

Doing your taxes yourself doesn't have to be difficult.

New this year is TurboTax’s “Ask a Tax Expert.”  Now, if you have a question about your taxes, you can get live one-on-one guidance from a tax professional — FREE.

You can either chat online or talk on the phone about your tax questions.  They can help you have more confidence in your return by giving you guidance on your specific situation.

If you have a question while your doing your taxes, hit the “Get Your Questions Answered” button and you’ll be able to chat or talk to a tax professional.

The tax experts are made up of highly-qualified CPAs, tax attorneys, and IRS-Enrolled agents.  They are available from 5am-9pm Pacific Time.

That’s a pretty cool option to have.  As easy as it can be to use TurboTax, some situations are still confusing (that’s taxes for you).  Being able to articulate your question with a professional can go a long way to clearing up any hesitation you have about filing your taxes online.

Because there are several editions of TurboTax 2011, you may not know which is the right product for you.

They help you choose with a checklist of questions to figure out which solution will yield you the biggest refund.

Still questions regarding which is the right product for you?

Read the reviews of thousands of users like you, giving their honest opinion.  Rest assured, each product has received an average of 4 out of 5 stars!  [Though take them with a grain of salt as it is their site.]

So how do you receive your “biggest refund?”

If you find that you can get a bigger refund with another software then you will get your money back from TurboTax (many other programs are like TurboTax in that you can start your return for free).

TurboTax will go through over 350 deductions for you and make sure to look for common overlooked tax deductions to make sure you get the biggest refund possible.

Use TurboTax’s ItsDeductible® tool to get values on over 1,000 commonly donated items so you can properly estimate your charitable donations.  TurboTax will also help you determine if you qualify to deduct medical expenses.

Track Your Refund

Even after you’ve filed TurboTax is there for you.  Track the status of your return online or via their smartphone apps.

TurboTax Online Editions

You have five TurboTax editions to choose from: Free Edition, Basic, Deluxe, Premier, and Home & Business. No matter which one you choose, all of them can be started for free, and you simply pay when you file.

TurboTax Online Free (Free) + (optional) $27.95 state

The Federal Free edition is for the simple tax returns such as 1040EZ, 1040A, and 1040.

You breeze through the process at your own pace, bypassing questions that don’t apply to you, and asking you questions in plain English so that you understand.  Whether you’re putting in information from your W-2, retirement, disability, or even unemployment benefits, this is the simplest program to use.

(Learn more about the Free Edition.)

TurboTax Online Basic ($19.95)

The Online Basic edition is also for beginners, but with a little more guidance.

You have the ability to:

• Save time by transferring last year’s tax info.
• Have your W-2 and 1099 information imported from over 400,000 employers and financial institutions (so much better than manually entering your info.). That’s 300,000 more than last year!
• Pressed for time?  Save your progress and continue when you’re ready.

(Learn more about the Basic edition.)

TurboTax Online Deluxe ($29.95)

Looking to maximize your deductions?

The Deluxe software is for you.

You benefit from the same features from the basic package, and:  Reduce your risk of an audit with audit risk alerts to help you reduce your chances of an audit.  You can also see how different life changes will affect your taxes.  TurboTax will automatically fill in information for you when you indicate a life change like buying/selling a house, getting married, having a baby or changing jobs.  You also get the chance to find deductions you may not have known about, and…

• Learn more about how life events, medical expenses, and donations affect your return
• Searches for more than 350 deductions and credits
• Alerts you to audit risks and offers tips to reduce your chance of an audit

TurboTax Online Premier ($49.95)

Those with investment or rental properties will do best with TurboTax Premier.

Get all that Deluxe has to give, and more:

• Extra guidance for your investments like stocks, bonds, and mutual funds
• Finds more than 20 deductions for landlords, including travel and advertising costs
• Looks for deductions when it comes to your retirement accounts like your 401(K) and IRA
• Searches out tax-saving rental property deductions.

(Learn more about the Premier edition.)

TurboTax Online Home & Business ($74.95)

Looking for all the cream of the crop to include your business and personal information?

Choose Home & Business, where you get an all inclusive package.  Whether you’re self-employed or own an LLC, you can rest easy knowing you have:

• Deductions for using your vehicle for business purposes
• Guidance for creating W-2 and 1099 forms for your employees
• Find deductions based on the industry your business is in
• Asset depreciation advice
• Guidance for new businesses
• and more…

(Learn more about the Home & Business edition.)

If you still aren’t sure which program is right for you, switch and have the information you’ve already put in transfered over to another edition and go from there.

When I started out doing my taxes, I did them manually.  But back then online options weren’t like they are now (and we powered cars with our feet too!).  After a couple of years of this I discovered how easy TurboTax was to use.  It was so much quicker going through their program than going through the forms and entering in my information by hand (not to mention I have terrible hand writing).

There are certainly benefits to using a tax professional, like a CPA, to do your taxes.  But for a good number of people this isn’t necessary and you would end up over-paying.

Choose the #1 rated tax preparation program and you’ll be confident to know you have the biggest refund, guaranteed.

Remember, you can start it free.  You pay once you are ready to file.

[Keep in mind that State tax returns are an additional fee, though there is no cost for the efiling.]

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TurboTax Online Tax Software 2011 Review

With more then 55 years in business, H&R Block is one of the most recognized tax preparation companies. Their do-it-yourself tax preparation with their online software, is one of the easiest ways to get your taxes done fast and accurately.

H&R Block online has a variety of support features and guarantees, making doing your taxes yourself worry free and simple.

Features of H&R Block Online Tax Prep Software:

• free online support offered with each program
• one live tax advice session from an H&R Block tax professional included (fees apply for the Free, Basic and Deluxe products).
• help topics related to every tax situation
• simple language that you don’t need to be a tax professional to understand
• prompts to be sure you get every tax deduction for all of your life situations

H&R Block Guarantees:

Accurate calculations guarantee - If the H&R software makes a calculation error that cause you to to pay a penalty or interest to the IRS then H&R Block will reimburse you up to $10,000 (see the site for specific details).

Maximum refund guarantee - If you find that another online tax prep. program provides you with a bigger return, or lower liability, then H&R Block will refund the fees you paid (of course you must have given the exact same data to the other tax preparation software).

Complimentary Worry-free Audit Support® – In the rare event of an audit, they do happen, you get free audit support from an H&R Block enrolled agent.  The agent will help you with all communication with the IRS or the State Department of Revenue; outline what to expect and how to prepare for your audit; and they can represent you before an IRS representative, if you wish.

You can visit www.hrblock.com for all of the details regarding the features and guarantees of the online tax preparation software.

Which Program to Choose?

H&R Block online offers four product packages, and you can choose the one that is right for you based on your tax situation.

These packages include:  Free Edition, Basic, Deluxe, and Premium.

FREE EDITION

The Free Edition is best for first time filers and those with basic tax returns.  This includes those filling form 1040, 1040A, and 1040EZ.  This version still includes all of the features and guarantees of the paid versions, including live chat tax help and audit support.

It is free to prepare, print, and e-file.

(Learn more about the Free Edition)

BASIC ($19.95)

This version includes everything from the Free Edition, but also offers the convenience of importing last year’s tax return data and an error check feature (this includes your W-2, 1099).

This edition is best for those with simple tax situations, but can also be used for homeowners and small business owners, such as those with direct sales or home based businesses.

(Learn more about the Basic Edition)

DELUXE ($29.95)

The Deluxe edition of H&R blocks tax software is designed for homeowners and investors.  This version includes everything from the previous two versions as well as a search for more deductions, information about stocks, bonds, and mutual funds, and helps with mortgage interest and charitable donations.

(Learn more about the Deluxe Edition)

PREMIUM ($49.95)

This version is for the most complicated tax situations.  The Premium edition is designed for self-employed persons (schedule C guidance included), those with rental income, and filers needing more tax guidance.  Included in this version is advanced tax calculators and tax law guidance, as well as everything supported in the earlier versions.

(Learn more about the Premium Version)

Not sure which version to choose?

You can do a side-by-side comparison of the features of each version.  Also, once you get started with one version, you will answer questions about yourself and your circumstances.  If the version you have chosen won’t work for you, a suggestion will be given for which version is better and the information you have already entered will be transferred to the other version.

Go through the preparation and see if you like the results.  If you’re satisfied with the results then go ahead and pay.

With the support of live tax professionals and years of experience, choosing to prepare your tax return with H&R Block At Home™ Online is a breeze.

Start with H&R Block’s At Home Online tax software and make your tax preparation easier.

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H&R Block At Home™ Online Tax Software – Review

In this market, many new renters are freely negotiating with prospective landlords on the price of rent and having success.

However, what if you are currently locked into a lease and don’t really want to move?

If you have been in your apartment for several years, before the downturn of the housing market, you may be paying up to a couple hundred dollars more than new tenants.

Luckily, there are still ways you can negotiate a lower rent payment.

How to Negotiate Lower Rent in Your Current Apartment

Know the market.

Take the time to find out what others in your building are paying.  You may find that new tenants are moving in for $800 a month while you are paying $1,000 a month for the same style apartment.  If you don’t want to come right out and ask the new tenant, you can do a Google search of your address and find ads for the apartment for rent to get an idea of what the landlord is charging (though keep in mind the new tenants may negotiate down from that point.)

Another strategy is to look on Craigslist or other sites for comparable apartments.  You may be surprised to find that apartments with better amenities are going for the same price or less than you are currently paying.

Having this information gives you negotiating power.

Put it in writing.

You can still negotiate your rent, even if you plan to stay at your current apartment.

Write your landlord a letter stating how long you have been a tenant, how diligently you have paid your rent on time and how difficult it is too find good tenants in this current market.  Also include research documenting how rent prices have decreased in the last few years (if that is the case), and how much you feel you are now overpaying for your current apartment.  Then, state how much you would like to pay.

Be careful with this number as you want to leave yourself room to negotiate, but you also don’t want to offend the landlord with an unreasonably low number.

Agree to sign a longer lease.

If you feel comfortable with it, agree to sign a longer lease, perhaps 1.5 or two years.  This gives the landlord a benefit in the negotiations too because she won’t have to look for a new tenant for at least 18 to 24 months.

Considering how expensive it can be to get a vacant apartment ready to show and to lose the rent on an empty apartment, the landlord may be agreeable to a modest decrease in rent.

Look for discounts in other ways.

If the landlord is not willing to negotiate on the rent, perhaps you can negotiate other ways to get reductions.

Maybe the landlord would be willing to take $50 off your rent a month if you pay before the first of the month.  If you live in a smaller place, maybe she would give you a reduction if you take care of the lawn by mowing in the summer and shoveling and applying salt in the winter.

Be willing to walk away.

If you truly feel the rent you are paying is unwarranted, be willing to walk away from the apartment and move.

Most people don’t like the hassle of moving, but it may be worth it if your landlord won’t negotiate and you feel you are paying a few hundred dollars more a month than the property is worth.  Chances are, when you look for a new apartment, the new landlord will be willing to negotiate.

The current economy and renter’s market gives tenants negotiating power.

If you are facing a rent increase or feel that your current rent is too high based on the market, don’t be afraid to negotiate.

Chances are you may be pleasantly surprised.

If your landlord is not willing to work with you and reward your punctual payments, it may be time to move out and negotiate with a new landlord who is desperately looking for a reliable tenant with good credit.

The choice is ultimately yours.

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How to Negotiate Lower Rent in Your Current Apartment

As tax season moves into high gear, thoughts turn toward how to improve tax efficiency.

There are a number of legal ways to reduce what you owe in taxes, thanks to deductions and credits.  If you think about your expenses, and re-examine your position, it is quite likely that you will find a few commonly overlooked deductions and credits that you missed.

Additionally, with a little thought, it is even possible to reduce your tax liability for the previous year — even though a new year is under way.

However, there is a very real difference between employing legal and properly documented tax breaks to reduce what you owe, and evading taxes in order to avoid paying what you are bound to pay by law.

Tax evasion is a serious matter, and you need to be careful to avoid engaging in it.

What is Tax Evasion?

Tax evasion is intentionally avoiding paying what you know you owe to the government.  There are different activities that are considered tax evasion. Some of these activities include:

• Refusal to file a tax return
• Taking fake deductions, or deducting more than you actually spent
• Claiming credits you aren’t actually entitled to
• Lying on your tax return
• Failure to report all of your income (including tips and cash)
• Failure to report offshore bank accounts and/or foreign income
• Claiming personal expenses as business expenses
• Claiming to transfer money in order to write it off — even though you didn’t complete the transfer
• Claiming extra exemptions
• Writing off losses (property, business, theft, etc.) that didn’t take place
• Writing off losses that you were reimbursed for by your insurance company
• Claiming expenses that you have already been reimbursed for
• Using sneaky accounting practices to make it appear that you have greater expenses or lower income than you do
• Putting your assets in someone else’s name to avoid paying taxes

As you can see, there are a number of actions that qualify as tax evasion.

However, the burden of proof is on the IRS to prove that your intent was to avoid paying what you owe. However, even if your inaccurate return was the product of an honest mistake, you will still be subject to repaying what you owe, and probably paying interest and penalties as well.

If you have been trying to avoid paying taxes, though, things can get much, much uglier.

What Happens to Tax Evaders?

Tax evasion will have huge repercussions on your life!

Tax evasion comes with serious criminal charges.  You can be sent to prison and you can be levied hefty penalties.  In the case of willfully failing to file, you can be sent to prison for up to a year, and pay fines of up to $100,000.

Making a false statement can net you up to three years in prison and up to $250,000 in fines.  The same penalties apply if you attempt to hinder an IRS representative in his or her efforts to get to the bottom of the situation or to collect.

When you are convicted of attempting to evade your taxes, or conspiring to defraud the United States by helping someone else evade payment, you could go to prison for up to five years, and pay fines of up to $250,000.  And, all of these fines are on top of repaying what you owe, and covering the cost of prosecuting you.

Tax evasion becomes very expensive indeed. Tax evasion is considered a felony, so that means it will go on your record as such, and the public records relating to your tax debt will also be noted on your credit report.

The government also has a number of methods available to it for attempting to collect the money you owe. The government can take tax credits you are eligible for in the future, place liens on property that you own, garnish your wages, and even take money directly out of your bank account.

Before you take a deduction, and before you claim less income, check your records.  In the event of an audit, you want to be able to show the documentation that backs up your claims.  If you don’t have that documentation, and it appears that you are being evasive, the IRS could move forward with prosecution.

What Should You Do If You Can’t Pay Taxes?

Just failing to file your tax return can result in hefty cash penalties, and you don’t want to do anything that might trigger an interest in you as a tax evader.  As a result, it is a good idea to be up front if you can’t pay your taxes.

File your tax return, and then contact the IRS.  The IRS offers an installment plan that you can use to suggest a schedule that would be reasonable for repayment.  It is also possible for you to suggest a settlement, where you offer to pay what you can, and the IRS forgives the rest (this is difficult, though, and hiring a knowledgeable tax attorney is vital in such situations).

In the end, it’s best if you adhere to the law, and show honesty in your tax dealings. You’ll have less to worry about.

Copyright © Free From Broke - A Personal Finance Blog Please visit for more great content!

What is Tax Evasion and How Could it Affect You

Legislation that would have threatened the existence of an open and free internet was shelved this week in part to widespread “blackouts” at many popular internet sites.

For 24 hours users were unable to access Wikipedia, Google’s logo was blacked out on their homepage, reddit and BoingBoing blacked out their sites and gave messages for users on steps to take.

The pressure worked — for now.

The two bills have been shelved, but that doesn’t mean they won’t come back up again.

Ironically enough, immediately following the shelving of these bills, a controversial file sharing website — MegaUpload — was shut down on an international scale.  Employees in New Zealand were arrested, assets seized, and the site shut down thanks to the US government coming after them.  The fines for copyright infringement by the site are estimated to be in the hundreds of millions of dollars.

Makes you wonder if SOPA and PIPA were even necessary if the government is capable of taking this kind of unilateral action?

Instead of focusing on how to pay off a multi-million dollar fine, let’s focus on building our wealth to becoming millionaires. Here’s some interesting articles to help you get there:

Bargain Babe | 10 things I do with lemons
Len Penzo dot Com | How to Survive the Apocalypse – Or at Least Have Fun Trying
Adaptu | Good Debt vs. Bad Debt – Where to Focus First When You Pay Off Debt
Consumerism Commentary | 5 Reasons to Beware of 401k Plans
Lazy Man and Money | » Suze Orman’s Pre-Paid Debit Card Scam
Five Cent Nickel | Make the Most of Your Pay Raise
Get Rich Slowly | Make 2012 Better By Asking the Right Question
Boomer and Echo | Why You Should Own Bank And Utility Stocks
NPR’s Planet Money | The Secret Document That Transformed China
I Will Teach You To Be Rich | What the Pros Know About Networking That You Don’t
Tight Fisted Miser | Are We Worse Off Than Our Parents?
The Simple Dollar | Overcoming the Power of Branding and Brand Preferences
Good Financial Cents | It Can Happen To You, Too
CNN Money | Local Currencies: “In the US We Don’t Trust”
Everything Finance | ** Stay Away from Suze Orman’s Approved Prepaid Debit Card
Yes, I Am Cheap | Yes, I Am Cheap Third Blogiversary Giveaway | Yes, I Am Cheap
Afford Anything | Quit Calling Me An Idiot
Fox Business Video | Suze Orman’s Card Backlash – Fox Business
MSN Money | Has Suze Orman lost her cred?

Free From Broke was featured in the following carnivals:

Canadian Finance Carnival #71 – Canadian Finance Blog
Festival of Frugality #319 – It’s Cold Outside Edition | The Frugal Toad
» Carnival Of Financial Camaraderie #16 » My University Money
Yakezie Carnival – Credit Cards Edition | Prairie Eco-Thrifter
FamilyMoneyValues: Totally Money Blog Carnival #50 Martin Luther King Day Edition
Diva In Debt Hosts the #344 Issue of Carnival of Personal Finance | Diva In Debt
Tax Carnival #95: Tax Filing Season 2012 – Don’t Mess With Taxes

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SOPA and PIPA are Shelved and Links

The uncertainty in the housing market along with more stringent lending standards is driving more people to rent rather than buy.

Even though there may be more people in the renting market in addition to the usual renting population, there are also more people turning the homes they own into rental units rather than having their home languish on the market for months or years.

This means that the rental market, like the housing market, is currently a renter’s market.

Here are some tips to take advantage of this and get a bargain when apartment hunting.

Begin your lease during the late fall and winter months.

Leases seem to follow an academic calendar with the most common times to begin a new lease being May through August.  Rental properties are most in demand during that time and as such, that is the time when you are least likely to strike a deal because landlords have plenty of candidates to choose from.

However, if you sign a lease in the months of November through February, the landlord may be so glad to have the unit rented out that they are willing to negotiate on price.

Have stellar credit.

Landlords more often are facing renters who don’t pay as well since the housing crisis began.  This is a no-win proposition for the landlords; not only are they not getting rent, but they must initiate a lengthy eviction process.

Many landlords pull credit now, and if your credit is excellent and shows no late payments or defaults, you can use that as a negotiating tool.

True, if they negotiate on the price with you, they may make less money each month, but they know they will get the rent each month.  Guaranteed income is enticing.

Be willing to sign a multiple year lease.

Landlords are often willing to give you certain breaks if you are willing to commit to a stay longer than the traditional one year duration.  They may be willing to lower your rent or freeze the price that you pay for rent over the life of the lease so you don’t have to pay yearly increases.

Be willing to walk away.

If you have good credit, are searching during the off season and are willing to sign a multiple year lease, be willing to walk away if the landlord won’t negotiate or won’t offer the terms you are looking for.

You may be pleasantly surprised that they call you back in a few days or weeks willing to negotiate further.

Our Experience

It is possible to get a bargain when you're apartment hunting!

My husband and I recently went apartment hunting after being at the same apartment for 11 years, and we found plenty of bargains.

Because we have good credit, were looking during the off season and were willing to sign a 2.5 year lease, which is the minimum amount of time we are tied to our location based on my husband’s current work contract, we actually had two landlords competing for our occupation.  (Both units had been empty longer than two months.)

The first apartment was 1,500 sq. feet and was listed at $1,350 plus utilities.  The landlord was willing to negotiate on the rent if our credit was good (which he found out it was), but we couldn’t move in until late December, and he really wanted someone December 1^st, so we had to walk away.

The second apartment was only 1,000 sq. feet and the landlord was asking $1150 for rent (down from the $1200 she had been asking during the summer months), but we asked to only pay $1100, plus utilities.  She agreed to the discount and to lock in that price for the length of the lease if we signed a multiple year lease.  However, this apartment was really our second choice because it didn’t have a washer and dryer on the premises, and with three kids, a trip to the laundromat every few days was not appealing.

Luckily, before we could sign a lease with the second landlord, the first landlord called back and was agreeable to signing a lease beginning December 15^th.  Further, if we agreed to pay $1,390 a month in rent, he offered to cover ALL utilities including heat, gas, electricity, water and trash.  With this agreement, both apartments came out to about the same price, but clearly apartment one was a better choice.

We agreed to sign a 2.5 year lease with $30 increases in rent every 12 months, but, he will pay the utilities for the entire duration of the lease.

Many people don’t think of negotiating terms when renting an apartment, and maybe a few years back when it was a seller’s market there wasn’t room for negotiation.

However, now that landlords are facing apartments that are empty for months or that are leased to deadbeat tenants who do not make their monthly rent payments, they are more than willing to negotiate by lowering rent or offering other perks to prospective tenants who have good credit and are willing to commit to staying in the unit for two years or longer.

Copyright © Free From Broke - A Personal Finance Blog Please visit for more great content!

How to Get a Bargain When Apartment Hunting

As you start getting your tax information together, don’t forget to look for tax deductions.

While it is mostly too late to rack up new tax deductions, you can go back through your expenses from last year and figure out if you are eligible for another deduction or two.  Every little bit helps when it comes to decreasing your tax liability.

If you are looking for a few more deductions to add to your tax return, here are 10 common overlooked tax deductions to consider:

1. Charitable Mileage

Many people are aware that their charitable contributions can be deducted if they itemize their taxes.  However, you can also deduct the mileage that you travel in the service of your favorite charity.

When you travel to and from the charity location, or if you are running errands on behalf of the charity, you can deduct 14 cents per mile.  You also get to deduct what you pay for parking and tolls.  And, if you take public transport, you can deduct those costs as well.

Just make sure you keep good records.

2. Tax Preparation Fees

When someone else prepares your taxes, or even if you prepare them yourself using paid software, you can get a deduction for the cost.  Deduct the cost of your accountant, your TurboTax software, and even convenience fees that you might be charged.

It’s worth noting, too, that financial planning fees, and fees paid for financial management, can also be deducted from your income.

3. Educator Expenses

It can be easy to overlook expenses you pay as an educator.

However, you do have that option if you worked at least 900 hours over the course of the year as an educator in a K-12 setting.  You can take your deduction in two places: There is a line on Form 1040 for amounts up to $250, and beyond that you can Schedule A to deduct your expenses.

4. Property Losses

If you had a property loss, due to destruction or theft, you can deduct some of what you paid for repairs, and even for the decrease in value to your home.

You do have to follow the rules, though.

No deduction for amounts covered by your insurance company, and you have to have paid more than $100, since the first $100 you pay isn’t tax deductible.

5. Blogger Tax Deductions

Save with these commonly overlooked tax deductions.

Are you a blogger?

Even if you only blog for side hustle purposes, you can still get a tax deduction for some of your expenses.  Some blogger tax deductions include online expenses for advertising, hosting and domain registration.

As long as you use them only for your side business, you can also deduct home office supplies.  If you have a hobby of other kinds as well, you can deduct some of your expenses.

6. Legal Bills

In some cases, you might be able to deduct legal bills — as long as you paid for services that net you taxable income.

You won’t be able to deduct the expenses paid when you hire a lawyer to represent you in a custody case, but if you hire someone to help you get alimony, and you end up with that new income (which the government can tax), then you can deduct your expenses.

7. CD Withdrawal Penalties

When you withdraw money early from a certificate of deposit, it comes with a penalty.  This can cut into your earnings from the CD, as well as offer annoyance. You can recoup some of that cost when you deduct the penalty on your taxes.

So, if you ended up with such a fee, make sure to remember to deduct it.

8. Property Taxes Paid on a Timeshare

In a number of cases, when you have a timeshare, the property taxes you owe are included in the yearly maintenance fee that you pay.

Read through your statement, because if your maintenance fee is broken down on the statement, you might be able to enjoy a tax deduction.  Check to see what portion of the fee is going toward property taxes, and deduct that — much as you would your regular property tax payments.

9. Medicare Premiums

Your Medicare Part B and Medicare Part D premiums might be tax deductible as medical expenses.  This can be a great help if your premiums have been on the rise.

On top of that, those who aren’t eligible for Social Security, and enroll in Medicare Part A, can deduct those premiums.

10. Breastfeeding Equipment

Here’s another deduction that is sometimes missed: Breastfeeding equipment.

If you buy a breast pump, and other equipment, you can deduct the cost as a medical expense, since the IRS considered it one.

Remember, though, that medical expenses have to exceed 7.5% of your adjusted gross income if you want to deduct them separately.  You can increase the deductibility of your medical expenses with the help of a Health Savings Account.

Bottom Line

These are great deductions, but make sure that you are eligible before you take them.  Some deductions require that you meet certain qualifications.

When in doubt, check with the IRS web site, or consult a knowledgeable tax professional.

Do you know of other commonly overlooked tax deductions?

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10 Common Overlooked Tax Deductions

The always interesting Consumer Electronics Show just wrapped up with the typical menu of new technology treats on hand.

There are bigger TVs with brighter and sharper images, new super-thin laptops (now called “ultrabooks”), and all kinds of random odds and ends that you couldn’t possibly imagine.

As tantalizing as these products are there are two things to note.

First, many of the products debuted at CES won’t be available for several months.  You’re just getting a taste, but it will be a while before they hit store shelves.

Secondly, and more importantly, just about everything you could buy from CES is something you don’t need to buy.

It’s a giant show dedicated to consumer electronics.  Last time I checked we all needed food, shelter, water, and clothing… consumer electronics are far down on the list.  In short, it’s fine to own these products, but only if you can afford them.

It can be hard to remember that when you’re holding the latest and greatest gizmo in your hand.

Want to wisely save up your dollars to purchase a new gadget debt-free? Here are some articles that should help you out:

Oblivious Investor | REITs Are Stocks
DollarVersity | Suze Orman Teaches You How NOT To Handle Criticism
PT Money | Suze Orman’s Pre-Paid Debit Card – The Approved Card
Get Rich Slowly | Frugal Advice from Millionaires
Toilet Paper Entrepreneur | Productive Habits For Getting More Done
Saving Money Today | Fixing Bad Credit While Getting Out of Debt
Five Cent Nickel | Contribute and Convert: Funding Our Roth IRAs Through the Backdoor
NPR’s Planet Money Blog | The History of Factory Jobs in America: In One Town
Frugal Zeitgeist | Questions Regarding Political Dialogue
One Cent At A Time | How to Keep Heating Bills Low This Winter
CNN Money | High-Yield Mortgage REITs: Too Good to be True?
Consumerism Commentary | How Rich are the Presidential Candidates?

Free From Broke was featured in the following carnivals:

Yakezie Carnival : Better late than never edition | Broke Professionals
Festival of Frugality #318 | Magical Penny Edition
Totally Money Blog Carnival #49 |
Carvinal of Personal Finance – “Ask the Right Questions” Edition
Canadian Finance Carnival #70 – Canadian Finance Blog

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Consumer Electronics Show and Links

The holidays have come and gone!

I’m sure many of you have gotten a gift card or two as a gift.  I know I love getting a gift card to a store I love!

Don’t go spending what’s on those cards just yet though.  With a little forethought you can make sure you use the gift card wisely and maximize it’s benefits.  This way you make the gift card more valuable.

Here are 8 ways to maximize the value of gift cards:

Wait for a great sale

You have a gift card with X dollars on it.

Don’t waste it paying retail!  There are great sales that extend after the holidays end.  Use that to your advantage.

You can find clothing for 50% or more off in many stores as they prepare for Spring items.  Many electronics have great sales too.  The point is, combine the card with a great sale and get more then the face value of the card!

Use a coupon

Lots of places offer coupons both physical and online.  This is similar to finding a great sale in that you shouldn’t pay full retail price.  I’ve seen store coupons that offer 30% off and I’m sure there are ones that are better.  A coupon like that means you get 30% more value for your gift card!

Don’t use it right away

Your friends all know what you love don’t they?

So there may very well be a chance that you get more than one gift card for a particular store.  If you can wait (or you have a birthday or some other event soon) you might get another card that you can combine.

Warning: If a store were to go bankrupt you could lose the value on the card.

Combine with returns

Some might not like this… But if get a gift from the store the card is from and you aren’t too fond of the gift you could return it ad combine the cost of the gift with the gift card to get yourself something you really want!

I know, some people feel icky doing that but shouldn’t a gift be something you like and will use?

Look for extras

On a site like Amazon you will often see deals where you buy one items and get another item free or at a great discount.  Keep an eye out for deals like this to make your gift card go farther!.

Make sure you understand the terms

Not all gift cards are created equal!

Make sure you understand the terms of the card.  Some things to look for:  Not being able to use the card online; not being able to use the gift card with other offers; and the actual stores that will accept the card (you might actually find that you have more options to use it if the store falls under an umbrella of stores that all accept each other’s cards).

Re-gift

You might not like the store the gift card is from.  What do you do?  Go buy something that you won’t use?

Why not re-gift the card to someone else?

Buy something to donate

What better way to celebrate the holiday spirit than to give a donation.  Use you card to buy something you can donate to a charitable organization!  You may even be able to donate the card itself.

So there you go.  Eight ways to maximize your gift cards!

Can you think of any more?  Let me know!

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How to Use Gift Cards Wisely to Maximize Their Value

There’s been a bit of a ruckus with the release Suze Orman’s pre-paid debit card — the Approved Card.

Her card joins other celebrity cards such as the Rush Card and the Kardashian Card.

The problem, many claim, is that pre-paid debit cards come with fees to use them.  With Suze’s card, people are claiming that she is just profiting from her audience.

I’d like to show you an alternative to pre-paid debit cards.  In fact, I’m going to show you how to make your own pre-paid debit card!

First though, let’s go over what a pre-paid debit card is.

What is a Pre-Paid Debit Card?

Basically, a pre-paid debit card is a card that you put money on to spend with, almost like a gift card.  The card isn’t typically attached to a bank account, like a standard debit card is.

It’s typically used by people who don’t have checking accounts, don’t want to use credit cards or cash, or to give to someone so they can only spend a certain limit (like giving one to your kid in college).

It can be one way to control your spending and make sure you don’t go over budget.

But with the use of the card there typically comes a number of fees, some which can be: cost for the card itself; monthly usage fee; fee for not keeping a minimm; fees for checking your balance at an ATM; fees for calling customer service; general ATM fees; and more.

A pre-paid debit card can have its uses but there are ways to achieve something similar without the fees.

How to Make Your Own PrePaid Debit Card

- Head on over to ING Direct and open up an Electric Orange account (this can also be done with PerkStreet). This is their online checking account. (Heck, there’s even a $50 bonus if you sign up!)

- Deposit ONLY what you can budget to spend with the card.

- Use card for purchases without the fees of a prepaid debit card.

- If you run out, stop spending until you can refill the card again (when it fits your budget).

There you go, your own prepaid debit card!

And with an ING Direct Electric Orange account you get no fees*; no minimum deposits; free ATM use at over 35,000 locations; awesome customer service; free bill pay; they will mail out checks for you; and more.

(*for the most part there are no traditional checking account fees and there are certainly less fees than pre-paid debit card have.)

Yes, I know, you need to open up a bank account.  I admit I’m cheating a bit when I say you can make your own prepaid debit card.

But if you plan on using any substantial amount of money for more then one time then you really should have one.

A prepaid debit card is useful to some.  But you need to understand the fees that are attached to most of them.

If you can open up a bank account, like a great free online checking account, then you have so many more benefits than a prepaid card can offer.

But I Don’t Want to Spend Too Much

Make your own prepaid debit card and avoid the fees.

I hear you.  A credit card can be wicked tempting.  I’ve had my share of credit card debt.

But why are you afraid of spending too much?

Habits are hard to change, for sure, but in the long run you need to understand your spending and get a grasp on it.  Avoiding it will only work for so long.

Suze Orman’s The Approved Card

So that brings us back to Suze’s pre-paid debit card.

The Approved Card costs $3 to buy.  After that there is a $3 per month account maintenance fee, which is waived the first month.  ATM withdrawals at an Allpoint location is $2 (waived for 30 days with a direct deposit).  If you need to call customer service your first call is free.  After that your call is $2.

There are more fees you can check out on the Fees page.

What differentiates the Approved Card from other prepaid debit cards is that this card is part of an initiative that will anonymously report your spending activity to TransUnion®, one of the three credit bureaus.

See, an issue with using debit cards for purchases, rather than credit cards, is your activity isn’t reported to the credit bureaus so you can’t build credit with them.

You still won’t build credit with the Approved card though.

The initiative to report spending activity will go on for 18-24 months.  After that TransUnion will determine if it makes any sense to use the card’s spending activity in credit reporting.  So it will probably take about two years before anyone would benefit from this IF it is even determined it should be used in credit reporting.

The card also gives its users a free TransUnion credit report with unlimited updates as well as free identity theft protection from Trusted ID®.

These are certainly interesting additions.  But how useful are they really for a person who doesn’t have a bank account and isn’t using credit cards?  I wonder.  Your card usage doesn’t help your credit score so what are you really monitoring score-wise?

Anyone can use a number of free credit score sites to get a credit score and monitor how their score changes.  Keep in mind, the Approved Card doesn’t give you your FICO score, which is what most lenders use to determine a potential loan.

Summary

If you need a pre-paid card for limited use then a prepaid card has its place.

But if you need a debit card for long-term use, why not get a checking account?  If you want to limit your spending then you can set up an online checking account that only has a limited amount of money.

You can get your credit score for free without getting a prepaid debit card, so while that is an interesting feature of a card, it shouldn’t be the reason you get a prepaid debit card.

What do you think of making your own prepaid debit card? What about Suze Orman’s new card?

I’d love to hear your thoughts.  If you use prepaid debit cards I’d love to hear from you too!

Here are some other takes on Suze Orman’s Approved Card:
Suze Orman Launches Pre-Paid Debit Card, Talks Life Lessons
Suze Orman to Offer Her Own Prepaid Debit Card – NYTimes.com
Personal Finance Guru Suze Orman Offers Prepaid Debit Card | Moneyland | TIME.com
Sorry, Suze Orman’s New Prepaid Debit Card Won’t Rescue Your Credit – Business Insider
Suze Orman’s “Approved Card” Gets Denied; Thinks PF Bloggers Are Idiots | 20 and Engaged
Suze Orman Pre-Paid Debit Card: Can We Afford It? #DenySuzeCard – Girls Just Wanna Have Funds
Suze Orman’s Approved PrePaid Debit Card: Bad for Consumers! | The Debt Princess
Suze Orman's Card is Not Approved by Me | Thousandaire
Suze Orman's Approved Prepaid Card Reviewed | MyBankTracker.com
Suze Orman Shows True Colors With Her Approved Prepaid Debit Card

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How to Make Your Own Pre-Paid Debit Card – And Suze Orman’s Approved Card