Tips for Tax Procrastinators: twelve ways to deal with April15thophobia

Every year on the night of April 14th, post offices across the U.S. are swamped by a tsunami of last-minute tax filers. The complexity of our tax system, the amount of money some people must come up with to pay off their tax debts, and good old human procrastination are all to blame.

All is not lost, however. In this series, WalletPop comes to the rescue of those looking down the barrel of a 1040, with a eleven suggestions from our tax expert Tracy Coenen and one from me on how to deal with last-minute preparation and establish the framework to avoid a repeat in 2009.




Birth of a Child

The birth of a child is not just a blessed event; it's the beginning of a whole new set of tax breaks for your family. Learn how the newest addition to your family can help trim your tax bill, and how to save for your child's future in the most tax-efficient manner.

Read More

Brought to you by TurboTax.com

What is Form 8332: Release/Revocation of Release of Claim to Exemption for Child by Custodial Parent

Having custody of your child usually means you can claim that child as a dependent on your taxes. But if you don't have to file a tax return, or you reach an agreement with your child's noncustodial parent, you can let them take the child as a dependent instead with Form 8332.

Read More

Brought to you by TurboTax.com

How Does Your Charitable Giving Measure Up?

Giving is truly better than receiving, especially when your generosity can provide income tax benefits.

Read More

Brought to you by TurboTax.com

When to Use Tax Form 1099-C for Cancellation of Debt

In most situations, if you receive a Form 1099-C from a lender after negotiating a debt cancellation with them, you'll have to report the amount on that form to the Internal Revenue Service as taxable income. Certain exceptions do apply.

Read More

Brought to you by TurboTax.com
Read Full Story