Money Saving Links: 3/21/07

03.21.07 | Money | 0 Comments | by junger

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Starting today, I'm going to be posting daily links to personal finance articles around the Internet that can keep you in the know and help you save money.

With April 15 (well, 17) right around the corner — and to celebrate just completing my taxes — it's an all tax news day.

Where to Find Hidden Savings on Your 1040 -

Some years, doing your taxes is like playing Trivial Pursuit: The more arcane questions you can answer about deductible expenses, the more you'll save. This year, however, filling out your return is more like playing hide-and-seek.

Congress enacted a number of tax changes for 2006 so late that the tax forms had already been printed. As a result, the IRS had to find creative ways for you to claim certain deductions.

The Alternative Minimum Tax — Not Just for the Wealthy - Yahoo! Finance

When first introduced in 1969, the Alternative Minimum Tax (AMT) was widely acknowledged to be a "rich man's tax" –?? a fallback tax for those wily taxpayers with big incomes and numerous deductibles. But because the AMT has been adjusted for inflation only twice in 30 years, it is now encroaching upon the middle class.

The mechanics of the AMT are complex. But a general understanding of how the tax works can help you avoid it and even use it to your advantage.

There's a Lot of Tax-Gap Rhetoric, but Few Solutions -

The bad news is that for every hard-earned dollar returned, another buck and change in lawfully owed taxes will never be paid. Now, a decade after the Internal Revenue Service was effectively declawed amid complaints from the taxpayer-rights movement, politicians of all stripes mean to do something, many things in fact, about the newly relevant "tax gap." You decide whether that's good or bad.

15 Pitfalls For IRA Direct Depositors -

The Pension Protection Act of 2006 gives you the option of having your tax refund deposited directly to an IRA, Roth IRA or a SEP IRA (but not a SIMPLE IRA). …

Seems simple enough, but you have to wonder, "What could go wrong?"

I came up with 15 things! No question, it can be tricky. The Form 8888 is only two pages, but the IRS included six big "Caution!" icons on the form. If the IRS thinks it is important enough to warn you, you'd better pay attention!

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