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Doing Your Taxes for Free | Tax Exemptions

Is that time of the year again. And remember, if you have a home based business Uncle Sam wants to help you, your tax exemptions can make for a hefty return, which can greatly help your business. This site will help.   www.HomeBusinessTaxSavings.com The tax tips newsletter is free.

And I found this article by Jack Dunning on computoredge, which helps you find free ways to do your taxes.

Excerpt :

“If your taxes are relatively simple, there is no reason why you should pay to calculate your federal taxes. The tax-preparation software companies understand this. The money is not in the federal returns. There is too much competition offering free tax preparation to make much money off the easiest of federal returns. It’s the complicated federal returns, plus state return preparation and state tax eFilings that are the target for increased company earnings.”

Read More: Doing Your Taxes for Free

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4 Responses

  1. Hire your children if you are self employed. According to Metwell.com you can pay your kid as much as $10,700 in 2009 with $0 tax on those earnings. The standard deduction of $5,700, and an IRA contribution of $5,000 will shelter the rest. You deduct the wage you pay in your bracket, and the child pays no tax. If you’re paying your own child, and you’re not incorporated, you don’t need to pay Social Security, Medicare or other payroll taxes. The courts have ruled that you may hire a child as young as 7 years old. If you’re in the 28% bracket and subject to self-employment taxes totaling 15.3%, the wages paid to your kids yield a 43.3% tax savings not including any state or local taxes. If you pay your 7-year-old deductible wages of $10,700, you save $4,633 and have set up a nice nest egg for your child. Thanks Uncle Sam.

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  2. Thanks for your input Brice! Keep in touch.

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  3. I would have to comment this is an awesome piece of work. I say this deserves mentioning somewhere else. Would you mind if I placed a link on my site to this post?

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  4. Hi Coletta! Thanks for your input. Feel free to put a link on your site.

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