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Kira Botkin
Kira is a longtime blogger and serial entrepreneur who enjoys gardening, garage sales, and finding stray animals. She lives in Columbus, Ohio, where football is a distinct season, and by day runs a research study for people with multiple sclerosis. She hopes that the MoneyCrashers team can help you achieve your goals and live a great life.

Married Filing Taxes Jointly vs. Married Filing Separately – Which Is Better?

Kira Botkin

married couple computer taxesOnce per year, married couples have the option to get a short, amicable separation – at least, as far as the IRS is concerned. If you’re married, you have a decision to make when tax time rolls around: Should you file jointly or separately?

Choosing a filing status does not reflect upon your marriage – it’s about making the best decision for your financial situation. Since each method of tax filing has its own set of benefits, you may find that filing separately benefits both you and your spouse more than filing jointly, or the other way around.

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IRS Tax Evasion Fraud Definition & Penalties – What Happens If You Don’t File or Pay Your Taxes?

Kira Botkin

man surprised tax formsAdmit it. At some point during tax prep – filling in one too many data fields or just finding out the final total you owe to Uncle Sam – a dangerous thought crosses your mind: What if I just don’t file?

While most people resist the urge to simply skip out filing taxes, what happens if you can’t pay your taxes, or if you just don’t file at all?

Here are some of the details on tax evasion, including some of the penalties involved, as well as what you can do to prevent a sticky situation even if you can’t afford to pay.

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Dividend Reinvestment Plans (DRIPs) and What They Offer Investors

Kira Botkin

stock chart dividendsStocks are generally thought to be risky investments (when compared to investing in bonds). And even though the average annual yield is great at around 12%, the market can be difficult to predict. However, there are ways to remove some of this risk by investing in dividend reinvestment programs (DRIPs). These programs can remove some of the brokerage and investment management fees that would otherwise eat away at your investment.

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Retirement Savings Contribution Credit – Get a Tax Credit Just for Saving

Kira Botkin

retirement savings

Uncle Sam wants you to save for retirement. However, saving for retirement can be difficult, especially if your income isn’t very high. The saver’s credit – in IRS parlance, the “Credit for Qualified Retirement Savings Contributions” – can help by giving you up to a $1,000 non-refundable tax credit.

To take advantage of this credit, you need to make a contribution to a traditional or Roth IRA by April 15, 2013, or have contributed to your 401k (or similar workplace retirement arrangement) by December 31, 2012. In addition, you must meet the income restrictions for your filing status and other requirements as well.

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Secrets of a Stingy Scoundrel Book Review – 100 Dirty Little Money-Grubbing Secrets by Phil Villarreal

Kira Botkin

Book Giveaway: Read this review of Secrets of a Stingy Scoundrel, then leave a comment with the most low-down or annoying thing you’ve done to earn or save money. Best story wins a copy of the book! Deadline for submission is this Friday - February 11, 2011.

secrets of a stingy scoundrelDo you ever feel like there’s more you could do to be frugal and save money? Perhaps you’ve taken to rinsing and reusing sandwich baggies, or cutting up old clothes for cleaning rags.

But unless at least 20% of your daily calories come from stolen condiments, according to Phil Villarreal in his book, Secrets of a Stingy Scoundrel: 100 Dirty Little Money-Grubbing Secrets, you aren’t doing nearly enough.

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IRS Home Office Tax Deduction – Rules & Calculator

Kira Botkin

home officeIf you own a small business or do freelance work from home, you can get a nice self-employment tax break by using the home office deduction.

Simply put, the home office deduction allows you to deduct a portion of the cost of running your home as a business expense, proportional to the amount of your home you use for business. You can also take this deduction if you have been asked to work at home by your employer.

This can save you a lot of money if done properly – but you need to be careful, as it is one of the most commonly abused tax deductions.

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Tax Deductible Job Relocation Moving Expenses

Kira Botkin

movingDid you recently move for a new job? If so, you may be able to claim your moving expenses as a tax deduction. After all, the cost to move can be quite high, especially when you factor in labor, the cost of a truck, gas, or hiring a moving company outright. Taking this tax deduction allows you to offset the high cost to move by reducing your tax bill.

In order to qualify for the deduction, make sure you meet the following requirements and fill out Form 3903.

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4 Job-Related & Job Search Expenses That Are Tax Deductible

Kira Botkin

careers peopleIf you are an employee and spend your own money on business travel, or are presently searching for work, you may be able to deduct work-related expenses on your taxes. These expenditures can add up greatly over time, but by being aware of which expenses provide tax advantages, you can greatly offset their cost. Knowing which expenses you can deduct under what circumstances can help maximize your refund or reduce the amount of tax you owe.

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4 Tax Deductions for Self-Employed Freelancers and Small Business Owners

Kira Botkin

cash calculators deductionsWhen you start your own business, it can seem like there’s always something else to spend money on to keep things running smoothly. Fortunately, most of these expenses are tax-deductible. The IRS defines a deductible expense as something that is ordinary and necessary – in other words, it must be something you need to run your business, and that is commonly used by others in your line of work. For example, a mobile dog groomer could reasonably write off a new washtub. However, it might raise some eyebrows if a graphic designer put a bathtub on the company credit card.

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Top 5 Options for Free Online Tax Preparation Software & Services

Kira Botkin

tax time

While it certainly can be worth the money to hire a professional to prepare your taxes, you may be able to avoid paying any money at all if your personal finances aren’t too terribly complicated. There’s no need to pay more than your fair share in taxes – and similarly, there’s no need to pay extra when preparing them.

There are many excellent tax preparation services available online, many of which charge very little, and others which charge nothing. Keep in mind that many services only file your federal taxes for free, requiring that you either complete your state forms using another method or pay a fee to have them filed along with the federal taxes. Still, you can save a ton of money by doing taxes with the assistance of these five great programs:

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Frugal Guinea Pig: Dollar Store Dining with Food Items & Products – Worth the $1?

Kira Botkin

dollar tree grocery shoppingAs the Frugal Guinea Pig, I strive to bring you reports on what’s new and exciting in the world of bargains.

Today’s experiment addresses whether buying food at the dollar store saves you money – and if what you buy there can even be considered edible food.

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7 Pro Tips for the Best Mystery Shopping Assignments & Jobs

Kira Botkin

mystery shopperMystery shopping has been around for a while and is a useful market research tool for businesses to assess certain things like customer service, product quality, and adherence to rules or guidelines.

For those of you looking to become experts at the popular money-making strategy of utilizing mystery shopping companies and jobs, here are 7 advanced tips to increase your earnings and up your game.

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What Does Homeowners Insurance Cover & How Much Do I Need?

Kira Botkin

house handsLike the types of auto insurance, homeowners insurance is actually a bundle of different categories of coverage, which apply in various situations.

You aren’t able to pick and choose what categories you want – there are six different components to homeowners insurance, all of which are required, which we’ll discuss below.

However, depending on your possessions, type of home, and your financial cushion, you can choose a coverage level for each category to get a plan that works best for you, while keeping your costs down.

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6 Websites to Help You Earn Extra Money Online From Home

Kira Botkin

guy with computerWe all know that the Internet has revolutionized how folks sell their spare stuff for extra income (i.e. selling things online on eBay or Amazon), but did you know it can also help turn your free time into extra income?

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What is Mystery Shopping? A Complete Guide to Mystery Shopping Companies & Jobs

Kira Botkin

Escalators at an indoor mallHave you ever seen advertisements for work as a mystery shopper and wondered if they were legitimate? Have you worked in a store that received reports from mystery shoppers? Did you ever want to know more about your mysterious patrons?

Mystery shopping, when done right, is a legitimate way to make money and visit new businesses. I work as a mystery shopper in addition to my full time job. I like the work because it is flexible and often, it helps me to save money on my purchases. I’m writing this piece in order to help take the mystery out of mystery shopping. If you’re interested in getting involved, or just want to learn more, you will find a lot of answers to your questions here.

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