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Tip of the Day Never Spend More Than 2 Times Your Income On A Home

Never Spend More Than 2 ? Times Your Income On A Home - Half the trick to buying a home is knowing what you can afford to spend...

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Tax Form 1040

Taxes are an unpleasant experience. Unless you don't earn any money and have no income you won't have to file taxes. This doesn't apply to the average American worker. Once you start your working career you'll end up paying taxes for the rest of your life. This may seem depressing to some but it is just a simple fact of life that we've gotten accustomed to. It is an annual custom as normal as Thanksgiving or the fourth of July. Except this is one case where you are not looking forward to that date. Most of the problem occurs because people don't really know what form they should be using. They end up taking paperwork to someone else to get them to eliminate the hassle. You can save yourself some money by filing taxes yourself. Does tax form 1040A apply to you?

How much money do you earn in one year? You will need to find out what is the maximum wage or income you can have to be able to use tax form 1040A. Congress is always changing this number so if you weren't able to use it in the past due to this you should check again. Did you take a lot of deductions with your previous tax return? Do you anticipate many this year? If so this might not be the right form for you. If you have a lot of medical expenses for yourself or another family member you will want to make sure that you get the full amount. This will only allow a standard deduction to be subtracted from your wages. If you have a lot then you will only be cheating yourself and leaving money on the table.

Taking your taxes to a tax preparer is taking the easy way out for most of us. If you do your own taxes you may find that is it easier than you think. And you could save time by completing them yourself. Or if you do see that you have too many details to try and tackle taxes on your own you might find the amount you pay is worth every penny spent. Regardless of the choice you make you need to read all your tax information and see what forms are right for you.

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Definition of the Day Turnover

Definition: In mutual funds, it's the percentage of total shares in the portfolio that are traded in a given period (usually a year). TeenAnalyst Advice: Investors prefer mutual funds with lower turnover rates because they have lower fees than those with higher turnover rates.  Also, if a mutual fund is constantly...

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