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This Week in Money Management: The Best Blogger-Inspired Tax Tips for 2012

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(Image by Tony Case, via Flickr.com)

Many have already filed (good for you!) but many more are dragging their feet with the dreaded task of filing annual income taxes. Whether you hope to see a refund, or are destined to write a check for your share of the national utility bill, here are our favorite tips from our blogging friends:

1.  Are you really getting a refund?  Your income tax form may state that a refund is due to you, but if you fall into one of the five categories mentioned by Wise Bread, you may miss out on that coveted check from the IRS.

2.  Audits can be scary.  Make sure you are lowering your chances of getting one by following these ten useful tips from Money Talks News!

3.  Make your refund work for you.  It’s tempting to take in your W-2 and get a great loan on a car or furniture, but are there better ways to use your windfall?  PT Money thinks that there might be; check out his list of savvy suggestions!

4.  Skip the “rapid refund” loan. There is no need to pay to have your refund lent to you with a refund anticipation loan. Good Financial Cents tells you how you get your own money to you as quickly as possible with smart filing techniques.

5.  What’s a 1099-K, anyway? If this form is new to you this year, you’ll want to be informed before you file. Moolanomy gives one of the best explanations on how to handle this sneaky new development.

6.  Get more of your money in 2012. Bible Money Matters gives the details on the Payroll Tax Cut, which has been extended through the end of this year. See how it will affect your tax planning in the months ahead.

7.  Marginal vs. Effective, what’s the difference?  If you are unsure how a marginal tax rate compares to effective (or you aren’t even sure why you should care), check out this great explanation from Free From Broke!

8.  Loyalty has a cost. Are frequent flyer miles taxable? Apparently, they might be! Get the scoop from Five Cent Nickel and make sure you are counting them fairly.

 

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