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April 2010 Monthly Archive

Wondering if there are options to free eFile for your state taxes? If you qualify and your state is in the program, you may be eligible for free state tax filing online from various tax preparation software and companies.

Since April 15 is pretty much one day away, your best bet and fastest option would be to use TurboTax’s Freedom Edition. With TurboTax’s Freedom Edition, you can receive free federal eFile along with state free file (if your state participates in the Free File Alliance).

Do you qualify for State Free Tax Filing?

  • If you make $31,000 or less in adjusted gross income for 2009 or
  • Qualify for the Earned Income Tax Credit
  • Active Duty in Military during 2009 with adjusted gross income of less than $57,000
  • States that qualifies: Alabama, Arkansas, Arizona, Georgia, Iowa, Idaho, Kentucky, Michigan, Minnesota, Missouri, Mississippi, New York, North Carolina, North Dakota, Oklahoma, Oregon, Rhode Island, South Carolina, Vermont, and West Virgina.
  • If your state is not listed but you meet one of the 3 criteria above, you can still get a large discount on your state tax filing for $14.95 (vs. regular price of $30.95).

If you don’t meet the requirements above, unfortunately you won’t be able to get free state tax online filing.  Having said that, you can still easily file your federal tax return for free online through Turbo Tax’s Online Free Edition — especially if you have a simple tax return. As mentioned, the state tax filing would set you back $30.95.

For people with low and moderate income level, the earned income tax credit (EITC/EIC) is one of the most overlooked tax credit. In 2008, 25% of taxpayers that qualify for this tax credit but miss out on it because the rules can be complicated (no surprises there), or simply because they did not know the credit exist or that they qualify for it. This is a refundable tax credit ranging from $457 to a whooping $5,657 (!!).

There’s 3 days until the April 15 tax deadline, if you haven’t filed your taxes yet because you’re a procrastinator like me, then you must check if you qualify for this tax credit.

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About a month or two ago as the tax income forms started flying in via snail mail, I downloaded my free tax software from Turbo Tax and began the annual 3-month long process of filing my taxes. As I sat by my desk and dug through mounds of ancient unopened envelopes, I suddenly noticed something incredibly odd about the Excel sheet on my computer screen.

One.. two… three… four… and five.

Odd. That’s five digits.

I blinked and counted again.

No mistake.  For the month of March 2009, I made a little bit over $10,000.

“Wow. Now if only I make that much every month,” I thought to myself. “I’ll be able to sit back, relax, scratch my butt, and be a baller.”

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