Sign up for our FREE Monthly Email Newsletter
In addition to keeping in the financial know, you may be interested in checking your credit score and report.
¹The credit scores provided under the offers described here use the Equifax Credit Score, which is a proprietary credit model developed by Equifax. The Equifax Credit Score and 3-Bureau scores are each based on the Equifax Credit Score model, but calculated using the information in your Equifax, Experian and TransUnion credit files. The Equifax Credit Score is intended for your own educational use. It is also commercially available to third parties along with numerous other credit scores and models in the marketplace. Please keep in mind third parties are likely to use a different score when evaluating your creditworthiness. Also, third parties will take into consideration items other than your credit score or information found in your credit file, such as your income.
²The Automatic Fraud Alert feature is made available to consumers by Equifax Information Services LLC and fulfilled on its behalf by Equifax Consumer Services LLC.
³Equifax Credit Report Control™ is only available while you have a current subscription to Equifax Complete Premier. Locking your credit file with Equifax Credit Report Control will prevent access to your Equifax credit file by certain third parties, such as credit grantors or other companies and agencies. Credit Report Control will not prevent access to your credit file at any other credit reporting agency, and will not prevent access to your Equifax credit file by companies like Equifax Personal Solutions which provide you with access to your credit report or credit score or monitor your credit file; Federal, state and local government agencies; companies reviewing your application for employment; companies that have a current account or relationship with you, and collection agencies acting on behalf of those whom you owe; for fraud detection and prevention purposes; and companies that wish to make pre-approved offers of credit or insurance to you. To opt out of such pre-approved offers, visit www.optoutprescreen.com/.
4We will require you to provide your payment information when you sign up and we will immediately charge your card $4.95. After that, we will charge the card $19.95 for each month you continue your subscription. You may cancel at any time; however, we do not provide partial month refunds.
Equifax® is a registered trademark and Equifax Complete™ Premier is a trademark of Equifax, Inc. © 2014, Equifax Inc., Atlanta, Georgia. All rights reserved.
6 Things You Can Do All Year Long to Save Money on Your Tax Bill
How tedious it must be to spend all your time thinking about taxes. Don’t you wish that you could just push it to the back of your mind and deal with it at the end of the year?
Actually, that’s exactly what most taxpayers do. Which is why they end up overpaying their share of the tax burden. What fools these taxpayers be—to paraphrase Puck from A Midsummer Night’s Dream.
Do you want to be smarter? Without being obsessive? Just develop some good tax habits.
Here are six things you can do all year long to save money on your tax bill:
1. Save all the paperwork. Even if you have the tiniest inkling that it will generate a tax deduction or that you can get it reimbursed by insurance or work, save it. You can always sort it out later.
2. Set up a filing system for all those things. You can make it simple, like dumping everything into the “tax drawer” or “tax box.”
Or you can be a little more organized and use a filing system. The simplest filing system is an expandable file with lots of pockets. It can cost anywhere from $4 to $40, depending on its complexity. I like to snap these up whenever I see them in the dollar bin.
If you want to get even more organized, you can use a full-blown bookkeeping system like the Tax MiniMiser. Or be more formal and set up a couple of nice, neat Pendaflex® folders in a filing cabinet—if you have complex needs.
3. Do a little bookkeeping each month.Whether it’s strictly personal, for employee business expenses, or for your small business, doing it monthly gives you a better picture of your finances year-round. It can even be fun. There are lots of free tools at your disposal—and some even have mobile functions. Here are two:
4. Do a little painless reading throughout the year. Tax laws are changing rapidly this decade. Taxes have become political football. The best place to keep up with tax breaks and financial information is, naturally, the Equifax Personal Finance Blog, right here. We will keep you updated and summarize the important tax and financial issues so you don’t have to search the web for the tax issues that affect you.
5. Do yourself one very big favor. Twice a year, aside from your tax appointment, meet with your tax professional to review your “tax portfolio”—your personal menu of tax benefits and tax attributes. It’s well worth the investment to have one appointment early in the year to get a basic plan established, and another appointment in the fall to rebalance your tax portfolio.
6. At least once a quarter, schedule some Money Time with your family. It can be a fun family discussion, using your software’s charts and graphs to make it visual and more playful. If you don’t have a family, partner up with your best friend and schedule Money Time to keep each other on track.
Tax Schemes and Tax Turkeys: Stay Away from Too-Good-to-Be-True Tax Advice
Winner! Winner! Winner!: Tax Implications of Winning Lotteries and Game Show Prizes
New Tax Laws for 2011
Open-Enrollment and FSAs: A Bonanza of Tax Advantages
The information contained in this blog post is designed to generally educate and inform visitors to the Equifax Finance Blog. The blog posts do not give, and should not be assumed to provide, personalized tax, investment, real estate, legal, retirement, credit, personal financial, or other professional advice. Before making any financial decision, you should always consult with the appropriate professionals who can explain your options, rights, and legal responsibilities, and advise you on any tax, legal, credit, or business implications that may result from those decisions. The views and opinions expressed by the authors of blog posts are their own views and may not be the views or opinions of Equifax, Inc. and/or its affiliates.
Equifax maintains this interactive forum for education and information purposes in order to allow individuals to share their relevant knowledge and opinions with other members and visitors. We encourage you to participate in discussions about personal finance issues and other topics of interest to this community, but please read our commenting guidelines first. Equifax reserves the right to monitor postings to the forum and comments will be published at our discretion. Do you have questions or comments about your Equifax credit report or customer-service issues regarding an Equifax product? If so, please contact Equifax directly. All opinions and information expressed or shared in blog comments are solely those of the person submitting the comments, and don't necessarily represent the views of Equifax or its management.