Tax Season: Tax Preparation Trends

Preparing for tax season is never exactly fun. Even if you expect to receive a refund, all of that paperwork, red tape, and hoop-jumping can get to you. But a little bit of insight can go a long way when it comes to figuring out your options, so we’re sharing some tax preparation info from some personal finance blogs to help take the stress out of your filing.

Walletpop clues us in to a handful of tax credits that you might not know exist. For instance, did you know about the alternative motor vehicle credit that offers a tax break to those who purchased certain models of hybrid vehicles?

A post over at Money Crashers gives a much-appreciated reminder on the deductions available to freelancers and the self-employed. They discuss deductions ranging from advertising to home office expenses.

One of the best things about the Internet is that it has allowed many people to carry out business from the comfort of their home. Money Crashers has put together a handy list of what they consider to be the top free tax preparation services.

When it comes to preparing your taxes, it may be hard to decide whether or not to do it on your own, and Money Ning has a post that lays out the pros and cons of doing it on your own versus paying a professional to sort it out for you. The author points out that in the end, the choice is ultimately yours, but he also makes the interesting suggestion that everyone should do their own taxes once. After all, it’s a financial learning experience and those can only make you smarter.

We’ll be sure to keep you updated on the latest tax information as it comes up over the next several weeks.

Do you plan on doing your taxes on your own or will you pay someone to do them for you? Are there any other credits that you take advantage of?

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    John S.

    Hi, I received a letter from Ally regarding a tax credit for property taxes paid on my lease account. Where do I find info on this. Thank you!

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