What the Airline Tax Holiday and the Tax Reinstatement Mean for Your Wallet

The short answer: probably nothing. On July 22, 2011, Congress failed to extend the Federal Aviation Administration’s (FAA) budget and, along with it, airlines’ authority to collect taxes to fund the FAA, leading to a lot of questions and concerns about air travel in the US. Among these were whether this would bring furloughs for [...]

Sales Tax Holiday 2011 is Underway

This post comes a little late, but we are right in the middle of Sales-Tax-Holiday Season! Many states had their sales tax holidays this past weekend, but Connecticut, Florida, Maryland, Massachusetts, and Texas still have theirs coming up. Take a look at the table below and mark your calendars if you are a resident of [...]

Take-Out May Help You Save Money

“Take-out or eat in?” “Sliced or not?” At a café, we usually answer these questions with an eye to convenience: Do I want to go home and eat on my couch in front of my TV or should I just eat here since I’m already here anyway? And should I have them slice the bagel [...]

$125-ish Sign-Up Bonus for Chase’s Total Checking Account

A couple of weeks ago I reviewed checking options from the bigger banks out there, and while I strongly recommend PNC’s Free Checking and Bank of America’s eBanking accounts over any Chase checking option, this deal still deserves a mention since it’s the only sign-up bonus currently being offered for any of the 7 checking [...]

May 15: Mark Your Calendar for a Visit to the IRS

Next Saturday, May 15th, the IRS will be hosting open houses in about 200 locations throughout the country to help tax payers with their tax issues.  The event is open for questions from both individual filers and small businesses.   The last open house held by the IRS was in late March, mainly to help [...]

A Look into the Tuition and Fees Deduction (vs. the Education Credits)

April 15th is fast approaching, and you still haven’t figured out which deductions or credits you can take for education?  Here at Money Under Your Futon you can find the summarized, cramming-two-days-before-the-exam version of the IRS publication 970, which explains in detail each of the education benefits available for 2009 income taxes. Last week we [...]

DC Area: Today, Get a Little More for Donating Your Clunker

If you are in or close to Washington, DC, today might be the perfect day to donate your clunker and get a little bit more for that.  In general, donating your car can be a good deal, as it should ideally lower your gas and maintenance cost and offer a hefty tax deduction through itemizing.  [...]

A Break-Down of the Three Education Credits Available this Tax Season

With taxes due in just 10 days and the recent political debate on how to support higher education, many Americans are left wondering whether there might be anything in this year’s tax form that might help them out.  Several of you have probably heard of the American Opportunity credit, the Hope credit, or the Lifetime Learning [...]

IRS Open Houses Begin

This Saturday, March 27, IRS began holding Open Houses from 9:00 AM to 2:00 PM at over 180 offices across the nation to help taxpayers with their tax questions.  Click here to find the location nearest to you and here for the entire list of services provided.  And no worries if you missed this past Saturday, [...]

Public Service Announcement: Only One Month Left to Claim Your 2006 Refund

Earlier this week, the WSJ posted an article reminding readers that refunds on 2006 taxes can only be claimed until April 15, 2010.  Here, we provide more details. The IRS estimates that as many as 1.37 million people who did not file their 2006 taxes are actually due a refund, with a total value amounting [...]