The 1099 and W-2 forms are starting to arrive in the mail daily now. Tax time is just around the corner. Instead of waiting until April to see how much you may owe or will receive as a return, take a few minutes to do a quick calculation online today. This MSN Money tax estimator is free and takes about five minutes to complete. By entering a small amount of information about your income, investments and credits, you can get a general idea of what April will bring.
If it looks like you’ll owe money to the IRS, start saving up now so you aren’t strapped for cash in April. Also, consider a few things you may be able to do to reduce your tax expense, such as contributing to an IRA account. If it looks like you’ll receive a refund this year, think about smart ways to use this money. Instead of buying a TV, think about opening a savings account or paying off your credit card debts.
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