Chad's News

When the US Internal Revenue Service first came out with e-filing, I was annoyed that you had to buy tax preparation software or pay for tax preparation in order to e-file. This is no longer the case. If your adjusted gross income is $54,000 or less, you can use a free e-filing service called Free File. The linked article has a list of services from which to choose—I’ve used the H&R Block TaxCut Free File for two years now, with no problems. Sure beats mailing in those returns. Note, however, that this only applies to federal taxes, and that you may get marketing emails from the service that you choose.

Link: http://www.irs.gov/…

Astute Chad’s News readers have heard about the US government’s economic stimulus plan. The linked article has the facts. Essentially, the law creates a one-time tax cut for the 2008 tax year (the cut is in the form of a tax credit). The credit will be estimated, based on your 2007 tax return, and will be distributed this May. Then, when you file your 2008 return, you’ll have to determine the actual credit amount. There is also a rebate calculator to determine how much you’ll receive—looks like mine will be $600.

Link: http://www.consumerismcommentary.com/…
(via The Consumerist)

A computer glitch in a Kmart credit card approval system, that approved anyone who applied, led to a riot. The thing I find most interesting, however, is that they considered the credit card to be “free money.”

Link: http://www.wisn.com/…
(via The Consumerist)

For the first time in 30 years, a Canadian dollar is worth more than a US dollar. The linked article looks at the pros and cons of a weak dollar, and it’s not necessarily as bad as one might think.

Link: http://www.csmonitor.com/…
(via digg)

The US treasury is redesigning the $100 bill again, this time with a nifty effect that will be difficult to counterfeit.

Thanks to Josh for this topic.

Link: http://www.foxnews.com/…

TurboTax customers who e-filed at the last minute this year ran into some serious problems. The company’s servers were overwhelmed—I heard a report on the radio saying they were getting 50-60 requests per second. Some customers printed out the forms and made a midnight run to the post office, while others missed the deadline. Fortunately the IRS was merciful and gave TurboTax users a 48-hour reprieve.

Link: http://news.com.com/…

Ever wondered how credit card numbers are generated? The linked article explains all.

Link: http://www.consumerist.com/…

Here’s some really neat origami figures made from dollar bills. My favorite one is the cat.

Link: http://www.financialhack.com/…
(via digg)

Kiplinger presents its list of obscure-but-useful tax deductions. Note that you may have to file a 1040 and/or itemize deductions in order to receive some of them.

Link: http://www.kiplinger.com/…
(via digg)

Researchers tested 45 Irish banknotes and found traces of cocaine on all of them. Assuming this also applies to most American high-denomination currency, the finding is especially significant for people in the US—because detecting traces of drugs on currency is sufficient cause for law enforcement to seize (and keep) the money via a process known as forfeiture. Simply put, don’t carry large amounts of cash.

Link: http://news.bbc.co.uk/…
(via Nothing To Do With Arbroath)

Taxpayers are eligible this year for a one-time refund of excise taxes paid on phone bills. The standard refund amount varies from $30 to $60 -or- you can dig up old phone bills and calculate the actual amount paid. The refund is not automatic—you have to claim it by filling in a line on form 1040 or 1040a, or by filing form 1040EZ-T.

Link: http://www.snopes.com/…
(via digg)

The US Mint has implemented some regulations that prohibit people from melting down pennies or nickels. Apparently the base metals are worth more than the coins.

Link: http://money.cnn.com/…
(via digg)