Get Here: Itemizing Taxpayers Must Wait to File Tax Returns

Monday, January 3, 2011

Itemizing Taxpayers Must Wait to File Tax Returns - Bargaineering

Itemizing Taxpayers Must Wait to File Tax Returns

Posted: 03 Jan 2011 09:34 AM PST

You know how it took until the 11th hour for Congress to extend the Bush era tax cuts? One of the consequences of that late change to the tax structure was that the IRS had been preparing for the the tax cut to expire. That means that they’re not ready to process tax returns based on current tax law.

I usually tell people that they should get their tax documents in order as early as possible if they expect a refund. There’s no reason to wait until April 15th to file if you’re waiting on a refund. The average tax refund last year was over three grand… why wait until April to get your own money back?

Sadly, while you might be ready whenever you receive your W-2 and 1099s in early February, it turns out that the IRS won’t be. According to CNN Money:

The delay affects both paper and electronic filers who itemize deductions on Form 1040 Schedule A. That includes those claiming the new Educator Expense Deduction, which credits grade school teachers for out-of-pocket expenses of up to $250.

It also includes those claiming deductions for college students, covering up to $4,000 of tuition, which is claimed on Form 8917, though the IRS said there will be no delays for those that claim other education tax credits.

It stinks but you can blame your Congressional representatives for it!

Itemizing Taxpayers Must Wait to File Tax Returns from personal finance blog Bargaineering.com.

2010 Top Safety Pick Cars

Posted: 03 Jan 2011 04:21 AM PST

Every year, the Insurance Institute for Highway Safety puts out a list of cars that earn their Top Safety Pick. The list isn’t limited by any number, it simply lists all the cars that satisfy it’s requirements which include a litany of safety tests from front and side crash tests to whiplash tests to roof crushing. The class of 2010 includes sixty-six cars, a huge increase from the twenty-seven from 2009. In 2009, the Insurance Institute for Highway Safety added a roof crush test (the car’s must hold up to four times the weight of the vehicle!) that significantly cut the number of winners (in 2008, there were 72 cars).

Here are the winners based on the category of vehicle:

Minicar: Ford Fiesta
Small Cars: Chevrolet Cruze, Honda Civic, Kia Forte sedan, Kia Soul, Mitsubishi Lancer sedan, Nissan Cube, Scion tC, Scion xB, Suburu Impreza (not WRX), Toyota Corolla, Volkswagen Golf, Wolkswagen GTI
Midsize Cars: Audi A3, Audi A4 sedan, Chevrolet Malibu, Chrysler 200, Dodge Avenger, Ford Fusion, Hyundai Sonata, Kia Optima, Lincoln MKZ, Mercedes C class, Subaru Legacy, Subaru Outback, Volkswagen Jetta sedan, Volkswagen Jetta SportWagen, Volvo C30
Large Cars: Buick LaCrosse, Buick Regal, BMW 5 series, Cadillac CTS, Ford Taurus, Hyundai Genesis, Infiniti M37/M56, Lincoln MKS, Mercedes E class coupe and sedan, Toyota Avalon, Volvo S80
Small SUV: Honda Element, Hyundai Tucson, Jeep Patriot, Kia Sportage, Subaru Forester, Volkswagen Tiguan
Midsize SUV: Audi Q5, Cadillac SRX, Chevrolet Equinox, Dodge Journey, Ford Explorer, Ford Flex, GMC Terrain, Hyundai Santa Fe, Jeep Grand Cherokee, Kia Sorento, Lexus RX, Lincoln MKT, Mercedes GLK, Subaru Tribeca, Toyota Highlander, Toyota Venza, Volvo XC60, Volvo XC90
Large SUV: Volkswagen Touareg
Minivan: Toyota Sienna