April 2014

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Turbo Tax has serious bugs lurking under the covers of this year’s tax software and these bugs are going to get you, unless you give yourself more time to do your taxes and are extra vigilant!

As far as US income tax preparation software is concerned, Turbo Tax is and has been for at least 20 years, since it was acquired by Intuit, the king. This year, tens of millions of people will use a product from the Turbo Tax line of products to prepare and file their personal income taxes without giving it a second thought.

Turbo-Tax-logo.jpg

If you have ever owned a bond, chances are you have at least heard about Original Issue Discount, or OID for short. Simply put, it is the difference between the amount you paid for the bond and it's redemption value.

IRS considers OID to be a form of interest that accrues as you hold the bond. And even if you are a cash based taxpayer, as most of us are, you must pay taxes on this accrued interest every year that you hold the bond. Of course, you don't see this money until the bond matures, or you sell it. Nevertheless, the Government gets its cut of it every year.

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Are you currently bullish or bearish on the economy and the stock market?:

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