Subject: TurboTax: Plan ahead for a big payoff

From: "[email-masked]" <[email-masked]>
Date: Fri, 14 Jul 2006 18:30:25 -0400 (EDT)

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A Splash of Planning Now Can Pay Off Big Later

It’s July. The piña coladas are frosty. The burgers are
sizzlin’. And you don’t have to think about taxes for
months. But our TurboTax team lives for taxes. We think
about them year ‘round to help you get the biggest
refund come tax time.

We're constantly improving TurboTax to better meet
your needs, and next year it'll be even easier to get
around the product. 

With these tips and just a splash of planning on your
end, you can get an even bigger payoff this year. So
come on in. The water’s fine for a little summertime
tax planning.

- Retire Richer With a Roth IRA 
- Home is Where You Save Big 
- Marry into Money 
- Hybrids Save More Than Gas 
- And Did You Know? 

Tell Me More
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Retire Richer With a Roth IRA  
 
Even if the bath tub is the closest you get to a body
of water this summer, you might be asking yourself:
“When will I be able to retire and enjoy this lifestyle
forever?!” 

Well, first, you should get out of the house and live a
little. Second, take full advantage of your IRA as you
plan for retirement. If your earned income (excluding
interest you’ve gained) is less than $95,000, you can
contribute at least $4,000 of that income to an IRA this
year ($5,000 if you’re 50 or older). 

If you go with a Roth IRA, you won’t have to pay taxes
on your earnings when you withdraw them because you make
your deposits into a Roth after you’ve already paid taxes.
And by 2010, you'll be able to convert a traditional IRA,
if you have one, to a Roth IRA no matter what your income.

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Home is Where You Save Big  
 
If you’ve been searching for the perfect backyard to lay
down that kiddie pool, consider the tax benefits as well.
The single biggest deduction for many taxpayers is the
mortgage interest and property taxes associated with
their homes. 

Let’s do some easy math. Say you’re married filing jointly
with a combined income of $100,000. If you pay $2,000 a
month in mortgage interest, you can lop $24,000 off the
top of your income for a taxable income of $76,000, minus
exemptions. Without the mortgage interest deduction,
you’re looking at a taxable income of $89,700, minus
exemptions. 

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Marry into Money  
 
Of course, many first-time homebuyers may also be
newlyweds, bringing about a life-changing double-whammy
that could scare the non-tax-savvy to a high-priced
accountant for help. That's not necessary, though. When
they tie the knot, many people think they’ve transcended
into a complicated, new situation. Well, we can’t speak
to how marriage will change their lives, but that has
nothing to do with taxes. 

As a newlywed, you’ll want to start reporting income
and deductions for both of you on one tax return -- hey,
one return is even easier, isn't it? For most tax
brackets, joint tax returns are more favorable than those
for married folks filing separate returns. Even if you
don't have that house and you're not itemizing deductions,
as a married couple you can happily take a standard
deduction of $10,300 if you file jointly.

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Hybrids Save More Than Gas  
 
Driving a hybrid vehicle could keep money in your pocket at
the pump and payoff later. In the year you buy your hybrid,
you’ll be eligible for up to a $3,400 tax credit – that’s
money subtracted directly from the taxes you owe! 

For example, here are some credits you might be able to
get on Honda automobiles:

Honda Civic Hybrid CVT Model Year 2006 — $2,100.00 
Honda Insight CVT Model Year 2006 — $1,450.00 
Honda Accord Hybrid AT Model Year 2006 — $1,300.00 
There is a catch, however. The later in the year you
buy your hybrid, the less likely you’ll be to get the
full credit. Be sure to ask your car dealer how much
credit you can receive and then save your records for
tax time.

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And Did You Know? 

- The contribution limit for 401(k)s has risen to 
$15,000 for 2006. 

- If you’ll be 50 before the year ends, you can 
contribute an extra $5,000 to your 401(k) for a
total of $20,000. 

- You can deduct the cost of special clothing and
uniforms you wear while volunteering for charity. 

- You can deduct fees you pay your financial planner
to manage your investments. 

- You can even deduct your tax preparation
fees – including the cost of TurboTax! 

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A little planning now can pay off big later. So step inside
for a second, cool off, and get organized. But be sure to
emerge before that piña colada is melted and those burgers
are scorching. 

As always, we appreciate your business and look forward to
your return.

The TurboTax Team 

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