Tuesday, February 15, 2011

Reader Submitted Tax and Money Saving Tips

The fifth and final winner in the PFStock Tax Tips Giveaway 2011 is Holly Blanco. She (and the other four winners) will be receiving free H&R Block At Home Online Tax Preparation. The drawing is now concluded. Thanks to everybody who entered.

I've compiled a list of the tips that were submitted by PFStock readers. Here are some of the great tax tips that PFStock readers sent in:
  • My advice is to not lie about your income. Be honest and pay your taxes.
  • I use the internet as a tool to make sure I'm claiming every deduction and credit that I can qualify for.
  • My father was an accountant and used to say the best thing was to break even every tax year and not give the government an interest-free loan of your money (by getting a refund). I know that I'd never be able to save the money otherwise so I always made sure to have plenty of tax deducted in order to get a nice refund check. Now I make that money work for me; I put some aside every year and put it into a CD.
  • I make sure that I organize all year. I have folders I make in January for that year's taxes so that come tax time, I don't have to hunt for my receipts and paperwork.
  • Contribute the most you can to a 401(k) plan at work.
  • Spend some time learning about every single deduction you are eligible for and then take them. Think; give away lots of stuff to charity; contribute as much as possible to retirement savings plans at work.
  • File your taxes for free online. Many websites let you e-file and offer free online filing if you meet their criteria.
  • Bloggers should keep track of all expenses throughout the year whether it is for mailing books for giveaways or hosting fees.
  • Contact your local libraries, chamber of commerce, or city officials, to find out which agencies offer free tax filing for low-income families.
  • Buy a copy of J.K. Lasser's Your Income Tax or the Ernst & Young Tax Guide to help with understanding tax laws and with preparing your taxes. Better yet, check out a copy of either one from your local library for free.
  • I'm just anxious to get this done. Get your taxes done early so you don't get stressed about it come April 15.
  • I came to realize the tax I paid on my car last year was tax deductible. Check for all the credits!
  • I have added extra to my payroll deductions in order to make sure that I don't owe any additional taxes.
  • Read PFStock and other personal finance blogs. (I think that this contributor has his own personal finance blog.)
  • Order your credit report from the 3 major reporting agencies—Equifax, Experian, and TransUnion—for free once per year at annualcreditreport.com. I joined creditkarma.com to monitor my actual credit score for free too.
  • If you have a complicated return work on it a little at a time so you will not be overwhelmed.
  • If you find you owe every year and adjusting your with holdings just isn't working out make sure to take the number you owe each year, divide it by the amount of paychecks you get per year, and stick it in a high yield online savings account. I say add at least $5-$10 more per paycheck so you have a cushion. In the worst case, you will have extra savings!

PFStock readers also contributed these great money saving tips:
  • I look at sales fliers online weekly and match coupons and sales. 
  • My money saving tip is to use coupons.
  • My tip is to avoid impulse purchases. Make yourself go to a store 2 times before you make a big purchase.
  • My best money saving tip is to use coupons and match them up with sales.

Thanks again to everybody who participated. If you have more tax or money saving tips, feel free to share them in the comments below. Please visit PFStock again, and check back for additional giveaways in the future.


Disclaimer: Comments are user submitted tax tips. PFStock does not provide tax advice. I encourage readers to consult with a tax adviser if they have specific tax questions.


  1. Pay with cash. It keeps you from overspending.

  2. Put yourself on an allowance. If you run out of spending money you do not spend. If you want to buy something you save a bit of it.

    dani marie


  3. don't spend more than you earn, definitely put some in savings! myamurphy@mail.com