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Personal Finance from the Broke Perspective

7 Funny Tax Memes With Real World Lessons

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Funny tax memes
Image Source: Pexels

Tax season can be one of the most stressful times for Americans. One of the best ways to decompress is to laugh about it. Tax memes can bring our blood pressure down, but also can shine light on some important tax lessons. Here are seven funny tax memes from which we can all learn something.

1. Not Understanding The Process

Parks and Recreation Tax Meme
Image Source: Facebook/Tax Memes

If filing your taxes has you confused, you’re not alone. According to Pew Research, many Americans are frustrated by the complexity of the federal tax system, and about half (53%) say its complexity bothers them a lot. No one teaches us how to file a tax return. It’s not a skill you learn in high school that you can apply in the real world later. Most of us are embarrassed, just like Andy Dwyer, that we don’t understand the process. Or we try to tackle our taxes on our own and make costly mistakes.

2. Not Spending Your Return Wisely

Meme about tax returns
Image Source: Facebook/Tax Memes

Do you feel like the minute your refund hits your account it’s burning a hole in your pocket? Too often we feel like these extra windfalls like a tax return are meant to be spent on things that we want. It’s money that you didn’t have before anyway, right? Actually, if you want to improve your financial health, it’s best to use your refund to pay down debt, add to your emergency fund, or invest. If your return feels more like beer money than a windfall, you may need to learn ways to maximize your return so that you can reinvest it wisely.

3. Trying to Find Loopholes

Cat tax meme
Image Source: Facebook/Tax Memes 

When filing your taxes, trying to find too many ‘loopholes’ or deductions can lead to serious problems, especially if you get audited by the IRS. When claiming deductions, make sure that you have the proper receipts and documentation. An accountant can help you through this process to make sure that nothing is missed on your taxes, which could save you money or increase your refund. That being said, there are no magic loopholes.

4. Feeling Like You Don’t Deserve Help

Funny tax memes
Image Source: Facebook/Tax Memes

You don’t have to be a millionaire to hire a tax professional. Choosing a tax professional can also seem like a daunting task. However, if you get help preparing your taxes you can maximize your return and prevent potential mistakes. You won’t be judged on your income, tax professionals are only there to help. They can also help you get organized and estimate what you might owe ahead of time so there are no surprises come tax season. You may find that with professional help, tax season is a little less stressful.

5. Not Submitting The Correct Forms

IRS tax forms
Image Source: Facebook/Tax Memes

There are so many tax forms that it can get incredibly confusing. You can use this IRS interview to determine what forms you need to submit with your tax return. Tax software like TurboTax also walks you through a list of questions to determine which forms you need to submit. The more complex your tax return, most likely the more forms you will need to include. By submitting the right information, you can avoid costly errors.

6. Falsifying Information

Bart Simpson tax return meme
Image Source: Facebook/Tax Memes

While it may be funny that Bart Simpson is creating false deductions on his taxes, doing so can have serious consequences. According to H&R Block, there are several ways that the IRS handles lying on your taxes. This includes fines, audits, loss of future tax credits, civil penalties, or criminal charges. As with all things, honesty on your tax return is the best policy.

7. Feeling Like You Pay Too Much

Funny tax memes corporations not paying enough taxes
Image Source: Facebook/Tax Memes

Do you feel like not everyone pays their fair share of taxes? A Center survey from spring 2023 found that about six in ten U.S. adults say they’re bothered a lot by the feeling that some corporations (61%) and some wealthy people (60%) don’t pay their fair share. According to Pew Research, about two-thirds of Americans (65%) support raising tax rates on large businesses and corporations.

Regardless of how you feel about your tax contributions, this doesn’t mean that you should not pay your taxes altogether. Failure to pay your taxes can result in hefty penalties. The same is true if you fail to file your tax return by the deadline.

How are you preparing for tax season this year? Do you use a professional to prepare your taxes?

3 Tips to Help You Budget for Your Trip to Austria

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Planning a trip to Austria can be an exciting adventure filled with charming cities and stunning landscapes. However, budgeting for this journey can seem daunting given the expenses associated with travel. Fortunately, with the right strategies, you can manage your finances effectively and enjoy your Austrian experience without breaking the bank. By focusing on securing affordable flights, opting for budget-friendly accommodations, and organizing help with your responsibilities back home, you’ll be able to focus more on the breathtaking experiences Austria has to offer.

Find Cheap Flights

One of the first steps in planning a cost-effective trip to Austria is to find affordable flights. Although search engines are numerous, consider using lesser-known fare comparison websites to uncover deals. It’s essential to remain flexible with your travel dates, as flying during off-peak times can considerably lower ticket prices.

Incorporating layovers into your travel itinerary may also yield significant savings. The inconvenience of added travel time might be offset by dramatically reduced airfares. Additionally, signing up for fare alerts from various airlines can keep you informed about price drops and special offers.

Austrian air travel history offers a unique perspective, as it dates back to the introduction of the first unmanned air devices in 1849. This historical tidbit can remind travelers of Austria’s pioneering spirit and innovation, encouraging them to explore creative options for their flight bookings. Staying within your budget becomes more manageable when you combine historical context with modern budgeting tools.

Stay in Hostels

Accommodation costs can quickly add up, but staying in hostels allows for more budget-friendly lodging options. Hostels in Austria offer a variety of lodging experiences, from private rooms to shared dormitory-style arrangements, catering to different budget levels and comfort preferences. Many hostels also provide communal kitchens, which can further cut down on dining expenses.

Beyond their affordability, hostels are excellent hubs for meeting like-minded travelers and exchanging tips on exploring Austria on a budget. Taking advantage of staying in these environments can enrich your travel experience, offering cultural insights and local recommendations. Furthermore, many hostels have partnerships with local attractions and events, providing discounted admission for guests.

According to Ruby Home, there are 10.7 million swimming pools in the United States, a fact that may seem unrelated at first. However, the comparison underscores the abundance and popularity of shared recreational resources, much like hostels are shared accommodations that provide budget-friendly and communal experiences. Utilizing hostels not only helps manage your budget but also allows a deeper cultural immersion.

Get Friends to Help at Home

Securing help from friends while you’re away can ease both your mind and your budget. Whether it involves pet care, plant watering, or general home maintenance, reliable friends can alleviate the need for hiring services. Creating a reciprocal system where you help each other during trips can build a supportive community network.

Before leaving, ensure you have clear communication with those assisting you. Preparing a simple guide or checklist for them can prevent miscommunications and ensure everything at home runs smoothly in your absence. This peace of mind allows you to enjoy your trip without unnecessary worries or unexpected expenses.

According to ExplodingTopics.com, in the US, there are around 393.3 million pets. This statistic highlights the importance of proper care arrangements while you travel. Whether it’s for pets, plants, or mail collection, organizing support reduces stress and expenses, ensuring your budget for Austria remains focused on enjoying rather than worrying about responsibilities back home.

In conclusion, traveling to Austria mindfully requires strategic budgeting and planning. By securing cheap flights, choosing economical accommodations like hostels, and organizing help for responsibilities at home, you optimize your travel budget effectively. These approaches not only make the trip financially viable but also enhance your overall experience, making the enchantment of Austria accessible on a budget. Embrace these tips and prepare for a journey that’s memorable both for its beauty and its financial feasibility.

Parents Tax Bill Rising?

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Tax season is right around the corner.  Before you know it, we’ll all be holed away in some corner of our house punching numbers into our computers as we try to squeeze a few more of our dollars back from the IRS.  That’s a task that might get a bit harder for some parents this year.

According to this CNN Money report, on January 1, 2013, several tax credits are set to expire.  And, unless Congress manages to pull it’s collective head out of a dark place and extend those credits, many of our tax returns will be quite a bit heavier come April.  For parents, specifically, this could cause quite the burden.

Specifically, the Child Tax Credit, Earned Income Tax Credit, Child/Dependent Care Credit, and the American Opportunity Credit will expire.

  • The Child Tax Credit would be reduced to $500 per child, instead of the $1000 it’s currently at, and would no longer mean a refund of any excess credit above and beyond tax liability.  It’s debatable whether it should be giving that excess credit as a refund, but I’d certainly like to see them keep the credit at the $1000 number.  This is one that we use on our taxes every year, and I know it’s been quite beneficial.
  • The Earned Income Tax Credit will have several of it’s key income thresholds reduced back to previous thresholds.  The maximum credit will also be reduced by 5%.  I believe we exceed the threshold for this one, but reducing the thresholds will eliminate it for quite a few families.
  • The Child/Dependent Care Credit, like the EIC, would see several of the maximum credit and reportable expense reduced.  This is one that I know we’ve used every year, since we’ve always had some sort of child care expenses.  Could mean a significant loss of credit on our tax return.
  • The American Opportunity Credit is a credit that replaced what was called the Hope credit.  It allowed for a higher amount of credit and for some of the credit to be refundable to the tax filer.  If it expires on January 1, it will revert back to the hope credit which means the credit will be reduced by $700, and also reduced to something that can be claimed 4 years to something that can be claimed only 2 years.  The Hope Credit is also a non-refundable credit, so if you have no tax bill, it doesn’t mean a larger refund like the American Opportunity Credit would.  Again, I don’t necessarily agree with the refundability of credits, but this could mean a huge difference for some families still paying for college expenses.  I’ve never been able to use it since I was well out of college when it was put into place.

That’s just four of the parts of the tax code that are set to expire on January 1 if Congress doesn’t act on it.  In a Presidential election year, you can bet they won’t make any moves on it until after election day, so they’ll have a very short window in order to get something done.  I truly doubt that they’d let them all expire, but depending on the outcome of the election, it could be a pretty dirty fight.

How many of you have used these credits?  Would their loss on January 1, 2013 change your tax bill considerably?