IRS Free File

Did you know that if your adjusted gross income for 2008 is $56,000 or less, you may use selected tax softwares and efile your federal taxes for free? Go here for details and make sure you access the software through the IRS’s site.

We took advantage of this program the last couple of years when we were poor college students. Using tax software certainly made it easier for us to understand the tax code and we received our refund through direct deposit within two weeks. We found TaxSlayer to work best for us and when we compared it to TurboTax, we got the same amount of deductions. We even used this when our taxes were a little more complicated, i.e. Tim owned a business, worked as an independent contractor and we had to file in multiple states with multiple W-2s. Keep in mind that if you want to use tax software to file your state taxes you may be charged, depending on the state.

We are now gathering up all of our tax documents and preparing to file online again this year. We still qualify to efile  our taxes for free, and it’s nice knowing that with all of the headaches of preparing taxes, at least we don’t have to pay for preparing them this year.

Using Your Talents to Make Money

As the economy struggles, it is more important than ever to stay current on your skills and talent and be creative on ways you can make money by using your skills.

Tim and I  have both used our talents throughout our marriage to make extra money when needed. Tim is a whiz at computers and technology and has spent hours teaching himself how to build websites, market websites and create videos with advanced software. Because of these skills he has been able to pull in extra money through the years when certain projects come up. He hasn’t done a freelance project lately because his interests now lie elsewhere, but we could always fall back on his talents for extra income if needed.

I have played the piano since I was a child, and although I have no degree in music I still love to play and have kept up my skills. When a few friends asked if I played the piano or knew anyone who taught piano lessons, I volunteered that I could teach beginning lessons. I made it clear that I was only comfortable teaching beginning piano lessons and after 2-3 years their children would most likely need to move up to a more advanced teacher.

After setting up a few arrangements I began teaching piano lessons once a week. Since we don’t have a piano yet I drive to their houses and teach lessons in their homes. We also arranged that they would watch my son while I taught their children. I adjusted my rates to include the cost of travel and the service of the childcare they were providing me.

Although the extra money I make each month is a small boost to our income, I don’t teach lessons just  for the money. I have found that teaching piano lessons gives me a creative outlet and provides a social experience. In addition I love teaching children the power of music. But it’s great to get paid for something that I love doing.

I believe everyone can learn a skill they could monetize for extra income when needed. Although this site is based on living “ononeincome”, finding little ways to add income certainly helps your financial bottom line. In addition, it’s always nice to get paid for something you enjoy doing. Whether your talent is sewing, writing, woodworking or countless other hobbies see if you can find a way to earn a little extra money doing what you love.