Category: Taxes and Retirement

Updated : See the latest year IRS tax brackets here. President Obama and Congress have approved a two year extension to all the Bush-era tax cuts. This means that the 2011 Federal IRS tax rates will be the same as 2010 rates, shown in the table below. However tax bracket…

Most tax payers, including myself, share the same dread of getting audited by the IRS. But in reality the chances of facing an IRS audit aren't all that high and continue to decline - funding cuts and better tax software are a big reason for this. The IRS today audits,…

Each year the IRS releases its discussion and rebuttal of many of the more common frivolous arguments made by individuals and groups that oppose compliance with federal tax laws. It’s called the Truth about Frivolous Tax Arguments and it makes interesting reading thanks to the inclusion of real life cases…

President Obama has released his latest budget and one of it's the hallmarks has been an increase in taxes on the "rich". This would be done by reinstating 10-year-old income tax rates of 36% and 39.6% for single Americans earning more than $200,000 and joint filers making more than $250,000…

[Updated following SOU speech] President Barack Obama has proposed a new round of stimulus spending in 2010, focused on middle class families struggling to pay bills and care for their families. The initiatives in the new stimulus package are a product of a middle class task force headed by Vice…

Below are the latest Earned Income Tax Credit (EITC) tables and income qualification thresholds adjusted for recent tax years and new legislation. These limits are adjusted annually in line with inflation and other government mandates. The EITC has returned to normal levels following the temporary expansion of eligibility rules and…

With tax season well and truly upon us now a decision many have to make is to do their taxes via ever improving accounting software (like Turbo Tax) or go with a professional tax prepare for more complex returns. More than 80% of taxpayers use a paid tax preparer or…

I've been reading a lot about the future tax implications given the large amounts of government spending and contracting corporate and consumer tax base. All this means is that tax considerations should play a much more central role in people's thinking as they're making critical financial decisions. At the end…

Update - See more on the Coronavirus stimulus package, unemployment insurance extensions/boosts and additional stimulus payments. Publication #17 from the IRS, Your Federal Income Tax, is one of the most important tax booklets issued by the IRS each year. It features details on taking advantage of new tax-saving opportunities, such as the…

The IRS standard mileage rates used to calculate the deductible costs of operating a car (includes vans, pickups or panel trucks) for business, charitable, medical or moving purposes are shown in the table below. These are effective from Jan. 1. The business mileage rate is based on an annual study of the fixed…

With rising prices and economic uncertainty, many Americans are still finding it hard to make ends meet and find that they are having to tap one of their most important and final saving vehicles – their company sponsored 401k or 403b (tax advantaged) retirement plans. There are 3 ways that…

I recently checked my Vanguard 401K account and was very pleased to see that it was up 20% in the last quarter! Still well down from high late last year but at least it's moving in the right direction now. However, my return could have been even greater had I…

[Latest Stimulus Check Update for Seniors] While multiple rounds of stimulus payments have been made over the last two years, many are asking if the government will make another (4th round) of payments to help folks cope with higher inflation and the rising costs of basic goods and services. $900…