Category: <span>Taxes and Retirement</span>

Smart Move: Claiming Social Security Benefits Later Rather Than Earlier

As a result of the recession, social security retirement and disability benefit claims have risen 50% more than expected. Bloomberg reports that the 150,000 extra retirees claiming benefits may add to the financial pressure on the entitlement program and that expenses would exceed revenue beginning in 2016, with the social…

2020 Job, Home and Stimulus Tax Breaks and Traps in Difficult Financial Times

Despite a strengthening economy many low- and middle-income families are struggling to make ends meet and the last thing these families want to think about is taxes. However, it is precisely at the this time, with all the government stimulus payments on offer covering unemployment to housing that people need…

Federal Income Tax Bracket Tables and Standard Deduction Changes

See this article for the latest IRS tax brackets. Federal Income Tax Rate and Brackets and various tax benefits will remain unchanged or change only slightly over 2009 levels as shown in the table below. Consumer Price Index (CPI) data released by the Bureau of Labor Statistics (BLS), used by…

Getting Your Free IRS Tax Transcript for Income Verification, Return and Refund Processing Status via Your IRS Account

When closing on my home last year I had to request a copy of my tax return. I had thought that this would be a hassle given that the requesting parties wanted an official transcript (not a H&R Block or Turbo tax copy). However it was actually a very simple…

Do I have to Pay Taxes and How Nearly 50% of American Households Pay No Federal Taxes

To answer the first part of the question. The answer is yes you have to pay taxes. In fact despite all the conspiracy theories and constant political threats to shut down the IRS because, taxes are the law of the land. It is known as the Internal Revenue Tax Code, which…

Can’t Afford to Pay My Taxes! What Happens if I File Late and Can I Get an Extension From The IRS

Sometimes its just plain hard for people meet ones tax obligations. This could be because they have a tax liability and due to a drastic change in their financial or personal circumstances over the year, they cannot afford to file their taxes. You can get a good idea of your…

Last Minute Tax Tips

I just finished doing my taxes! A great feeling, especially now that I am expecting to get a refund. Having completed my taxes, here are my top tips to make sure you get the most from your return: Set aside 3-4 hours one afternoon to do your taxes online and…

When Will I Receive the Economic Stimulus Checks from the Government under Coronavirus Relief Payment Act

[Latest update] The government has finalized details of coronavirus relief stimulus checks and is expected to make these direct payments to millions of Americans in the coming days. Details can be found here. [Updated with new extensions] Based on a number of reader questions, there is still some confusion around…

Filing Your Taxes: D-I-Y Tax Software (Turbo Tax, H&R Block) versus an Accountant / Professional Preparer

Over the last few years as my tax situation grew more complex I have ended up using a tax professional to do my taxes. This was an easy option for me given I had personal income, business income and some overseas earnings. And with an accountant I felt a sense…

Capital Gains and Losses When Selling Stocks, Options or Crypto – Facts and Figures To Minimize Your IRS Tax Liability

Here are some useful facts & figures to be aware of when it comes to capital gains and losses that result for a stock sale. Given the recent volatility and growth in trading understanding how your stock sales will impact your taxes will be critical to keep the gains you…

Tax Tips and Actions To Help Maximize Your Refund

With tax season around the corner it is time for taxpayers to start taking some year-end actions with their finances to get the best outcome on their taxes. Thanks to the folks over at Turbo Tax, the leading online tax preparation and submission software, and my own experience here are…

Thinking of Temporarily Reducing my 401k Contributions

I am going to take a contrary view of retirement savings and say that in current market conditions you should think about reducing your 401(k) contributions to only invest the amount that is needed to get your company match. I am normally a strong proponent of company sponsored 401(k)and traditional…

Real Tax Deductions That May Surprise You

Now I am not talking about the tax deductions that you may have forgotten about or read in the main stream media during tax time, I mean the deductions you really may not have ever known about. Here are just some examples of legal tax deductions that I am talking…

A new and more useful Social Security benefits calculator

A colleague recently sent me a WSJ article covering a new calculator on the Social Security's administration's web site that gives a much-improved picture of what social security benefits could look like in retirement. This calculator is all part of a major upgrade of the Social Security Administration's systems and…

Category: Taxes and Retirement