Tag: 2011

Estimated taxes normally have to paid if you do not withhold taxes via your employer or if the amount of income tax being withheld from your salary, pension, vendor payments or other income is insufficient. Estimated taxes are generally paid by small business', self-employed or gig workers with variable sources…

I wrote this article (see update below) over 10 years ago on the best jobs for the next decade. It was based on the US BLS data and ended up being pretty accurate. So with the current unemployment situation I thought I would refresh this article based on what is…

While America has the most number of millionaires in absolute terms, it does not have the most per capita. Reflecting the shift in global wealth distribution, most of the countries where the per-capita number of millionaires exceeds that of the US are in Asia and the Middle East. 62.5 million…

10 or so years later, I thought I would revisit how Americans (and myself) are doing with their retirements savings in 401K and IRA plans. This is particularly important as Americans age and contribution limits keep rising. Based on Fidelity's 2022 report, the average 401(k) balance is $121,700. This is…

Teachers and other personnel at K-12 schools can take a tax deduction for classroom supplies that they buy out of their own pockets, whether they itemize or not. This deduction amount is adjusted on a semi-regular basis, with the latest amounts shown below. It has been raised for the 2023…

[Update - American Jobs Act a.k.a 2012 Economic Stimulus] In what is essentially the 2012 stimulus package, President Obama has released details on the American Jobs Act which involves spending over $400 billion dollars to boost economic growth. The key provisions are: Extension of employee payroll tax cuts into 2012,…

See updated details on the potential 2020 payroll tax cut [Updated- 2012 Payroll Tax Credit Holiday, Unemployment Benefits and Medicare Doctor Payments Extended to Dec 31st] With House Republican support Congress has passed legislation extending the federal payroll tax holiday through the end of the year without demanding spending cuts…

Updated Information - Click here for the latest tax bracket tables and rates and current tax season information. 2012 and 2011 tax rates stayed the same as 2010 levels thanks to an extension of the Bush-era tax cuts. This has been confirmed by the IRS with the release of 2012 tax…

The AOTC allows parents and students to receive a tax credit of up to $2,500 for qualified undergraduate college expenses, based on certain income limits. The AOTC replaced the smaller Hope credit a few years ago as part of bills passed under the Obama administration (see section below for origin).…

I have made a number of updates to popular topics on this site and in case you missed them, here is a quick recap with a link to the detailed information. 2011 Tax Rates and Brackets Following Bush-era Tax Cut Extensions With approval of a two-year extension to all the…

There is little more on the minds of college students or those considering getting a higher education degree than what occupation will offer decent career opportunities after graduation. Some look at income, and others look toward landing that first job and paycheck. Others look longer term to find a job…

[2013 Small Business Tax Breaks Extensions] Congress and the Obama administration have reached an agreement that will extend a number of small business tax breaks through 2013 following the fiscal cliff deal which was legislated through the Taxpayer Relief Act of 2012. This includes: R&D credit extended: The Research and Development (R&D) tax credit was extended for another…

[Update] - As part of the 2018 Trump tax reform package there is a big push to get the Estate tax fully repealed or raise existing exemption levels. Provisions around this are being debated in Congress and you can get the latest updates in this article. ______ A change to the…