Tag: IRS

The IRS has published its official 2013 changes reflecting annual inflation adjustments and tax table updates from the recently passed Fiscal Cliff legislation, officially known as the American Taxpayer Relief Act of 2012. Key changes include: For 2013 the 39.6 percent tax rate has been reinstated for individuals whose income exceeds $400,000 ($450,000 for married…

[Updated for 2022] - See the latest IRA limits and changes in this article. The IRS has published the latest retirement plan limits following the release of Cost of Living Adjustment (COLA) figures for next year.  This was the second consecutive year of increases to contribution limits, as shown in…

[Updated] Will i still have to pay health insurance penalties (under the Obamacare individual mandate)? This is the question a lot of Americans are asking. The short answer is NO from 2019.  Here is why the individual mandate, a.k.a Obamacare penalty, is no longer in effect from 2019: While Congressional Republicans…

If you are looking for a common and highly effective way to cut your tax bill for this year and/or the next, then consider opening a Traditional IRA or Roth IRA before the IRA contribution deadline. The following brokers have great offers for those looking to open or transfer an…

Living abroad? Great! But remember, your tax obligations don't vanish. Uncle Sam still wants his cut, regardless of where you earn your income. This post outlines the key changes the IRS has made for reporting foreign income, helping you avoid those "pretty stiff penalties" they mentioned. Reporting Your Worldwide Income:…

A lot of people look forward to their tax refund at the end of the year. But I know that if I get a big refund, it usually means I haven't kept up with my paycheck withholding. Why should I wait until next year to get my hands on money…

During the year many people have personal and financial life changing events that can affect how much they have to pay in taxes. But they often forget to adjust their income or paycheck tax withholding to cater for these events. This means they ending up owing taxes and associated penalties…

As part of new regulations under Obama's health care legislation the U.S. Department of the Treasury and the Department of Health and Human Services (HHS) today took the next steps to establish Affordable Insurance Exchanges – one-stop marketplaces where consumers can choose a private health insurance plan that fits their…

Following enactment of the American Tax Relief Act (ATRA) a few years ago, the annual "AMT patch" legislation that Congress had to pass every year to ensure more people were not snagged by the Alternative Minimum tax is now no longer required. Instead the AMT exemption and associated thresholds based…

When you sell a capital asset like a stock, bond, cryptocurrency or investments you own, the difference between the amount you sell it for and what you paid for it (cost basis) is classified as a capital gain or a capital loss. Capital gains and losses are further classified as…

The IRS has officially admitted that they are having issues with processing some of the most popular economic stimulus payments that the Obama administration has handed out over the last few years. In particular, the many versions of the first time home buyer credit, each with different eligibility and income…

You've filed your tax return and are expecting a tax refund. Congratulations!  Now, you want to know when to expect your refund and/or why is it taking so long to receive your money! Generally, if you e-file and use direct deposit, the IRS estimates that you should receive your federal…

[Updated Income Thresholds] The Internal Revenue Service (IRS) recommends that all adults file a tax return. Obviously, the IRS wants to have everyone pay their taxes but it is also an important way for the government to ensure that it pays out subsidies, stimulus payments and tax credits to the…