Tag: <span>IRS</span>

2013 Business Tax Changes and Credits in Fiscal Cliff Deal Extend Small Business Jobs Act Tax Changes

[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…

Rental Property Tax Changes (Form 1099) and Foriegn Bank Accounts and Assets Disclosure Requirements

Two new tax changes were implemented in recent legislation that may affect a number of tax payers filing 2010 returns in 2011. One affects landlords who now need to disclose all payments made above $600. The other affects people with certain assets outside the US, who now have to formally…

2011 Tax Brackets – Updated IRS Federal Income Tax Tables and Income Thresholds

[Update] - See this article for 2012 and 2013 Tax Rates/Brackets The IRS has released its 2011 Tax Rates and Income thresholds following approval of the Bush-Era Tax Cuts. The latest 2011 IRS federal tax table is shown below with the following key tax changes: Personal exemptions and standard deductions…

Understanding Your W2 Employer-Employee Tax Reporting Form

One of the most important tax forms you will receive during tax season is a W2. This is the official form that employers use to report employee wages/income, bonuses and other benefits received during the year; along with taxes (federal, state, medicare and social) that were withheld during the tax year.…

How Your Financial Life Will Change After Marriage – 7 Important Money Decisions to Consider

So you’re getting married? Congratulations! Decisions about churches, colors, the bridal party, and which family/friends to invite often become choices that take center stage but there are other, less glamorous considerations that have a much longer lasting impact. Those considerations involve financial matters. While the most common subject of marital…

How to Withdraw Money Early From Your 401K or IRA Without Paying a Penalty

In the current economic environment, many people are finding it hard to make ends meet or pay for unexpected events requiring large sums of money. In some cases this is forcing people to turn to their retirement accounts to find the necessary funds. All good personal finance advice says not to…

2011 Tax Brackets, Rates and Federal Taxable Income Thresholds. Standard Deduction and Exemption Increase

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…

IRS Audit Triggers and Red Flags That Could Delay Your Refund – Why Tax Returns Are Pulled and How to Avoid Getting Audited

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,…

2010 HIRE Act – Small Business Health Care Tax Credit, Payroll Tax Incentive and Business Credit For Employers Hiring and Retaining Unemployed Workers

[Updated with New IRS provisions] The IRS has released more details on tax-saving opportunities included in recently enacted HIRE act federal legislation (see details in previous update below). A variety of business tax deductions and credits were created, extended and expanded by the American Recovery and Reinvestment Act of 2009…

2025 Earned Income Tax Credit (EITC): Eligibility Criteria and Income Limits Explained

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…

2023-2024 Standard IRS Mileage Rates For Business, Medical, Moving and Charity – Tax Deduction Rules

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…

Cashing Out My 401(k) – Loans vs. Hardship Withdrawals – Which is The Better Option?

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…

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…

Taxes and my Paycheck Withholdings

When I moved here a long time ago one of the financial mysteries for me was the taxes on my paycheck. This included what would be deducted from my pay check and more importantly how much should I withhold to meet my tax obligations. I learned the importance of understanding…

Tag: IRS