Tag: taxes

[Updated with 2013 IRS inflation adjusted tax brackets and fiscal cliff changes] Congress and the Obama administration's fiscal cliff deal (ATRA act) means that 2013 federal tax rates will remain fixed for nearly 99% of the population. Only those earning above $450,000/$400,000 (married/single) AGI will have a higher federal marginal tax rate in…

GOP presidential candidate Mitt Romney and his wife paid a 14% effective income tax rate in 2010 on nearly $22 million of income. Given the marginal federal income tax rate for anyone making over $35,350 (single) or $70,700 (married) is higher than 15%, it is pretty clear that the Romney's…

Your filing status is decided by one date: December 31. Whatever your marital and household situation looks like on that day determines which of the five IRS filing statuses you can use for the entire year, even if your situation changed on December 30. That single rule trips up more…

The SIMPLE IRA (Savings Incentive Match Plan for Employees) is one of the most practical retirement plan options for small businesses. For 2026, the contribution limit rises to $17,000, and the catch-up provisions got a meaningful boost under SECURE 2.0. These 2026 figures are confirmed in IRS Notice IR-2025-111. 2026…

If you're self-employed or running a small business, the retirement account options available to you are frankly better than what most corporate employees get — and most people don't fully take advantage of them. I hear from a lot of small business owners who are using a regular Roth or…

The 2026 AMT exemption is $90,100 for single filers and $140,200 for married couples filing jointly — but the bigger story is the phase-out. Under the One Big Beautiful Bill (OBBB), the income levels where the exemption starts disappearing dropped sharply to $500,000 (single) and $1,000,000 (joint), and the exemption…

By midsummer, more than half the tax year is already locked in — but there's still enough runway to fix a withholding problem, catch a missed estimated payment, or take advantage of a credit before December 31 forces your hand. Here's what's worth reviewing right now. Check and Adjust Your…

The IRS Free File AGI limit for 2026 is $89,000 — the highest it's ever been. If your adjusted gross income lands at or below that number, free guided filing is available through 8 partner software companies. Above it, you're paying. Here's what's worth using this year and what's changed.…

If you're searching for a new job in 2026 — maybe after a layoff or severance negotiation — the resume help, mileage to interviews, and employment agency fees you're paying for are not federally tax-deductible, and haven't been since 2018. The 2017 Tax Cuts and Jobs Act (TCJA) suspended this…

[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…

As the year winds down, a few hours reviewing your tax situation can save you real money. Not every move here will apply to you — some are for itemizers, some are for retirees, some are specific to your income level. But there's almost always something worth acting on before…

To tackle America’s growing national debt problem, President Obama put together a task force earlier this year to look at options on how to cut government spending, implement tax reform and improve the effectiveness of federal entitlement programs. The deficit reduction commission co-chairs (Erskine Bowles and Alan Simpson) put forward…

The U.S. House of Representatives approved legislation today that includes a provision to expose hidden 401(k) fees that may be eating into Americans’ retirement savings. The provision was part of the American Jobs and Closing Tax Loopholes Act (H.R. 4213). A majority of American workers rely on 401(k)-style plans to…