Tag: taxes

[2013 Update] As I was updating this article, originally written in mid-2011 following the first debt ceiling deal, I got a major sense of deja-vu. After 18 months we are back in the same place with a dysfunctional Congress who barely passed legislation to avert the fiscal cliff.  But it's…

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…

With more than half the year in the rear view mirror, it's time to start thinking about your potential annual tax liability and actions you can take to legally minimize what you will have pay the IRS.  Here then are some easy to action mid-year tax moves that you should have on your radar now, rather than waiting till…

Although many people spend 20, 30 or more years saving for retirement, the sad truth is that today, many people will not be able to retire on time. Despite some degree of financial planning, many individuals simply have been unable to reach their retirement income goals and are forced to…

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.…

With a growing population of unemployed workers the idea of owing money at tax time is downright scary and stressful. Particularly if you unexpectedly lost your job via a layoff or mass firing. However if you are actively looking for a job, there are a number of tax benefits –…

[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…

[Update - No New Taxes with Tax Extensions Approved] President Obama has now signed into law a bill that covers a temporary extension of all the bush-era tax cuts. The new bill also contains extensions to some of the 2008 stimulus tax breaks, and even has some new tax cuts. With…

Tax season is almost here and it's important to think about your tax minimization and management strategies so that you save when filing. I will be publishing more tax related posts over the next few weeks (subscribe), but in the meantime here is a cool Tax Infographic with some interesting…

As the year draws to a close it’s always a good idea to review your tax situation and in light of that we have put together a collection of fifteen tax deductions worth considering to lower your overall tax bill. But act soon, because if you wait until next year…

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…

[Update] You can now see the most up-to-date 401K/403b, IRA and Roth IRA limits here The IRS has released the latest 401k, 403b, IRA and other retirement/thrift plan contribution and income limits. With COLA remaining unchanged again this year, 2011 plan limits have also remained largely unchanged for the third year in a row.…

It’s hard to believe that Social Security has been in existence for over 75 years. During that time, however, it has become an income staple for many Americans, with nine out of ten people over 65 receiving benefits. Although Social Security provides benefits for other than just retirement income, those…