Tag: taxes

A SIMPLE IRA is a small business IRA-based plan with a simplified method for employers to make direct contributions (via salary reductions) toward their employees' retirement and their own retirement. Employees may choose (not mandatory) to make regular deferred pre-tax salary contributions, while the employer makes matching or non-elective contributions…

See this article for the latest federal tax filing deadlines. Generally you can paper file your tax return on January 1st of the following year. But if, like most tax payers, you file an electronic return (e-file) you can only submit your return to the IRS in late January, which…

Although many large organizations offer retirement savings plans, it is not necessary to be a part of corporate America in order to take advantage of tax-deductible retirement plans for investing in your future. In fact, as a self-employed small business owner or an employee of a small business, you have several options…

[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…

Following on the heels of the protracted budget extension debate and as a precursor to the fight for raising the $14.3 trillion national debt ceiling, President Obama has revealed his high level plan to tackle America's growing  national debt challenge. His debt plan is also a response to the Republican's 2012 budget plans…

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…

Its been a while since I hosted the CoPF and I was pleasantly surprised to see many new faces in the personal finance blogging space along with some of my old favorites. It was especially interesting to see some of the newer blogs out there because it reminded me of…

To get a picture of the problem that lawmakers face, let’s look at a tale of two attitudes. Polls indicate that we as a nation are getting worried about the amount of debt we’re incurring as we prop up the American economy. TARP, Quantitative Easing, and corporate bailouts cost the…

With long tax processing delays expected again this year, the IRS is already warning tax payers to be patient when it comes to getting their refund. They are also recommending that you file your tax return as early as possible and electronically. The main benefit of using self-preparation electronic tax…

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…