Taxes and Retirement

People NOW seeing 2016 Tax Returns Being Processed and Accepted

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The IRS has reiterated that they will start processing 2016 tax returns on Jan 23rd 2017, but some readers are saying that their refunds have already been accepted. This includes those with EITC and ACTC payments which the IRS has said could further delay refund payments this year. Jennifer says in a comment on the 2017 […]

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5 Fast Tax Tips and Dates For 2016 Tax Filings in 2017

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With the 2016-2017 tax season in full flight, here are five key items you need to be aware of as you get ready to file your taxes: 1. Despite ongoing system and staffing issues, the IRS has committed to opening tax season on January 23rd, about a week earlier than last  year. The standard tax season […]

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2016 Tax Table For Figuring your Taxes Due in 2017

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Below is the official table from the IRS showing taxes due for those making $100,000 or less. It is based on filing status and assumes that you have your taxable income calculated (line 43 of your 1040 IRS tax filing). I recommend using the table below as a guideline to estimate your taxes due, but […]

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When Will I Get My Employer W2, Investments 1099, Mortgage 1098 and Other Tax Return Forms and Filing Documents for 2016 Tax Filing in 2017

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[Updated for 2016-2017 tax season] Before we file our tax returns there are a number of forms we need to receive from our employers, financial institutions and other entities we make money from, conducted financial transactions or did business with. Below are estimated time frames for when we can expect to receive some of these common income tax forms for the current […]

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Tax Refunds – Are They Worthwhile or a Free Loan to the IRS?

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Many believe that income tax refunds are not beneficial to anyone but the government. By allowing more money than necessary to be deducted from your paycheck in taxes each week, these investors state that you are essentially giving the government (via the IRS) an interest free loan. Today, we will discuss tax refunds, are they […]

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Filing Your 2016 Taxes in 2017 For Free – Online IRS Free File Options From TurboTax and H&R Block

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When it comes to filing your taxes, there are a lot of free options that allow eligible tax payers to avoid expensive filing fees. A number of leading tax software providers provide free e-filing options via the IRS’ free file program which provides free federal income tax preparation and electronic filing for eligible (generally lower […]

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When Does The 2017 Tax Season Start For Filing My Tax Return and Getting My Refund

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This time of year I get a lot of questions on when the IRS will allow people to file their taxes and when (if applicable) refunds will be paid.  For the 2016-2017 tax season the IRS e-File (online tax filing) system will open on Monday, January 23rd. You can technically submit as early as January 1st […]

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2017 Tax Brackets, Standard Deduction and other Tax Updates

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The IRS has published the latest 2017 tax figures (for filing taxes in 2018) reflecting minor COLA updates to federal thresholds. You can see 2016 and past tax tables here. No changes to tax rates with 39.6% being the highest marginal tax rate. Tax bracket income thresholds increase marginally in line with inflation. The effect of this (bracket […]

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2017 and 2018 Trump Economic Stimulus, Tax Breaks and Credits for Individuals, Corporations and Investors

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With Donald J. Trump now in line to be America’s 45th president (still feels surreal to write that) many are now asking if can bring around the economic change he has promised while on the campaign trail. A lot of people voted for him as a change agent and from an economic point of view are […]

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2016 to 2017 Retirement Plan Contributions and Conversions – How to Reduce your Taxable Income

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In this article we will discuss Retirement Plan Contributions and Conversions and how these can reduce your taxable income in the current tax year. The last business day of 2016 is December 30th, so there is still time to make changes to your contributions to achieve the greatest reduction in your tax liability. The countdown to […]

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