2010

2013 Tax Filing Deadline and Due Dates – When You Can File 2012 Tax Returns and Get Your Refund

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[Updated with dates to file your 2012 taxes in 2013] Generally you can paper file your 2012 tax return on January 1st 2013. 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. For most people this time frame is sufficient [...]

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2011-2012 Estate Tax Changes and Exemption Extension

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A change to the estate tax exemption was recently passed into law as part of the Bush-era tax cuts extension. The taxable estate exemption thresholds will be $5 million (from $3.5 million in 2009) for an individual or $10 million for a couple for both estate and gift-tax levies, with a top tax rate of [...]

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401k, 403b, IRA Contribution and Income Limit Changes from Officially Released by IRS

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[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. Income thresholds have marginally [...]

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2011 Social Security Tax Rate and Witholding – SSI Limits, Coverage, Retirement Earnings and Benefit Base Limit Changes

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Updates – For 2012, the SSA has announced a 3.6 percent cost-of-living adjustment (COLA) increase. For 2013, the COLA increase was 1.7%. ____________ The Social Security Administration has officially released the 2011 Social Security and SSI information against the background announcement that there will be no cost-of-living adjustment (COLA) increase next year. The zero COLA adjustment [...]

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Updates: Claiming Home Buyer Credit Extension, Small Business Loans and Tax Breaks Plus $250 SSI Payment

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I wanted to provide a few updates on some of the more popular topics on this site given recent developments. You can click on the topic header to get more details. Home Buyer Tax Credit Extension (again) and Claiming It : One of the most popular topics on this site, the many articles I have [...]

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2010 Obama Health Care Rules Effective Now – Under 26 Dependent and Pre-existing Conditions Coverage

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With the passage of health care reform, a major political achievement for the Obama administration, Americans will finally start seeing the actual impacts of many of these new laws. These changes will only initially impact people who buy new policies or are in plans where the coverage year is about to expire. But by 2011 most [...]

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2011-2012 HSA and MSA Limits and Tax Rules – How to Best Utilize Health Savings Accounts

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[2012 HSA Limits Update] The IRS has released 2012 HSA figures which have resulted in an increase to the contribution limit for an individual by $50 in 2012, from $3,050 to $3,100. The family contribution limit is also increasing from $6,150 to $6,250 (+$100). The maximum annual out-of-pocket increased as well. The individual out of pocket maximum [...]

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

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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 ranges and standard deduction levels have increased slightly. A rise in tax rates would have cut the [...]

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Traditional IRA versus Roth IRA – Contribution and Phase-out Income Limits

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I regularly receive reader questions asking me to clarify the difference between a Roth IRA and Traditional IRA plan. Both are excellent retirement investment vehicles, but based on your income and tax situation one may be a better first choice than the other. Here are some key differences and a summary table of the two retirement investment [...]

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US Economic Outlook – Strong Growth Expected as Recession Fades. GDP Growth Continues At Slower Pace

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[2011 Outlook] So what will 2011 look like for the US and global economy? 2010 was a year of recovery, but it was sputtering and many questioned whether the recovery was real and if it could be sustained. As we head in to 2011 things are looking brighter following a booming stock market (up 13%), [...]

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