2010

2012 Tax Filing Deadline Dates – When You Can File 2011 Tax Returns and Get Your Refund

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Generally you can file your 2011 tax return on January 1st 2012. But if, like most tax payers, you file an electronic return (e-file) you can only submit your return to the IRS in mid to late January. For most people this time frame is sufficient since it takes a few weeks to receive employer [...]

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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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2011 401k, 403b, IRA Contribution and Income Limit Changes from 2010 Officially Released by IRS

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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 increased over last year. Here is a summary of the main changes with links to more [...]

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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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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 means the monthly Social Security and Supplemental Security Income (SSI) benefits will not automatically increase in 2011. Approximately 60 million Americans who [...]

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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 – 2011 Contribution and Phase-out Income Limits

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[Updated Nov 2010] The IRS has released the official 2011 401K and IRA Limits. These have been updated based on 2011 cost of living adjustments (COLA) which remained unchanged again this year. The main impact to IRA and Roth IRA plans are the income eligibility/phase-out limits. The table below summarizes the key rules and limits [...]

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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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2012 Standard Mileage Rates Tax Deduction Breakdown and Rules

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[Updated for 2012 rates] -The IRS has released 2012 standard mileage rates (effective Jan 1.) for business, charitable, medical or moving. Rates reflect a slight increases over initial 2011 levels, but basically flat from the mid-2011 increase. • 55.5 cents per mile for business miles driven; • 23 cents per mile driven for medical or [...]

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2009 versus 2010 Federal Income Tax Bracket Tables and Standard Deduction Changes

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2010 Federal Income Tax Rate and Brackets and various tax benefits will remain unchanged or change only slightly over 2009 levels as shown in the table below. Consumer Price Index (CPI) data released by the Bureau of Labor Statistics (BLS), used by the IRS in calculating 2010 tax parameters, has been reviewed by many tax [...]

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