2012

A $2000 Savers Tax Credit in 2012 and 2013 to Help Workers Save for Retirement

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A lot of people don’t know about or take advantage of a little known credit called the savers credit, officially referred to as the retirement savings contributions credit. The IRS has released 2013 details on the qualifying maximum income levels to claim the credit, which reflect a modest increase over 2012 levels meaning more people may [...]

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When I Can File My 2012 Taxes in 2013 and Other Key Tax Filing, Extension and Refund Dates

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The table below shows the main 2013 deadlines for filing 2012 tax returns and requesting extensions. While you can paper file your 2012 tax return on January 1st 2013,  the IRS will not process any returns until after Jan 30th, 2013.  After filing and assuming your tax return is on order  (see recommended providers)  you should receive your federal refund between [...]

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2012-2013 Winter Snowfall Forecasts Calling For Snow Blowers Rather Than Snow Shovels

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I live in the Washington D.C metro area and given the wild weather we had this summer, culminating with Hurricane Sandy, I fully expect a cold and snowy winter. In fact, major weather sites like AccuWeather are predicting above average snowfalls this winter for the North East region as shown in the images below.  NOAA’s Climate Prediction Center (the primary [...]

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2013 Roth IRA Contribution Limits Based on Filing Status and Income

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After several years the IRS has raised Roth IRA contribution levels, along with the annually indexed income qualification levels that allow eligible contributions. This is good news for those looking for tax effective ways to manage their retirement savings. Unlike 401(k) and Traditional IRA plans, you cannot deduct contributions to a Roth IRA from your taxable income. But [...]

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No 2013 Federal Employee GS Pay Raise and Unchanged GS Pay Scale Tables

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[Updated - No 2013 GS pay rise] Well it looks the 2013 GS pay raise debate has finally been resolved with the President signing a new/updated executive order that continued the freeze on GS pay scales for federal civilian employees. This was after a 0.5% raise was initially approved, that has now been superseded with the latest executive order. The [...]

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Can I Make 401K or IRA to Roth IRA Conversions in 2012 and 2013? What Are The New Rules and Income Limits

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[2013 Update] With a deal to avert the fiscal cliff reached and legislated under the American Taxpayer Relief Act (ATRA) of 2012, a couple of significant employer sponsored retirement plan features have reappeared with some modifications. This includes the Roth 401(k) conversion and Charitable IRA contributions. You can read more about these updated provisions in this [...]

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2012 Tax Refunds Smaller Than 2011 Payments

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The IRS recently published some statistics on 2011 tax returns (filed in 2012, excluding extensions) which revealed some interesting factoids, such as: – If you got a refund this year, chances are that it was lower than the one you received in 2011. The average tax refund amount paid by the IRS through the end [...]

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2012 and 2013 College and University Tuition Rates Increasing

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As a part time MBA student, with a single income and young family, I am particularly sensitive to rising education costs. So I was dismayed to see that my university’s (already expensive) tuition costs were again rising. This is the third year in a row and my degree will end up costing roughly 10% more [...]

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2012 Personal Exemption, Standard Deduction, EITC and Foreign Earnings Deduction Change

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With the 2011 tax filing deadline past (unless you filed for an extension) it’s a good time to remind yourself about some key 2012 tax changes. You can see the latest 2012 tax tables here which saw a widening of tax brackets and increases in personal exemptions and standard deductions due to inflation. Personal and [...]

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Best Companies and Brokers For Opening a Traditional IRA or Roth IRA

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If you are looking for a common and highly effective way to cut your tax bill (up to $6,000) for this year and/or the next, then consider opening a Traditional IRA or Roth IRA before the IRA contribution deadline (April 15th). The following brokers have great offers for those looking to open or transfer an [...]

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