Expanding the Earned Income Tax Credit in 2016


[Updated following SOTU speech] Following President Obama’s state of the union speech and in addition to the items below, he had some good news on expanding the Earned Income Tax Credit (EITC)  for 2016, which actually partisan support. The EITC supplements the wages of low income workers, and especially working mothers, lifting more children out […]

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A $2000 Paycheck Credit Bonus in 2015 and Other Middle Class Tax Breaks


In a push to reengage their voting base Democrats have proposed a $2000 paycheck credit bonus as part of a wide ranging middle-class tax credits proposal. The paycheck credit proposal, architected by House Rep. Chris Van Hollen (D-Md.), would only be available to middle class Americans, which are defined as couples earning less than $200,000 […]

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Year End Tax Moves You Can Start Making Now


With year-end around the corner most people are far more focused on holiday shopping rather than on reducing their tax liability. But the fact is that unless you make tax saving moves before year end, you may end up paying Uncle Sam (a.k.a the IRS) a lot more than you legally have to when you […]

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2014 Earned Income Tax credit (EITC)


[2014 EIC Update] The IRS has released 2014 Earned Income Tax credit (EITC) details which are shown in the table below. There have been some minor increases to the EITC amount and qualifying limits following inflation adjustments. How to read the table above. The “earned income amount” (line 1) is the amount of income (minimum limit) at or […]

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2013 Tax Changes, Credits and Impacts You Need to Be Aware of When Filing Your Tax Return in 2014


[Updated for 2013-2014 tax filing season] Thanks to the so called fiscal cliff deal reached last year there were a number of impacts to taxes in 2013 which you need to be aware of when filing your 2014 taxes. Changes were in the form of updated federal tax rates, new phase out deductions and the […]

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No Payroll Tax Credit Extension into 2013. See How Much Your Paycheck Will Drop With Higher Taxes


[Updated following latest fiscal cliff negotiations] The 2 percent cut in Americans’ payroll taxes, effective in 2011 and 2012, expired on December 31st 2012.  This stimulus driven tax credit did not receive much support for an extension from either party or the President, and was a casualty of the fiscal cliff deal that did extend federal income tax cuts. […]

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Help! Do I Have to Pay Back My First Time Home Buyer Credit

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I recently received the following question from Brian on my post that detailed the many versions of the first time home buyer tax credit: I purchased a home in January 2009. This is my primary residence after having purchased my first home in March 2002. My CPA put me in for the $6500 tax credit, […]

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Pick Your Correct Tax Filing Status To Minimize Taxes

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Selecting your tax filing status is one of the first key steps in filing your federal tax return. Choosing the right status is extremely important because it can affect your filing requirements, standard deduction and eligibility for certain tax credits/deductions. In certain situations picking an incorrect filing status can make the difference between paying taxes […]

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2011 Expiring Tax Breaks. Which Ones Will Be Extended into 2012?


With 2011 drawing to a close, a number of popular and widely leveraged tax breaks are set to expire. A number of these may be extended into 2012, but with Congress in seemingly continual gridlock you can never know for sure. The best thing to do is plan as if the tax breaks will expire; […]

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Bank of America Withdrawing $5 Debit Card Fee – Power to the People as Free Checking Accounts Return!


You can tell that the tide of corporate sentiment is shifting when one of the nation’s largest companies changes course following customer outrage and the growing anti-Wall street movement. Especially when this company is a bank that has historically acted with impunity around bank fees. A person familiar with the bank’s plans, said that Bank […]

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