deduction

2013 Tax Changes, Credits and Impacts You Need to Be Aware of as Part of the Fiscal Cliff Deal

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[Updated with 2013 IRS inflation adjusted official numbers] With our dysfunctional government leaders finally reaching a deal on averting the so called fiscal cliff we now have a clearer picture of taxes in 2013. In fact there are a lot of changes in the form of updated federal tax rates, new phase out deductions and the [...]

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2012 vs. 2013 IRA Maximum Contribution, Income and Deduction Limits Factoring in Employer Coverage Restrictions

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I’ve written a fair bit on tax-advantaged individual retirement plans, but still keep getting lots of questions on this topic. This is likely due to two main factors. One, thanks to the complexities of our tax code, it is not always easy to find current and applicable IRA/401K information. Secondly, because you can have multiple [...]

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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?

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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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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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How and Where to Open an IRA or Roth IRA Account and Factors to Keep in Mind

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I receive a lot of questions on Individual retirement accounts (IRA) based on related posts I have written on this topic. One question that seems to come up often, is how to actually open an IRA account and where is the best place to do so. An IRA  is your personal savings plan for retirement, offering tax [...]

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Updates on 2010 Government Tax Credits – Home Buyer Credit Filing Extension, $250 SSI and Medicare Gap Payments, Teacher Credits and Unemployment Insurance

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I have posted updates to a number of articles covering the spectrum of government stimulus funded tax credits and deductions. Here is a summary of the updates with a link to the detailed articles for more detailed information, qualification criteria and latest status. If you haven’t already, join 6000 plus subscribers to get the latest [...]

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Tax Credits and Deductions for Teachers ($250), Unemployed, Home Owners ($500/$1000) and College Tuition in 2010 Jobs and Closing Tax Loopholes Act

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The recently introduced American Jobs and Closing Tax Loopholes Act (Bill: HR 4213) includes important tax cuts to put more money back into the pockets of American families and workers. This new bill extends critical tax cuts through the end of 2010 so families and workers can receive the full benefits of these tax cuts [...]

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New Car (up to $49,500) Sales Tax Deduction in 2009 Obama Economic Stimulus Package. Will it be Extended into 2010?

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[Update on possible 2010 Extension] There has been a concerted push by various groups and congress members to get this tax deduction extended into 2010. They cite the success of this and the cash for clunkers programs in stabilizing the US auto-market. However there are concerns that extending this deduction will add to the growing [...]

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