deduction

8 Danger Signs You Will Likely Owe the Alternative Minimum Tax (AMT)

0 comments

The following are 8 signs that you may owe the  Alternative Minimum Tax (AMT), or the rich-mans tax, this year. You or your household fall into the high income category (generally $250,000 or more), which means that a good part or all of your AMT exemption is phased-out. You have relatively hefty deductions for state […]

Read the full article →

Year End Tax Moves You Can Make Now

0 comments

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 […]

Read the full article →

2013 Itemized Medical Deduction Limit Increase

1 comment

A little heralded change is now in effect that could impact your deductible health care expenses when you file your 2013 taxes in 2014. It relates to the itemized medical deduction limit for claiming medical expenses not covered by your health insurance. The limit at which you can claim these expenses was increased from 7.5 […]

Read the full article →

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

10 comments

[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 […]

Read the full article →

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

0 comments

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 […]

Read the full article →

Pick Your Correct Tax Filing Status To Minimize Taxes

1 comment

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 […]

Read the full article →

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

3 comments

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; […]

Read the full article →

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

9 comments

[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 […]

Read the full article →

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

12 comments

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 […]

Read the full article →

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

5 comments

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 […]

Read the full article →
Disclaimer: The information contained on Saving to Invest (this site) is for general information purposes only and does not constitute factual or professional financial advice. In accordance with FTC guidelines, we disclose that we may have a financial relationship with some of the merchants/companies mentioned on this website. We do our best to maintain current information, but due to the rapidly changing environment, some information may have changed since it was published. Please do the appropriate research before participating in any third party offers. Refer to the Privacy Policy and Terms of Use for more information