deduction

Year End Tax Moves You Can Start Making Now

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

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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 […]

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2013 Itemized Medical Deduction Limit Increase

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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 […]

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

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[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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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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2014 vs. 2015 HSA Limits and Tax Rules – How to Best Utilize Health Savings Accounts

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[Updated with 2014 and probable 2015 HSA limits] Based on IRS figures, here the 2014 HSA limit with my forecast for 2015 limits. For 2014, a married couple (who are both over 55) who qualify can put away as much as $8,550. HSAs have in popularity thanks to health-care law changes and the increasing use of high-deductible health […]

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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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