deduction

2017 Tax Brackets, Standard Deduction and other Tax Updates

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The IRS has published the latest 2017 tax figures (for filing taxes in 2018) reflecting minor COLA updates to federal thresholds. You can see 2016 and past tax tables here. No changes to tax rates with 39.6% being the highest marginal tax rate. Tax bracket income thresholds increase marginally in line with inflation. The effect of this (bracket […]

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5 Big Tax Credits and Deductions to Claim in Your 2016-2017 Tax Filing

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It’s hard to believe that we only have a couple months left in 2016, and tax-filing season will begin soon. In this post we’re going to look at 5 big categories of tax credits and deductions you should consider when filing your 2016 tax return next April. One point to keep in mind before we […]

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2016 vs. 2017 Federal IRS Tax Brackets, Tax Rates, Standard Deduction and Personal Exemption Updates

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With the continued low inflation environment federal IRS tax brackets, standard deductions and personal exemptions have only moderately increased in the past few years. Federal income tax brackets and related tax items are adjusted annually, under the tax code, to provide for mandatory cost of living adjustments (COLA). The tables and changes below for 2016 and 2017 tax […]

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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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2016-2017 Medical Expense Deduction Income (AGI) Limit

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You are only allowed to deduct your medical/dental expenses if the total paid is at least 10% of your Adjusted Gross Income (AGI) and you must itemize your deductions. However, if you or your spouse are 65 or older, your threshold is reduced to 7.5% to meet the deduction requirement. This deduction is the hardest […]

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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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