fiscal cliff

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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Fiscal Cliff Deal Reached – Extending Unemployment Benefits, Tax Cuts, AMT Patch, EITC, Payroll Tax Credit Expiry, Delaying Budget and Defense Cuts

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[Updated Jan 2013] Congress and the Obama administration have reached an agreement that will avert a significant portion of the fiscal cliff and its associated impacts on your pay check and taxes next year. The passed legislation would increase tax revenue by $620 billion and only cut spending by $15 billion because the planned sequestration/spending cuts will be delayed […]

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Payroll Tax Credit Holiday To Expire in 2013 Amongst Other Breaks in New White House Fiscal Cliff Impacts Report

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[Updated following fiscal cliff deal] – Unfortunately it looks like the payroll tax credit will not be extended into 2013 under the new deal Congress and the Obama administration have reached. See how this will impact your 2013 take home pay. For the latest on other fiscal cliff impacts and negotiations see this article. __________ The Obama administration has confirmed […]

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Will We Fall Off The Fiscal Cliff in 2013 – Impacts on Your Taxes and Finances

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The Washington Post had two graphics that neatly summarize the impacts from the fiscal cliff. This is the number one topic in the world of finance and almost all Americans will be impacted by the potential fallout in some fashion. My opinion is that Congressional Republicans and the Obama administration will reach some form of deal by year-end to […]

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Capital Gains Tax Rates – A Double Dose of Taxes on Your Investment Returns

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[January 2013 update following Fiscal Cliff Deal] With legislation now in place to avert the fiscal cliff many investors will be breathing a sigh of relief as the tax rates on capital gains, dividends on investments did not rise as much as expected. A lot of pundits were forecasting that rates on investment income could […]

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2013 Tax Rates and Brackets, Standard Deduction and Personal Exemptions Updated in Federal IRS Tax Table

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[Updated with 2013 IRS inflation adjusted tax brackets and fiscal cliff changes] Congress and the Obama administration’s fiscal cliff deal (ATRA act) means that 2013 federal tax rates will remain fixed for nearly 99% of the population. Only those earning above $450,000/$400,000 (married/single) AGI will have a higher federal marginal tax rate in 2013, relative to 2012 levels. […]

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2013 Business Tax Changes and Credits in Fiscal Cliff Deal Extend Small Business Jobs Act Tax Changes

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[2013 Small Business Tax Breaks Extensions] Congress and the Obama administration have reached an agreement that will extend a number of small business tax breaks through 2013 following the fiscal cliff deal which was legislated through the Taxpayer Relief Act of 2012. This includes: R&D credit extended: The Research and Development (R&D) tax credit was extended for another year and reinstated retroactively for […]

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2017, 2016 and Past Earned Income Tax Credit (EITC) Qualification and Income Thresholds

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[Update]  Below are the EITC tables for the past few years. These are adjusted annually in line with inflation and other government mandates. The EITC supplements the wages of low income workers, and especially working mothers, lifting more children out of poverty than any other single federal program. Over 9 million families are eligible for […]

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