IRS

Why Is It Taking So Long To Get My Tax Refund

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Over the last few weeks I have been receiving a lot of reader questions, many tinged with a hint of desperation, around why IRS tax refunds are taking so long and what can be done to get refunds sooner rather than later. Here is a sampling of comments: Help me please. I filled February 4th [...]

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2013 IRS Official Tax Updates – Tax Rate Schedules, Standard Deduction, Personal Exemption and AMT update

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The IRS has published its official 2013 changes reflecting annual inflation adjustments and tax table updates from the recently passed Fiscal Cliff legislation, officially known as the American Taxpayer Relief Act of 2012. Key changes include: For 2013 the 39.6 percent tax rate has been reinstated for individuals whose income exceeds $400,000 ($450,000 for married taxpayers filing a joint return). [...]

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When I Can File My 2012 Taxes in 2013 and Other Key Tax Filing, Extension and Refund Dates

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The table below shows the main 2013 deadlines for filing 2012 tax returns and requesting extensions. While you can paper file your 2012 tax return on January 1st 2013,  the IRS will not process any returns until after Jan 30th, 2013.  After filing and assuming your tax return is on order  (see recommended providers)  you should receive your federal refund between [...]

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2013 401k, IRA, SEP and Simple IRA Retirement Plan Contribution and Income Limits

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The IRS has published 2013 retirement plan limits following the release of Cost of Living Adjustment (COLA) figures for next year.  This was the second consecutive year of increases to contribution limits, as shown in the table below.  With the new $17,500 limit, employees enrolled in an employee sponsored retirement plan (401k, 403b, and Thrift Savings [...]

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Best Companies and Brokers For Opening a Traditional IRA or Roth IRA

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If you are looking for a common and highly effective way to cut your tax bill (up to $6,000) for this year and/or the next, then consider opening a Traditional IRA or Roth IRA before the IRA contribution deadline (April 15th). The following brokers have great offers for those looking to open or transfer an [...]

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US Taxes on Foreign Income – Filing Requirements, Exclusions and Deadlines

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When I moved to the states a number of years ago, I left a good chunk of savings back home (Australia). The primary reasons for this were that I wasn’t sure for how long I would be living in the US and more importantly, I was getting a much better rate of return on my [...]

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Get Your Tax Refund Money Now!

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A lot of people look forward to their tax refund at the end of the year. But I know that if I get a big refund, it usually means I haven’t kept up with my paycheck withholding. Why should I wait until next year to get my hands on money that is already mine? If [...]

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Quarterly Estimated Tax Payments and Installment Due Dates – 2011 and 2012 schedules

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Estimated taxes normally have to paid if you do not withhold taxes via your employer or if the amount of income tax being withheld from your salary, pension, or other income is insufficient. Estimated taxes are generally paid by small business’, self-employed workers with variable sources of income/expenses or those that have been notified by [...]

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Adjust or Change Your Paycheck Tax Withholding (W4) After These Personal and Financial Life Events

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During the year many people have personal and financial life changing events that can affect how much they pay in taxes. But they often forget to adjust their income or paycheck tax withholding to cater for these events. This means they ending up owing taxes and associated penalties when filing; or missing out on extra [...]

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Health Insurance Tax Credits to Help Millions of Middle-Class Families in Affordable Insurance Exchanges

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As part of new regulations under Obama’s health care legislation the U.S. Department of the Treasury and the Department of Health and Human Services (HHS) today took the next steps to establish Affordable Insurance Exchanges – one-stop marketplaces where consumers can choose a private health insurance plan that fits their health needs and have the [...]

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