IRS

Average 2014 Refund Higher Than in 2013

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The IRS has published its latest statistics to date and it shows that tax filers are getting higher refunds in 2014 than they did in 2013.  To date, the IRS has processed most of the received returns (about 30% of total expected). Of the returns filed, the IRS has issued 6% more refunds than last […]

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Online IRS Tax Tools To Figure, Track and File Taxes For Free

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With the 2014 filing season now officially open tax payers can go to IRS.gov and leverage a number of tools that enables them to file their taxes for free, figure how much in additional tax credits they can get and even plan for their 2014 taxes. The IRS expects to receive more than 148 million individual […]

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2014 IRS Tax Brackets and Rates With Standard Deduction and Personal Exemption Updates

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The IRS has released the 2014 federal tax brackets based on annual inflation adjustments. An updated 2014 tax table is provided below. Given the low inflation environment there were only moderate increases in tax brackets, standard deductions and to the personal exemption. The main changes for the 2014 tax year are: Marginal tax rates remained the […]

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Federal Income Tax Tables and Rates For 2014 Tax Season

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April 15th 2014, or the 2013 tax filing due date, is not that far away. Which means its time to do some serious tax planning so that by year end you maximize your income while minimizing your taxes dues when filing in 2014.  But first, the official rates and tables for tax year 2013. In […]

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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 Can I File My 2014 Taxes in 2015 and Other Key Tax Filing, Extension and Refund Dates

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[Updated for 2015 Tax Filing Dates] The table below shows the projected 2015 deadlines for filing 2014 tax returns and requesting extensions. Unlike last year, there was no government shutdown in October so should not see the delays we experienced. As always taxes are due by April 15th, though requesting an extension until Oct 2015 should not be that difficult to obtain […]

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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 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 IRA account in […]

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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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