IRS

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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2011-2012 Alternative Minimum Tax (AMT) and Exemption Amounts

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Everybody should pay their fair share of taxes, right? It would be difficult to find somebody who doesn’t believe that but in reality it’s not that simple. The tax code is a complicated document which gives rise to a number of loopholes that are widely known (and used) by the nation’s wealthy as well as [...]

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2011 and 2012 Capital Gains Tax Rates – Short and Long Term

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When you sell a capital asset like a stock or a home you own, the difference between the amount you sell it for and what you paid for it (cost basis) is classified as a capital gain or a capital loss. Capital gains and losses are further classified as long-term or short-term, depending on how [...]

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IRS Errors and Economic Stimulus Refunds For Home Buyer Credit and Overpayment of $250 SSI and Making Work Pay Tax Credit

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The IRS has officially admitted that they are having issues with processing some of the most popular economic stimulus payments that the Obama administration has handed out over the last few years. In particular, the many versions of the first time home buyer credit, each with different eligibility and income rules, has made tax time [...]

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Do I Need to File a Federal Income Tax Return? Maybe Not If You Meet These IRS Guidelines

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The Internal Revenue Service (IRS) recommends that all adults file a tax return. Obviously, the IRS wants to have everyone pay their taxes but it is also an important way for the government to ensure that it pays out subsidies, stimulus payments and tax credits to the groups that they were intended for. However filing [...]

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2011 Business and Corporate Tax Rates with Small Business Jobs Act Tax Changes

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With the passing of the Bush-era tax cuts and small business jobs act tax provisions, a number of tax laws will come into effect this year. Here is a summary of the key tax changes and how your business and personal income taxes could be affected. 2011 Tax Rates The 2011 corporate tax rates are [...]

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Rental Property Tax Changes (Form 1099) and Foriegn Bank Accounts and Assets Disclosure Requirements

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Two new tax changes were implemented in recent legislation that may affect a number of tax payers filing 2010 returns in 2011. One affects landlords who now need to disclose all payments made above $600. The other affects people with certain assets outside the US, who now have to formally disclose foreign holdings (like bank [...]

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2011 Tax Brackets – Updated IRS Federal Income Tax Tables and Income Thresholds

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The IRS has released its 2011 Tax Rates and Income thresholds following approval of the Bush-Era Tax Cuts. The latest 2011 IRS federal tax table is shown below with the following key tax changes: – Personal exemptions and standard deductions will rise and tax brackets will widen due to inflation adjustments related to provisions that [...]

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Understanding Your W2 Employer-Employee Reporting Form For 2010 Taxes Filed in 2011

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The IRS has just released the 2011 W2 Form which employers use to report employee wages, bonuses and other benefits received during the year; along with taxes (federal, state, medicare and social) that were withheld. It also shows voluntary pre and post tax contributions made to your 401K and company health programs. W2 Changes in 2011 [...]

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