tax

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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2015 Tax Brackets and Other Federal Taxation Updates

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Given the low inflation environment over the last year, the 2015 IRS Tax Brackets, standard deductions and personal exemptions have only seen a moderate increase over 2014 levels. Federal income tax brackets and related tax items, under the tax code, provide for mandatory annual adjustments based on inflation. This is to prevent the phenomenon known as bracket […]

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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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2014 Earned Income Tax credit (EITC)

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[2014 EIC Update] The IRS has released 2014 Earned Income Tax credit (EITC) details which are shown in the table below. There have been some minor increases to the EITC amount and qualifying limits following inflation adjustments. How to read the table above. The “earned income amount” (line 1) is the amount of income (minimum limit) at or […]

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The Financial Consequences of the 2013 Immigration and Path to Citizenship Bill

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The Congressional Budget Office (CBO) has analyzed the recently passed Senate immigration bill – S744, Border Security, Economic Opportunity, and Immigration Modernization Act – that reforms the nation’s immigration system and provides a path to citizenship. The CBO concluded that the new laws being proposed would cut close to $1 trillion from the federal deficit […]

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Can I Avoid Paying Taxes By Submitting an Extension to File My Tax Return

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The title of this article was based on the following email I received a couple of weeks ago. It’s a topic that a number of people can relate to around tax time, so I also published my answer below. “Last year my wife was pregnant and took 4 months of work and she was getting disability. […]

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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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IRS Tax Tips – Tax Benefits for Parents Plus Facts about Dependents and Exemptions

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The IRS has published two bulletins which contain useful information that applies to many of my readers. I have summarized the key points below. Tax Benefits for Parents (IRS Tax Tip 2013-11) Dependents. In most cases, you can claim a child as a dependent even if your child was born anytime in 2012.   For more information, see […]

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How Tax Refunds Are Spent and Received

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The American Tax & Financial Center at TurboTax released its latest research report on the impact of tax refunds for the average American household. Highlights from the report include: An estimated $230 billion in federal tax returns will be issued this year to American taxpayers, fueling the U.S. economy and marking one of the biggest paydays of […]

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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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