tax

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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2013 Roth IRA Contribution Limits Based on Filing Status and Income

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After several years the IRS has raised Roth IRA contribution levels, along with the annually indexed income qualification levels that allow eligible contributions. This is good news for those looking for tax effective ways to manage their retirement savings. Unlike 401(k) and Traditional IRA plans, you cannot deduct contributions to a Roth IRA from your taxable income. But [...]

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No Payroll Tax Credit Extension into 2013. See How Much Your Paycheck Will Drop With Higher Taxes

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[Updated following latest fiscal cliff negotiations] The 2 percent cut in Americans’ payroll taxes, effective in 2011 and 2012, expired on December 31st 2012.  This stimulus driven tax credit did not receive much support for an extension from either party or the President, and was a casualty of the fiscal cliff deal that did extend federal income tax cuts. [...]

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2013 Medicare Tax Increase, Health Care Account and Medical Expense Changes

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With a host of tax changes set to come into effect next year thanks to the expiring Bush-Obama tax cuts and new “Obama-care” health care related taxes, it can be hard to keep up with all that’s happening. But these Medicare and employer health care related tax changes in particular, will hit close to home [...]

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When Should You Start Saving for Your Child’s College Education? Right Now.

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A set of three couples sit around an oval table, discussing the future of their newborns. A father asks, “Has anyone actually started saving for college yet?” One parent cries, “Ugh not me.” Another parent tries to explain, “No, no you got time.” But then the “smart” couple confesses and says, “On no. We’ve actually [...]

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2014 Tax Penalties For Not Having Health Insurance Under ObamaCare

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Now that the Supreme court has upheld key provisions of President Obama’s health care reform plan, also known as ObamaCare or the Affordable Care Act, all Americans with an income above a certain threshold will have to purchase health insurance. The provision referred to as the individual mandate is what will legally require most US citizens [...]

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