taxes

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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8 Danger Signs You Will Likely Owe the Alternative Minimum Tax (AMT)

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The following are 8 signs that you may owe the  Alternative Minimum Tax (AMT), or the rich-mans tax, this year. You or your household fall into the high income category (generally $250,000 or more), which means that a good part or all of your AMT exemption is phased-out. You have relatively hefty deductions for state […]

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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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2014 Social Security Changes After 1.5% COLA Increase

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With the Social Social Administration (SSA) announcing a 1.5 percent cost of living adjustment (COLA) for 2014 the following changes to your social security taxes and income will result. All changes will take effect in January 2014. The social security tax rate above is the combined rate for Social Security and Medicare. For employees 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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The 10 Largest Tax Breaks In The Income Tax system

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The Congressional Budget Office (CBO) has published an interesting report titled, The Distribution of Major Tax Expenditures in the Individual Income Tax System, that shows how 10 of the largest tax breaks, credits and deductions are distributed across household with different income levels. These tax breaks (or tax expenditures as they are referred to) include, […]

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2013 Tax Changes, Credits and Impacts You Need to Be Aware of as Part of the Fiscal Cliff Deal

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[Updated with 2013 IRS inflation adjusted official numbers] With our dysfunctional government leaders finally reaching a deal on averting the so called fiscal cliff we now have a clearer picture of taxes in 2013. In fact there are a lot of changes in the form of updated federal tax rates, new phase out deductions and the […]

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2013 Itemized Deductions and Personal Exemption Phase-out Income Limit Changes To Adversely Affect Millions of Taxpayers

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While legislation to avert the fiscal cliff enabled 2013 federal tax rates for most Americans to stay constant, it raised the threshold for those required to pay higher tax rates to $400,000/$450,000 (single/married) and included provisions to restart limits on certain itemized deductions and personal exemptions that were phased out and eventually removed as part […]

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Fiscal Cliff Deal Reached – Extending Unemployment Benefits, Tax Cuts, AMT Patch, EITC, Payroll Tax Credit Expiry, Delaying Budget and Defense Cuts

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[Updated Jan 2013] Congress and the Obama administration have reached an agreement that will avert a significant portion of the fiscal cliff and its associated impacts on your pay check and taxes next year. The passed legislation would increase tax revenue by $620 billion and only cut spending by $15 billion because the planned sequestration/spending cuts will be delayed […]

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When I Can File My 2013 Taxes in 2014 and Other Key Tax Filing, Extension and Refund Dates

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[Updated for 2014 Dates] The table below shows the main 2014 deadlines for filing 2013 tax returns and requesting extensions. Due to the government shutdown in October 2013 most of the IRS staff were furloughed and so the backlog of work delayed systems being updated for the 2013-2014 tax filing season. Note however that the April 15th due date […]

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