taxes

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 2012 Taxes in 2013 and Other Key Tax Filing, Extension and Refund Dates

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The table below shows the main 2013 deadlines for filing 2012 tax returns and requesting extensions. While you can paper file your 2012 tax return on January 1st 2013,  the IRS will not process any returns until after Jan 30th, 2013.  After filing and assuming your tax return is on order  (see recommended providers)  you should receive your federal refund between [...]

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Will We Fall Off The Fiscal Cliff in 2013 – Impacts on Your Taxes and Finances

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The Washington Post had two graphics that neatly summarize the impacts from the fiscal cliff. This is the number one topic in the world of finance and almost all Americans will be impacted by the potential fallout in some fashion. My opinion is that Congressional Republicans and the Obama administration will reach some form of deal by year-end to [...]

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Romney to Americans Who Pay No Taxes – You Are Victims and Losers!

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A secret recording from a closed-door fund raiser had Mitt Romney saying, “47 percent of Americans believe that they are victims…I’ll never convince them they should take personal responsibility and care for their lives…My job is not to worry about [votes from] those people. These are people who pay no income tax. Forty-seven percent of Americans pay [...]

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How Our Tax Dollars Are Spent by The Government

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Ever wondered where all our federal tax dollars go? I did and a recent report from the center on budget priorities and policies (CBPP) provided a very nice graphic on how federal tax dollars are distributed. With all the political rhetoric that abounds around the national debt, excessive federal spending and the uncertain future of [...]

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Federal Taxes as a Percentage of Household Income

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An interesting study by the Congressional Budget Office (CBO) provided some very telling graphics around income distribution changes relative to which groups paid the most in taxes. Amazing how politicians can both take the same data and spin it in different ways. The first graphic shows the cumulative growth in average income after federal taxes [...]

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Can I Make 401K or IRA to Roth IRA Conversions in 2012 and 2013? What Are The New Rules and Income Limits

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[2013 Update] With a deal to avert the fiscal cliff reached and legislated under the American Taxpayer Relief Act (ATRA) of 2012, a couple of significant employer sponsored retirement plan features have reappeared with some modifications. This includes the Roth 401(k) conversion and Charitable IRA contributions. You can read more about these updated provisions in this [...]

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