taxes

2011 Tax Brackets, Rates and Federal Taxable Income Thresholds. Standard Deduction and Exemption Increase

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President Obama and Congress have approved a two year extension to all the Bush-era tax cuts. This means that the 2011 Federal IRS tax rates will be the same as 2010 rates, shown in the table below. However tax bracket ranges and standard deduction levels have increased slightly. A rise in tax rates would have cut the [...]

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Tax Tips: Filing an Extension and What to Do if You Cannot Pay your Taxes

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The folks at Turbo Tax have provided Saving to Invest some great last minute tax tips and guidance for tax payers struggling to file their taxes. Hopefully some of these will help you as tax time draws near: I’m  not going to be able to file my taxesin time. What should I do?  If you [...]

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Traditional IRA versus Roth IRA – 2011 Contribution and Phase-out Income Limits

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[Updated Nov 2010] The IRS has released the official 2011 401K and IRA Limits. These have been updated based on 2011 cost of living adjustments (COLA) which remained unchanged again this year. The main impact to IRA and Roth IRA plans are the income eligibility/phase-out limits. The table below summarizes the key rules and limits [...]

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2010 HIRE Act – Small Business Health Care Tax Credit, Payroll Tax Incentive and Business Credit For Employers Hiring and Retaining Unemployed Workers

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[Updated with New IRS provisions] The IRS has released more details on tax-saving opportunities included in recently enacted HIRE act federal legislation (see details in previous update below). A variety of business tax deductions and credits were created, extended and expanded by the American Recovery and Reinvestment Act of 2009 (ARRA), this year’s Hiring Incentives [...]

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Things to Remember At Tax Time – Your Tax Preparation Checklist

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Thanks to the accounting folks at BConnect Inc, here is a straight forward tax preparation checklist that will save you time when you file with your accountant or before you start using tax software for self-filing. Tax preparation is faster, easier and more stress-free if you take a little time to get organized first and [...]

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2009 Federal Income Tax Guide Features All The Stimulus Recovery Tax Break Details; Which Can Help People Save When Filing Returns in 2010

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Publication #17 from the IRS, Your Federal Income Tax, is one of the most important tax booklets issued by the IRS each year. It features details on taking advantage of new tax-saving opportunities, such as the making work pay credit for most workers, American opportunity credit for parents and college students, energy credits for homeowners [...]

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2012 Standard Mileage Rates Tax Deduction Breakdown and Rules

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[Updated for 2012 rates] -The IRS has released 2012 standard mileage rates (effective Jan 1.) for business, charitable, medical or moving. Rates reflect a slight increases over initial 2011 levels, but basically flat from the mid-2011 increase. • 55.5 cents per mile for business miles driven; • 23 cents per mile driven for medical or [...]

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2009 versus 2010 Federal Income Tax Bracket Tables and Standard Deduction Changes

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2010 Federal Income Tax Rate and Brackets and various tax benefits will remain unchanged or change only slightly over 2009 levels as shown in the table below. Consumer Price Index (CPI) data released by the Bureau of Labor Statistics (BLS), used by the IRS in calculating 2010 tax parameters, has been reviewed by many tax [...]

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Getting a Free Copy of Your Official Tax Return Information (Form 4506T)

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I recently had to request a copy of my tax return when closing on my home (lenders required it) and when filing some INS papers. I had thought that this would be a hassle given that the requesting parties wanted an official transcript (not a H&R Block or Turbo-tax copy). However it was actually a [...]

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Nearly 50% of American Households Pay No Federal Taxes

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Just when I thought I have seen most statistics, CNN brings us estimates by the nonpartisan Tax Policy Center, that In 2009, roughly 47% of households, or 71 million, will not owe any federal income taxes. What’s more is that, some of these non-tax payers will get additional money from the government because they qualify [...]

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