Money News Today That Matters Tomorrow
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) …
[2020-21 update] See the latest tax tables and brackets for the current and upcoming tax year _____ [2017 update] The IRS has published the latest 2017 tax figures (for filing taxes in 2018) reflecting minor COLA updates to federal thresholds. You can see 2016 and past tax tables here. …
It’s hard to believe that we only have a couple months left in 2016, and tax-filing season will begin soon. In this post we’re going to look at 5 big categories of tax credits and deductions you should consider when filing your 2016 tax return …
[Updated with 2021 Tax Brackets] Below are the official 2021 IRS tax brackets. Note that the updated tax rates and taxable income brackets would only apply for the 2021 tax year (filed in 2022). For current tax filings, covering the 2020 tax year, refer to …
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 …
In 2019, the IRS allows all taxpayers to deduct the total qualified unreimbursed medical care expenses for the year that exceeds 7.5% of their adjusted gross income. Beginning in 2020 and into 2021, the threshold amount increases to 10% of AGI. [Source: TurboTax] [Prior year …
[Updated for 2013-2014 tax filing season] Thanks to the so called fiscal cliff deal reached last year there were a number of impacts to taxes in 2013 which you need to be aware of when filing your 2014 taxes. Changes were in the form of …
I’ve written a fair bit on tax-advantaged individual retirement plans, but still keep getting lots of questions on this topic. This is likely due to two main factors. One, thanks to the complexities of our tax code, it is not always easy to find current …
Selecting your tax filing status is one of the first key steps in filing your federal tax return. Choosing the right status is extremely important because it can affect your filing requirements, standard deduction and eligibility for certain tax credits/deductions. In certain situations picking an …
With 2011 drawing to a close, a number of popular and widely leveraged tax breaks are set to expire. A number of these may be extended into 2012, but with Congress in seemingly continual gridlock you can never know for sure. The best thing to …
[Updated with latest HSA limits] Based on the latest IRS guidance, here are the latest HSA limits. Following the trend in recent years, the amount individuals and families can contribute to these tax advantaged health savings account will see a modest increase in the coming …
I receive a lot of questions on Individual retirement accounts (IRA) based on related posts I have written on this topic. One question that seems to come up often, is how to actually open an IRA account and where is the best place to do so. An …
I have posted updates to a number of articles covering the spectrum of government stimulus funded tax credits and deductions. Here is a summary of the updates with a link to the detailed articles for more detailed information, qualification criteria and latest status. If you …