No one wants to receive a call out of the blue from the IRS, but perhaps an even worse call is one that comes from a liability collector. Liability collectors have a terrible reputation and in most cases, it’s a reputation that they have rightfully earned. Now just imagine getting a call from a liability collector that is ... Read More
Tax Law Changes
IRS Increases Standard Mileage Rate for 2015
Using your vehicle for business purposes can add up to a big deduction at tax time if you're able to write off some of the cost. Taxpayers can choose between using the actual expense method or the standard mileage rate to figure out how much the deduction is worth. Since claiming actual expenses tends to be a little more ... Read More
Key Tax Changes to Expect When Filing Your 2014 Taxes
Even though April is still a few months away, it's never too soon to start prepping for tax time. Thanks to the introduction of new tax laws and the expiration of certain tax breaks, completing your 2014 return may be a little more complicated versus previous years. If you're wondering what the biggest changes are, here's a ... Read More
New Tax Rules for Savers Coming in 2015
Setting aside money in a tax-deferred account such as an IRA is a great way to build up your nest egg while potentially reducing your tax liability. If you're enrolled in a high deductible insurance plan, you can also use a health savings account to plan for out-of-pocket medical expenses. If you're eligible to contribute to ... Read More
IRS Retirement Contribution and Income Limits for 2014
Maxing out contributions to your retirement plan is a smart way to build your nest egg and take advantage of some important tax benefits. The amount you can sock away varies from one plan to the next so it pays to know how much you can save. The IRS routinely adjusts the annual contribution and income limits for retirement ... Read More
Key Changes That Impact Middle-Income Taxpayers in 2014
Starting in 2014, taxpayers will see a number of new tax laws hit the books thanks to the Affordable Care Act. While many of the changes are set to impact wealthier taxpayers, there are several tax measures that will have an impact on individuals and families earning less than $250,000. Even though April is still a few months ... Read More
IRS Announces Tax Rate Inflation Adjustments for 2014
Last month, the Internal Revenue Service announced the annual inflation adjustments for 2014, which impact tax rates as well as certain deductions and credits. The new numbers won't actually affect your tax filing until 2015 but knowing what you can expect can help you adjust your tax planning strategy accordingly. Here's a look ... Read More
Obamacare Premium Tax Credit: What Is It and Who Qualifies?
Unless you've been living under a rock, you know that most Americans will be required to have health insurance starting in 2014, thanks to the Affordable Care Act. The Department of Health and Human Services estimates that on average, Americans will pay $328 per month for individual health care coverage next year. If you're ... Read More
IRS OKs Federal Tax Benefits for Married Same Sex Couples
In June 2013, the U.S. Supreme Court struck down Section 3 of the Defense of Marriage Act, which denied federal recognition of married same-sex couples. The ruling effectively made married gay couples eligible for the same federal tax, health, and Social Security benefits as heterosexual couples but there were questions as to ... Read More
New State Tax Laws Take Effect Nationwide
For many states, July 1st marked the beginning of a new fiscal year and a slew of new tax laws have taken effect. The new tax measures are designed to generate additional revenue for local and state governments, which means many Americans will be feeling the pinch in their pocketbook. If you smoke, drive a car or buy things ... Read More
Tax Planning for Married Same-Sex Couples in the Post-DOMA Era
Last month, the Supreme Court made a landmark decision when it struck down Section 3 of the Defense of Marriage Act. The move effectively grants married same-sex couples the same marital rights and privileges afforded to heterosexual couples under federal law. This includes access to the same retirement benefits and health ... Read More
How Does the Proposed Internet Sales Tax Affect You?
Shopping online is a convenient way to save on just about anything but great deals may soon be harder to come by. Congress is currently considering the passage of the Marketplace Fairness Act, which would impose a sales tax on a significant majority of Internet purchases. While the bill doesn't necessarily represent a tax hike, ... Read More