IRS Announces New Retirement Contribution and Income Limits for 2014

Exchange Rates

Each year, the IRS makes cost-of-living adjustments to all things tax-related. These adjustments affect everything from income tax brackets to retirement savings limits to tax deductions and credits. One of the most important cost-of-living adjustments is contribution and income limits for tax-advantaged retirement accounts, such as 401(k)s, IRAs and 403(b) plans. Cost-of-living adjustments are based […]

Published or Updated: December 23, 2013

5 Tax Deductions You Don’t Want to Miss for the End of the Year

Taxes

Now that the year is almost over, it’s the perfect time to boost your tax efficiency with a few tax deductions. The good news is that there is still time to reduce your tax liability for this year — as long as you act fast. Here are 5 tax deductions you don’t want to miss […]

Published or Updated: December 18, 2013

2014 Federal Income Tax Brackets by Filing Status

What If I Cannot Pay My Taxes?

Each year, the IRS revamps income taxes and other tax codes to adjust for inflation, and 2014 is no different. Recently, the IRS released federal income tax rate schedules, cost-of-living adjustments, and tax tables for 2014. Wondering what your income taxes might look like in 2014*? Here’s what you need to know. First, A Basic […]

Published or Updated: January 29, 2015

Official 2013 Federal Income Tax Brackets

Taxes

I‘ve been working on some tax planning this week in preparation for a meeting with my accountant. And that prompted me to look up the 2013 federal income tax brackets. I knew they had gone up for the top brackets, so I wasn’t exactly excited about this whole thing. I’ve created a table below with […]

Published or Updated: April 1, 2014

Social Security Contribution Limits for 2013

Social Security

Each year we track changes in the social security tax contribution limits. Last year the income limit was $110,100, up from $106,800 in 2011. For 2013, the amount of income subject to FICA tax increased again, this time to $113,700. There was another big change for 2013. in 2011 and 2012, employees only paid social […]

Published or Updated: July 9, 2013

Making the Most of Dependent Care Benefits

Photo: epSos.de For single parents or dual-income families, child care is on the list of major expenses. A Child Care Aware of American study in 2012 detailed average child care costs across the nation. The results are astounding. According to the study, the average annual cost of full-time, center-based care for an infant ranged from […]

Published or Updated: April 15, 2013

How to Calculate and Pay Quarterly Self-Employment Taxes

Tax Paperwork

Photo: x_jamesmorris If you’ll have self-employment income this year – either from a small business with employees, a sole proprietorship, or even just contract work you do alongside your full-time job – you’ll probably need to pay quarterly self-employment taxes this year. As an employee, this isn’t something you have to worry about. Your employer […]

Published or Updated: April 12, 2013

10 Ways to Use Your Tax Refund

In 2012, the average federal tax refund for Americans was $2,800. If you have a big family or a low income, your refund was likely even more than that. Even though you should know about what to expect with your refund, most of us treat it as a windfall. Choosing what to do with this […]

Published or Updated: April 8, 2013

Avoid These 12 Tax Scams this April!

Photo: agrilifetoday Each year the IRS releases a list of the “Dirty Dozen” tax scams to watch out for. Unfortunately, scams are common and lead to lost taxpayer money every year. To best avoid these scams, know what to look out for. Here’s an overview of the top 12 tax scams – and how to […]

Published or Updated: April 8, 2013