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: April 1, 2014

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

Tax Credits and Deductions for a College Education

College Fund Taxes

Photo: Tax Credits If you were a college student, were paying off student loans, or had a child in college in 2012, remember to check for education-related deductions and credits when you file your taxes this year. The IRS names several available deductions and credits related to college expenses. I’ll break down the options, so […]

Published or Updated: April 21, 2014

Important Facts about Mortgage Debt Forgiveness

Mortgage Debt and Taxes

Photo: 401(K) 2013 If you’ve been through hell and back with your mortgage, having part of that mortgage forgiven by your lender may seem like a blessing. Until tax time, that is. Before the housing market bottomed out and mortgage debt was being forgiven left and right, tax time could be a huge problem for […]

Published or Updated: July 3, 2013