Can’t Pay Your Taxes? Read This

What should you do if you can’t afford to pay your taxes? Recently I came across a page on the IRS website that answers this question, at least in part. Believe it or not, the IRS offers installment plans that allow taxpayers to pay their taxes over time. Before we get to the installment plans, […]

Published or Updated: April 23, 2012

2012 Tax Filing Deadlines

Tax Deadlines

If you’ve already filed your taxes you probably feel a sense of relief like I do. Much like the relief you feel when a root canal is over. For those who have procrastinated, you need to know the filing deadline dates. This year you have two bonus days to file your taxes. You don’t have […]

Published or Updated: October 28, 2012

Should You Use The Standard or Itemized Deduction on Your Taxes?

SVI

Ah, the classic question.  Should I use the standard deduction or itemize?  The answer is “simple” of course–you should use whichever deduction results in paying the least amount of taxes.  While tax software can figure out the best approach, it’s still helpful to understand the difference between taking the standard deduction and itemizing. So let’s […]

Published or Updated: December 17, 2013

6 Ways to Get Your Tax Refund Fast

Tax Refund

Back in the day, I vividly recall running to the mail box to look for our tax refund. It was as if I’d found free money, even though I knew of course that it was just the IRS returning my own money to me. Still, tax refund day made me feel like I had won […]

Published or Updated: October 28, 2012

TurboTax 2014 Review

TurboTax_Refund_Guarantee

With tax season right around the corner, it’s a good time to review the #1 most popular tax software on the market–TurboTax 2014. I’ve used TurboTax for years, and have reviewed several versions of the software over the years. With our tax returns, my wife and I really put TurboTax through its paces. In addition to […]

Published or Updated: February 19, 2015

Official 2012 Federal Income Tax Brackets

The final figures for the 2012 Income Tax Brackets have been confirmed by the IRS (pdf file). The current tax rate structure we use has been in place since 2003 and consists of 6 rates: 10%, 15%, 25%, 28%, 33% and 35%. These 6 tax rates will remain in effect through 2012, but we expect […]

Published or Updated: September 7, 2013

Official 2011 Income Tax Brackets

With 2011 about to come to a close, my mind always turns to taxes. For the 2011 tax year, tax returns will be due April 17, 2012 (April 15, 2012 falls on a Sunday and April 16, 2012 is Emancipation Day in the District of Columbia). So I thought it would be helpful to pull […]

Published or Updated: December 30, 2011

The Millionaire Tax To Nowhere

Millionaire Tax--Tax the Rich

There was a time when millionaires were revered in this country. Becoming a millionaire was a financial goal of many, and those who reached this elusive pinnacle were evidence that the American Dream was alive and well. Today, the “rich” are seen as the source of all our economic woes. President Obama has fanned the […]

Published or Updated: October 7, 2011

The ‘Buffett Tax’ May Just Wallop His Secretary

Buffett Tax

The online news machine is abuzz with President Obama’s new tax plan. Calling it the Buffett Tax after famed investor Warren Buffett, the president is proposing a plethera of new taxes. These new taxes include new taxes on millionaires and new taxes on the “rich,” meaning married couples who make more than $250,000. And to […]

Published or Updated: October 19, 2011