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 2013 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 2013. I’ve used TurboTax for years and reviewed several versions of the software over the years. With our tax returns, we really put TurboTax through its paces. In addition to itemizing deductions, we […]

Published or Updated: February 17, 2014

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

Is the IRS Friendlier Than It Used To Be?

Growing up, I had always been under the impression that the IRS was the most brutal of government agencies.  To receive an audit from them was nothing short of misery and once the IRS had you in their sights, there was no escaping the financial nightmare.  Now, having experienced the IRS a few times on […]

Published or Updated: June 28, 2011

The Adoption Tax Credit and Form 8839

IRS Form 8839

When my wife and I adopted our children (in the 1990s), there weren’t any adoption tax credits for us to take advantage of. Today, however, if you’ve adopted a child, you may be able to claim an income exclusion of $13,170 from your income and a tax credit for the same amount, depending on the […]

Published or Updated: March 12, 2012

What is Adjusted Gross Income (AGI)?

Money Tree

If you’ve read a bit about personal finance, chances are that you’ve heard the term Adjusted Gross Income (AGI). A fair bit of tax considerations are based on AGI, so it’s well worth familiarizing yourself with the term. Here’s a quick introduction to AGI and when you might need to consider yours. Calculating Adjusted Gross […]

Published or Updated: September 12, 2012