The "fiscal cliff" was huge news across the country during the latter part of 2012. In an effort to avoid it, both Democrats and Republicans worked to hammer out a budget deal that would include budget cuts and tax increases. As a result, several income tax rates have increased this year. Some of these tax increases for 2013 will affect taxpayers in 2014 and beyond, but others have already started to have an impact on the financial welfare of American citizens.
Estimated taxes can be one of the trickier sections of the IRS tax code. If you're not subject to income tax withholding or if you own your own business, you may be subject to these taxes. It's best to learn about the requirements for estimated taxes in advance so you can make sure that you're following the law correctly.
Many of the current income tax credits and deductions were scheduled to expire at the end of 2012, but the federal government has decided to extend some of these credits into 2013 or longer. The credit extension is good news for several taxpayers, including those with children, those who are employed as educators, and those who take retirement distributions. Here's a look at a few of the tax credits that been extended into 2013.
When you're ready to file your income tax return for this year, one of the most important decisions you'll make is choosing which filing status to use. Your filing status determines several things, including your overall tax rate and your eligibility for certain tax credits. What filing statuses can you use? Which status is best for your financial situation? Do all unmarried taxpayers have to file as single? The answers to these and other questions are provided below.
Are you looking for a tax professional that can assist you in preparing your federal income tax return? If so, you might think that most tax preparers are professionals who have been well trained in the Internal Revenue Service tax code. However, some so-called tax preparers may not be truly qualified to handle your return. In fact, there may even be a few scam artists out there masquerading as tax professionals. Here are a few tips to help you learn how to spot a bad tax preparer.
Looking for ways to cut your overall tax costs this year? If you're wondering how you can save on your tax return, there are several ways you can reduce both your tax preparation costs and your income tax liability. The key to saving on your taxes is doing your homework in advance so that you can take steps to cut your tax bill throughout the year.
Once you've completed your income tax return and filed it with the IRS, you might think that you're done with your taxes for the year. While you're finished reporting your tax information, you're not finished with those documents you used to prepare your forms. In fact, you may need to hold onto that paperwork for several years. However, keeping all of those tax documents organized in your home doesn't have to be a hassle. Here's how to organize and store tax documents.
Estimated taxes are often described as a bit of headache for American taxpayers. However, most individual taxpayers are not required to remit these taxes during the year. The IRS does, though, require some entities and individuals to submit estimated taxes if they meet certain conditions. If you are wondering whether you will have to pay estimated taxes to the IRS, here is an overview of those qualifications and a review of how to remit the taxes due, if necessary.
The John McAfee drama continues to unfold in Central America as the eccentric multi-millionaire is recovering following two minor heart attacks. The founder of the pioneering antivirus software company, which bears his name, is currently being held in a police-run hospital in Guatemala after his request for political asylum was denied. McAfee is to be returned to Belize where he is wanted for questioning in relation to the death of his neighbor, Gregory Viant Faull[1].
Members of the United States military are often lauded for their courageous service. However, these service members often face specific tax situations that require a bit more knowledge than a traditional tax return. The IRS has made a few considerations for military tax issues and it's in the best interest of these individuals to learn about these considerations so they can avoid excessive taxes. Here are a few tax tips for members of the military.
