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What Federal Tax Credits are available? Here's the definitive list of what's old and new.

Tax Reform was poised to eliminate many Federal Tax Credits and create new ones. And now that the smoke has cleared, we are able to see which tax credits survived, and which ones have been modified, and which ones have been added and will be available for tax years 2018 and going forward.

2018 IRS tax brackets and tax rates for individuals and business

The Tax Cuts and Jobs Act of 2017, otherwise knows as Tax Reform reduced the amount of tax brackets for individuals and lowered the rates. Tax reform reduced the corporate tax rates to one flat rate. Find out how much you can expect to save with the new federal tax table.

Tax Return Extension? Think Twice Before Filing

Many people right now are likely trying to decide whether to invest the time now, when they are already very busy and their CPAs/Accountants/Tax Attorneys/Tax Preparers are very busy to file an extension. There are 4 Reasons why it may be a bad idea to file a tax return extension...

2015 IRS Tax Brackets

Tax brackets are often misunderstood. Did you know that they have little to do with how much you will pay — especially at the higher-end brackets? Did you know that tax brackets will never tell you how much you will pay in other taxes like social security and ...

IRS Tax Brackets -- Explained like never before

Have you ever asked yourself, "Hey self, what is my IRS tax bracket?" Well, if you have, you can bet your bottom dollar that you're not alone. Well, luckily for you, we've got a little table for you showing the different IRS tax brackets. But, before you scroll down and check that out, it's ...

Understanding Federal Tax Brackets

Federal Tax brackets are misunderstood. Did you know that they have little to do with how much you will pay — especially at the higher-end brackets? Did you know that tax brackets will never tell you how much you will pay in other taxes like social security and medicare?

IRS gift taxes, when are they due, and why would you have to pay them?

The gift tax exclusion can offer huge potential tax savings during a person's lifetime. But in order for the exclusion to matter, there has to be a lot of money you are gifting away. In this article, we will explain...

ObamaCare Tax Penalties: Better To Take Them?

According to the rollout timeline for the Affordable Care Act (ACA), we may be in the eye of what has been a long and complicated first stage of policy implementation. Where are we on that timeline exactly? Let’s review: Launch of healthcare exchange plans - October 1, 2013. Penalty ...

Debt Forgiveness: When Does It Lead To A Tax Bill?

Forgiveness of debt used to be a prime reason struggling taxpayers could be hit a large tax liability, a large liability that may not ever be paid. The good news -- that has changed. Now there are new rules to make it possible not to be hit with a massive income tax when you are already broke.

Restricted Stock and IRS Tax Problems: Understanding The Issues

Restricted stock is company stock which a corporation gives to an employee. The restriction means that the stock cannot be sold until sometime in the future.

Joint Tax Return: Best Choice For Gay Couples?

When trying to decide whether or not to file joint or separate on a 1040 form (or even when amending past returns to claim refunds), these are three things every gay couple must consider in order to make the optimum decision ...

Universal Tax Jurisdiction: Absurdities At The IRS

Recently we blogged about the “Exit Tax” or Expatriation Tax. We wrote that the only other country in the world with universal tax jurisdiction, like the United States, was North Korea. A few of our friends, notably Chad Conrad, tax counsel at the Canadian firm of Felesky Flynn LLP, informed us that this may not ...

IRS Expatriation Tax

The IRS Expatriation Tax explained NOTE:  This article is about the exit tax due from US persons, also known as the IRS Expatriation Tax, when they expatriate and relinquish their US citizenship.  For relevant articles about the IRS Expatriation Tax for current US citizens living overseas, see ...

IRS Medical Deductions: Keeping Track Of What Is Allowed

Medical expenses can be a valuable source of tax savings, but they need to be properly tracked....

Bitcoin Tax: Potential For New Income Or Sales Taxes?

I was thinking of asking one of the partners here at IRSMedic HQ if he could start paying me in bitcoins. Why would I do that?  Because I think there's a good chance that ...

ObamaCare Tax Increases: Going Into Effect 2010-2018

Yesterday I posted on all the new tax increases for 2013, and for those looking for all of the ObamaCare tax increases for that have gone into effect, and are scheduled to go into effect, here is a list of the 20 ObamaCare tax increases, courtesy of Americans for Tax Reform. And a ...

2013 Federal Tax Increases: Everything You Need To Know

A great piece from the Morning Jolt newsletter by Jim Geraghty (sign up here) at the National Review consolidates all the 2013 Federal Tax Increases, including the new tax brackets along with the ObamaCare tax increases set to take effect: 1. Payroll Tax: increase in the Social Security portion ...

2013 IRS Federal Tax Rate Brackets

UPDATED FOR INFLATION INDEXES: 2013 IRS Federal Tax Rate Brackets for all four individual filing statuses. The IRS has released the finalized 2013 IRS Federal Tax Brackets Rates in IRS - Revenue - Procedure 2013 - 15. These rates are final and adjusted or inflation. We have provided a one - ...

Filing 2012 Taxes In 2013

When can I file my 2012 tax return? The IRS issued a notice today that most taxpayers will be able to start filing their 2012 individual income tax return on January 30, 2013. This is the same whether you are planning to file electronically or with a paper return. This article will explain the ...

Employment Tax Problems: An Additional Burden For Employers

Well, that didn't take long. The IRS has already released guidance (Notice 1036) alerting employers to the changes they will need to make in payroll withholding for 2013. These increases create an additional burden for employers. The increases in taxes will increase non-compliance. And ...

Estate and Gift Tax 2013

Lately, I've been hearing this question in various circles, from lawyers and laymen alike - was it a mistake for people to give big gifts in 2012? Now, there's a solid reason that they've been asking themselves this question. Last night, the Senate and House of Representatives approved the ...

2013 IRS Tax Brackets -- Four Important Facts To Know

I took a quick look at the source material, H.R.8 -- American Taxpayer Relief Act of 2012  (BILLS-112hr8eas) and came up with the four most important things you need to know about the 2013 IRS tax brackets.

Medicare Contribution Tax: An ObamaCare Increase For 2013

Changes are coming in 2013. I've tried to make that clear over the last couple of months. If the world doesn't end on Friday, we might get to find out. I've discussed the possible changes in 2013 tax brackets, the possible Estate Tax changes in 2013, and I've told you my biggest fear ...

2013 Federal Tax Brackets

Current tax compliance is the first step and totally critical towards a successful resolution of your tax problems. It’s also the last step. That is, if you’ve entered into an Installment Agreement, or you’ve been successful in obtaining an Offer in Compromise the resolution is not set in stone. ...

IRS Standard Mileage Deduction Rate: What Changes In 2013?

For tax year 2013, the IRS standard mileage deduction rates for the use of a car, as well as vans, pickups and panel trucks, will be 56.5 cents per mile for business miles driven 24 cents per mile driven for medical or moving purposes 14 cents per mile driven in service of charitable ...

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