IRS Announces 2015 Tax Brackets, Standard Deduction Amounts And More

The Internal Revenue Service has announced the annual inflation adjustments for a number of provisions for the year 2015, including tax rate schedules, tax tables and cost-of-living adjustments for certain tax items. If you’re looking for 2015 tax rates, here you go!

11 Changes You Must Know Before Filing Your Tax Return For 2012

With so many changes looming for 2013, it’s easy to forget that there were some significant tweaks to the Tax Code for 2012. Here’s a list of eleven changes to keep in mind before you file your 2012 tax return, due April 15, 2013: 1. Payroll tax credit will still affect self-employed taxpayers. The expiration … Read more

IRS Announces 2013 Tax Rates, Standard Deduction Amounts and More

The IRS has released the tax tables for 2013 as well as the cost-of-living adjustments for inflation for certain tax items. But wait… before you read any further, promise me something? You understand that these are the applicable rates for the tax year 2013, right? They are NOT the rates that you’ll use to prepare … Read more

House Passes Senate Budget Bill Convincingly: We Have A Tax Deal!

Well, color me surprised. The House voted on the budget after all, and they voted up or down, rather than amending the Senate bill. The House voted “Yea” and they did so quite convincingly (257 YEA to 167 NAY). Here’s what the bill does: Income tax The tax cuts were extended – permanently – for … Read more

2011 Budget & Tax Proposals

I got a glimpse of the 2011 budget proposal on the news last night. It’s big. As in big thick book big. And I will admit to not having read all 192 pages yet. But I’m making progress. You can download the whole thing at once – or in little bits (as I have done) … Read more

Hey Congress, Why Don’t You…? Take a Second Look

Robert D Flach, the internet’s “Wandering Tax Pro“, writes: If I ruled the world, or at least had a voice in rewriting the Tax Code, not only would every man be as free as a bird and every voice be a voice to be heard, but I would also make the following changes to our … Read more

Hey Congress, Why Don’t You…? Fix the AMT

Eric Satterley writes: An immediate need is to change the alternative minimum tax recapture law. On stock options you were forced to pay the alternative minimum tax even if you exercised any options (even if you did not sell the stocks). The law was that you could recapture/apply the tax paid toward the capital gains … Read more