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

26 February 2013

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 […]

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IRS Announces 2013 Tax Rates, Standard Deduction Amounts and More

15 January 2013

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 […]

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

2 January 2013

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 […]

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The Waiting Game and AMT

13 November 2010

As a parent, I spend a lot of time waiting. I have watched my son eat a peanut butter and jelly sandwich for an hour. Just this morning, my six year old took over ten minutes to change a pair of shoes (slip ons). And my eight year old, book in front of her face, […]

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Congress Promises AMT “Relief “

9 November 2010

But don’t get too excited. It’s totally lame – again. You see, when it comes to the AMT (alternative minimum tax), Congress has no answer. So every year – without fail – at the very, very end of the year, Congress gives us a band aid in the form of temporary relief. Don’t believe me? […]

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2011 Budget & Tax Proposals

4 February 2010

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) […]

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Tax Trivia: The Dreaded AMT

21 January 2010

We have a winner! It’s Andrew! For the answer, see the comments! Our next tax trivia question for the giveaway is: Which President was in office when the AMT went into effect? The first correct answer wins free CCH tax prep software. My answer on this one is final. Remember that you have to comment […]

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

4 September 2009

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 […]

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

1 September 2009

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 […]

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Fix the Tax Code Friday: A Year From Now

14 August 2009

It’s Fix the Tax Code Friday! Over at Only3Years, Iz contemplated the question of where she might be a year from now. The more I thought about this, the more I thought that it would make a superb Fix the Tax Code Friday… I’m constantly asked what I think will happen with respect to a […]

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