With tax season firmly behind us (er, for those of you who didn’t file for extension), now is a good time to take a look at your current financial picture and check to see how it squares against the 2015 tax rates, adjustments and other tax items. If you aren’t expecting any significant changes, you…
Tag: earned income tax credit
Fix The Tax Code Friday: What Should We Do About The Earned Income Tax Credit (EITC)?
Warren Buffett was in the news again for suggesting that rather than raise the minimum wage, we should tackle the income gap through tax policy. Specifically, Buffett recommended modifying (likely expanding) the earned income tax credit (EITC). The EITC is a refundable federal income tax credit targeted to low to moderate income working individuals and…
Buffett Gets It Wrong On Tax Benefits, Income Gap
Self-made billionaire Warren Buffett is the third wealthiest person in the world, according to Forbes. His net worth is $71.6 billion. He’s probably made a few million in the time that it took for me to write this (you can actually watch his net worth go up and down in real time). He’s super rich….
Does The IRS Have Your Tax Refund?
It’s 2013. Do you know where your refund is? No, not your 2012 refund (arguably, no one knows where many of those are) but your 2009 refund. Nearly $1 billion in outstanding refunds remain unclaimed by an estimated 984,400 taxpayers who did not file a federal income tax return for 2009. How much is a…
Eleven Tax-Favored Valentine’s Day Gifts For 2013
“Love is much nicer to be in than an automobile accident, a tight girdle, a higher tax bracket or a holding pattern over Philadelphia.” – Judith Viorst, children’s author and tax activist
A Beginner’s Guide To Taxes: Do I Have To File A Tax Return?
Tax season can be intimidating for seasoned pros, not to mention the fear it strikes into the hearts of newbies. This series is intended to give you the basics. We’ll start with the very basic of basics: do I have to file?
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…
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…
Guest Post: Extending The Tax Cuts
Extending Tax Cuts Submitted by AMY DALEN The financial problems that this country and its citizens are currently facing are due in part to Congress’s haphazard way of passing “patch” legislation – legislation that extends provisions, implements temporary fixes, and ultimately delays the need to thoroughly analyze the underlying problems. Unfortunately, this type of…
Kids, Parenting & Taxes
I kissed my daughter on the cheek just before bedtime and asked, “How does it feel being ten?” She gave me a big smile and said, “Just like being nine.” Apparently she was taking her birthday in stride. Not me. I was jelly. All day long. It doesn’t seem possible that I could have a…