Mike's weekly post usually concentrated on tax saving strategies.
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The tax filing deadline is upon us. The sense of relief that another 1040 form is filed is like lifting a weight from your shoulders. But wait! April 15th is also the 1st quarter estimated tax due date for 2013! So how do you know if you need to place another check in the mail? Here are triggers that suggest you may wish to consider sending in a quarterly estimated tax payment.
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Remember you have until you file your tax return to make a contribution to a Traditional IRA or Roth IRA for the 2012 tax year. The annual contribution limit is $5,000 or $6,000 (if you are age 50 or over). Prior to making the contribution, if you (or your spouse) are an active participant in an employer's qualified retirement plan, you will want to make sure your modified adjusted gross income (MAGI) does not exceed certain income thresholds. There are also MAGI (income) limits to qualify to make Roth IRA contributions. The limits are:
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Last week the IRS announced it is holding $917 million in unclaimed refunds for the 2009 tax year. If the claims for these unpaid refunds are not made by April 15th the refunds will no longer be available. Here is what you need to know:
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You’ve got it all planned out. Your retirement savings plans are full, you have started receiving Social Security benefits, and your Pension is ready to go. Everything is planned, what could go wrong? Here are five surprises that can turn your plan on a dime.
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The tax code is filled with terms we rarely use in everyday conversation. Two of the more common are Marginal Tax Rates and Effective Tax Rates. Knowing what they mean can help you think differently about your potential tax obligation.
