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The best way to have a good idea is to have a lot of ideas.
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Author Archives: Carole Feldman
Individual, capital gains rates unchanged for 2012
As Americans receive their first paychecks of the new year, there are some tax provisions they can count on. Individual tax rates will be the same for 2012 as they were in 2011, as will the 15 percent maximum tax rate on capital gains. Read More
Filing your taxes: There’s an app for that
For the taxpayer on the go trying to file a return quickly and easily, there’s an app for it. “We’re trying to anticipate and follow trends you see in the real world,” said Bob Meighan, a vice president at TurboTax. Read More
A taxpayer’s nightmare: the IRS audit
It’s a taxpayer’s worst nightmare: the letter in the mail from the Internal Revenue Service. “It creates a lot of anxiety,” said Bob Meighan, a vice president at TurboTax, the tax preparation software. Read More
Some credits, deductions could trip up taxpayers
Did you buy energy-efficient windows for your home last year? You can only take the energy efficiency credit if they were installed by Dec. 31. That’s just one of the details that could trip up taxpayers filing 2010 returns.
Want to take the first-time home buyer credit on your taxes? If you bought your house after April 30, or didn’t have a binding contract by that time, you’re probably out of luck. Was closing delayed? Depending on how long, you might not be eligible Read More
Time remains to contribute to IRA, save on taxes
Is your tax bill too high? You may be able to cut it and save for your retirement at the same time. You can make a contribution to an IRA until April 18, this year’s filing deadline, and deduct the amount on your 2010 taxes. The maximum deduction is $5,000 or $6,000 for those 50 and older. Those 70½ and older are not eligible to make contributions. There are also limits, based on adjusted gross income, on how much you can deduct from your taxes if you are covered by a retirement plan Read More
It’s not too early to think about 2011 taxes
The Bush-era tax cuts have been extended, the alternative minimum tax is patched and capital gains rates are set. Tax breaks are in place for students and teachers, and for the most sizable estates. Congress established some of the parameters for the 2011 tax year even before the year began.
The big question confronting lawmakers was whether to extend the Bush tax cuts and for whom. Democrats had argued that the nation’s richest taxpayers should be excluded from any extension Read More
Tax credits for college grow, cover more students
College students or their parents have a new opportunity to get a tax credit for college expenses.
Barbara Weltman, author of two J.K. Lasser tax guides, calls the American opportunity tax credit a “new and improved” version of the Hope credit.
The maximum annual credit — $2,500 — is bigger than what was available under the Hope credit and the income eligibility has been eased somewhat. Also, it’s available to students for the first four years of post-secondary education; the Hope credit could be used only for the first two years. Students also must be enrolled at least half-time.
On top of that, 40 percent of the credit is refundable . . . read more Read More
Start thinking now about 2010 taxes
It’s not too early to start thinking about your 2010 taxes — even though the deadline for filing 2009 returns is still months away.
Some of the credits and deductions put in place last year will continue. Others will disappear. And there are some new things to consider.
“That’s why very, very few people do their own tax returns and why those who do end up using a computer program,” said Jeff Schnepper, MSN Money tax expert. “Our laws change about every year.” . . . read more Read More
