Are you ready for the 2017 tax filing?
Mark your calendar now for the important dates in filing your tax return in 2017.
We are halfway through the current year. While everyone is excited for Christmas, the turn of the year also means filing 1099 Forms and tax returns to the IRS and state agencies. Soon enough, before you realize, it will be tax filing season once more.
This post is about some hard-to-believe facts around tax exemption. You have sufficient time in hand to prepare for next year’s tax return. Now is the time to start thinking about your current and potential expenses and their impact to your taxes. You can write-off many more than you could ever think.
With all the talk of loopholes and special interest for the rich, it is rich to know that the average person has no idea what the pages of the tax code really say.
Filing your tax return can be done on your own. Especially if your tax situation is straightforward and you have no major transactions for the current tax year. People who file their own tax return find the experience satisfactory albeit time-consuming, as you will be in control of your own financial situation and no one else is made privy to your sensitive data. On average I take around 10 hours to file our return, from collecting documents online (PDF copies) to finally submitting the return.
However, many people find out that filing tax return is taxing and can get complicated. Considering that IRS made a lot of tax code changes, it can be quite challenging to keep up with all the updates and know exactly what your filing statuses are.
As you are probably gearing up and readying your papers for 2015 tax filing, I thought of listing out some 2015 tax code changes that you should keep in mind while filing your tax returns in 2016. All of these changes affect common man, people like you and I.
The tax brackets and rates have all changed as we already know, but there are some minor, hidden and not-so-well-known facts that we often fail to identify and point out to our tax consultants. Hope this can help many among us.
Welcome reader! In this article, we will have a discussion around the 2014 tax brackets, tax rates, and standard deduction, as published by IRS. This is more user-friendly format than the IRS document.
Note: This article covers tax information for 2014 tax year. which will apply to the returns due Monday, April 15, 2015.
Note: This article covers tax information for 2011. which will apply to the returns due 4/17/2012.
It’s January. Another tax filing season is here. As my tax filing preparation is on, I thought of documenting a few key aspects of tax filing here in this blog. We will discuss the tax brackets, tax rates, 2012 tax changes and other sound tax tips that I have followed over the years.
Although I have always self prepared and filed my return, I don’t know what I am missing, may be I would have more return through an H&R Block etc, may be not. It’s not a simple task either as being tax expert is a profession of its own. I won’t advocate for self filing your return.
This will be a very short blog. Every year we see a splurge of tax returns during April. Do we really need to wait this much long to file our taxes? I can give my personal example, this year I filed my tax return in Early February, got $2.5K back, invested in a high yield bond and now it’s market value is $2687.
Is it a nice decision to file your tax return as soon as the window opens. Do not wait for the April rush, and do not even think about requesting for exception. If government owes tax money from you, then it makes sense, but for most of us salaried employees, it just do not make sense.
Except few exceptions, employers generally tend to deduct enough taxes from your salary that at the end of the year when you calculate those medical expenses, home improvements, education and other eligible expenses, you will more likely to owe money from excessive tax paid from your salary.