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Taxes

Plan for the Payroll Tax Cut Expiring in 2013

by Luke Landes
Tax rates

Missing from discussions about the so-called fiscal cliff is the option to continue the payroll tax cut. To boost the economy, President Obama and Congress introduced a stimulus bill in 2010 that reduced the payroll tax, money collected at the time of each paycheck from employers and employees (workers with W2 forms). The employee’s share […]

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2013 Federal Income Tax Brackets and Marginal Rates

by Luke Landes
Tax

When you file your federal income tax return before April 2013, you’re filing your 2012 taxes, and the 2012 income tax brackets define the amount of tax you owe to the government before credits and after-tax adjustments. The first paycheck or consultancy fee you earn in 2013 falls under new rules, however. The 2013 income […]

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Should Congress Eliminate the Capital Gains Income Tax?

by Luke Landes
Paul Ryan

Presidential candidate Mitt Romney has selected a running mate, Paul Ryan, who has proposed eliminating the income tax on capital gains. The Vice President of the United States doesn’t have the authority to change the tax law, of course, so there’s no reason to think this idea or the rest of Ryan’s fiscal plan will […]

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Sales Tax for Online Purchases

by Luke Landes
Modem

Today, the voting for the Third Annual Plutus Awards is open. If you are a fan of Consumerism Commentary, please vote for this site as the “Best Single-Author Personal Finance Blog.” Also take a moment to vote for all of your favorite personal finance blogs. Bloggers can also vote for their favorite financial products and […]

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Be Generous to Reduce Your Estate

by Guest Author

This is a guest post from Michael Maye at our partner site TheStreet.com By Michael Maye Individuals looking for a simple and effective way to reduce their future taxable estate should consider the annual gift exclusion. What is the annual gift exclusion and how does it work? Every U.S. citizen is allowed to give anyone […]

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The Delaware Tax Loophole

by Luke Landes
Delaware Memorial Bridge

Have you ever wondered why there are so many banks headquartered in the state of Delaware? This small state — where I happened to spend four years of my life while at college — is friendly to businesses. For a century, Delaware has boasted friendly tax codes and lax incorporation laws, inviting savvy business owners […]

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IRS Looking For Your Offshore Bank Accounts

by Luke Landes

The more money you have, the more likely you are to cheat on your taxes. The rich have more opportunities to try to hide assets and income from the Internal Revenue Service, particularly through offshore bank accounts. In the United States, banks are required to report income earned by their customers on savings and investments. […]

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How to File a Free Income Tax Extension

by Luke Landes

I finally provided my tax details to my accountant yesterday. As I expected, there won’t be enough time to work out the details before today’s tax filing deadline, so I’ll be filing extensions. In years past, when I filed for myself and my taxes were simpler, I usually waited until the last day. My procrastination […]

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How to File Your Taxes for Free

by Luke Landes

The federal government can only operate with the help of the millions of individuals who earn income in this country and dutifully pay taxes. You would think that, in order to ensure a smooth revenue stream of considerable size, the IRS would make filing taxes as easy and painless as possible. That’s obviously not the […]

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TurboTax 2012 Online Review

by Luke Landes
tt-featured-img

This is a relatively long review of TurboTax 2012 Online, software for completing tax forms and submitting them to both the federal and state authorities. I’ve updated the review to reflect the changes to the software in 2012 (for filing 2011 tax returns). Recently, the IRS began accepting federal tax returned filed electronically. Even before […]

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