With tax time right around the corner, it’s always good to have the important tax deadlines marked on your calendar before you plan your next tax return. Soon those W-2s and 1099s from your employer, bank, and broker will start arriving. You’ll have a better idea if you are getting a refund or owe taxes. Then, you can file your tax return based on the date that works best for you.
Official eFile Date
Expecting a refund this year? The IRS has already announced a late start to the 2013 tax season. That could mean a delay of a week or two beyond the normal January 21 start date. Once the IRS releases an official date, I’ll update this information. That doesn’t mean you should put your tax return on hold until then. You might as well get that tax refund back as soon as possible, unless you like lending money to the government for free.
If you don’t eFile your taxes, this is the year to start. It’s a fast, convenient, and easy way to file your tax return online and you have several choices (I recommend Turbotax). This limits the possibility for errors. Plus you get that refund back much quicker with the option to directly deposit funds right into your savings account.
Now, if you owe taxes you might want to wait till the tax deadline to pay. Just keep the money owed in an interest bearing account until the due date and squeeze every last penny out of it before you send it off to the IRS. Continue Reading…
For decades the savings bond was the gift you knew would last past the year. That was the idea. It was the easiest way to gift money that would grow over time.
Your modified adjusted gross income or MAGI is used to determine your eligibility on a number of things. This includes several credits and deductions, Medicare Plan B premiums, and is most known for determining IRA deduction and Roth IRA contribution eligibility.
There has been a flurry of special dividend announcements recently. Many from companies that don’t normally pay a dividend. Which shouldn’t be surprising really. Which leaves shareholders with a nice end of the year dividend payment. Of course, even special dividends are taxed. But how is it viewed for tax purposed?