Tax Tips & Strategies

Image of Taxes Under a Magnifying Glass

None other than Benjamin Franklin once said “Certainty? In this world nothing is certain but death and taxes.”

I’m not sure about you, but I’ve always felt an obligation to pay all that’s legally due but not a penny more.

If you’re looking for tax tips and strategies, then you’re in the right place.

Topics of interest include income tax brackets, tax deductions and credits, sales and use taxes, property taxes, the estate tax, capital gains taxes, tax prep, IRS news and policies, and more. If it’s tax-related, this is where you’ll find it.

As a followup to my recent post about IRA rollover rule changes, I wanted to share another bit of news from the IRS… In Notice 2014-21, the IRS has declared that Bitcoin and other virtual currencies are to be treated as property for federal tax purposes. This means that such […]

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Do you know your income tax bracket? I know ours. For 2013, we were in the 25% federal tax bracket. But what does that really mean? For background, since I’m married and we file jointly, that means our taxable income fell somewhere in the $72,501-$146,400 range. If you want to […]

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IRS to Modify IRA Rollover Rules

by Michael on Mar 27, 2014

In the past, the IRS limited you to one IRA rollover per year per account. But, thanks to the Tax Court’s recent ruling in Bobrow vs. Commissioner, that will be changing. Indeed, as of next year, you will be allowed just one IRA rollover per year. Period. This change was […]

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If you’re in a lower tax bracket and have been looking for a good reason to get off your butt and start saving for retirement, here it is… In short, you may be eligible for a tax credit that offsets as much as 50% of your traditional or Roth IRA, […]

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HSA Transfer and Rollover Rules

by Michael on Feb 5, 2014

On the topic of investing in your HSA… Some of you might be interested in moving your HSA money to a new provider with lower fees, better investment options, etc. Fortunately, it’s not only possible to move your money, it’s also quite easy to do. The main thing that you’ll […]

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When Will I Get My Tax Forms?

by Michael on Feb 3, 2014

Welcome to February. Right about now, you may be wondering when the balance of your tax paperwork will show up. Sure, you might have received a few things by now. Maybe a 1099 here or there, possibly your W-2. But you can’t really file your taxes until you have everything. […]

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Roth IRA Income Limits for 2013/2014

by Michael on Jan 29, 2014

As a followup to my earlier posts on IRA contribution limits and the income limits for traditional IRA deductions… I thought I’d highlight the income limits for making Roth IRA contributions. As you’re likely aware, not everyone can contribute to a Roth IRA. Rather, depending on your modified adjusted gross […]

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One of the big reasons that many people contribute to a traditional IRA is for the tax deduction. But not all contributions qualify. How do you know if you’ll be able to deduct your IRA contributions? Simple. Just compare them to the applicable income limits. For 2014, these limits (like […]

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