income tax

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 · 0 comments

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 · 0 comments

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 · 0 comments

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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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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A few years ago, when the stock market was down in the dumps and investors were taking a beating, tax loss harvesting was all the rage. In short, people were locking in paper losses with the intention of using them to offset their gains. And, in many cases, people (like […]

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