tax deductions

What are Your Favorite Charities?

by Michael on Dec 27, 2013

Are you planning on making charitable contributions before the end of the year? If so, time is running short. In fact, as of this writing, you have just four short days to make tax deductible contributions for 2013. Better hurry! I’m not sure about you, but I tend to leave […]

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Bunch Your Deductions to Save on Taxes

by Michael on Oct 16, 2013 · 4 comments

We recently received our property tax bill, but I’m not paying it. Not until next year, that is. Yes, I’ll have to pay a small penalty for missing the November deadline, but the eventual income tax savings from this delay will be more than enough to cover that loss. Similarly, […]

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States With No Sales Tax

by Michael on May 3, 2013 · 2 comments

As a quick followup to my earlier post on the impact of the internet sales tax, I wanted to share with you the list of states that do not (currently) collect sales and use taxes. As of this writing, there are five such states, including: Alaska, Delaware, Montana, New Hampshire, […]

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In addition to putting a cap on retirement accounts, President Obama’s budget proposal includes a possible transition to the so-called “chained CPI” for inflation adjustments. This includes things like cost-of-living increases for Social Security recipients as well as various tax provisions that are indexed to inflation. But what exactly is […]

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Tax day is three weeks away. This means that you have two weeks to fund an IRA and have it count toward the 2012 contribution limit. If at all possible, you should do this. Why? Because once the window closes, you can’t go back and make up for a missed […]

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Marginal vs. Effective Income Tax Rates

by Michael on Feb 22, 2013

Earlier this week, I met with our tax guy and picked up a copy of our now-completed income tax returns for review. In looking through the numbers, I noticed something rather interesting. Though our adjusted gross income (AGI) was similar between last year and this year, there was a somewhat […]

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How Do Income Tax Brackets Work?

by Michael on Jan 3, 2013 · 1 comment

I’ve recently seen a number of comments that have betrayed a fundamental misunderstanding about how income tax brackets work. I thus feel compelled to offer an explanation. I’ve actually mentioned this in passing, but I’ve decided that it’s worth of a post of its own. Yes, this is old news […]

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With less than a month to go before the end of the year, there’s no time like the present for some last minute tax planning. One major tax break that many of us take advantage of relates to charitable donations. And if you’re anything like us, you leave your charitable […]

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