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Archive for the ‘Taxes’ Category

The battle between accountants and investment managers

Written by Richard Barrington - 3 Comments

This post is from staff writer Richard Barrington.
I was recently invited to review an investment technique called “automated tax-loss harvesting.” It reminded me of the never-ending struggle for primacy between investment managers and accountants when it comes to portfolio management.
By way of disclosure, I should note that I have never been an accountant, while I [...]

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Published on April 15th, 2013 - 3 Comments
Filed under: Saving & Investing, Taxes
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How to Request an IRS Income Tax Extension

Written by Nickel - One Comment

It’s that time of year again… Taxes are due in less than three weeks. If you haven’t finished your returns (like we have!) it’s time to get cracking.
But what if you’re not going to make it? Well, I have good news and bad news for you. The good news is that you can request [...]

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Published on March 27th, 2013
Modified on April 15th, 2013 - One Comment
Filed under: Taxes
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Twelve Tips for Minimizing Your Tax Bill

Written by Nickel - 4 Comments

Want to reduce your taxes? Of course you do. We all do. Well, the latest issue of Money Magazine has a list of 12 ways to reduce your taxes. Here’s a quick rundown along with some thoughts on each.

Deduct state sales taxes. You have a choice between deducting state income taxes or state sales taxes. [...]

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Published on March 25th, 2013
Modified on April 15th, 2013 - 4 Comments
Filed under: Taxes
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Taxes Done, I-Bonds Requested

Written by Nickel - 5 Comments

With Tax Day fast approaching – and a soul-crushing week in my rearview mirror – I’m pleased to report that our taxes are done. We once again ended up owing and we did the old overpay to get I-Bonds trick.
So now… We wait.
As a reminder, the Treasury (mostly) eliminated paper savings bonds a couple of years [...]

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Published on March 24th, 2013
Modified on April 15th, 2013 - 5 Comments
Filed under: Saving & Investing, Taxes
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Warren Buffett’s Tax Rate

Written by Nickel - 12 Comments

By now I’m sure you’ve heard about Warren Buffett paying a lower tax rate than his secretary. In fact, this was inspiration for the so-called Buffett Rule that was proposed back in 2011.
Under the Buffett Rule, a 30% minimum tax rate would be imposed on individuals earning more than a million dollars per year. That [...]

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Published on March 4th, 2013
Modified on March 18th, 2013 - 12 Comments
Filed under: Taxes
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Claiming the Home Office Tax Deduction

Written by Nickel - One Comment

Do you claim the home office tax deduction? I don’t, even though I generate a significant amount of self-employment income out of our home. But lots of other people do.
In fact, according to IRS statistics, nearly 3.4 million taxpayers claimed the home office deduction in 2010. As for me, I’ve avoided it because: (1) it’s [...]

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Published on February 22nd, 2013
Modified on March 2nd, 2013 - One Comment
Filed under: Taxes
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How to Get Missing Tax Forms

Written by Nickel - One Comment

Today is the day. You should’ve received your W-2 for 2012 by January 31st. If you didn’t you were supposed to go ahead and contact your employer to (gently) remind them that they dropped the ball. And then… You were supposed to be patient.
Yes, the IRS is willing to help, but they didn’t want to [...]

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Published on February 15th, 2013
Modified on March 2nd, 2013 - One Comment
Filed under: Taxes
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When are 2012 Taxes Due?

Written by Nickel - Leave a Comment

This is just a quick reminder…
Unlike the past couple of years, when the traditional tax filing deadline (April 15th) fell on the weekend and/or Emancipation day, April 15th, 2013 will be a non-holiday weekday. Thus, your taxes will be due on the 15th — exactly two months from today.
I’m not sure about you, but I’ve [...]

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Published on February 15th, 2013
Modified on March 2nd, 2013 - Leave a Comment
Filed under: Taxes
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Lending Club to Issue Revised Tax Documents

Written by Nickel - 3 Comments

Speaking of Lending Club and tax documents… Earlier this week I received an e-mail from them stating that they will be issuing corrected 1099-OID, 1099-INT, and 1099-B forms for 2012.
They didn’t say what was wrong, but they cautioned recipients to wait for the new forms before filing. I’m also not sure if this e-mail was [...]

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Published on February 13th, 2013 - 3 Comments
Filed under: Saving & Investing, Taxes
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Don’t Forget These Documents When Preparing Your Taxes

Written by Nickel - 2 Comments

Over the weekend, I spent some time pulling together all of our tax-related documents. While we no longer do our own taxes, I still have to spend a bit of time organizing things before dropping them off with our tax guy.
For the most part, this is a straightforward process. Gather all W-2 and 1099 forms [...]

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Published on February 11th, 2013
Modified on March 2nd, 2013 - 2 Comments
Filed under: Taxes
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