With just a few days left before the New Year, I thought I’d put together a quick post on IRA contribution limits for 2012. As a reminder, contribution limits have been indexed to inflation since 2008, and can increase in $500 increments (as necessary). As you can see from the table below, however, nothing has [...]
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Archive for the ‘Taxes’ Category
What are the 2012 Traditional and Roth IRA Contribution Limits?
Written by Nickel - 14 Comments
Published on December 30th, 2011 - 14 Comments
Filed under: Retirement, Saving & Investing, Taxes
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Filed under: Retirement, Saving & Investing, Taxes
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Arizona to Audit Everyone Who Fails to Report Sales and Use Tax?
Written by Nickel - 4 Comments
As a followup to my recent article about paying sales tax for online purchases, I wanted to highlight an interesting article from last summer that a reader named Heather pointed out in the comments section.
In short, Arizona has added a dedicated line to their state tax returns for taxpayers to reporting unpaid use taxes. This [...]
Published on December 14th, 2011 - 4 Comments
Filed under: Consumer, Taxes
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Filed under: Consumer, Taxes
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Paying Sales Tax for Online Purchases
Written by Nickel - 32 Comments
One of the reasons that many people love to shop online is that they can often get away without paying sales taxes. The reason for this is that companies without a physical presence (nexus) in a state aren’t typically required to collect sales tax.
This isn’t to say that you’re not supposed to pay tax on [...]
Published on December 2nd, 2011 - 32 Comments
Filed under: Taxes
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Filed under: Taxes
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Does the IRS Owe You Money?
Written by Nickel - One Comment
According to a blurb on CNN/Money, the IRS is sitting on a little more than 99k undelivered tax refund checks totaling $153M. The checks in question, worth an average of $1547 each, were returned to the IRS due to mailing address errors. As big as these numbers appear, these checks correspond to just 0.01% of [...]
Published on December 1st, 2011 - One Comment
Filed under: Taxes
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Filed under: Taxes
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The Shift and the Shaft
Written by Jeffrey Steele - 14 Comments
Do you find that $20 bill in your pocket evaporating faster than ever, and your paychecks taking you shorter and shorter distances? It’s no hallucination. There’s a shift going on. It’s a shift helping ensure the comfortable middle-class lifestyles our parents enjoyed become as obsolete as an eight-track tape player.
Costs once borne by better-heeled folks [...]
Published on November 8th, 2011 - 14 Comments
Filed under: Economy, Taxes, Working
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Filed under: Economy, Taxes, Working
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Are Personal Loans Taxable?
Written by Nickel - Leave a Comment
On Friday, I talked about using your 401(k) to pay off your mortgage. Then, over the weekend, a reader wrote in to ask about a different scenario – a family member lending you the money to pay off your mortgage. Robert asked:
Is a $100k personal loan from a family member to pay off a mortgage [...]
Published on October 31st, 2011 - Leave a Comment
Filed under: Mortgages, Taxes
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Filed under: Mortgages, Taxes
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Pay Off Your Mortgage With 401(k) Funds?
Written by Nickel - 12 Comments
Earlier this week, I ran across an article about a new piece of legislation being promoted by two Georgia Congressmen who want to allow people to pull money out of their retirement accounts to pay down their mortgages.
Dubbed the Hardship Outlays to Protect Mortgage Equity (HOME) Act of 2011, the legislation would allow homeowners to [...]
Published on October 28th, 2011 - 12 Comments
Filed under: Mortgages, Retirement, Taxes
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Filed under: Mortgages, Retirement, Taxes
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Social Security Benefits to Increase in 2012
Written by Nickel - 4 Comments
In what’s sure to be a bit of welcome news, the Social Security Administration has announced that Social Security recipients will receive a 3.6% increase in payments, effective this coming January. This is the first such increase in benefits since 2009, when there was a 5.8% increase. The lack of increases over the past two [...]
Year-End Tax Saving Moves
Written by Nickel - 2 Comments
We’re now a little more than a week into the 4th quarter of 2011, which means that you have less than three months to make moves to reduce your tax liability for this year. While there’s a limit to how much you can do, you can save a nice chunk of change by taking a [...]
Year-End Tax Savings
Written by Nickel - Leave a Comment
This is just a quick reminder that, if you requested an income tax filing extension, your 2010 income tax return is due this coming Monday, October 17th. Assuming that you did request an extension, you likely made an estimated payment when you submitted Form 4868.
Be sure to claim credit for this payment on the appropriate [...]
Published on October 11th, 2011 - Leave a Comment
Filed under: Taxes
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Filed under: Taxes
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