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Archive for the ‘Taxes’ Category

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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2013 Roth IRA Contributions Complete

Written by Nickel - 9 Comments

Long-time readers will know that I’m a big fan of funding our Roth IRAs through the proverbial backdoor. What I mean by this is circumventing the Roth IRA contribution limits by contributing to a traditional IRA and converting it to a Roth shortly thereafter.
For 2013, the ability to contribute to a Roth IRA phases out [...]

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Published on February 8th, 2013
Modified on March 2nd, 2013 - 9 Comments
Filed under: Retirement, Saving & Investing, Taxes
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Figuring Your Taxes Without All of Your Tax Forms

Written by Nickel - One Comment

Every year around this time, I receive messages from readers who are anxious to file file their tax returns. This is especially true if they’re due a refund. And who can blame them? If you’re owed money by the government, you should try to get it back as quickly as possible.
A common question is whether [...]

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Published on January 28th, 2013
Modified on February 4th, 2013 - One Comment
Filed under: Taxes
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Buying Your Way Around Roth IRA Contribution Limits?

Written by Nickel - 19 Comments

Here’s a thought exercise for you…
One of the main reasons to choose a Roth IRA over a traditional IRA is that you can pay taxes now in return for tax-free distributions later. This is also good from the Federal Government’s perspective, as it allows them to collect taxes right now vs. sometime down the road.
In [...]

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Published on January 11th, 2013
Modified on January 12th, 2013 - 19 Comments
Filed under: Saving & Investing, Taxes
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