federal income tax brackets

Prior to 2010, individuals were permitted to convert a traditional IRA to a Roth IRA under the tax law for Roth IRA conversion.  There were only two stipulations that governs the conversion: (1) you have to pay taxes on the converted money and (2) you must be within the income limit which determined your eligibility [...]

As the year draws to close, it’s time to take stock of what you are doing to increase your overall tax efficiency. If you are looking to get a few more deductions, this is the time to do so, whether you are paying points for a mortgage or donating to charity. And another way you [...]

In this article, I want to go through a few basic tax concepts that include Tax Brackets, Marginal Tax Rate, and Effective Tax Rate. Due to uniqueness of individual States, we will focus our attention to the Federal Income Tax System and the same concepts can be generally applied at the individual State Income Tax [...]

The following article contains information about the Internal Revenue Service (IRS)’s officially released 2009 federal income tax brackets. You’ll need this information to prepare and file your 2009 tax return in early 2010. To the extent that the information in this article helps summarize the changes in Federal Income Tax, you should consult the official [...]

The other day I was wondering if I owe any income tax this year, so I decided to give Intuit TurboTax Online Federal Free software a try.  In general, I was impressed at how far online software industry has evolved over the years (not just Intuit’s).  For this 2008 tax year software, you could hardly [...]

A friend of mine is hit hard by the 40% plus drop in his 401(k) and the daily gyration haven’t made it any easier.  He was seriously considering cashing out of his 401k and stop contributing altogether.  After a long conversation with him, I was able to explain to him why this was a bad [...]

I finally completed and filed my 2007 tax returns. Normally, I prepare my own taxes with TaxCut; however, this is the first year that I use the TaxCut Premium Online Federal + State + E-File version. I thought the online version was just as good as the desktop version, and I love the fact that [...]