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Posts Tagged ‘Interest’
4 Easy Steps to File Your Income Tax Extension
Your 2012 income tax return is due on April 15, 2013. What if you can’t get it done on time? Here are 4 easy steps to file your income tax extension.
1) Prepare a Tax Projection
8 Reasons You Will Pay More Taxes in 2013…Guaranteed
1) Increase in Ordinary Income Tax Rates
The highest ordinary income tax rate is 35%. This is scheduled to go up to 39.6%
3 Reasons to Recognize Capital Gains in 2012
1) The Long-Term Capital Gains Rate is Going Up
Long-term capital gains are for capital assets held longer than a year. Capital assets include stocks, bonds and mutual funds. Collectibles and certain Real Estate are subject to special rules. The stated rate on long-term capital gains is currently 15%. If Congress fails to take any action, this will increase to 20%. The … Continue reading »
Why The New Medicare Tax May Cost You More Money
Current Medicare Tax
Currently taxpayers pay 1.45% Medicare Tax on their earned income. This is from a W-2 for employees and net-income from self-employed individuals. The employee pays this amount and the employer matches it, therefore they remit 2.9% to the government. A self-employed individual is considered to be both the employer and employee and therefore currently pays 2.9% Medicare Tax.
How (and When) to File an Income Tax Extension
Due Date
The federal income tax returns are normally due on April 15th. This year, the 15th falls on a Sunday, so the due date should be Monday the 15th. However, Monday the 16th is Emancipation Day so the due date is Tuesday 17th. Some people aren't prepared to file. Others may be waiting for Form K-1's from their investments. Either way, if the return is not filed on … Continue reading »
