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Tag: tax rates

Posts Tagged ‘tax rates’

Can I Still Get My 2012 Tax Refund?

Posted by Michelle O'Brien on February 10, 2016
Last modified: November 2, 2016

Start your engines! The last day to claim your 2012 tax refund is April 18th, 2016.

Many of us recognize April 18th as the deadline to file our 2015 tax returns. Did you know that it is also the last day to file a 2012 tax return and claim a tax refund?

The IRS has a three-year statute of limitations for taxpayers to collect their refund money. Once those three years are up, all unclaimed refunds land themselves amongst others within the IRS walls of tax years past.

Sorry for the dramatization but it’s true. Why give up your refund to the IRS when you can file your 2012 tax return today and get your hard-earned money back?

 

File your 2012 tax return in a few simple steps.

You only have until mid-April to claim your 2012 tax refund. If you start today, you could have that refund in your hand by the end of the month. It’s easy! Here’s how:

  1. Create an account on PriorTax. Select 2012 as your tax year, create a username and unique password.
  2. Enter your tax information. Once you have your 2012 tax documents handy, we’ll ask all the questions.
  3. Submit your 2012 account. The PriorTax team will review your information and make a pdf version available for you to download.
  4. Print, sign and mail your 2012 tax return. Since you cannot e-file a prior year tax return, you’ll need to mail your return to the IRS.

 

Did you forget what the 2012 tax rates are?

We’ve got you covered. It’s probably been awhile since you’ve taken a look at these. Just to refresh your memory, take a look at the 2012 tax rates below: (more…)

2016 Tax Rates and Standard Deduction

Posted by Michelle O'Brien on January 27, 2016
Last modified: December 21, 2016

Time to reflect on the new 2016 tax rates.

Once the new year comes around, we tend to reevaluate ourselves and reflect on our accomplishments (and setbacks) from the past year. This is also a time when we think about how we can better ourselves for the year to come. For many of us, that means following through with a career move, proposing to that special someone, having a baby, or buying a new house.

All of these life events come with a price tag that are likely to affect your tax situation. You’ll want to take a look at the following tables as a reference to adjust your W-4 withholdings accordingly. Look at it as one more save-the-date or housewarming invite you need to send out to share the good news!

 

2016 Standard Deduction Amounts

If your Filing Status is: Your Standard Deduction is:
Single$6,300
Married Filing Jointly$12,600
Married Filing Separately$6,300
Head of Household$9,300
Surviving Spouse$12,600

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How to Complete a W-4 if You’re Married

Posted by Michelle O'Brien on January 13, 2016
Last modified: November 2, 2016

Tie the knot in your life and also on your taxes.

The honeymoon is over and it’s back to reality. With such a huge change in your life, it’s important to pay attention to how it will affect your taxes. Once the wedding bells in your head subside, update your W-4 form with your employer.

Completing a W-4 form can be intimidating especially knowing that your paycheck depends on it. Don’t let your tax return take the fun out of your recent marriage. Let us help you fill out your W-4 so that you can still break even this tax season!

 

You just got married.

Congrats to all of you newlyweds out there! Once you’ve found a place in your cabinets for all of those trinkets on your Bed Bath & Beyond registry, make sure you speak with your employer. You may or may not know already but filing a joint tax return screams ‘tax benefits’!

You should update your W-4 form to reflect your married filing status ASAP. You’ll want to do this as soon as possible so that it reflects on your tax return when you file for the year.

As a married couple with two sources of income, your tax rate is bound to change. Be sure to sit down with your spouse and discuss the household income you’ll both be bringing in. If one of you makes significantly less income, your joint tax rate could be brought down. What if one spouse is earning significantly more? You could be entering into a higher tax bracket.

 

You’re married… and just had a baby!

Babies probably play the biggest role in tax benefits. Funny…considering they can hardly utter ‘W’ or ‘4’. When you have a baby, you can claim an additional allowance. As a married couple planning to file a joint return, it is recommended that the spouse earning the higher income claim the additional allowance(s). The other spouse will not need to update their W-4 form. You may also qualify for the Child Tax Credit or Child Care Tax Credit depending on your income.  

Claiming a higher amount of allowances on your W-4 form will allow for less to be withheld from your paychecks. If you leave your withholdings as-is, your tax refund may be larger than necessary. Plus, you’ll probably need a little extra for Pampers and ear plugs (kidding!) throughout the year.

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7 Tax Updates for 2016

Posted by Michelle O'Brien on December 11, 2015
Last modified: December 21, 2016

5…4…3…2…1….. Happy Tax Season 2016!

With the new year comes promises to lose weight, shiny new engagement rings, and of course…annual tax updates. While most tax laws remain consistent from one year to the next, there are some that change.

We are here to share a sneak peek of 7 tax updates coming your way for 2016. Let’s get started.

 

1. Tax Day is April 18th this year.

Since April 15th falls on Washington D.C. Emancipation Day, the tax deadline date will extend to the following Monday, April 18th. Are you among the lucky ones living in a New England state? Extend that deadline one more day to April 19th.

 

2. Tax penalties related to Obamacare are increasing yet AGAIN.

If you’ve reached the ripe ol’ age of 26, then you’re familiar with health insurance and the recent changes to it via Obama. For those without coverage last year, a penalty of $285 (or 2% of income above the filing limit) was billed to them. Still don’t have coverage for 2016? If you don’t apply for an eligible health care plan, then the tax penalty could hit an all-time high of $695 per adult (or 2.5% of income).

 

3. The Earned Income Credit is increasing.

2016 brings a small but modest increase to the EIC. If you are a taxpayer with three or more qualifying dependent children, then the maximum credit will be increasing by $27 to $6,269. For those with two dependent children, your maximum will be increasing by $24 to $5,572. For those taxpayers with an only child, you can receive a maximum of $3,373 which is up $14 from 2015. No kids to worry about? You’ll still get an increase of $3 from last year which will leave you with $506 for 2016. (more…)