Tag Archives: 2016

Mississippi Income Tax Rates for 2016 #income #expenditure #spreadsheet

by ,

#income tax filling

#

Mississippi State Income Tax

The Mississippi Income Tax

Mississippi collects a state income tax at a maximum marginal tax rate of %, spread across tax brackets. Unlike the Federal Income Tax. Mississippi’s state income tax does not provide couples filing jointly with expanded income tax brackets.

Notably, Mississippi has the highest maximum marginal tax bracket in the United States. You can learn more about how the Mississippi income tax compares to other states’ income taxes by visiting our map of income taxes by state .

Mississippi recently added a special income tax exemption for any contributions to a qualifying Individual Retirement Account (IRA), similar to the IRA exemption allowed on your federal return. Mississippi is one of only four states to offer this exemption.

There are -513 days left until Tax Day, on April 15th 2015. The IRS will start accepting eFiled tax returns in January 2015 – you can start your online tax return today for free with TurboTax .

Mississippi Tax Deductions

Income tax deductions are expenses that can be deducted from your gross pre-tax income. Using deductions is an excellent way to reduce your Mississippi income tax and maximize your refund, so be sure to research deductions that you mey be able to claim on your Federal and Mississippi tax returns. For details on specific deductions available in Mississippi, see the list of Mississippi income tax deductions.

4.1 – Mississippi Standard Deduction

Unlike many other states, Mississippi has no standard deduction. Certain itemized deductions (including property tax. qualified charitable contributions, etc) may be allowed depending on the income level and filing type of the taxpayer. Keep in mind that not all deductions allowed on your federal income tax return are necessarily going to be allowed on your Mississippi income tax return.

4.2 – Mississippi Personal Exemptions

Mississippi has no personal exemption. The Federal Income Tax, however, does allow a personal exemption to be deducted from your gross income if you are responsible for supporting yourself financially.

4.3 – Mississippi Dependent Deduction

Unlike most states, Mississippi does not have a dependent deduction. You can, however, claim dependent deductions on your Federal Tax Return.

4.4 – Mississippi Itemized Deductions

Mississippi allows itemized deductions, and you can claim the same itemized deductions on your Mississippi tax return as you do on your Federal tax return. You must choose between itemizing your deductions and choosing the Mississippi standard deduction, so it’s generally only worth itemizing your deductions if your itemized total is more then the Mississippi and Federal standard deductions. For more details, visit the list of Mississippi itemized deductions.

Tax-Rates.org provides easy access to five of the most commonly used Mississippi income tax forms, in downloadable PDF format. For all of the tax forms we provide, visit our Mississippi tax forms library or the ‘s tax forms page.

Use this instructional booklet to aid you with filling out and filing your Form 80-105 tax return. You may file your Form 80-105 with paper forms through the mail or online with efiling.

Form 80-105 is the general individual income tax form for Mississippi residents. You must file, online or through the mail, yearly by April 17.

You must pay estimated income tax if you are self employed or do not pay sufficient tax withholding. You need to file form 80-300 with the Mississippi Department of Revenue on a quarterly basis. This form is the replacement of the self employment vouchers

This form should only be filed by a single person with no dependants and with only wages and interest income.

If you underpaid or failed to pay your estimated income tax for the previous tax year, you must file form 80-320 to calculate and pay any interest or penalties due.

Tax-Rates.org provides a printable Mississippi datasheet including an income tax table, a list of Mississippi tax deductions, important URLs and addresses, and more. This document is in PDF format.

If you are not a resident of Mississippi, have a complicated tax return, or have other specialized circumstances you may need to download additional tax forms from the website. You can find all of Mississippi’s 2016 income tax forms on the income tax forms page .

How To File Your Mississippi Income Tax Return

Once you’ve filled out your Mississippi income tax return, you have several options for filing and paying your income tax. You can mail your return to the at the correct address below, and include your payment by check or money order. You may also electronically file your Mississippi tax return through a tax preparer or using online tax software . and pay your taxes instantly using direct debit or a credit card (an additional credit card fee may apply).

Where To Send Your Mississippi Tax Return

If you filled out physical tax return forms, mail your completed Mississippi income tax return to the Mississippi no later then December 31st. Please be sure to send your completed tax forms to the correct address for your filing type.

Income Tax Return
Mississippi Department of Revenue P. O. Box 23050 Jackson, MS 39225

Income Tax Return (Refund Expected)
Mississippi Department of Revenue P.O. Box 23058 Jackson, MS 39225

e-Filing: Submit Your Mississippi Tax Return Online

You can save time and money by electronically filing your Mississippi income tax directly with the. Benefits of e-Filing your Mississippi tax return include instant submission, error checking, and faster refund response times. Most tax preparers can electronically file your return for you, or you can do it yourself using free or paid income tax software, like the examples listed below.

To e-file your Mississippi and Federal income tax returns, you need a piece of tax software that is certified for eFile by the IRS. While most in-depth tax software charges a fee, there are several free options available through the states, and simple versions are also offered free of charge by most tax software companies.

The two most popular tax software packages are H & R Block At Home . sold by the H & R Block tax preparation company, and TurboTax Federal & State . sold by the Intuit software company. Both companies produce multiple editions for simple to very complex tax returns, so be sure to carefully compare the features offered by each package.

Getting Your Mississippi Tax Refund

If your state tax witholdings are greater then the amount of income tax you owe the state of Mississippi, you will receive an income tax refund check from the government to make up the difference.

It should take one to three weeks for your refund check to be processed after your income tax return is recieved. E-filing your return and filing early can help ensure your refund check gets sent as quickly as possible.

Once you’ve filed your tax return, all you have to do is wait for your refund to arrive. If you want to check the status of your Mississippi tax refund, you can visit the Mississippi Income Tax Refund page.

  1. Our state ranking and income tax figures are based on a family of four (married parents with two children) earning the national median household income of $50,000 per year. Deductions and personal exemptions are taken into account, but some state-specific deductions and tax credit programs may not be accounted for.
  2. Before the official 2016 Mississippi income tax rates are released, provisional 2016 tax rates are based on Mississippi’s 2015 income tax brackets.
  3. The 2016 state personal income tax brackets are updated from the Mississippi and Tax Foundation data.
  4. Mississippi tax forms are sourced from the Mississippi income tax forms page. and are updated on a yearly basis. Please make sure the Mississippi forms you are using are up-to-date.

2016 IRA Cheat Sheet Contribution Limits for Traditional, Roth, Simple and SEP IRAs #income #tax

by ,

#traditional ira income limits

#

Ultimate 2016 IRA Contribution Cheat Sheet

In 2016, the IRS changed many of the IRA limits allowed for every type of account. Keep track of all the tax, income and contribution limits with this handy chart below.

For complete IRA information see:

  1. 2016 Traditional IRA Rules Covers all 2016 Traditional IRA Regulations
  2. 2016 Roth IRA Limits Roth IRA rules have changed this year.
  3. SEP Contribution Limits Up to date information on 2016 SEP IRA Contributions
  4. Simple IRA Rules Complete Guide to Simple IRAs

The good news is that limits are rising across the board for all types of individual retirement accounts. This includes both Roth and Traditional IRAs, as well as Simple and SEP plans. Don t forget your contribution deadlines .

2016 IRA Contribution Cheat Sheet for Roth, SEP, Simple and Traditional Retirement Accounts

Embed This Image On Your Site (copy code below):

2016 Plain Text Version

I. Roth IRAs

1. No Taxes on Capital gains or dividends
2. Tax-free growth No tax on retirement withdrawals
3. Contributions are not tax deductable

Max Contribution Limits: $5500
Catch-Up Contributions Age 50+: $1000 Additional

Total combined contributions to Roth and/or traditional IRAs may not exceed these amounts.

Roth IRA Income Limits

Use this 2016 IRA contribution limits chart to find your maximum contribution based on income (AGI ).

Your Tax Filing Status

1. Employers required to contribute
2. Similar to 401k
3. Easy Setup

Max Contribution Limits: $12,500
Catch-Up Contributions Age 50+: $3000 Additional

If you participate in additional salary reduction plans offered by your employer, total contributions may not exceed $18,000 not including catch-up contributions.

For Employers

Matching Conributions Up to 3%
Non-elective Contributions 2% of employee s salary

IV. SEP IRAs

1. Contributions are Deductible
2. Highest Contribution Limits
3. Low Administrative Costs

For Self-Employed and Small Business Owners

Max Contribution Limits

  • 25% of an Employee s Salary
    or
  • $53,000
    Whichever is smaller


Catch-Up Contributions: None Allowed

If you participate in additional salary reduction plans offered by your employer, total contributions may not exceed $18,000 not including catch-up contributions.

For Employees

If your SEP IRA allows for non-SEP contributions, then you can make tax-deductible contributions up to your maximum IRA limit generally $5500-6500.


Georgia Income Tax Brackets 2016 #federal #income #tax #forms

by ,

#georgia income tax

#

2015 Georgia Income Tax Brackets

Georgia’s income tax brackets were last changed six years ago for tax year 2009. and the tax rates have not been changed since at least 2001.

Georgia has six marginal tax brackets, ranging from 1% (the lowest Georgia tax bracket) to 6% (the highest Georgia tax bracket). Each marginal rate only applies to earnings within the applicable marginal tax bracket .

In Georgia, different tax brackets are applicable to different filing types. Married couples filing their Georgia income tax return jointly will usually have wider tax brackets than those filing separately or as an individual.

How do Georgia tax brackets work?

Technically, you don’t have just one “tax bracket” – you pay all of the Georgia marginal tax rates from the lowest tax bracket to the tax bracket in which you earned your last dollar. For comparison purposes, however, your Georgia tax bracket is the tax bracket in which your last earned dollar in any given tax period falls.

You can think of the bracketed income tax as a flat amount for all of the money you earned up to your highest tax bracket. plus a marginal percentage of any amount you earned over that. The chart below breaks down the Georgia tax brackets using this model:

For earnings between $0.00 and $750.00, you’ll pay 1%

For earnings between $750.00 and $2,250.00, you’ll pay 2% plus $7.50

Georgia Income Tax Estimator

You can use the income tax estimator to the left to calculate your approximate Georgia and Federal income tax based on the most recent tax brackets.

Keep in mind that this estimator assumes all income is from wages, assumes the standard deduction, and does not account for tax credits.

For a more detailed estimate that takes these factors into account, click “View Detailed Estimate” (this will will redirect to an external website).

Georgia Tax Deductions

When calculating your Georgia income tax, keep in mind that the Georgia state income tax brackets are only applied to your adjusted gross income (AGI) after you have made any qualifying deductions.

Qualifying deductions might include an itemized deduction, the Georgia standard deduction, exemptions for dependants, business expenses, etc.

Remember that Georgia may have very different deduction laws from the Federal Income Tax. so you may have to write a whole new list of deductions for your Georgia income tax return.

Download .CSV file of GA income tax brackets

Compatible with Excel or database software

Download or print Georgia income tax forms

GA income tax forms are available as PDFs

Georgia Standard Deductions & Personal Exemption Amounts

In addition to marginal tax brackets, one of the major features of the Georgia income tax is deductions. The three most common deductions encountered by taxpayers are the Georgia Standard Deduction. the Georgia Personal Exemption. and the Georgia Dependent Deduction. The current values of these deductions for tax year 2015 are as follows:

The standard deduction, which Georgia has, is a deduction that is available by default to all taxpayers who do not instead choose to file an itemized deduction. Essentially, it translates to $2,300.00 per year of tax-free income for single Georgia taxpayers, and $3,000.00 for those filing jointly.

The Personal Exemption. which is supported by the Georgia income tax, is an additional deduction you can take if you (and not someone else) are primarily responsible for your own living expenses. Likewise, you can take an additional dependent exemption for each qualifying dependent (like a child or family member), who you financially support.

The Federal income tax also has a standard deduction, personal exemptions, and dependant deductions, though they are different amounts than Georgia s and may have different rules.

Head over to the Federal income tax brackets page to learn about the Federal Income Tax, which applies in all states nationwide.

Sources & Citations

Disclaimer: While we do our best to keep this list of Georgia income tax rates up to date and complete, we cannot be held liable for errors or omissions. Is info on this page missing or out-of-date? Please let us know so we can fix it!

The Georgia tax brackets on this page have been updated for tax year 2015. and are the latest brackets available. States often adjust their tax brackets on a yearly basis, so make sure to check back later for Georgia s updated tax year 2016 tax brackets!

Tax Data Sources:

  1. The Georgia tax brackets on this page were last updated from the Georgia Department of Revenue in 2015. Please contact us if any of our Georgia tax data is incorrect or out of date.
  2. Georgia tax return forms are available on the Georgia tax forms page or the Georgia Department of Revenue.
  3. Before the official 2016 Georgia income tax brackets are released, the brackets used on this page are an estimate based on the previous year’s brackets. These numbers are subject to change if new Georgia tax tables are released.
  4. The Georgia income tax estimator tool is provided by Tax-Rates.org .

While we take all precautions to ensure that the data on this site is correct and up-to-date, we cannot be held liable for the accuracy of the tax data we present.

This site is a free public service not affiliated with the IRS or any governmental organization.

** This Document Provided By Tax-Brackets .org **
Source: http://www.tax-brackets.org/georgiataxtable


Michigan Income Tax Rates for 2016 #extra #income #jobs

by ,

#michigan income tax

#

Michigan State Income Tax

The Michigan Income Tax

Michigan collects a state income tax at a maximum marginal tax rate of %, spread across tax brackets. Unlike the Federal Income Tax. Michigan’s state income tax does not provide couples filing jointly with expanded income tax brackets.

Michigan’s maximum marginal income tax rate is the 1st highest in the United States, ranking directly below Michigan’s %. You can learn more about how the Michigan income tax compares to other states’ income taxes by visiting our map of income taxes by state .

Michigan allows counties and municipalities to collect a local surtax on top of the Michigan state income tax. The average local income tax collected (as a percentage of total income) is 0.13%. While the Michigan income tax brackets are not modified for inflation on a yearly basis, the Michigan personal exemption is.

There are -513 days left until Tax Day, on April 15th 2015. The IRS will start accepting eFiled tax returns in January 2015 – you can start your online tax return today for free with TurboTax .

Michigan Tax Deductions

Income tax deductions are expenses that can be deducted from your gross pre-tax income. Using deductions is an excellent way to reduce your Michigan income tax and maximize your refund, so be sure to research deductions that you mey be able to claim on your Federal and Michigan tax returns. For details on specific deductions available in Michigan, see the list of Michigan income tax deductions.

4.1 – Michigan Standard Deduction

Unlike many other states, Michigan has no standard deduction. Certain itemized deductions (including property tax. qualified charitable contributions, etc) may be allowed depending on the income level and filing type of the taxpayer. Keep in mind that not all deductions allowed on your federal income tax return are necessarily going to be allowed on your Michigan income tax return.

4.2 – Michigan Personal Exemptions

Michigan has no personal exemption. The Federal Income Tax, however, does allow a personal exemption to be deducted from your gross income if you are responsible for supporting yourself financially.

4.3 – Michigan Dependent Deduction

Unlike most states, Michigan does not have a dependent deduction. You can, however, claim dependent deductions on your Federal Tax Return.

4.4 – Michigan Itemized Deductions

Unlike the Federal income tax, the Michigan income tax does not allow itemized deductions. You may claim the Michigan standard deduction if applicable, and specific deductions may be available to Michigan taxpayers as limited deductions or tax credits.

Tax-Rates.org provides easy access to five of the most commonly used Michigan income tax forms, in downloadable PDF format. For all of the tax forms we provide, visit our Michigan tax forms library or the ‘s tax forms page.

When claiming the Michigan property tax credit, you need to file form 1040CR along with your income taxes.

Form MI-1040 is the most common individual income tax return filed for Michigan State residents. You must file MI-1040 once a year; you may file online with efile or by mail.

Use this instructional booklet to help you file your MI-1040 individual income tax return. You can file MI-1040 online by efiling on paper forms by mail.

You must file estimated tax returns on a quarterly basis if you are self employed or do not pay sufficient tax withholding. The due dates are April 17, June 15, September 17 (2012), and January 15 (2013) for the 2012 tax year.

If you failed to pay or underpaid your estimated income tax for 2011, you must fill out and file Form MI-2210 to calculate and pay any interest or penalties.

Tax-Rates.org provides a printable Michigan datasheet including an income tax table, a list of Michigan tax deductions, important URLs and addresses, and more. This document is in PDF format.

If you are not a resident of Michigan, have a complicated tax return, or have other specialized circumstances you may need to download additional tax forms from the website. You can find all of Michigan’s 2016 income tax forms on the income tax forms page .

How To File Your Michigan Income Tax Return

Once you’ve filled out your Michigan income tax return, you have several options for filing and paying your income tax. You can mail your return to the at the correct address below, and include your payment by check or money order. You may also electronically file your Michigan tax return through a tax preparer or using online tax software . and pay your taxes instantly using direct debit or a credit card (an additional credit card fee may apply).

Where To Send Your Michigan Tax Return

If you filled out physical tax return forms, mail your completed Michigan income tax return to the Michigan no later then December 31st. Please be sure to send your completed tax forms to the correct address for your filing type.

Income Tax Return
Michigan Department of Treasury P.O. Box 30199 Lansing, MI 48909-7699

e-Filing: Submit Your Michigan Tax Return Online

You can save time and money by electronically filing your Michigan income tax directly with the. Benefits of e-Filing your Michigan tax return include instant submission, error checking, and faster refund response times. Most tax preparers can electronically file your return for you, or you can do it yourself using free or paid income tax software, like the examples listed below.

To e-file your Michigan and Federal income tax returns, you need a piece of tax software that is certified for eFile by the IRS. While most in-depth tax software charges a fee, there are several free options available through the states, and simple versions are also offered free of charge by most tax software companies.

The two most popular tax software packages are H & R Block At Home . sold by the H & R Block tax preparation company, and TurboTax Federal & State . sold by the Intuit software company. Both companies produce multiple editions for simple to very complex tax returns, so be sure to carefully compare the features offered by each package.

Getting Your Michigan Tax Refund

If your state tax witholdings are greater then the amount of income tax you owe the state of Michigan, you will receive an income tax refund check from the government to make up the difference.

It should take one to three weeks for your refund check to be processed after your income tax return is recieved. E-filing your return and filing early can help ensure your refund check gets sent as quickly as possible.

Once you’ve filed your tax return, all you have to do is wait for your refund to arrive. If you want to check the status of your Michigan tax refund, you can visit the Michigan Income Tax Refund page.

  1. Our state ranking and income tax figures are based on a family of four (married parents with two children) earning the national median household income of $50,000 per year. Deductions and personal exemptions are taken into account, but some state-specific deductions and tax credit programs may not be accounted for.
  2. Before the official 2016 Michigan income tax rates are released, provisional 2016 tax rates are based on Michigan’s 2015 income tax brackets.
  3. The 2016 state personal income tax brackets are updated from the Michigan and Tax Foundation data.
  4. Michigan tax forms are sourced from the Michigan income tax forms page. and are updated on a yearly basis. Please make sure the Michigan forms you are using are up-to-date.

2016 Federal Income Tax Brackets, Deductions, and Exemption Limits #online #income #tax #return #form #filling

by ,

#income tax exemption

#

2016 Federal Income Tax Brackets, Deductions, and Exemption Limits

Just as we move into the 2015 “tax season” – when we begin preparing our income taxes for the year that just ended the IRS rolls out the new federal income tax brackets, deductions and exemption limits for 2016! Confusing, perhaps, but absolutely necessary at the same time. After all, it’s 2016 now and all tax related calculations need to be updated in preparation for the tax season that will begin early next year.

Just be careful not to use the numbers in this article when you are preparing your 2015 income taxes. You’ll surely be getting an unfriendly notice from the IRS if you do.

As has been the case in the past, the numbers are adjusted to account for inflation. That means that they are slightly more taxpayer-friendly than they were for 2015. But at the same time, you won’t see any dramatic changes either. Inflation remains on the low end of the historic spectrum, so the adjustments in the tax numbers are barely perceptible.

2016 Personal Exemption and Phase-out

For 2016, the personal exemption will be $4,050 per person, which is up from $4,000 in 2015.

However, the personal exemption phases out for high income taxpayers. The phase-out is based on the following income levels:

2016 Standard Deduction and Phase-out

  • Married filing jointly and surviving spouses: $12,600
  • Heads of household: $9,300
  • Single, or married filing separately: $6,300

These numbers are unchanged from 2015, except for heads of household, which was $9,250 in 2015.

Just as is the case with personal exemptions, the IRS also imposes a limit on itemized deductions based on your income, as follows:

  • Married filing jointly and surviving spouses: $311,300
  • Heads of household: $285,350
  • Single: $259,400
  • Married filing separately: $155,650

2016 Tax Rate Tables

Below are the tax rates for 2016. Remember, the income ranges do not apply to your gross income. Rather, they apply to your taxable income only. That’s your gross income from all sources, less retirement contributions, alimony, certain education expenses, personal exemptions, standard or itemized deductions, and various other deductions.

Married Individuals Filing Joint Returns and Surviving Spouses:

If Taxable Income Is…

10% of the taxable income

Over $18,550 but not over $75,300

$1,855 plus 15% of the excess over $18,550

Over $75,300 but not over $151,900

$10,367.50 plus 25% of
the excess over $75,300

Over $151,900 but not over $231,450

$29,517.50 plus 28% of
the excess over $151,900

Over $231,450 but not over $413,350

$51,791.50 plus 33% of the excess over $231,450

Over $413,350 but $111,818.50 plus 35% of not over $466,950

$111,818.50 plus 35% of the excess over $413,350

Advertiser Disclosure. This site may be compensated in exchange for featured placement of certain sponsored products and services, or your clicking on links posted on this website. The credit card offers that appear on this site are from credit card companies from which doughroller.net receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). Doughroller.net does not include all credit card companies or all available credit card offers.
Editorial Disclosure. This content is not provided or commissioned by the bank, credit card issuer, or other advertiser. Opinions expressed here are author’s alone, not those of the bank, credit card issuer, or other advertiser, and have not been reviewed, approved or otherwise endorsed by the advertiser. This site may be compensated through the bank, credit card issuer, or other advertiser Affiliate Program
Disclaimer. The content on this site is for informational and educational purposes only and should not be construed as professional financial advice. Should you need such advice, consult a licensed financial or tax advisor. References to products, offers, and rates from third party sites often change. While we do our best to keep these updated, numbers stated on our site may differ from actual numbers.See our Privacy Policy & Disclaimer for more details.
Archives. You can explore the site through our archives dating back to 2007.

Copyright © 2007 – 2016, The Dough Roller. All rights reserved, unless otherwise noted.

Advertising Disclosure: The credit card and savings account offers that appear on this site are from companies from which Doughroller.net receives compensation. This compensation may impact how and where products appear on this site, including, for example, the order in which they appear on category pages. Doughroller.net does not include all credit card companies, banks, or all available offers, although best efforts are made to include a comprehensive list of offers regardless of compensation.


2016 Roth IRA Rules – Income, Contributions – More #comprehensive #income

by ,

#income rules

#

Roth IRA Rules

Note: The article below refers to the 2016 tax year. You have until the tax filing deadline–April 17, 2017–to make a 2016 contribution. Contribution limits will stay the same for 2016, but income limits increased slightly .

When it comes to a Roth IRA, “rules” is a subjective term. But whether you’re looking for Roth eligibility criteria or what you can and cannot do with an account once you have one, you’ve come to the right place.

First, we’ll tackle the rules for Roth IRA eligibility. See below for additional rules regarding eligibility and rules for investors who already have Roth IRAs.

Are You Eligible?

Two things determine whether you can open a new Roth IRA or continuing to invest in an existing account:

  1. Your current-year income
  2. Your tax filing status.

First, you have to have “earned” income; that’s income you make from working, typically in the form of salary, hourly wages, or profits from a small business.

If you have earned income, you then need to make sure you aren’t going to make more than the federal government allows for Roth IRA account holders. The amounts differ depending on your tax status.

What is My MAGI?

The earning limits are also on based something called your modified adjusted gross income (MAGI). MAGI is calculated by taking the adjusted gross income from your tax forms and adding back deductions for things like student loan interest and higher education expenses. A full explanation of MAGI is available here .

Contribution Limits

Here’s a chart that details the income limits, by tax filing status. It also indicates how much you can contribute each year if you are under those limits.

2016 Roth IRA Income and Contribution Limits

*Modified Adjust Gross Income per IRS.

**Individuals age 50 and over can contribute up to $1,000 extra per year to “catch up” for a total of $6,500.

***Married (filing separately) can use the limits for single people if they have not lived with their spouse in the past year.

15 Months to Contribute

One quirk in the IRA laws is that you have 15 months to make a contribution for the current tax year. In 2016, for instance, you can make a contribution any time from January 1, 2016 to April 17, 2017 (the tax filing deadline).

More on Earned Income

And one other thing to keep in mind. If your earned income is less than your eligible contribution amount, your maximum contribution amount equals your income. In other words, if you have $3,000 in earned income, the most you can contribute to the Roth is $3,000 (instead of $5,500).

More Rules That Make Roth IRAs Special

Here are a few other eligibility-related features of a Roth IRA:

  • You can make contributions at any age.
  • You are not required to take a “mandatory distribution” from a Roth (traditional IRA account holders must start withdrawing money at 70 ½).
  • A non-working spouse can open a Roth IRA based on the working-spouse’s earnings (and the couple’s tax filing status).
  • You can still make your annual contribution if you also convert money from a tax-deductible account (like a traditional IRA) to a Roth in the same year.
  • You can contribute to a Roth even if you participate in a retirement plan through your employer.

Rules for Existing Roth Accounts

Now that you know that you’re eligible, here’s are links to some of the most common rules—and frequently asked questions –to consider when managing your account.

  • There is a five-year rule for making withdrawals from Roth IRAs. We recommend reading more on this rule before making withdrawals .
  • How to make penalty free withdrawals (for things like buying a first home and paying for college ).
  • Investors can undo a Roth conversion (called a “recharacterization”).

Income Tax Calculator 2016 #income #tax #jobs

by ,

#free online income tax calculator

#

Income Tax Calculator 2016 – 2017

Estimate Your Income Tax Return Free With A Free Income Tax Calculator. These free online income tax calculators help you to estimate your federal tax liability ahead of time so that there is no unexpected surprise when it comes time to file your tax return and pay your taxes.

How to use our Federal IRS Income Tax Calculator with Tax Brackets and Rates Table to Determine Your Tax Liability

Our interactive tax calculator just requires some basic figures as shown below. Once entered just click calculate taxes and you will be presented with an estimate of your taxes owed as well as your tax bracket and tax rate.

If you have deductions, try one of the free TurboTax or HR Block income tax calculator links above to calculate income tax liability more accurately.

Calculate IRS Federal Income Taxes

Stay In Touch With Your Income Tax Calculations All Year Round To Keep Tax Season Anxiety Down

Estimating your tax liability ahead of time can dramatically reduce your anxiety and stress during the tax season.

It allows you to quit worrying about what your tax bill will be and focus on meeting your financial obligation.

You can then prepare your tax return using online income tax filing programs at your convenience without that stress hanging over your head.

Free Income Tax Calculator programs from top tax software developers like the TurboTax Income Tax Calculator and the H R Block Income Tax Calculator continue to be the easiest to use and they present the most accurate results for your tax liability calculation. With top notch programs like these, tax season can be much more bearable.

If your looking to calculate your income tax ahead of time, these calculators are by far your best option. They include additional support for deductions, taxes already paid, dependents, and charitable donations.

File Now! Choose Your Tax Software, Average returns only take 30 minutes.


Best Personal Finance Software of 2016 #investment #income

by ,

#income at home reviews

#

Personal Finance Software Reviews

How to Choose the Best Personal Finance Software

The top performers in our review areQuicken Premier. the Gold Award winner; Moneydance. the Silver Award winner; and Buxfer, the Bronze Award winner. Here’s more on choosing personal finance software that meets your needs, along with detail on how we arrived at our ranking of 10 programs.

Keeping on top of your personal finances is undeniably important, but gathering and organizing your statements and bills across all of your accounts can feel overwhelming. When money management requires more time, attention and effort than you want to devote to it, personal finance software can help by making the task easier to accomplish and easier to maintain.

Although all personal finance software requires an initial time investment to set up and some may require you to manually import your data, the best programs save you time by syncing with your financial institutions and then give you real-time access to your data. The best programs also sync with mobile apps that make it convenient for you to monitor your money wherever you are on whatever device you use the most. So what’s the payoff? According to recent studies, individuals who look at their finances often come out financially ahead of those who don’t track their transactions. You can visit our Personal Finance Software Learning Center to read articles about the benefits of budgeting .

You’ll find that most personal financial software is available for both PC and Mac, although some still cater to a specific platform or have separate programs for each. If you’re looking for Mac-specific programs, be sure to check out our Personal Finance Software for Mac review. If you need tackling your taxes after your finances are in order, our Online Tax Software review can help.

What You Should Expect From Personal Finance Software
All home finance software includes budgeting and reporting tools. Look for programs that give you maximum flexibility in tracking and categorizing your expenditures, including the ability to split transactions across categories. You want to be able manually import your account data in common formats, like Excel or CSV, in the event that you’re unable to connect to your accounts through the software. Most services on our lineup offer both options, however. You also want to ensure that the software’s security features include secure socket layer encryption and password protection.

Personal Finance Software: What We Evaluated; What We Found

We looked for personal finance software that is easy to use, doesn’t require a significant time investment to maintain and is accessible on mobile devices. We researched online and tested each of the software on desktop computers and mobile devices in order to evaluate the features and capabilities of each program. Key differentiators include syncing to mobile banks and the ability to upload files downloaded from your financial institutions. Whether or not a service syncs to your broker accounts may be important to you if you have personal investments.

Connectivity
When evaluating services, we considered the connectivity features, including the way in which you are able to transfer your banking information. All of the services in our personal finance software reviews either allow you to sync directly to your bank or to import files with your transactions. The best services, such as Quicken Premier and Buxfer, allow you to do both. The majority of these services offer direct syncing to most popular banks, though you can still manually input your information for most smaller banks and credit unions.

When testing, we had an easy time syncing certain services, including online services Buxfer and Mvelopes, which is to be expected as the service is already online. Other desktop services were also simple to sync, including AceMoney and Moneydance. Some services were less easy to sync, including BankTree, which is a UK-based service, so U.S. banks are not as easy to sync with.

The best personal finance programs have iOS and Android apps that sync your data to your phone and tablet so you can check your budget, enter cash transactions and see a real time overview of your accounts from wherever you happen to be. In general, services that are online, such as Mvelopes. simply provide a mobile app. However, some services require you to also have a Dropbox account as an intermediary for transferring account information, which may be less convenient. Either way, mobile functions allow you to upload transactions, manage categories, track spending and view reports.

Quicken’s mobile apps stand out when connecting because even though it is a desktop program, it does not require a Dropbox account. Further, it has additional features other apps do not, such as snapping a picture to save receipts.

Investment Accounts
In addition to adding your checking and savings accounts, the best personal finance software also enables you to stay on top of your retirement and investment accounts. About half of the programs we reviewed – including MoneyDance, AceMoney and BankTree – offer personal investment capabilities, which help you monitor your investment performance and analyze your asset allocation, and have additional tools you can use to monitor your portfolio and securities. If investments are a large part of your financial plans and monitoring goals, Quicken Premier is your best choice, as it tracks your investments, offers stock information and helps you plan for retirement.

What Else Is Important to Consider When Selecting Personal Finance Software?

Other capabilities that you may wish to look for as you select personal finance software include the ease of creating a monthly budget, tracking your money and accessing reports.

Create a Budget Manage Your Money
Although all personal finance software includes budgeting tools, this is the feature set that you’re likely to use most, so it’s important that the budgeting tools are easy to use, enable you to quickly create a budget and efficiently track your transactions. Some services are simpler to use, such as You Need A Budget (YNAB) and Buxfer. Their budgeting features are intuitive and their platforms are easy to navigate. However, their simplicity comes with fewer features. For example, YNAB does not sync to financial institutions, and Buxfer has fewer reporting options. Quicken products are very simple to use, and if you’re less interested in investments, Quicken Starter is a simple yet powerful software.

Personal Finance Software: Our Verdict Recommendations

Quicken Premier is our top pick as it syncs with banks and offers mobile options, powerful reports and investment portfolio management. It is also the best choice if investments are important to you. If you want the powerful features and reliable name of Quicken but do not need the additional features and are looking for a cheaper option, Quicken Starter has all of the budgeting features we considered important.

If you are looking for simple budgeting program in an intuitive online platform and mobile apps, we recommend Buxfer. MoneyDance is also an easy-to-use desktop software. It offers mobile apps, but you must also have Dropbox. For the most simple and easy-to-use service, though one that does not give a syncing option, we recommend YNAB, as it is one of the easiest programs to use.

The best personal finance software are those that connect with your financial accounts and make it easy to access all of your financial data in one place. Additionally, they have iOS and Android apps that integrate with the software, making it convenient to monitor your finances, enter cash transactions and even tweak your budget from your phone or tablet. We have included services that are all good choices depending on what your needs and preferences for personal finance management.


2016 1040ez Forms: Tax Electronic Filing #investment #income

by ,

#1040ez electronic filing

#

2016 1040ez forms There have been reported cases of attempted suicide after discovering that they are actually in debt with the IRS – the debt that was not even theirs. 2016 1040ez forms Try not to wait for disorders of the IRS to come knocking on your door before you hire Dallas tax lawyers. 2016 1040ez forms

2016 1040ez forms

2016 1040ez forms Many people are surprised to learn that the tax preparation industry is completely unregulated (only California and Oregon have regulations) – where there are no licensing requirements to become a tax preparer. 2016 1040ez forms Sending your tax returns is something not specifically many of you are waiting at the end of the year. 2016 1040ez forms

2016 1040ez forms

2016 1040ez forms

2016 1040ez forms Generally, the tax is a pay-as-you earn system and the authorities responsible for your state tax department expects you continue to pay your taxes you earn, without defaulting. 2016 1040ez forms To do business in California, most state enterprises are required to pay tax on corporate income, while companies that do not have the presence or sufficient activity in the state must also pay the tax as a part of the franchise tax. 2016 1040ez forms


FRB:Selected Interest Rates, Web-Only Daily Update- September 08, 2016 #income #tax #homepage

by ,

#free federal

#

Selected Interest Rates (Daily) – H.15

Footnotes

1. As of March 1, 2016, the daily effective federal funds rate (EFFR) is a volume-weighted median of transaction-level data collected from depository institutions in the Report of Selected Money Market Rates (FR 2420). Prior to March 1, 2016, the EFFR was a volume-weighted mean of rates on brokered trades.

2. Weekly figures are averages of 7 calendar days ending on Wednesday of the current week; monthly figures include each calendar day in the month.

3. Annualized using a 360-day year or bank interest.

4. On a discount basis.

5. Interest rates interpolated from data on certain commercial paper trades settled by The Depository Trust Company. The trades represent sales of commercial paper by dealers or direct issuers to investors (that is, the offer side). The 1-, 2-, and 3-month rates are equivalent to the 30-, 60-, and 90-day dates reported on the Board’s Commercial Paper Web page (www.federalreserve.gov/releases/cp/ ).

6. Financial paper that is insured by the FDIC’s Temporary Liquidity Guarantee Program is not excluded from relevant indexes, nor is any financial or nonfinancial commercial paper that may be directly or indirectly affected by one or more of the Federal Reserve’s liquidity facilities. Thus the rates published after September 19, 2008, likely reflect the direct or indirect effects of the new temporary programs and, accordingly, likely are not comparable for some purposes to rates published prior to that period.

7. Source: Bloomberg and CTRB ICAP Fixed Income Money Market Products.

8. Rate posted by a majority of top 25 (by assets in domestic offices) insured U.S.-chartered commercial banks. Prime is one of several base rates used by banks to price short-term business loans.

9. The rate charged for discounts made and advances extended under the Federal Reserve’s primary credit discount window program, which became effective January 9, 2003. This rate replaces that for adjustment credit, which was discontinued after January 8, 2003. For further information, see www.federalreserve.gov/boarddocs/press/bcreg/2002/200210312/default.htm. The rate reported is that for the Federal Reserve Bank of New York. Historical series for the rate on adjustment credit as well as the rate on primary credit are available at www.federalreserve.gov/releases/h15/data.htm.

10. Yields on actively traded non-inflation-indexed issues adjusted to constant maturities. The 30-year Treasury constant maturity series was discontinued on February 18, 2002, and reintroduced on February 9, 2006. From February 18, 2002, to February 9, 2006, the U.S. Treasury published a factor for adjusting the daily nominal 20-year constant maturity in order to estimate a 30-year nominal rate. The historical adjustment factor can be found at www.treasury.gov/resource-center/data-chart-center/interest-rates/. Source: U.S. Treasury.

11. Yields on Treasury inflation protected securities (TIPS) adjusted to constant maturities. Source: U.S. Treasury. Additional information on both nominal and inflation-indexed yields may be found at www.treasury.gov/resource-center/data-chart-center/interest-rates/.

12. Based on the unweighted average bid yields for all TIPS with remaining terms to maturity of more than 10 years.

13. ICE Swap Rate mid-market par swap rates (previously known as ISDAFIX). Rates are for a Fixed Rate Payer in return for receiving three month LIBOR, and are based on tradable quotes sourced at 11:00 a.m. from regulated electronic trading venues. Source: ICE Benchmark Administration.

14. As of December 7, 2001, Moody’s Aaa rates are averages of Aaa industrial bond rates. Prior to December 7, 2001, these rates are averages of Aaa utility and Aaa industrial bonds. Data obtained from Bloomberg Finance L.P.

15. Bond Buyer Index, general obligation, 20 years to maturity, mixed quality; Thursday quotations. Data obtained from Bloomberg Finance L.P.

16. Contract interest rates on commitments for 30-year fixed-rate first mortgages. Source: Primary Mortgage Market Survey data provided by Freddie Mac.

Note: Weekly and monthly figures on this release, as well as annual figures available on the Board’s historical H.15 web site (see below), are averages of business days unless otherwise noted.

Current and historical H.15 data are available on the Federal Reserve Board’s web site (www.federalreserve.gov/ ). For information about individual copies or subscriptions, contact Publications Services at the Federal Reserve Board (phone 202-452-3244, fax 202-728-5886).

Description of the Treasury Nominal and Inflation-Indexed Constant Maturity Series

Yields on Treasury nominal securities at constant maturity are interpolated by the U.S. Treasury from the daily yield curve for non-inflation-indexed Treasury securities. This curve, which relates the yield on a security to its time to maturity, is based on the closing market bid yields on actively traded Treasury securities in the over-the-counter market. These market yields are calculated from composites of quotations obtained by the Federal Reserve Bank of New York. The constant maturity yield values are read from the yield curve at fixed maturities, currently 1, 3, and 6 months and 1, 2, 3, 5, 7, 10, 20, and 30 years. This method provides a yield for a 10-year maturity, for example, even if no outstanding security has exactly 10 years remaining to maturity. Similarly, yields on inflation-indexed securities at constant maturity are interpolated from the daily yield curve for Treasury inflation protected securities in the over-the-counter market. The inflation-indexed constant maturity yields are read from this yield curve at fixed maturities, currently 5, 7, 10, 20, and 30 years.

Last update: September 08, 2016