Taxes - 360 Degrees of Financial Literacy http://www.360financialliteracy.org/index.php/Topics/Taxes en-US Married Filing Jointly or Separately? The Choice Is Yours http://www.360financialliteracy.org/index.php/Topics/Taxes/Paying-Taxes/Married-Filing-Jointly-or-Separately-The-Choice-Is-Yours http://www.360financialliteracy.org/index.php/Topics/Taxes/Paying-Taxes/Married-Filing-Jointly-or-Separately-The-Choice-Is-Yours Read More »

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Wed, 19 Feb 2014 15:39:17 EST
Estate Planning and Income Tax Basis http://www.360financialliteracy.org/index.php/Topics/Taxes/Income-Tax/Estate-Planning-and-Income-Tax-Basis http://www.360financialliteracy.org/index.php/Topics/Taxes/Income-Tax/Estate-Planning-and-Income-Tax-Basis Income tax basis can be important when deciding whether to make gifts now or transfer property at your death. This is because the income tax basis of the person receiving the property depends on whether the transfer is by gift or at death. This, in turn, affects the amount of taxable gain subject to income tax when the person sells the property.

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Wed, 16 Oct 2013 11:37:40 EDT
Tax Materials Checklist http://www.360financialliteracy.org/index.php/Topics/Taxes/Paying-Taxes/Tax-Materials-Checklist http://www.360financialliteracy.org/index.php/Topics/Taxes/Paying-Taxes/Tax-Materials-Checklist Whether you prepare your own tax return or work with a certified public accountant, gathering everything you will need may feel overwhelming.  This list covers all the major items you will want to have on-hand before you start.

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Mon, 25 Mar 2013 16:27:41 EDT
High-Income Individuals Face New Medicare Taxes in 2013 http://www.360financialliteracy.org/index.php/Topics/Taxes/Paying-Taxes/High-Income-Individuals-Face-New-Medicare-Taxes-in-2013 http://www.360financialliteracy.org/index.php/Topics/Taxes/Paying-Taxes/High-Income-Individuals-Face-New-Medicare-Taxes-in-2013 Two new Medicare-related taxes take effect in 2013: an additional 0.9% payroll tax on high-wage earners, and a 3.8% tax on the unearned income of high-income individuals. Here's what you need to know.

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Tue, 18 Sep 2012 13:13:51 EDT
Breaking Down the Taxpaying Population: Where Do You Fit In? http://www.360financialliteracy.org/index.php/Topics/Taxes/Paying-Taxes/Breaking-Down-the-Taxpaying-Population-Where-Do-You-Fit-In http://www.360financialliteracy.org/index.php/Topics/Taxes/Paying-Taxes/Breaking-Down-the-Taxpaying-Population-Where-Do-You-Fit-In Every quarter, the Statistics of Income Division of the Internal Revenue Service (IRS) publishes financial statistics obtained from tax and information returns that have been filed with the federal government. Recent reports reflect data gleaned from 2009 individual federal income tax returns. These reports offer a snapshot of how Americans break down as taxpayers.

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Tue, 18 Sep 2012 13:08:41 EDT
Speculating on the Future of the Federal Estate Tax http://www.360financialliteracy.org/index.php/Topics/Recent-Legislation/Tax/Speculating-on-the-Future-of-the-Federal-Estate-Tax http://www.360financialliteracy.org/index.php/Topics/Recent-Legislation/Tax/Speculating-on-the-Future-of-the-Federal-Estate-Tax What's the future of the federal estate tax? All we know is that no one knows for sure; it's all speculation. So, let's take a look at what could happen. There are five possibilities: (1) Congress could extend current tax law (commonly referred to as the "Bush tax cuts"); (2) Congress could do nothing, essentially turning the calendar back to 2001; (3) Congress could compromise, agreeing on something between the 2001 tax rules and the rules that apply in 2012; (4) Congress could enact new estate tax reform; or (5) Congress could repeal the estate tax altogether.

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Tue, 07 Aug 2012 14:14:42 EDT
Of Taxes Past, Present, and Future http://www.360financialliteracy.org/index.php/Topics/Taxes/Paying-Taxes/Of-Taxes-Past-Present-and-Future http://www.360financialliteracy.org/index.php/Topics/Taxes/Paying-Taxes/Of-Taxes-Past-Present-and-Future With the 2011 tax filing season behind us, much attention is being paid to the expiring "Bush tax cuts"--the reduced federal income tax rates, and benefits, that will expire at the end of 2012 unless additional legislation is passed. In fact, though, several important federal income tax provisions already expired at the end of 2011. Here's a quick rundown of where things stand today.

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Fri, 01 Jun 2012 17:29:47 EDT
Hidden Taxes: What Is Your True Cost? http://www.360financialliteracy.org/index.php/Topics/Taxes/Paying-Taxes/Hidden-Taxes-What-Is-Your-True-Cost http://www.360financialliteracy.org/index.php/Topics/Taxes/Paying-Taxes/Hidden-Taxes-What-Is-Your-True-Cost We are pretty well aware of the taxes we must pay as U.S. citizens; income taxes, payroll taxes, sales taxes, property taxes, and gift and estate taxes, to name a few. We can easily see these taxes on our pay stubs, tax bills, and sales receipts. But there are other taxes imposed on us that you may not be aware of. They are "hidden taxes."

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Tue, 15 May 2012 15:49:07 EDT
Total Tax Insights Calculator http://www.360financialliteracy.org/index.php/Topics/Taxes/Paying-Taxes/Total-Tax-Insights-Calculator http://www.360financialliteracy.org/index.php/Topics/Taxes/Paying-Taxes/Total-Tax-Insights-Calculator Where you live, what kind of car you drive, how you shop – all can have a significant impact on the taxes you pay. All told, there are more than 20 types of taxes – some that may surprise you – and knowing which you pay and how much you pay can affect not only your current financial picture but your future plans as well.

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Tue, 15 May 2012 11:19:43 EDT
10 Tips for Last Minute Tax Filers (2012) http://www.360financialliteracy.org/index.php/Topics/Taxes/Paying-Taxes/10-Tips-for-Last-Minute-Tax-Filers-2012 http://www.360financialliteracy.org/index.php/Topics/Taxes/Paying-Taxes/10-Tips-for-Last-Minute-Tax-Filers-2012 10 questions and answers from the American Institute of CPAs to help you with any last-minute uncertainties you may have as the deadline for filing your 2011 individual income tax return approaches.

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Mon, 09 Apr 2012 15:34:15 EDT