How much money do you have to make to file taxes? What is the minimum income to file taxes? A reader, Rob, recently asked about the new numbers for this year. Let’s take a look at the requirements for the minimum income to file taxes in 2011 (and due in 2012). 2011 Minimum Income Requirements [...]
Tax Loss Harvesting
Posted byTax loss harvesting can be an effective means of managing your taxes using your investment portfolio. While the practice should be managed with care, when done correctly, it can have a dramatic impact on your tax bill. The timing of tax loss harvesting is a crucial element – there are various rules that must be [...]
Property taxes are are one of the biggest expenses in our budget. Since property taxes are deductible (if you itemize your deductions), it’s only natural that they have a large impact on income taxes as well. Every December, as part of our end of year tax planning, I like to figure out when we should [...]
17 Tips for End of Year Tax Planning
Posted byIt’s time for end of year tax planning! Time to get your financial house in order for tax season! What could be more fun that taking a break from holiday festivities and shopping to start thinking about taxes? It seems like every year when we do our taxes, there’s a few things we wish we [...]
Cost Basis Reporting: Preparing for 2012
Posted byOur investment club just finished submitting all of our cost basis reporting to our broker, Scottrade. And to be honest, it wasn’t an easy task! Our treasurer spent hours on the task. If you’re like me, you’ve gotten a flurry of cost basis reporting requests from your brokers via email. And it’s about time I [...]
