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2012 Child Tax Credit Print E-mail
Personal Finance - Taxes
Saturday, 26 January 2013 09:55

 

The Child Tax Credit for 2012 will once again be $1,000 per qualifying child. This tax break will reduce the tax burden of millions of middle income families. Here's how it works.

First, it's a credit, not a deduction so whatever your tax bill is, you get to take it off what you owe the government. So if you owe Uncle Sam $5,000 and you have 3 qualifying kids, you will only owe the government $2,000. The credit is in addition to any exemptions you already get, so those kids are costing you a lot less as long as you have earned income. In certain cases where you have no tax due you can apply for an Additional Child Tax Credit that will give you a refund.

Read more: 2012 Child Tax Credit
 
2012 California Income Taxes Print E-mail
Personal Finance - Taxes
Saturday, 26 January 2013 09:55

California income tax rates are going up on high earning families and the sales tax rate will increase modestly in 2013.  With the passage of Proposition 30, Governor Jerry Brown will oversee the highest marginal tax rates of any state in the Union.  These tax rates will affect anyone that earns more than $250,000 of California Adjusted Gross Income and anyone buying any products in the State (and even online from Amazon.com).

 

Read more: 2012 California Income Taxes
 
2012 Tax Rates Print E-mail
Personal Finance - Taxes
Written by livecheap staff   

Looking for the 2012 Federal Income tax rates. You can use this table to calculate the tax bill that you owe to the IRS. Remember that these tables are the rates that you pay on Taxable income which is certainly less that your gross income. All those deductions and exemptions for everything from your home mortgage interest to your state income taxes, charitable deductions, and even deductions for having kids really do add up. Here's a list of the 2012 U.S. income tax rates:

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2012 Tax Changes Print E-mail
(7 votes, average 3.57 out of 5)
Personal Finance - Taxes
Written by livecheap staff   
Tuesday, 10 January 2012 20:00

1040The 2012 tax changes are here and there are some major changes especially in the Alternative Minimum Tax. Other provisions like the Child Tax Credit remain the same. Understanding how new IRS rules affect you can potentially save (or cost) you hundreds if not thousands of dollars. Here are the major areas of the tax code for 2012.

Read more: 2012 Tax Changes
 
2011 Tax Changes Print E-mail
(36 votes, average 4.08 out of 5)
Personal Finance - Taxes
Written by Karen Shiers, Guest   

 

2011 TaxesThe 2011 tax changes are here and there are 7 major changes listed below. These changes can potentially save (or cost) you hundreds, if not thousands, of dollars. We look at the income tax changes including tax credits for 2011 that may affect your personal finances in a major way.

Read more: 2011 Tax Changes
 
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