Tax news, personal finance, and more!
Have you been wondering when you can file your 2013 taxes? The IRS announced the start of the 2014 tax season is January 31, 2014 for individual taxpayers. However, at RapidTax you can prepare your 2013 tax return starting on January 1, 2014.
Anytime throughout the month of January you can create an account on RapidTax and prepare your 2013 tax return.
Continue reading “When Does 2014 Tax Season Begin for Filing 2013 Taxes?”
The IRS announced that the 2014 tax season (the season you file your 2013 taxes in) will begin on January 31, 2014. That means there’s a small delay to the opening of the 2014 tax season.
Before filing your taxes in 2014, you should refresh your memory on the 2013 tax rates. Your tax rate will be dependent on what filing status category you fall into and help you get an idea of what your tax refund or tax liability will look like when filing your taxes.
The two tables below will help you see the IRS tax rates for 2013 (the taxes you’ll be filing in 2014). Click on the tax tables to see a larger view (you can even right click and save them to refer back to). Continue reading “What’s My Filing Status and Tax Rates For 2014 Tax Season?”
The whole point of an IRA is to put money away for retirement and let it grow. When you don’t allow the money in your IRA to grow and you withdraw before the age of 59 ½, there is an early withdrawal penalty of 10% tacked onto the already existing income tax. That means you’ll end up paying an IRA withdrawal tax when filing your tax return.
Maybe you want to pay off your high debt or maybe you just need cash. Whatever your case may be, if you aren’t 59 ½ and desperately need money from your IRA, you can withdraw early and will be required to pay penalty tax. The penalty is 10% on top of your existing income taxes.
There are exceptions to the 10% early withdrawal penalty.This means if you fall within one of the following categories you can withdraw from your IRA before the age of 59 ½ without facing ugly penalties.
Continue reading “I Need to Collect IRA Early. Are There Penalty Withdrawal Exceptions?”
