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2012 Federal Income Tax Calculator

Use one of these federal income tax calculators to estimate your 2012 taxes

It’s officially October, which means it’s time to start thinking about taxes again. Not only is the deadline to file your 2011 tax return if you requested an extension October 15 but the next tax season is right around the corner too.

As you look forward to 2012 taxes, it might be useful to estimate your liability and refund with a tax calculator.

One caveat: no income tax calculator is completely accurate. Not until you sit down and do your taxes will you know for sure how much tax you owe or how big your refund is.

That being said, it never hurts to be prepared. Continue reading “2012 Federal Income Tax Calculator”

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The Tax Extension Deadline for 2011 Taxes Is October 15, 2012

File before the federal tax extension deadline to avoid penalties and e-file your 2011 return

If you requested a tax extension in April, the last chance to get your 2011 return in to the IRS is October 15, 2012.

It’s also the last chance to e-file your return. After the 15th, the IRS e-file system shuts down to prepare for the 2012 returns that will start arriving in January. Everyone who hasn’t filed by the deadline will have to paper file and mail their return in, regardless of whether they requested an extension.

File before the October 15 deadline to take full advantage of e-filing, which gets your return to the IRS faster, speeds up processing, and gets your refund into your hands within 10-21 days, as opposed to the many weeks that paper filing often takes.

Those who requested an extension have thus far been enjoying an extra six months to file without any penalties or interest. On October 16 both of them kick in and start to accumulate. If you let them get out of control they can end up being quite costly. Continue reading “The Tax Extension Deadline for 2011 Taxes Is October 15, 2012”

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Can I Claim Moving Expenses on My Taxes?

You can claim a tax deduction for moving expenses as long as you meet several IRS requirements

Moving is a real pain in the butt, there’s no changing that. But a nice deduction from the IRS can take the sting out of it.

That’s right, you may be able to deduct the cost of packing and shipping your stuff as well as traveling and lodging (but not meals).

In order to claim these expenses, however, you must meet several IRS requirements that ensure your move was required for business. That’s right, not every move qualifies. You can only claim the deduction if you move to start a new job or seek work in a new city, and you can only deduct expenses that were not reimbursed by your employer.

In addition, you must pass two IRS tests: the distance test and the time test. Continue reading “Can I Claim Moving Expenses on My Taxes?”