Posted on

What’s My Filing Status and Tax Rates For 2014 Tax Season?

Your 2013 Tax Rates are dependent on your Filing Status.

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.

Do You Know Your Tax Rates?

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?”

Posted on

Capital Gains Tax 2014

Capital Gains Tax 2014 remains almost the same as last year’s tax.

The fiscal cliff deal, officially known as the American Taxpayer Relief Act of 2012 increased Capital Gains Taxes in 2013.  The 2014 Capital Gains Tax rates remain almost the same from last year.

For those new to issues of taxation, the IRS defines a capital gain this way:

Almost everything you own and use for personal or investment purposes is a capital asset. Examples include a home, personal use items like household furnishings, and stocks or bonds held as investments. When a capital asset is sold, the difference between the basis in the asset and the amount it is sold for is a capital gain or capital loss.

There are two different types of capital gains:

  • short-term capital gains
  • long-term capital gains

2014 Tax Return Coupon

 

A short-term capital gain results from selling an asset held for one year or less. A long-term capital gain results from selling an asset held for longer than one year.

This distinction is important because each are taxed differently. Continue reading “Capital Gains Tax 2014”