What Records Should I Keep to Support My Tax Return?

Generally, you must keep your records that support an item of income, deduction or credit shown on your tax return until the period of limitations for that tax return runs out. How Long Should I Keep My Tax Records? It is important to keep these documents because they support the entries in your books and […]

2014 Traditional & Roth IRA Contribution Limits

2014 Traditional & Roth IRA Contribution Limits   Standard Limit Catch-up Limit (Age 50 and older) Traditional $5,500 $6,500 Roth $5,500 $6,500 2014 SEP Contribution Limits Simplified Employee Pension (SEP) Contribution Limits Max Dollar Allocation Max Considered Compensation $52,000 $260,000 The maximum amount that can be contributed to a simplified pension plan (SEP) plan is […]

What is the IRS Estimated Tax | Quarterly Tax?

Who must pay Estimated Taxes? If you have Taxable Income and you have not paid any taxes or you did not have enough taxes taken out of your pay check from your employer, you are required to estimate and pay your taxes to the IRS quarterly. You may be subject to a penalty if you […]

What are the IRS 2014 Personal Income Tax Rates?

2014 IRS Income Tax Rate Table and IRS Filing Status Tax Rate Single Head of Household Married Filing Jointly or Qualified Widow(er) Married Filing Separately 10% $0 – $9,075 $0 – $12,950 $0 – $18,150 $0 – $9,075 15% $9,075 – $36,900 $12,950 – $49,400 $18,150 – $73,800 $9,075 – $36,900 25% $36,900 – $89,350 […]