Mark Luscombe
Mark Luscombe
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By splitting up a large distribution and taking part in December and part in January, you may avoid moving to a higher tax bracket in either year, and keep more of your Social Security benefits from being taxed as well.
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Generally, the unemployment rate is pretty low. I'm not sure they do at this point.
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Increasing the length of the automatic extension will save taxpayers some time and trouble, but it's still smart to file as soon as you can.
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For taxpayers, it means doing your taxes twice.
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I can't tell you why there hasn't been a hue and cry about this. Maybe it's just because the baby boomers aren't quite old enough to be affected by it yet.
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The odds of winning the grand prize are less than one in 146 million, but it's a sure bet that if you do win a big jackpot, you're going to also have a big tax bill, with more than one-third of your winnings going to the IRS.
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Once they file for an extension one year, it sort of becomes a habit. I know people who do it regularly who don't have any particular reason they couldn't have had their information together by April 15.
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Because of the AMT, some people are not able to take advantage of the tax cuts that Bush made available.